from 2012: What's the 'Real' Truth: 'Wall Street Lobbyists Roll Back Finance Reform, Again - by Matt Taibbi, Rolling Stone' - May 21
Insightful stuff about 'non-structured finance swap activities and structured finance swap activities' and 'leverage ratios' and such arcane financial game-playing crap.
0 Responses to Wall Street Lobbyists Roll Back Finance Reform, Again – by Matt Taibbi, Rolling Stone
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- May 22, 2013 at 2:56 am
What a good man Matt Taibbi is. And what a bunch of losers our Congresscritters are.
“Members of Congress, when they talk about having to vote on issues like derivative reform, express frustration about the political dynamics of this debate. When they go back to their districts, nobody is standing up at town halls and shaking fists about relaxing rules at Swap Execution Facilities.” That’s because Joe and Jill Public don’t know all the ins and outs about all this TBTF banking crap, that has been going on for LONG ENOUGH. That’s why we hire you people: to help keep an eye out for the wolves. You KNOW that we don’t like these effing black boxes, and such. DO THE RIGHT THING. Clean up this garbage, and its crowd of hotshots. Or join them in being kicked out of power.
Strengthen Dodd-Frank; don’t water it down. And bring back Glass-Steagall. Or watch the whole damn house of cards come tumbling down.
If it didn’t hurt so many innocent people in doing so, it wouldn’t be a bad thing to happen. Well; on second thought: Let it happen. It needs to be gotten out of the way anyway; for something healthy to take its place. But this political dance that has been going on, with Congresscritters and lobbyists waltzing around the floor with each other like they’re in the ballroom of the Titanic, needs to have the band pack up their instruments and clear out. And I don’t mean ‘instruments’ as in ‘financial instruments,’ like CDS’s and CDOs and (unregulated) derivatives and all this nonsense, that has caused the banking industry to lose sight of their basic job: which is to help the public engage in the business of exchanging goods and services. Not to let fat cats play games with Monopoly money. Grrrrrrrr…………………..