I'll tell you what Wall Street really really fears (and its not the protestors)

[banned from Kos]

Its the Dodd-Frank Financial Reform Act, the CFPB, and Elizabeth Warren.

I know, some here think Democrats are completely worthless but it simply is not true. D-F is scaring the shit out of Wall St with its Liquidation Authority for Too Big To Fail, its Volcker Rule, its regulation of derivatives, removing the immunity of Credit Raters (I could go on but no one cares).

Even a little provision like the Debit Fee Limit has them hopping mad.

Some people deny there was any Wall St Reform at all - of they cannot go on with life if Goldman Sachs survives. They are outliers - give some credit to the good Democrats do, will you?

[Major Hogwash]

1. Not only that, but when Europe collapses later this month, we can't bail them out this time.

Their "too big to fail" scheme only worked once.

[dkf]

2. Someone told me without a particular investment bank the commercial paper market freezes up.

That would leave corporations unable to fund daily operations including payrolls. Unless the government is willing to step into the breach, there may still be the phenomenon known as too big to fail.

[MADem]

3. Yes, indeedy! nt

[TheWraith]

4. Indeed. A little solid reform is worth a million protests.

When the targets have absolutely no care for public opinion, that's what regulation is for.

[jpgray]

5. They do fear parts of it, that's correct

The criticism from the left of Dodd-Frank usually focuses on the fact that it does nothing to end "too big to fail," does not regulate the derivatives that were at the core of the mess, and puts nothing is in place to stop a similar crisis, from bubble to bust, happening all over again.

[applegrove]

6. Apparently some bankster ceo yelled at the governor of the bank of canada at some

NY meeting because governments are coming up with more ways to regulate the big banks. The big banks don't like it because the race is on in the world to see who will be the biggest banks and who will fail (or be taken over). With deregulation the mid sized corporations are destroyed. So the big banks survival is dependant upon them being the biggest and the baddest in comparison to European and Asian banksters. And what would that mean? Well it means that not every one of the big American banksters are going to be able to keep their jobs forever. No bonus. Now that it is their jobs on the line they are scared.....but when it is the middle class it somehow does not matter one iota to them.

[leftstreet]

7. Yes, Wall Street is shaking in fear of the Democrats

R u SeRIoUS ?!

:beer:

[OHdem10]

8. Wall Street is very much like China. in that they valus stability.

Instability in the society itself messes us up business.
It businesses cannot function normally each day because
of riots etc any stock market gets nervous and edgy.

The comparison to China only reflects their reaction
to their value placed on Stablity in the society.

From day one in China, China has used "Stability"
as a reason for glowing slow and methodical in
governing their country. They remember the bad
times intensely and will do whatever they think
will maintain "stability. They maintain they have
to go slow in bringing more people from poveerty
to Middle Class.

[chill_wind]

9. Wall Street and Dodd- Frank- here's what's happening at this very time:

Regulators Weaken Dodd-Frank Draft Regs, Allow More Risk

Dodd-Frank Bill's Volcker Rule (revised) a Win for Big Banks

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=2013901&mesg_id=2013901

[Matariki]

10. Perhaps the protests will give politicians the political will to enact reform

as well as create momentum for Elizabeth Warren's campaign.

I needn't be an either/or thing.

[raouldukelives]

11. They fear real people gaining a conscience

Finally coming to grips with where the profits they gain in Wall St. investments come from. My hope is we are getting closer to a global wake-up call. Putting aside personal gain for protection of our planet and future children.

[w0nderer]

12. k&r for reading later n/t

[bvar22]

13. Wall Street fears Dodd-Frank.? LOL

No they don't.
They wrote most of it,
and it doesn't even approach the degree of regulation we had under Glass-Steagall
which was repealed by another "Centrist" Democratic President.

Even Chris Dodd admits as much.


You will know them by their WORKS,
not by their excuses.

Solidarity!
--------------------------------------------------------------------------------------------------------------------------------

[defendandprotect]

14. True, they never want to lose a penny they could steal -- but Dodd-Frank is not the reform we need .

We need total reregulation of capitalism --

Glass Steagall --

Anti-trust laws put in play --

[midnight]

15. It's most likely Elizabeth Warren that they fear... Does anyone remember what

the reasoning was for not enacting the Glass-Steagall Act?



"The Glass-Steagall Act’s protections remained for decades, but with the rise of competition from the shadow banking system, commercial bankers increasingly pressed to engage in activities that had long been walled off. Throughout the 1980’s and 1990’s – and despite warnings to the contrary – the Glass-Steagall Act’s protections were steadily weakened. Ultimately, the Financial Services Modernization Act of 1999 (the Graham-Leach-Bliley Act) effectively repealed the remaining restrictions of the Glass-Steagall Act."http://www.rooseveltinstitute.org/%5Bmenu-trail-parents-raw%5D/making-dodd-frank-act-restrictions-proprietary-trading-and-conflicts-intere