The Bob Corker Bailout Sellout

How do you feel about this? 

You can't say I didn't warn you.

What do we really need in a financial reform bill?

• A limit on leverage of 12X.

• A completely independent CFPA.

• Regulation of OTC derivatives.

• Ban on CDS except in the case of legitimate hedging.  In other words, no naked CDS speculation.

It could be that simple.

Comments

[DailyBail]

http://www.huffingtonpost.com/2010/02/28/consumer-groups-rip-chris_n_479983.html

Consumer Groups Rip Chris Dodd Over Financial Protection Agency Compromise

[DailyBail]

http://www.huffingtonpost.com/arianna-huffington/reform-dj-vu-democrats-fo_b_481288.html

Reform Deja Vu: Democrats Follow Failed Health Care Strategy and Preemptively Surrender on Consumer Financial Protection Agency [Updated]

[Ken]

Op-Ed Columnist
The Other Plot to Wreck America

By FRANK RICH
Published: January 9, 2010

http://www.nytimes.com/2010/01/10/opinion/10rich.html

And these Investigation commission jokes on us:

http://www.fcic.gov/news/

[DB's Ignored Conscience]

You can't blame Bob Corker for decisions made by the Group of Thirty.

[Sagebrush]

("We appreciate Chairman Dodd's extensive efforts to secure bipartisan support for this critical part of the financial reform bill, but effective reform is once again being blocked by opposition from the big banks that caused the current financial crisis.")

I didn't realize we elected the big banks to sit and debate or vote in Congress. Damn! I've got to stay more informed.

Everything that-

1. The House Financial Services Committee, Franks, and his committee members who get a hell of a lot of their campaign financing from the big banks and the F.I.R.E. sector.

2. the Senate Banking Committtee, Dodd, Corker, and the other usual sold out suspects who get a hell of a lot of their campaign financing from the same big banks and the F.I.R.E. sector.

-are presenting as reform is pure theatrical camouflage. To make an already confused middle class think they are really getting some help. They actually have no intention of passing anything that will be real Consumer Protection. The big banks and financial industry are pumping millions of dollars into lobbying the Congress to make sure there is no real Consumer Protection. And I think unless some members of the House and Senate try to do what's right that is exactly how it will end up.