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Guest Post: Congress Sells Out To Wall Street, Again

Tyler Durden's picture




 

Originally posted at Represent.us blog,

The U.S. House just passed a bill called H.R. 992 - the Swaps Regulatory Improvement Act - that was literally written by mega-bank lobbyists. It repeals the laws passed in 2010 to prevent another meltdown like the one that crashed our economy in 2008. The repeal was co-sponsored by a former Goldman Sachs executive and passed with bipartisan support from some of the House’s largest recipients of Wall Street cash. It’s so appalling... so unbelievable... so blatantly corrupt... that you’ve got to see it to believe it:

In 2010, Congress passed the “Dodd-Frank” law to clamp down on risky “derivatives trading” that led to the financial collapse of 2008. Dodd-Frank was weakened by banking lobbyists from the start and has been under attack by those lobbyists ever since. Now a new law written by Citigroup lobbyists (we couldn’t make this stuff up if we tried) exempts derivatives trading from regulation, and was passed this week by the House of Representatives with broad bipartisan support.

It sounds bad… but don’t worry, it gets much, much worse:

  • The New York Times reports that 70 of the 85 lines in the new House bill were literally written by Citigroup lobbyists (Citigroup was one of the mega-banks that brought our economy to its knees in 2008 and received billions in taxpayer money.)
  • The same report also revealed “two crucial paragraphs…were copied nearly word for word.” You can even view the original documents and see how Citigroup’s lobbyists redrafted the House Bill, striking out ideas they didn’t like and replacing them with ones they did.
  • The bills are sponsored by Randy Hultgren (R – IL), and co-sponsored by Rep. Jim Himes (D-CT) and others. Himes is a former Goldman Sachs executive, and chief fundraiser for the Democratic Congressional Campaign Committee.
  • Maplight reports that the financial industry is the top source of campaign funding for 6 of the bills’ 8 cosponsors.
  • Maplight’s data shows that members of the House received $22,425,740 million from interest groups that support the bill — that’s 5.8 times more than it received from interest groups opposed.
  • “House aides, when asked why Democrats would vote for this proposal even though the Obama administration opposes it, offered a political explanation. Republicans have enough votes to pass it themselves, so vulnerable House Democrats might as well join them, and collect industry money for their campaigns.” — New York Times

Yep, it’s actually that bad. For the full story, check out this revealing piece by Represent.Us Communications Director Mansur Gidfar. You can also find out if your Rep. voted for H.R.992 here.

We elect Representatives to the House to represent us, the people — but both parties now refuse to do the job we elected them to do. And they won’t until we force them to. The American Anti-Corruption Act would stop this corruption, and Represent.Us is the movement behind the Act. Together, we can make blatant corruption illegal with simple reforms. It’s common sense that elected officials should be barred from collecting money from the industries they regulate.

 

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Tue, 11/05/2013 - 21:02 | 4125067 quintago
quintago's picture

Stop acting so surprised. Do something about it, vote!! LOL. We're so screwed.

Tue, 11/05/2013 - 21:17 | 4125124 AlaricBalth
AlaricBalth's picture

Congress sells out to Wall Street?
Congress is the legislative branch office of Wall Street.

Tue, 11/05/2013 - 21:27 | 4125151 JohnnyBriefcase
JohnnyBriefcase's picture

vote!!

 

You seem to have misspelled "hang the bastards!!"

Tue, 11/05/2013 - 21:41 | 4125196 zaphod
zaphod's picture

What will the NYT do when Obama signs this thing.

Tue, 11/05/2013 - 21:47 | 4125210 lolmao500
lolmao500's picture

Ignore it... like they have done with all the treasonous stuff he has done since he's been in office.

Tue, 11/05/2013 - 22:00 | 4125241 Arius
Arius's picture

 

 

 

Vote the rascals out!

 

Bring NEW rascals in ...

 

ASAP

Wed, 11/06/2013 - 00:20 | 4125690 Bananamerican
Bananamerican's picture

"Together, we can make blatant corruption illegal with simple reforms"

"what do you mean 'we' paleface"?

Wed, 11/06/2013 - 00:57 | 4125775 flacon
flacon's picture

I left USA in 2009 and probably will never return. 

Wed, 11/06/2013 - 01:32 | 4125828 Manthong
Manthong's picture

"But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off"..

The banks and their running dog lackey politicians.

Wed, 11/06/2013 - 03:07 | 4125938 OutLookingIn
OutLookingIn's picture

"Democracy is a pathetic belief in the collective wisdom of individual ignorance."

- H.L. Mencken

Wed, 11/06/2013 - 06:01 | 4126057 Truthseeker2
Truthseeker2's picture

Wait a minute ... not just Congress!
``` 

"From the US Senate to the US House, from the POTUS & VPOTUS to the SCOTUS, from the US Treasury to from the World Bank & IMF, from the SEC to the FTC, from the Federal Reserve Bank to the Bank of England, from the Council on Foreign Relations to the Trilateral Commission to the Bilderbergers, from the last of Wall Street Investment Banks to the still standing(?) major Commercial Banks, from the Big Four Auditors to the Big NYC & DC Law Firms, from the K Street Lobbyists to the DC Think Tanks, from the transnational Oil Companies to the Military/Security/Industrial Complex, as well as the rest of Corporate America, they were all materially invested and substantially complicit in this CON job of the millennium."

~~~

http://cosmicconvergence.org/?p=1987

Wed, 11/06/2013 - 06:39 | 4126076 negative rates
negative rates's picture

We are the greediest people for money, the world has ever known.

Wed, 11/06/2013 - 04:26 | 4125999 dickizinya
dickizinya's picture

You let the iron on

Tue, 11/05/2013 - 22:03 | 4125256 CH1
CH1's picture

As long as everyone keeps obeying these thieves, IT WILL NOT CHANGE.

Tue, 11/05/2013 - 22:22 | 4125335 illyia
illyia's picture

Yeahbut, they are not even trading money. They are trading stuff they imagine is worth something. It's garbage. It's like they've so completely swallowed their own PR that they have no idea that they're screwed. Who cares that they are playing this strange game. Go local. Get real food, tradable goods, connections.

These guys are living in dreams of power but they are in delusion-prison.

They are trading poker chips or cow chips or paper clips or promises to deliver poof!

Money represents a real store of value backed by work or assets gained through work or control over real goods.

It's just a fantasy that they are trading anything at all at this point.

It may all fall down, but it was just The Matrix anyway.

 

Wed, 11/06/2013 - 00:26 | 4125676 Ranger4564
Ranger4564's picture

They're really not that stupid. The Bankers invented the Derivaties market to pretend there was so much wealth in the world that they needed new and innovative places to funnel that money for investment. The fact that the Banks created this ponzi with FED help by printing and bubble busting, doesn't mean they're dumbfounded by their own debauchery. They know full well it's all BS. The derivatives market is an ideal way to get money from the peasants to the banks to the Oligarchs. It's in your face but opaque. The banks continue to funnel money in, it disappears, there's a paperless paper trail of nothings, and the banks plead for more money or they will destroy the economy.

It's a sick joke that any imbecile could deduce, but somehow the whole fucking world refuses to see the forest for the trees... I know why, they've all got their heads up their asses listening to the experts lie to them about the wonderous world view up the ass.

Wed, 11/06/2013 - 04:48 | 4125998 Parrotile
Parrotile's picture

"There are none so blind as those who will not see", and of course "It's difficult to get a man to understand something when his salary depends on his NOT understanding it."

Those whose income depends on ignoring the obvious are not about to have any "enlightenment", especially if their jobs could be snapped up by others, leaving them jobless in today's employment wasteland

Incidentally I really enjoyed your rant a few days back. It was well thought out and passionate. I'm thinking of sticking an edited / de-identified copy on our Ward Tearoom Wallboard, and monitoring the response!

Keep up the passion, and the good work!

 

Wed, 11/06/2013 - 10:11 | 4126551 Ranger4564
Ranger4564's picture

Thanks, and feel free to post whatever bits you feel like. The ideas are my own meaning I didn't read them I deduced them myself, but I've come to realize many intelligent people already voiced the same ideas. I feel more excited when I find my idea was already expressed by people I respect... makes me realize I'm on the right track.

I don't consider what I posted Rants, but I'm not offended by that reference either. They're ideas with emotional connections. :-)

Wed, 11/06/2013 - 09:10 | 4126298 cityboy
cityboy's picture

can you explain to me in very simple terms how derivatives trading fucked up the economy in 2008? and were the banks bailed out using tax payers money?

Wed, 11/06/2013 - 09:54 | 4126476 MontgomeryScott
MontgomeryScott's picture

Well, let's start with the terminology first.

WHAT, exactly, are 'derivitaves'?

Lots of meanings:

http://www.merriam-webster.com/dictionary/derivative

: something that comes from something else : a substance that is made from another substance

:  the limit of the ratio of the change in a function to the corresponding change in its independent variable as the latter change approaches zero

:  a contract or security that derives its value from that of an underlying asset (as another security) or from the value of a rate (as of interest or currency exchange) or index of asset value (as a stock index)

AND THEN:

http://dictionary.reference.com/browse/derivative

adjective
1.
derived. 2.
not original; secondary. So, these banks created 'investment funds' based upon things which were NOT in any way real (betting, as it were, that these very funds would be of value based upon things that already had value). HMMM...AND, they got LOTS of sheople to give their REAL monies to so-called 'investors' so that the bets could be 'hedged'. the 'investment funds' (DERIVITAVES) all went higher and higher in so-called 'value', and then one day (or, over a span of time, actually, beginning probably in '06), people started realizing that this was all a bunch of bullshit.TOO LATE: the ponzi currencies had been inflated, and the 'derivitaves market' was the 'new' reality... The margins started being 'called', and these wonderful idiot sociopathic greedy banks had NOTHING but 'derivitaves' to pay the scheme back with. OH NO'S! Enter the era of 'BAILOUT'! http://www.youtube.com/watch?v=Wzve3kUGgWM&list=PL3F9F43854672B4F6 So, Skippy, the next lesson will be 'Crony capital fascism, and the fleecing of taxpayers by the Bankster-controlled governments'.
Wed, 11/06/2013 - 10:02 | 4126508 UpAndComing
UpAndComing's picture

In a nutshell, these brainiacs were selling financial instruments secured by other financial instruments which were rated AAA but in reality were junk at best.  

Wed, 11/06/2013 - 10:07 | 4126533 Ranger4564
Ranger4564's picture

False increases in asset valuation from companies to stocks to real estate to investments. Think of a derivative as an ETF. You invest in GLD, you're investing in a derivative, referencing Gold, but there is nothing intrinsic to GLD that gives it any real value.

Banks create derivatives referencing every type of asset and some not asset based as investment grade product.

Banks foist derivatives shares onto nations, institutions, corporations, communities, pension funds, etc, with promises of enormous returns. (They don't tell anyone the Banks were going to get the tremendous returns, not the investors.)

Banks create the money the investors were going to be investing out of thin air, issued the loans at whatever criminal interest rates they could get, then waited.(So Greece for ex I believe borrowed some money to invest in derivatives, others like Cali just lost their own cash.,

Banks short their own investment derivatives, and wait for people to realize the assets were overvalued / alerted everyone to the uselessness of the assets on which the derivatives were based.

Prices of the assets collapse, resulting in collapse of the derivatives prices.

Banks were paid handsomely for the sale of the original derivatives, and the interest on the loans that was due.

Entities who invested in these derivatives realize no profits, cannot pay their debts, incur more debt, have to transfer real assets to the Banks. That's foreclosure, collateral transfer, etc.

Note, since there was no money until it was fabricated in the Bank to be lent out, there was no "wealth" in the world that was being traded. However, since these valuations were booked as real, the prices of consumer goods and assets fluctuate... it costs a lot more to eat now, but we don't earn anything. Certain valuations go up when there's excess money. But in this case, the Banks are controlling what values are allowed to increase.

Banks were not only bailed out with taxpayer money, they continue to confiscate taxpayer money by printing arbitrary money, issuing fractional to no reserve loans, and collecting interest / increasing prices for consumer goods.

Hope that fills in enough bits to help you sort it out. I'm kind of rushing to get going to work.

Wed, 11/06/2013 - 00:08 | 4125654 Anusocracy
Anusocracy's picture

They write the rules and own the refs so stop attending the games.

There isn't an excuse for being this stupid except for being this stupid.

Wed, 11/06/2013 - 00:35 | 4125731 kchrisc
kchrisc's picture

Our willingness to obey is literally their power over us.

Wed, 11/06/2013 - 01:05 | 4125795 Chuck Walla
Chuck Walla's picture

What will the NYT do when Obama signs this thing.

Roll over and wait for it's belly rub like any good lapdog.
FORWARD SOVIET!

Wed, 11/06/2013 - 09:23 | 4126344 drdolittle
drdolittle's picture

All mainstream news is just propaganda. Haven't watched TV news in years, except maybe a blurb by accident. Never on purpose do I turn the TV on to news.

And, congress sold out long ago, this is just more proof how fucked we are.

Wed, 11/06/2013 - 03:37 | 4125959 Rip van Wrinkle
Rip van Wrinkle's picture

Blame patriots.

Tue, 11/05/2013 - 22:11 | 4125292 HowardBeale
HowardBeale's picture

Why hang them--boring--when there are perfectly good chainsaws available in every local across the U.S.: See a politician, buy a chainsaw...

Tue, 11/05/2013 - 22:51 | 4125440 max2205
max2205's picture

Glass Stegall times 1 triliion....not a promising situation....no supervision, thats what the govt does best

Tue, 11/05/2013 - 22:51 | 4125441 mofreedom
mofreedom's picture

Sorry, I hate Dodd as much as I hate Fwank.  Gotta lotta Fwank lovers here tonight, eh???

Wed, 11/06/2013 - 00:19 | 4125682 Ranger4564
Ranger4564's picture

Since the banks want to bring back the dark ages and feudalism, we might as well bring back Drawing and Quartering... except let's go smaller this time. Sixteenthering.

Tue, 11/05/2013 - 22:27 | 4125358 ebworthen
ebworthen's picture

JohnnyBriefcase said:  "You seem to have misspelled 'hang the bastards!!' "

Exactly.  Voting only perpetuates it; no political solution to this corruption.

Wed, 11/06/2013 - 09:28 | 4126366 bunnyswanson
bunnyswanson's picture

http://www.dailydot.com/news/anonymous-million-mask-march-photos/

Members of the CIA worldwide are beginning to awake.  At least I hope this is them.

Tue, 11/05/2013 - 21:49 | 4125220 Buck Johnson
Buck Johnson's picture

Exactly, and guess what.  We will have another market implosion.

Tue, 11/05/2013 - 22:16 | 4125318 quintago
quintago's picture

Market implosion is a necessary tool of the elite insofar as wealth consolidation goes.

Wed, 11/06/2013 - 06:28 | 4126071 Lost My Shorts
Lost My Shorts's picture

Wait wait wait wait wait ... it can't be.  The House is dominated by Tea Party rebels who defy the establishment and represent the true interests of real white Americans.  It can't be true that they sold out to Wall Street !! I refuse to believe it.  This must be a MSM smear campaign spread by libtard trolls.

Tue, 11/05/2013 - 21:20 | 4125132 krispkritter
krispkritter's picture

One Team is Red,

One Team is Blue,

Vote all you want,

We're still gonna get screwed...

Tue, 11/05/2013 - 21:27 | 4125153 Creepy Lurker
Creepy Lurker's picture

This is the land of freedom! Where you're free to choose...

Coke or Pepsi..

Mcdonald's or Burger King..

Democrat or Republican.

What a sick joke.

Tue, 11/05/2013 - 22:02 | 4125259 NotApplicable
NotApplicable's picture

As always, I choose NOTA, the only rational option.

Tue, 11/05/2013 - 21:29 | 4125158 Bangin7GramRocks
Bangin7GramRocks's picture

Isn't Democracy grand! Keep arguing about libtards and teabaggers and nut job conservatives. It's all one team. The Globetrotters and the Generals share a locker room and get paid by the same company; just like Congress.

Tue, 11/05/2013 - 21:32 | 4125160 Deathrips
Deathrips's picture

Regulate everything..except gold and silver markets...read the bill.

RIPS

Federal assistance includes access to any Federal Reserve credit facility and discount window (with some exceptions) and FDIC deposit insurance and guarantees. This prohibition does not apply to a major swaps participant that is an insured depository institution (IDI) or an IDI acting as a swaps dealer for hedging purposes or for swaps involving bank-permissible securities. (Such swaps include those that reference interest rates, currencies, government securities, and precious metals. Examples of non-permissible swaps include equity swaps, commodity and agriculture swaps, energy swaps, and metal swaps excluding gold and silver.) Under current law, IDIs that do not meet these exceptions must “push out” their swaps portfolio to a separately capitalized affiliate if the firm is part of a financial holding company, or cease these activities altogether.

http://www.cbo.gov/publication/44259

 

Fuck You chilton..You blonde worm fuck!

Tue, 11/05/2013 - 21:36 | 4125173 g'kar
g'kar's picture

For a layman could boil this down?

Tue, 11/05/2013 - 22:09 | 4125228 Deathrips
Deathrips's picture

Simple.

 

The banks are more important than people, they deserve the money you earned. Scrap Dodd-Frank (supposed "regulation") consumer protections, change to corporate protections. Then see exclude gold and silver paper markets (manipulations) in protection of the corporations.

 

They are going to crush the paper price of silver and gold..to close the exits and keep consumers money where the banks can "protect it"...doesnt matter keep buying. Prices in dollars will soon be nigh. Silver.

 

Did I miss anything?

 

RIPS

 

Edit: they need silver and gold swaps to ballance out the "protection"...thats why they sell 100x the physical availability per day. TO keep us safe...sound familiar? Price controls to keep us safe...price controls...i tells ya.

Tue, 11/05/2013 - 22:16 | 4125305 g'kar
g'kar's picture

Thanks, that's what I figured. If one can hold out sitting on PM's while they drive paper down is important in this.

Wed, 11/06/2013 - 00:28 | 4125715 Bananamerican
Bananamerican's picture

"exclude gold and silver paper markets (manipulations) in protection of the corporations"

that's actually a good sign....

Suppression comes before explosion...ask the Indians

Wed, 11/06/2013 - 11:12 | 4126822 viahj
viahj's picture

and as the Native American Indians under estimated the flood of the White Man, many under estimate the power still left in the fractional reserve system (printing price suppression).  I believe that we still have a ways to go.

Tue, 11/05/2013 - 21:58 | 4125236 CPL
CPL's picture

In a nutshell, anything that isn't gold or silver can be stolen from you at anytime, including property (it's really only paper.)

Tue, 11/05/2013 - 22:14 | 4125315 g'kar
g'kar's picture

Thanks.

Tue, 11/05/2013 - 23:22 | 4125522 Deathrips
Deathrips's picture

Super simple.

If you cant stand in front of it and defend it ..you dont own it. Own things without counterparty risk and you should do much better than the herd.

Cheers.

 

 

Wed, 11/06/2013 - 00:35 | 4125732 DoChenRollingBearing
DoChenRollingBearing's picture

 

 

@ CPL

Lead and lead delivery devices may protect your Au and Ag.  If they take the guns, then it will be easy to take the gold...

Bearing Guy likes lots of different kinds of metals.

Tue, 11/05/2013 - 21:34 | 4125177 johngaltfla
johngaltfla's picture

Why complain now? The Senate killed a bill to make 401K and mutual fund managers fiduciaries and thus legally liable for mismanagement, churning, and outright theft. Of course, that wasn't going to happen under the Republicrooks or Demothiefs so why give a crap any more?

 

Just hunker down, store good scotch and try to remember where you canoe full of gold coins tipped over on that river.

Tue, 11/05/2013 - 22:43 | 4125421 olto
olto's picture

we always complain

we are whiners

That is what we do best---

uh, no------that is what we DO

 

Tue, 11/05/2013 - 21:58 | 4125240 Radical Marijuana
Radical Marijuana's picture

After one gets sick enough, the only thing to do about it is die.

Tue, 11/05/2013 - 22:15 | 4125311 new game
new game's picture

that is just too damn easy---

i'll die trying-eh.

cssob's

Tue, 11/05/2013 - 22:40 | 4125405 TheReplacement
TheReplacement's picture

Yep, we are that until people realize it isn't voting that matters but running and winning.  Voting is a false choice when the only choices are a rock and a hard place.

Tue, 11/05/2013 - 22:39 | 4125406 olto
olto's picture

quintago,

you remember the definition of 'stupid'

so I do not have to write it down again

and you are still voting?

that is why 'We're so screwed.' as you so succinctly put it

you seem brighter in other comments

oh, yeah----you can use my vote, also, if you wish----

Tue, 11/05/2013 - 22:56 | 4125454 Ned Zeppelin
Ned Zeppelin's picture

Vote, huh.

Dweedle Dumb and Dweedle Dumber both voted for this corruption tainted bill.

Vote for who, exactly?

Wed, 11/06/2013 - 10:34 | 4126656 floyd084
floyd084's picture

Lol, the man says to vote! 

Tue, 11/05/2013 - 21:02 | 4125071 Surging Chaos
Surging Chaos's picture

Just wait until rates rise and the banks demand another bailout...

Tue, 11/05/2013 - 21:17 | 4125115 g'kar
g'kar's picture

Bail-in is more like it.

Tue, 11/05/2013 - 21:04 | 4125073 jet813
jet813's picture

Why am I not surprised

Tue, 11/05/2013 - 21:04 | 4125080 fonzannoon
fonzannoon's picture

This is excellent news. The banks pay no fucking interest on deposits. So if you have money there you are just asking to be screwed. The key here is to make sure that when this shit hits the rocks again the banks get no bailouts. Hopefully in the ensuing confusion you get off the hook with your mortgage lender when they tank.

This is the best news I have heard yet, as long as when it blows the first politician that stands up there and yells bailout loses their head. The chances of which are pretty decent with this crowd here.

Tue, 11/05/2013 - 21:16 | 4125110 g'kar
g'kar's picture

I was hesitant to put all my bank cash into PM's until now. The fat lady is singing.

Tue, 11/05/2013 - 21:16 | 4125116 Deo vindice
Deo vindice's picture

Cash kept safely outside of the bank is probably safer than leaving it in.

Tue, 11/05/2013 - 21:20 | 4125134 g'kar
g'kar's picture

Yes, but try pulling out significant amounts. Better to just make a large PM purchase by personal check.

Tue, 11/05/2013 - 21:36 | 4125186 Zero Point
Zero Point's picture

Correct. My bank tried to charge me 2 grand for extra security when I pulled the plug.

I threatened to call the media, and they came to the party.

 

Tue, 11/05/2013 - 23:21 | 4125513 Deo vindice
Deo vindice's picture

g'kar - just withdraw what you can when you can. I don't like checks. Cash is always best.

Wed, 11/06/2013 - 09:29 | 4126367 drdolittle
drdolittle's picture

I'd rather take cash out and buy wiht cash. Less of a trail. But, no local coin shop. And, coin shops are probably require to turn over their security cams. You know, to stop turrrists

Wed, 11/06/2013 - 02:46 | 4125113 Deo vindice
Deo vindice's picture

Anyone who keeps their savings in a bank, but then berates them for their criminal actions and manipulative power they wield over governments, is being hypocritical.

Every reader of ZH should take their money out in cash, and encourage their family, friends and neighbours to do likewise.

Our household runs on cash - not on credit or debit cards -  and the only account we have is a very small one in a credit union (mostly so I can cash checks somewhere).

Wed, 11/06/2013 - 10:13 | 4126555 Blood Spattered...
Blood Spattered Banner's picture

This times infinity. 

It's quite easy to switch your bank to a credit union.  If enough people did this and swore off credit cards TBTF banks die a painful death.

 

Tue, 11/05/2013 - 22:06 | 4125275 CH1
CH1's picture

as long as when it blows the first politician that stands up there and yells bailout loses their head.

They will lose NOTHING.

Joe American will be terrified by the evening news and will beg the glorious politicians to save him.

Tue, 11/05/2013 - 21:09 | 4125087 LetThemEatRand
LetThemEatRand's picture

Anyone still think the Teams are any different?  Broad bipartisan support.  Look at who funds them, not at what they say.  Goldman and Citi and their ilk own both Teams including the prominent Tea Party candidates such as Cruz who is married to a Goldman executive.

Tue, 11/05/2013 - 21:12 | 4125101 Yenbot
Yenbot's picture

All I can see right now is alien brains in jars with pulsing veins screaming "300 quatloos on the newcomers! 4000 quatloos!"... beam me up, Scotty!

Tue, 11/05/2013 - 21:19 | 4125121 g'kar
g'kar's picture

Excuse me? There are teams?

Tue, 11/05/2013 - 21:22 | 4125142 krispkritter
krispkritter's picture

Yes, they're Suits, we're Serfs.  The game is Hang'm from a Lightpole...Ready, set...

Tue, 11/05/2013 - 22:07 | 4125281 NotApplicable
NotApplicable's picture

Dumbasses even wear ropes around their necks.

Tue, 11/05/2013 - 21:33 | 4125174 Bangin7GramRocks
Bangin7GramRocks's picture

They have colors, mascots and rabid fans who stuck with their group through thick and thin. They also have radio and TV shows where people scream at each other from the opposing side. Sounds like teams to me!

Tue, 11/05/2013 - 21:38 | 4125189 nmewn
nmewn's picture

You do realize Dodd-Frank was written by bank lobbyists right?

Tue, 11/05/2013 - 22:13 | 4125298 LetThemEatRand
LetThemEatRand's picture

Yes.  Pretend fix.  And now begins the process of dismantling what little of it had any value.

Tue, 11/05/2013 - 22:25 | 4125343 new game
new game's picture

they are destined to repeat their deeds - that greed thingy.

and then how does it play out this time? so whats the asset bubbling?

treasuries. oh yea levered to the hilt...

stay tuned...

Tue, 11/05/2013 - 23:39 | 4125568 nmewn
nmewn's picture

What value to you and me?

Tue, 11/05/2013 - 21:10 | 4125091 Dr. Engali
Dr. Engali's picture

Is it possible to sell out to your owners?

Tue, 11/05/2013 - 21:13 | 4125105 Skateboarder
Skateboarder's picture

You can go much lower than that on the dignity scale.

Tue, 11/05/2013 - 21:19 | 4125125 Flakmeister
Flakmeister's picture

The legislative equivalent of felching...

Tue, 11/05/2013 - 21:21 | 4125135 fonzannoon
fonzannoon's picture

Coming soon.

 

"If you're Venezuelan President Nicolás Maduro, and you're sweating an upcoming vote, the solution isn't to campaign more. No, the obvious answer is to move Christmas.

Maduro announced last week that Nov. 1 would herald the arrival of "early Christmas" in Venezuela, "because we want happiness for all people." Per Fox News Latino, Maduro sealed the deal by lighting Nativity lights at the Presidential Palace of Miraflores over the weekend and announcing that workers in the country will receive most of their bonuses and pensions nearly a month early.

Critics (and grinches) point out that, as a function of early Christmas, bonuses will be paid out by Dec. 1, just a week before the country is slated to hold municipal elections, on Dec. 8.

The surprising announcement comes six months into Maduro's first term, which has been described as "rocky with no honeymoon." Following Maduro's contested electionafter the death of Hugo Chávez in March, the country has suffered food shortages, electricity blackouts, a faltering economy and a toilet paper shortage"

Tue, 11/05/2013 - 21:33 | 4125171 Skateboarder
Skateboarder's picture

Ay Caracas!

This is similar to Pena Nieto's in Mexico a year ago where he gave out "500 peso" grocery store gift cards with only about 100 on em on average. The people sold themselves for about 35USD a person.

Moving Christmas... tsk tsk tsk.

Wed, 11/06/2013 - 00:41 | 4125745 DoChenRollingBearing
DoChenRollingBearing's picture

Even Peruvians are snickering about Maduro's recent claim to have heard Chavez's voice from a little bird....

Tue, 11/05/2013 - 22:09 | 4125286 Bangin7GramRocks
Bangin7GramRocks's picture

As a taxpayer, it feels more like a Cleveland Steamer or Pittsburgh Platter!

Tue, 11/05/2013 - 21:12 | 4125096 WTFUD
WTFUD's picture

The only good politician is a dead politician!
Hang them bastards High.

Tue, 11/05/2013 - 21:40 | 4125198 Trucker Glock
Trucker Glock's picture

Does an up vote get me on another .gov list?

Up voted, bitchez!

Wed, 11/06/2013 - 02:25 | 4125899 RaceToTheBottom
RaceToTheBottom's picture

"Hang them bastards High."

Hang them low, so their feet are just out of reach of the ground.  Make sure the Muppets see their masters.

 

Tue, 11/05/2013 - 21:14 | 4125098 29.5 hours
29.5 hours's picture

 

 

"Together, we can make blatant corruption illegal with simple reforms."

!! Best laugh I had all day.

 

 

Tue, 11/05/2013 - 21:13 | 4125099 djsmps
djsmps's picture

Vote everyone, and I mean everyone out. But it won't happen. Pelosi, Boehner, Schumer, Issa et al will still be re-elected.

Tue, 11/05/2013 - 21:19 | 4125126 Deo vindice
Deo vindice's picture

That's 'cause their handlers control the voting machines.

Wed, 11/06/2013 - 06:08 | 4126061 Urban Redneck
Urban Redneck's picture

The voting machines are air breathers...

And the politicians' handlers can corrupt entire third parties- look at the new MoT approved definition of "Libertarian" in Virginia

Tue, 11/05/2013 - 21:33 | 4125178 Platinum
Platinum's picture

And this is why it will get massively worse for the nation as a whole, before it gets better.

I see several powder kegs of anger ready to blow all over the world, and once one blows, it's going to be an awe inspiring domino effect.

 

I'm thinking Greece in Europe will start, and/or perhaps Cyprus.

 

Who needs movies when you can watch the most intriguing story play out in real time.

Tue, 11/05/2013 - 22:09 | 4125284 CH1
CH1's picture

And this is why it will get massively worse for the nation as a whole, before it gets better.

All people have to do is stop playing the game. If they just stop, the system crashes in short order.

Tue, 11/05/2013 - 21:14 | 4125102 krispkritter
krispkritter's picture

Why the fuck do we pay salaries to these assholes?  They get so much off the SIGs we should be charging the cretins RENT to hang out in our public funded buildings...District of Co-opted Cum-gargling Clamydia-ridden Cocksucking Corporate-buttboy Cunts...

Tue, 11/05/2013 - 21:50 | 4125219 therevolutionwas
therevolutionwas's picture

We pay these assholes because they will throw us in jail or shoot us if we don't.  God bless Amerika. land of the free!

Tue, 11/05/2013 - 22:27 | 4125365 Apply Force
Apply Force's picture

Correct - extortion, kidnapping and execution.  All for your own good, so pay up, putas!!  Freedom is slavery for now; as our net energy available decreases exponentially vs. population and expected standards of living, however, the laws of nature will return in their full, glorious force.

Tue, 11/05/2013 - 22:31 | 4125381 putaipan
putaipan's picture

salaries! salaries! fucking salaries?! that's what your worried about? freeze and sieze the mf's pensions!

Tue, 11/05/2013 - 21:21 | 4125130 Sabibaby
Sabibaby's picture

at this point I'm pretty sure only a zombie apocolypse can save us... Sorry friends :(

Tue, 11/05/2013 - 21:30 | 4125155 filletandrelease
filletandrelease's picture

Democrat or Republican... there is no difference.  Would you like to go in the woodchipper head first or feet first?

Tue, 11/05/2013 - 21:30 | 4125165 Son of Captain Nemo
Son of Captain Nemo's picture

Camp FEMA here we come!

Tue, 11/05/2013 - 21:30 | 4125166 Parrotile
Parrotile's picture

Bet HR 992 didn't get much (if any) mainstream media coverage, and certainly not front page coverage anywhere.

Considering the current apathy of the Hoi Polloi Worldwide - even full colour front page wouldn't have much effect. People are happy with their "comfortable lifestyle" and are unwilling (maybe unable) to even contemplate rocking the status quo boat.

As for "This is the best news I have heard yet, as long as when it blows the first politician that stands up there and yells bailout loses their head. The chances of which are pretty decent with this crowd here."  remember ZH is a VERY small minority (within a much derided group colloquially termed "Doom Porn Peddlars"), so whilst "this crowd here" might be inclined to take affirmative action, the vast majority will not give a fig. It's not a case of "David vs Goliath", more a case of Mosquito vs. DDT impregnated Mozzie net, protecting tasty Human bathing in Aerogard Tropical Strength!) - http://www.aerogard.com.au/

 

Tue, 11/05/2013 - 21:48 | 4125215 fonzannoon
fonzannoon's picture

according to ZH about 85% of americans don't have 1 month worth of bills saved in the bank. So the ZH'ers may be a small minority, but not having a bank account is actually one thing they have in common with the majority.

It's the middle class that is the tiny minority.

Tue, 11/05/2013 - 21:38 | 4125180 Trucker Glock
Trucker Glock's picture

Constitutional conservatives gotta get those evil regulations out of the way of progress.  WallStreetCare.  Affordable Theft Act.

Edit:  Fuck you .gov, both parties, not that there is a difference.

Tue, 11/05/2013 - 21:36 | 4125185 SillySalesmanQu...
SillySalesmanQuestion's picture

Bad enough that the banksters buy all the votes they need, but now they even have one of their own sponsoring and writing the legislation...the level of greed keeps hitting all time new highs, just like the stock market. I can't wait for the crash...

Tue, 11/05/2013 - 21:38 | 4125193 q99x2
q99x2's picture

Good to mention a possible solution.

If something is not done the solution will happen in any event.

Tue, 11/05/2013 - 21:44 | 4125202 williambanzai7
williambanzai7's picture

ILLUSIONS OF CHOICE

Tue, 11/05/2013 - 22:16 | 4125290 Burticus
Burticus's picture

See, even the noble WB7 has been subconsciously influenced by their brainwashing.  Communist is further left than fascist, so the extreme-left (jackasses) should be colored RED, as in pinko or reddo commie.  What color are the Chinese and Soviet Union flags?  Red, damn it!  Remember "Red China"?  Duh!

The corporate media cartel pulled that little switcheroo several years ago and everyone blindly parrots it without questioning.  Even the water boys for the elephants, like Hush Bimbo, use the "red state" moniker to describe the elephant-led states.

We're so **cking doomed.  Plan C, Plan C...

Tue, 11/05/2013 - 22:22 | 4125334 logicalman
logicalman's picture

I doubt the colours are accidental

Tue, 11/05/2013 - 22:24 | 4125340 g'kar
g'kar's picture

I'll admit to being one that held out for a long time that there was a difference...my largest concern was the 2nd amendment which the "right" protected. While I was worried about the 2nd amendment and voted accordingly, they stole the rest.

 

Tue, 11/05/2013 - 21:55 | 4125233 Save_America1st
Save_America1st's picture

The Tiny Dot:  Larkin Rose

http://www.youtube.com/watch?v=H6b70TUbdfs

Pass it on...

Tue, 11/05/2013 - 22:00 | 4125250 Burticus
Burticus's picture

"...but both parties now refuse..."

There's where you go wrong.  There is only one ruling political party in 'murka, the ElephantJackass sock puppet party, and it has one puppeteer.

Tue, 11/05/2013 - 22:02 | 4125252 moneybots
moneybots's picture

Swaps Regulatory Improvement Act

Affordable Care Act

 

Neither is what the name implies.

"The repeal was co-sponsored by a former Goldman Sachs executive and passed with bipartisan support from some of the House’s largest recipients of Wall Street cash. It’s so appalling... so unbelievable... so blatantly corrupt... that you’ve got to see it to believe it"

I don't have to see it.  "Repeal".  Repeal is not an improvement.  Glass Steagall was repealed.  Repealing Glass Steagall was blatantly corrupt.

NO BANKER HAS BEEN PROSECUTED FOR MASSIVE FELONY FINANCIAL FRAUD.  There has been no reason for blatant corruption to stop.

As Karl Denninger noted, several Tea Party members elected as republicans, climbed into the pockets of the bankers.  The Tea Party came about as a result of the anger over what the bankers did.  Now they join in on the corruption.  I am not at all surprised this bill came about, even though i had never thought about this before.

Kiss the Constitution goodbye.

 

Tue, 11/05/2013 - 22:31 | 4125379 Apply Force
Apply Force's picture

Certainly the Declaration of Independence carries more weight than the long-gone Constitution.  We have kissed the constitution goodbye ever so slowly as entropy hugs us tighter, and tighter, and tighter

Wed, 11/06/2013 - 07:28 | 4126136 Ned Zeppelin
Ned Zeppelin's picture

Patriot Act

Tue, 11/05/2013 - 22:03 | 4125254 hustler etiquette
hustler etiquette's picture

lobbying is legislative bribery.

Tue, 11/05/2013 - 22:24 | 4125339 logicalman
logicalman's picture

Lobbying is bribery.

FIFY

Tue, 11/05/2013 - 22:36 | 4125397 putaipan
putaipan's picture

fines - retroactive bribes. penalties- birbery after the fact

Tue, 11/05/2013 - 22:02 | 4125258 Cabreado
Cabreado's picture

Then get your friends, neighbors and fellow citizens off the "Living in Basements" thread above, stop bickering about "generations" and expend that energy in more appropriate places, a la the Corruption and Points of Control...

articles such as THIS should have ZH boiling over.

Until it does, introspection may be in order.

Tue, 11/05/2013 - 22:06 | 4125277 MFLTucson
MFLTucson's picture

This is to allow bail ins for the bonuses!

Tue, 11/05/2013 - 22:11 | 4125289 Quantum Nucleonics
Quantum Nucleonics's picture

The outrage here is laughable.  Dodd-Frank was itself written by the banking industry.  This is a pretty minor tweak.  Why bother pretending that bank's derivatives exposure is safely off balance sheet.  Because those QSPE's worked worked so awesome for Citi last time.

Tue, 11/05/2013 - 22:11 | 4125291 Reaper
Reaper's picture

It will be helped in the Senate by Schumer, who collects from Wall Street and redistributes to the campaign coffers of Senators who might be embarrassed by such direct receipts. Schumer also controls all judicial appointments in the second circuit, so your pay-to-play with Schumer is a good investment. As an added bonus, Schumer's personal boy lawyer, Bharara, is prosecutor in the Southern District of NY (Manhattan), so any fear of serious criminal prosecution is unfounded. An investment in Schumer's pay-to-play is both a service contract and an insurance policy. Contact Chuck for rates. And,of course,you'll be happy to know Chuck expects to move on up in the Senate and he would be most grateful for your support.

Wed, 11/06/2013 - 02:03 | 4125875 Tapeworm
Tapeworm's picture

for such a short time on the forum, that was a most informative comment. Please add more as you see fit.

Tue, 11/05/2013 - 22:17 | 4125322 Joebloinvestor
Joebloinvestor's picture

This is why they are eroding the 2nd amendment slowly.

Tue, 11/05/2013 - 22:19 | 4125326 Dre4dwolf
Dre4dwolf's picture

Lets be honest, these banks weren't obeying any of the laws that they got repealed anyway.

All this repeal did was make it so that the politicians themselves got the money that would of gone to settlement for the fraud.

 

So instead of banks paying the government and adding to revenue, the banks will now be paying politicians directly instead.

Tue, 11/05/2013 - 22:30 | 4125361 moneybots
moneybots's picture

"Yep, it’s actually that bad. For the full story, check out this revealing piece by Represent.Us Communications Director Mansur Gidfar. You can also find out if your Rep. voted for H.R.992 here."

 

WHAT DIFFERENCE DOES IT MAKE?

Seriously. 

Of coarse it is that bad.  Congress is flat out corrupt.  Electing Tea Party members didn't change that.  They climbed into the pockets of the bankers too, according to Denninger.  How does one get honesty and integrity from corrupt politicians?

Knowing whether my congressperson voted for it isn't going to change anything.  Calls were 100 to 1 or more against TARP and congress passed it anyway.  Voting him out of office will just result in a corrupt politician of the other party replacing him.

Might as well spit into the wind.

 


Wed, 11/06/2013 - 00:32 | 4125727 Trucker Glock
Trucker Glock's picture

How do you tell which spit on your face is yours and which is your Congressman's?  Oh, your Congressman's spit smells like bankster jizz.

Wed, 11/06/2013 - 08:59 | 4126265 Took Red Pill
Took Red Pill's picture

Yes, voting is not the answer. I guess Russell Brand is right although I don't trust him either.

Tue, 11/05/2013 - 22:34 | 4125392 zanez
zanez's picture

I'll throw all my support behind the "Lamppost and Stout Rope Act". Let me know when it comes along.

 

Tue, 11/05/2013 - 23:05 | 4125475 22winmag
22winmag's picture

Doug Christie worked as a Madoff lobbyist before he got into political office... it's all one big shit parade.

Tue, 11/05/2013 - 23:13 | 4125494 earleflorida
earleflorida's picture

CLASSIC!!!  "Constructive Ambiguity",  built on a prefabricated `Isthmus-of-Darien' USSA Constitution via `Neo`Plausible Deniability'!!!

 

Tue, 11/05/2013 - 23:59 | 4125621 Nobody For President
Nobody For President's picture

I am personally shocked - SHOCKED - that such a thing could happen in our very own Congress of the US of A! Must of kind of snuck through, but now that the Bill is known, our Senate will, of course, vote it down.

Vote for me, you KNOW I would veto it.

Wed, 11/06/2013 - 00:54 | 4125641 One World Mafia
One World Mafia's picture

Justin Amash voted Aye.  First time I ever saw him sell out.

Wed, 11/06/2013 - 00:13 | 4125667 The Fonz...befo...
The Fonz...before shark jump's picture

Business as usual...same as it ever was

Wed, 11/06/2013 - 00:43 | 4125747 Quaderratic Probing
Quaderratic Probing's picture

You get the government you deserve... so what did you do to end up with them?

Wed, 11/06/2013 - 01:07 | 4125798 I Write Code
I Write Code's picture

You're right.  It's my fault.  I didn't think anyone saw, but the NSA got me.

But at least now I'm free to do it again!

Wed, 11/06/2013 - 00:47 | 4125754 QQQBall
QQQBall's picture

>Luckily the FDIC is flush with cash

Wed, 11/06/2013 - 01:04 | 4125790 Atomizer
Atomizer's picture

News flash. Just don’t participle & the law will not affect you. Sit back and watch the snake eat its own tail.

Wed, 11/06/2013 - 01:06 | 4125797 kchrisc
kchrisc's picture

I'd say that the guillotine list got longer, but in actuality their names are probably already on it.

Wed, 11/06/2013 - 01:16 | 4125806 Atomizer
Atomizer's picture

These same elected officials did the same by protecting the derivatives market from collapsing in near term trajectory chapter..

 

The inside joke, far too many peasants to control that law..

:o

 

Wed, 11/06/2013 - 01:19 | 4125812 Wicked Old People
Wicked Old People's picture

                   28th Amendment to the Constitution

 

No member of Congress shall earn any form of income or accumulate any kind of asset while serving the American people in their Office other than from the base salary paid herein.

Any politician who campaigns in support of this 28th Amendment I will vote for. Problem solved.

Wed, 11/06/2013 - 01:47 | 4125849 RTUT
RTUT's picture

What....?  "Congress passed the “Dodd-Frank” law to clamp down on risky 'derivatives trading' that led to the financial collapse of 2008." Really?    Crap derivatives were the issue?  Where were Dodd and Frank when the Bush Admin was trying to slow down Fannie and Freddie and their lunatic practices that created the need to dump those loans?  Oh, that's right, they were behind the scenes threatening to accuse republicans of racism and hating poor people.  

I have little faith in those two thugs, Dodd and Frank, passing anything helpfull.  Those two bunglers are going to fix a problem they helped cause?  History would not be on your side if you have any faith in that.

In Any Case:  I thought the 'Community Re-Investment Act' had a little bit to do with those evil derivatives, the housing bubble, the whole 9 yards.  I may be a bit 'picky-you-nish' but if it were not for the genius' who thought up that little tidbit, The Community Re-Investment Act, the fed forcing banks to loan money to folks unable to qualify under traditional, common sense banking practices  where would those crap 'derivatives' have ever formed?

I think it is important to make sure the root cause of the housing bubble and derivatives damage be acknowledged and dealt with.  If it is not, if we are lazy and fall for the deceptions of the Dodd's and the Frank's of the world, it will happen again in some form or another.  Liberal Government, Liberal ideology, government medaling is the core issue.

Wed, 11/06/2013 - 10:15 | 4126565 therearetoomany...
therearetoomanyidiots's picture

"Liberal Government, Liberal ideology, government medaling is the core issue."  

probably need to add, whether pushed by republicans or democrats to the end of it.

Wed, 11/06/2013 - 02:00 | 4125872 hangemhigh77
hangemhigh77's picture

I'm shocked, SHOCKED!!!!

Wed, 11/06/2013 - 02:43 | 4125917 TumblingDice
TumblingDice's picture

Ok so the stage is set, when does the cannibalization begin?

Wed, 11/06/2013 - 02:55 | 4125928 Kina
Kina's picture

Criminal corruption second nature to Congress. .they just wait around for their payments by corporations to rubber stamp their next rape of America. .... the bigger the corruption the bigger the punishment ehen the whole system collapses snd these citibank lobbiests snd congressional mates get trotted off to the public guillotine to have their heads separated from tgeir body. .

Wed, 11/06/2013 - 03:24 | 4125948 desirdavenir
desirdavenir's picture

Welcome to France...
(Some bills were distributed verbatim with the logo of the lobbyists)

Do NOT follow this link or you will be banned from the site!