The White House gets its way again. They get their way on two measures that would have given the people at least a little control of the “too big too fail” banking system. But how they got it, well that might just be the REAL story of the day.
“I mean this really sounds like market manipulation to me. This is outrageous.”
The “HOPE” of real getting real banking reform under this administration is dead. Dead on arrival. What is left is the “Chris Dodd Big Banking Giveaway Plan” which is to banking “reform” what Obamacare was to “healthcare reform”.
Last night the Brown/Kaufman amendment was shot down by a vote of 61-33. The amendment would have broken up the largest 6 banks and then set limits on the size these institutions could become so their failure could not threaten the entire system. Thus… “too big too fail” would have been a thing of the past. 27 senate democrats voted with the large majority of republicans to kill the amendment and for the most part, the 30 who voted for the bill were either coming up on an election cycle this year, or they switched their votes after seeing the bill was going to fail. A clever little trick legislators use to end up on the “right side” of a voting issue.
Though top Obama administration officials have not publicly opposed the amendment, its leading economists have opposed ending Too Big To Fail simply by breaking up the nation’s financial behemoths. Austan Goolsbee and Larry Summers have both fought back against this idea, as has Treasury Secretary Timothy Geithner.
… Sen. Mark Warner (D-Va.) and Dodd of Connecticut spoke against the amendment.
Sen. Judd Gregg (R-N.H.) was indignant. “I don’t understand this Brown-Kaufman amendment. Basically, what it says is if you’re successful…you’re going to break them up? I mean, where does this stop? Do we take McDonald’s on?” Huffpo
This took place yesterday while another popular piece of legislation was being gutted by one of its authors.
Ron Paul is livid and he has pulled his support from the “Audit the Fed” bill.
I know that sounds crazy… Ron Paul has been pushing for this kind of accountability from the for-profit Federal Reserve Bank for decades. But yesterday, when the bill looked as if it were going to be passed, Ron Paul pulled his support and is actively campaigning against it.
He has good reason.
In a move frighteningly reminiscent of the now infamous Air Force One flight where single-payer advocate and “Obamacare” opposition leader Dennis Kucinich was brought before the anointed One, Barack Obama, for a little position changing “chat”, Bernie Sanders was brought in to the White House late yesterday to work out a “compromise” on the “Audit the Fed” bill. No one knows why the “compromise” was even needed with the Pro-Banking Industry Obama White House since by all accounts, the bill had the votes to pass in the Senate as it was.
But, Bernie Sanders was brought before “the man” and had a little pow-wow in the White House. Since Sanders is one of the authors of the bill, he was authorized to change it, and “CHANGE” is what the White House got…
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