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233 House Republicans Just Set Course for Next Financial Collapse


#1

233 House Republicans Just Set Course for Next Financial Collapse

Jon Queally, staff writer

The Republican-controlled House of Representatives passed the Financial CHOICE Act on Thursday afternoon in a move critics—who call it the #WrongChoiceAct—say puts the U.S. economy on a path towards the next large-scale financial meltdown.


#2

They'll send it to the Senate, a compromise will be reached and the negotiations will be sold as only 1/2 as much arsenic, as the original prescriptions.
A win-win for Banksters/Wall St. Deadly for the 99s. Another day of smiley-faced caveat emptor from Republicans. So very predictable.
The " animal spirits " of Larry Krudow's proteges will be loosed upon the land, once again. The carnage will look like a scene from Underworld: Evolution, lycans v. vampires.


#3

"Welcome to Haedes...yes, it may be uncomfortably hot but one gets used to it" sayeth the demons at the door.


#4

Republicons have managed to achieve their major goal, pissing off liberals.

Direct Democracy


#5

Every person should be asking these repubs: "how exactly does this bill help each of the people?"


#6

They probably would not acknowledge that question unless there was financial remuneration forthcoming from a coveted lobbyist.


#7

These idiots, like the climate catastrophe-denying idiots, are dangerous to our national security and should be jailed as traitors.

"Law and order"? Jail these threats to our future!!!


#8

Financial collapses were essential to bolstering the wealth of the 1% as they orchestrated "panics" every decade or so from 1789 until FDR's New Deal started controlling their manipulations in 1934. Decriminalization of New Deal regulations (starting with securitization of mortgages in 1978 ) disguised as "deregulation" enabled the 1% to return to the good old days as they crashed the economy in 2008 and make the big money they had been accustomed to prior to FDR.


#9

Since the days of JFK and Nixon, the Republican Party has distinguished itself in this very manner, over and over again.
And yet, they prevail.


#10

So true. It really is at their core.


#11

And yet is was B. Clinton who was in office when the repeal of Glass-Steagal happened. Republican, yes but Dems too. Pox on both their houses similar to the pox they have brought to the rest of us.


#12

Typical distraction with news media drama of Trump/Comey while a devastatingly banking deregulation is raising its ugly head again, in Congress. All eyes to the left while on the right is danger and more danger.


#13

An Apprentice in the white house, while congress is Shameless---screwed in the USA.


#14

What particularly do you like about Dodd-Frank?


#15

Like, "pigs at the trough".

Credit to Emphyrio.


#16

The Democrats are a bit more subtle in how they stick the knife into your back. But, stick it they will given the chance.

Dump The Duopoly!

People, Planet, and Peace over Profit!


#17

The Republican Party is the most dangerous organization ever formed in the history of the​USA.


#18

Headline sez: "... Republicans Just Set Course for Next Financial Collapse"

Nah. The course has been set and locked into GPS since the last 'downturn'. Depending on senate response, this would just accelerate the arrival of said collapse.

Essentially, the house is attempting to create larger holes in the sieve that is Dodd-Frank.


#19

Well, I like the capital requirements, the CFPB, forcing derivatives onto the open market (arguably, the most important thing in the law), credit card fee limits, credit disclosure requirements, liquidation authority, and the bans on speculative trading with federally-insured money, to name a few things.

A lot of progressives are hung up on Glass Steagal, even though the first major banks that actually failed were not commercial banks, but investment banks (Bear Sterns and Lehman Brothers), just like they were prior to Glass Steagal repeal. Yet, the crisis was mostly caused by trading unregulated derivatives via the CFMA, (Which, by the way, Bernie voted for twice, unlike his progressive colleagues. We gave him a pass on that, didn't we?), and the separation of commercial and investment banking was a bit player in it by almost all accounts. One of the major things Dodd Frank does is bring the derivatives markets under regulatory review and onto the open market. That is definitely important and something to like in my book.

I opposed rolling back Glass Steagal when it was done, but passage of the CFMA was way more pivotal to the crisis. Most of its provisions were rolled back with Dodd Frank. The Republicans want to re-pass CFMA now, in spades. They didn't get a single Democratic vote in the House for their bill, notably.


#20

I like strongly regulated banking and financial institutions. Especially in regards to interstate commerce. I grew up when Rule 3-6-3 was the normal practice across most of this country.
The Rule 3-6-3 has adjustable variables but it is generally understood in the ( traditional and community ) lending/borrowing/saving business to refer to the following: a person or entity puts their extra money into a savings account earning 3%, if they need a loan, for good reasons, they borrow the money from a bank/s&l at 6%, and put the lender and his buddies on the country club golf course by 3:00 PM, locking the gate behind them. Thus insuring they can do as little harm as possible to the rest of us. :wink: