There is chaos on Capitol Hill with E Warren calling out the effort to strip

[mfcorey1]

Dodd/Frank! Go Elizabeth! This will be no easy vote.

[belzabubba333]

1. she's a blessing

[KeepItReal]

2. Guts EPA and IRS...increases campaign contributions 10x...puts derivative gambling under FDIC

These provisions in the bill are some kind of sick joke.

[dixiegrrrrl]

12. .."puts derivative gambling under FDIC"

To clarify what that means:

BAILOUT on the bank's gambling debts.

A couple years ago BOA quietly put its Derivatives ( the bets) account in to an FDIC protected account.

Derivatives are essentially gambling markers, they are gloating all over the world and their value ( what the banks say they are worth even tho they have no
"real" value)
is in the TRIILONS.
Actually valued at something like 4 times the total global amount of money that exists.

[think]

3. Any politician that votes for Citigroup putting American tax payers on the hook for derivatives

needs to be publicly called out & then voted out of government ASAP.

These banks nearly destroyed America with their last deceitful and immoral sales of derivatives. It's disgusting that they're even willing to try to make it the people's responsibility again.

If they want to gamble and cheat their customers these banks need to do it without involving the tax paying public.


A reminder of what happened the last time:

The Role of Derivatives in the Financial Crisis

~Snip~

The Financial Crisis Inquiry Commission's (FCIC) "The Role of Derivatives in the Financial Crisis" hearing on June 30 featured a panel of experts that included Michael Greenberger, JD, a professor at the School of Law. Greenberger has testified before various congressional committees and regulatory bodies a dozen times since 2008, imploring lawmakers to enact tougher oversight and regulation of opaque derivatives markets that he says not only caused, but substantially aggravated, the financial crisis.

"What you have is a $600 trillion notional value market that is completely unregulated and dark; therefore regulators don't know what's happening out there, market observers don't know what's happening out there, and that led to a belief that we needed to rescue the entire market in the fall of 2008," Greenberger said during his opening statement.

Derivatives are complex financial instruments used to hedge risk. Traditional futures contracts, where one party agrees to buy or sell a certain commodity for a certain price at a set date in the future, are thought to be the earliest sustained derivatives transactions in America. Those trades happen on exchanges under the watchful eye of regulators - unlike the unregulated, over-the-counter (OTC) derivatives trades discussed at the hearing.

"In the case of derivatives, my fellow commissioners and I are seeing something we've seen many times in our investigation: enormous risk, reckless leverage, and early warning signs being ignored," said Phil Angelides, chairman of the FCIC....

~Snip~

http://www.oea.umaryland.edu/communications/news/?ViewStatus=FullArticle&articleDetail=9855

[jtuck004]

10. Commodity Futures Modernization Act of 2000.<Bill Clinton. Screwed the country.

Still screwing the country.

http://abcnews.go.com/blogs/politics/2010/04/clinton-rubin-and-summers-gave-me-wrong-advice-on-derivatives-and-i-was-wrong-to-take-it/

[riqster]

4. SO glad she is a Senator!

[msanthrope]

5. Good for her! nt

[berni_mccoy]

6. If she takes a stand on this, then this could be a defining moment for her

as a Presidential candidate.

[daleanime]

7. K&R....

[Proud Public Servant]

8. It's her party now.

And we're all better off for it.

[lobodons]

11. Where's the rec or thumbs up button?

I like the sound of that.

[aggiesal]

13. Everyone should switch ...

to local banks & Credit Unions, NOW!

[rhett o rick]

14. The Democratic Party is splitting. The Liberal Warren Wing vs. the Conservative Clinton Wing.

It's time to kick the Conservative Dems back across the aisle where they belong. They can take their fracking and TPP with them.