Washington’s blog reports:
The Senate passed a financial “reform” bill today by a 59-39 vote which won’t fix any of the core problems in the financial system, and won’t prevent the next financial crisis.
The bill doesn’t include the Volcker Rule (it wasn’t even debated), doesn’t break up or even substantially rein in the too big to fails, and doesn’t force transparency in the derivatives market.
And as Arthur Delaney points out, the bill is riddled with carve-outs purchased by lobbyists:
“Obtaining a carve-out isn’t rocket science,” said a Republican financial services lobbyist. “Just give Chairman Dodd [D-Conn.] and Chuck Schumer [D-N.Y.] a shitload of money.”
On MSNBC Tuesday morning, Sen. Bob Corker (R-Tenn.), a Banking Committee member who worked closely with Dodd, said there was “no question” that Dodd’s draft contained loopholes. Corker mentioned a few hits from the carve-out list: “Private equity firms are left out,” he said. “Hedge funds are left out.”
The bill is all holes and no cheese.
For example, Dodd’s bill:
- Won’t break up or reduce the size of too big to fail banks
- Won’t remove the massive government guarantees to the giant banks
And won’t even increase liquidity requirements to prevent future meltdowns
Total joke of a bill.
Of course, such criminal behavior by our congress is to be expected since they are owned by the banking establishment.
The military needs to step in and remove these clowns. They need be brought up on charges of treason. The criminal congressmen that gutted the audits, voted in favor of the bailouts, and shut down our economic freedoms are engaged in economic warfare against the American people.
I don’t think the country will make it if we allow the criminal senate to continue dismantling the nation and the constitution.
Eventually the dollar crisis will hit and we will be wiped out as a nation. The criminal congress is already taking steps to prevent you from moving your money off-shore as I pointed out in a previous post.
American citizens are no longer allowed to open foreign brokerage accounts.
The next step will be to confiscate gold.
Then implement a total police state lockdown of the financial system and borders to prevent the flight of currency and the educated population. This is what historically we see happen when criminal governments have imploded the currency and financial system through their looting.