House eases restrictions on derivatives trades

[Newsjock]

Source: Associated Press

A bipartisan coalition in the House voted late Thursday to make it easier for corporations to engage in complex derivatives trades without government restrictions, eroding the reach of proposed regulations to govern Wall Street.

Democratic attempts to toughen the legislation failed.

Though not major setbacks, the votes illustrated the difficulties facing House Financial Services Committee Chairman Barney Frank and the Obama administration as they seek to pass legislation aimed at preventing a recurrence of last year's Wall Street crisis.

Key votes loomed ahead, with a final vote on the sweeping legislation scheduled Friday.

Read more: http://finance.yahoo.com/news/House-eases-restrictions-on-apf-1465178190.html?x=0&sec=topStories&pos=main&asset=&ccode=

[WriteDown]

1. Twilight zone. nt

[NMDemDist2]

2. WTF??!??!?!

:wtf:

:banghead:

[InkAddict]

20. Ditto n/t

[niceypoo]

3. Here we go again

Start inflating the next bubble

[FVZA_Colonel]

4. Let's hope that, at least, the CFPA can remain intact.

[DJ13]

5. caved ........ again

[harmonicon]

32. they didn't cave....

this is what they do, and why they're there. This isn't the kind of shit they "cave" to - they're chomping at the bit for this. The only thing they'd ever "cave" on would be something that would actually help the common man, and only if it was abundantly clear that even with all of their donors, they'd lose the next election if they didn't do what the people wanted every once in awhile.

[seeinfweggos]

6. wtf?

[Ruby the Liberal]

7. sigh

[endless october]

8. i was hoping this article would be dated 2000.

alas, the idiots haven't learned.

fuck this. i'm going to bed.

[marasinghe]

9. well! ain't that the cutest? medicare for ailing corporations. (n/t)

[dbonds]

10. Eases? They aren't even pretending anymore to represent the people.

[Bozita]

11. This is a fucking joke, right? The link really takes you to The Onion, right?

[Dr.Phool]

12. By bi-partisan they mean.....

Blue Dogs, New Democrats, DLC Trash, and Republicans.

[AlbertCat]

13. Democratic attempts to toughen the legislation failed.

Lordy....it's just so hard to get anything DONE when you've lost elections and your numbers have shrunk dramatically.


Oh...wait....

[amborin]

25. "new" democrats have fought tougher legislation

such as Melissa Bean

<http://seminal.firedoglake.com/diary/18369>

[Phoebe Loosinhouse]

33. Pretty much sums up everything at this point.

Why continue the pathetic farce that the Democratic Party has any hope of being a cohesive entity that places citizens over corporations? This is our new reality and the sooner we face up to it the better.

We will see MORE of this as MORE ex-Republicans become "Democrats" and MORE DLC'ers get elected. Why NOT be a DLC'er like our own little cadre if everyone else has to suck up to you and buy you off to do the right thing you should have done in the first place?

I advocate OPEN hostilities commence from the Progressive caucuses in both houses. I am sick to death of this BS.

[Indenturedebtor]

14. Revolt or bend over and take it... those are your options n/t

[izquierdista]

15. For their next act

They will cancel speed limits on highways and abolish building inspections.

[madrchsod]

16. the trucks full of money must be backing up to the doors of the house!

[CoffeeCat]

17. What's that I see in the distance...

Oh yeah. It's another bubble. Seems to be getting bigger and bigger by the minute.

...and it's headed for all of our neighborhoods, where it will eventually burst and do great damage.

We're teetering on a cliff now. If another financial bubble is allowed to expand and burst--we're
in a world of hurt that will make the last year look like a picnic.

:

[Arctic Dave]

18. Should we even feel screwed anymore. These guys aren't looking out for you.

Just up your drug intact and be happy.

[chollybocker]

19. Oh, come on. This can't be right.

Is it April 1st already?

:think:

[BadgerKid]

21. Sounds like there's a vacuum between state and federal laws

that's being sought out.

Wall St. doesn't want federal restrictions, yet those like Rep. Bean want to limit states' consumer protection laws on national banks. It would seem to be great for banks with an investment branch.

Maybe there will be customer revolt and a surge in memberships at credit unions.

[aquart]

22. THIS IS INSANE.

I never want to hear the word "bipartisan" again.

[last_texas_dem]

23. If only the Democrats had the majority in the House we could stop all of this

irresponsible corporate ass-kissing.

Oh, wait...

[Frank Booth]

24. These corrupt piles of human excrement value campaign contributions more than

their own country.

:banghead: :banghead: :banghead:

[amborin]

26. read more here:

<http://seminal.firedoglake.com/diary/18369>

[ArcticFox]

27. This bill will end up useless or worse

They all will. Those who own us will stop anything we try to erect in their path to total domination. Resistance is futile until we rise up en masse. The only advantage we have is that we outnumber them 99 to 1.

Its not a democracy. Its oligarchy, feudalism, corporatocracy, facism.

[depakid]

28. Time to ,make a list of so called "Democrats" to primary

or simply defeat in the general. One way or another, the party and the nation is better off without them.

[FiveGoodMen]

38. It's going to be a long list.

[JDPriestly]

29. It's all just so discouraging. There is so much wrong that I don't know

where to begin. And these are supposed to be Democrats?

[Goldstein1984]

30. Not only do we know who owns America, we know

who's selling America.

I fear this isn't going to end peacefully.

[No Elephants]

31. "Bi-Partisan" means the POS's the Republicans elect and the POS's the Democrats elect.

Can we possibly get the DNC and our fellow Democrats to stop supporting the POS's Democrats elect?

[meow2u3]

34. Did Goldman Sachs execs sneak guns into the Capitol?

and then put them to the heads of our elected reps, demanding, "Quit the crackdown on derivatives, or we'll kill you, your families, and your pets?"

[Odin2005]

35. What's the definition of INSANITY again?

Doing the same thing twice and expecting a different result?

[Festivito]

36. What do we have? Like, three members in Congress? /nt

[Javaman]

37. selling the future to the highest bidder!

massive fail across the boards!!!

[Zorra]

39. A long time ago, corporations figured out that if they infiltrated the Democratic Party

by financing and electing republicans pretending to be Democrats, they could make the Democratic Party completely ineffective as an opposition party to the corporate owned republican party. There are now so many republicans ensconced in the Democratic Party that, for all practical purposes, the Party has become useless as a vehicle for effective and productive progressive reform.

This fact has become very clear with the advent of the large "Democratic" majority we have in the House and Senate, as well as a member of the Democratic Party as POTUS - they can't get jack shit done.

This is a total win-win scenario for the corporations. Not only do the republicans that are ensconced in the Democratic Party thwart every effort at effective and necessary progressive legislation, they actually ensure future republican majorities in both Houses, as well as taking the WH. They do this by creating a disheartened and disillusioned Democratic Party voter base. This base sees that the Party has been compromised, and they have nowhere and no one to turn to. The real Democratic legislators can't get anything done, because the republican infiltrators in the Democratic Party join with the republican party legislators in opposition to every good thing the real Democrats propose. The republican infiltrators in the Democratic Party don't care if they get re-elected or not. Their primary objective is to destroy the Democratic Party, and if a republican takes their seat, they don't care - they pass "GO" and move on to a secure cushy job on K Street lobbying for their corporate masters. So we, the People, the Democratic Party base, are screwed, locked in a virtually hopeless Catch 22:

We can either identify and target all the traitorous legislators and vote them out of office, or we can try to establish an effective, progressive third party.

Neither of these courses of action have much chance of success, and there is a strong possibility that they would ensure long term republican party rule.

At this point, it is clear that there will be a pretty strong organized effort to target the traitors and to vote them out in the primaries. I plan to join in this effort. I'm not donating to the DNC. I'm donating directly to progressive legislators and to progressive candidates that oppose the traitors in the primaries. I really don't know what else to do, and I know a lot of folks are feeling the same way.

"The global power of the financial centers is so great, that they can afford not to worry about the political tendency of those who hold power in a nation, if the economic program (in other words, the role that nation has in the global economic megaprogram) remains unaltered. The financial disciplines impose themselves upon the different colors of the world political spectrum in regards to the government of any nation. The great world power can tolerate a leftist government in any part of the world, as long as the government does not take measures that go against the needs of the world financial centers. But in no way will it tolerate that an alternative economic, political and social organization consolidate. For the megapolitics, the national politics are dwarfed and submit to the dictates of the financial centers. It will be this way until the dwarfs rebel . ."

http://flag.blackened.net/revolt/mexico/ezln/1997/jigsaw.html

[eilen]

42. I think I'm going Green nt

[Owl]

40. WTF?!!!

[lovuian]

41. So let us play the game again

Derivatives should be BANNED