Surprise! It looks as though the lobbyists are going to win again. The long-delayed financial reform bill is finally taking shape, with a vastly weakened Volcker rule, which would have kept banks from investing their own money in risky bets on the market, and would have prohibited them from owning hedge funds and private equity firms.  In other words, the only fix that might have a chance at preventing another economic meltdown is being fixed by Wall Street lobbyists and their willing cohorts in Congress.

3 thoughts on “Scarecrow”

  1. Amen. The Clinton administration removed the controls enacted after the “Great Depression”, and what did we get? Another meltdown. Now our congress wants to extend the identical laws that you noted, letting banks play games with their money. How many more more banks need to fail before we come to our senses and vote the long-term incumbents out of office? I’m of the opinion that Joe Blow Nobody could do a better job. Heck, even I could, and THAT’S a scary proposition!

  2. It’s the campaign finance system that’s the problem, not the “long-term incumbents.” And it’s only going to get worse now that the Supreme Court has decided that corporations are people, too. If you elect Joe Blow Nobody without changing the system, you won’t change anything (except for the worse).

    Furthermore, the reason financial reform can’t be made stronger is that almost no Republicans will vote for it no matter WHAT it contains. The GOP is just determined that the Democrats fail at everything, no matter what it does to our country. Therefore, when you have to get pretty much every single Democrat on board, every individual simply has too much power.

    If we had a rational opposition party, we’d pass bipartisan financial reform, and a minority – even a large minority – of loonies on either side wouldn’t matter at all.

  3. Excuse me? Is someone lacking in history? Check out the great ronnie and how he gutted controls from the ’30s that kept the financial industry in line and making mucho bucks. And how ronnie took money for routine maintenance of infrastructure for other more lucrative means and cronies. Clinton? a bozo who sold us to Mexico and Canada with NAFTA; give him and sax and uh, you know, and he is happy. How can you ignore that vacuous moron from Crawford, TX, and his policy of cut taxes and spend like there is no tomorrow and telling us to do the same? I prefer a tax and spend deficit neutral to the gop cut it and go to town with ballooning deficit and ballooning government. Reagan and Bush do both beyond the stratosphere. And nobody did nuttin’! That is the sad part.

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