Primer: Six Things Happening Right Now With Financial Regulation

[BridgeTheGap]

News about the Dodd-Frank financial reform legislation has come in smatterings. We’re well aware that there were people who weren’t impressed with its strength when it passed, and much of the bill leaves a lot still to be determined by regulators in subsequent rulemaking (By one law firm’s count, it requires 67 studies and 243 new rules to be created). And that leaves us with many moving parts, so here are a few—in motion right now—that pique our interest:

Regulators discuss how to shift away from reliance on credit rating agencies

Credit rating agencies played a critical role in the financial crisis. Triple-A ratings on risky subprime mortgage-backed securities—later downgraded to junk status—indicated just how easily the three major rating agencies, hungry for market share, were pressured into handing out ratings that were influenced by the wishes of big banks.
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The FDIC is restructuring

On Tuesday the FDIC announced it was creating new divisions to comply with financial regulation requirements.

Under the new structure, the Office of Complex Financial Institutions will review bank holding companies “with more than $100 billion in assets as well as non-bank financial companies designated as systemically important,” according to the FDIC.

http://www.utne.com/Politics/Primer-Six-Things-Happening-Right-Now-With-Financial-Regulation.aspx?utm_content=08.13.10+Politics&utm_campaign=Emerging+Ideas-Every+Day&utm_source=iPost&utm_medium=email

[txlibdem]

1. I might as well have high hopes for this financial regulation

Because I've heard nothing that tells me it will do a damn thing to curb the abuses of the past.

"Fox Business earlier reported that one of the methods at Goldman's disposal is to move its proprietary traders into its asset management division, where the traders could still take bets "simply by labeling a trade 'customer- related.'" (Goldman spokesman Lucas van Praag told The New York Times: "We are reviewing our options and will, of course, comply with the new legislation.")"

It's enough to make you want to vomit. The financial reform bill is so full of loopholes and exceptions and exemptions that I just can't see where it will change one single solitary damn thing.

The crooks are running the whole thing, the game is rigged and has been from the start. Welcome to Casino America where the house always wins -- step right up you foolish little people in the middle class and put your money down.

[fasttense]

2. I wouldn't trust "Fox Business" to tell me the truth.

I wouldn't trust any news labeled "Fox" after they paid a million dollars to the RepubliCON party.

You can NOT expect to get the truth from an organization designed and willing to be the propaganda arm of a political party. Especially the propaganda organ of the RepubliCON party.

[txlibdem]

3. So we should ignore that 1000 other sources that say the legislation is so slanted and pro-business

that it fails even the most cursory sniff-test?

Look at the legislation and what it does - or more specifically what it FAILS TO DO. No limit on how high they can crank up your credit card rates (they just have to give you notice that they are going to do it). No end to the ponzi scheme of the big banks gambling with our money. No end to big banks taking our money to the tune of TRILLIONS at zero interest and parking it in gov't bonds so they can guarantee a fat profit for themselves while keeping the economy struggling.

Just saying that one source gave to the Republicon Party and therefore I cannot listen to anything they say is not the smartest thing you've said today. MSNBC also gave to Republicans, they just gave an equal amount to Dems.

Read. Investigate. Form your own opinions. Just don't lash out in a knee-jerk reaction and close your brain to the rest of the evidence floating out there in the other media outlets and the blogosphere.

[BridgeTheGap]

4. Oh, to be the proverbial "fly on the wall" when industry lobbyists meet with "our" congressional

reps/ Sens and their minions. "Our" Federal government absolutely REEKS of the influence of money. Can we really trust anyone who is stuffing this money into their campaign coffers? I don't think so.