The verdict is in on the appeal of Bloomberg News Freedom of Information Act request for Federal Reserve documents related to bailing out of the banks and justice has prevailed. The Fed must finally disclose the amounts lent, and to whom. Soon the American tax payer will know which banks would have failed had their money not been provided to prop them up. This court ordered disclosure may also open
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March 20, 2010 - Politics - 0 Comments
Thought the President and his advisors were ring leaders in cutting speical favors to get Healthcare reform legislation passed in the Senate, he has heard the public and is now calling for no “pork barrell” benefits to any state over another. Kentucky’s Mitch McConnell is smiling like the cat that caught the bird because he now deems it unlikely that the Democrats will vote for a bill that leaves them high and dry to face their consituients facing some tough re-election fights in November. McConnell may be wrong though.
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March 13, 2010 - Politics - 0 Comments
Senator Christopher Dodd wants a legacy and one would think it would be not to be that of a hypocrit and sellout. The Democratic leader of the Senate Finance Committee has consistently spoke boldly about consumer protections when proposing legislation, only to open the doors and let lobyist rewrite and circumvent the protections he talked up. The credit card bill passed last year was the most recent example, in addition to allowing banks to issue cards on variable rate terms and escape onerous provisions and continue charging usury rates, the bill delayed implementation for a year and had no punitive measures for defruading consumers by double-cylce billing. Dodd always claims the millions he takes from financial institutions never influences his vote one bit. Truth is it only influences the final bill not his vote.
Now tough talking Dodd is trying to pass one last reward package on to his sponsors by passing a financial reform bill before he retires. Too big to fail banks want to get this legislation passed with their ally in place because his replancement will likely not be as accomodating and friendly. Dodd is talking the talk as he characteristically does, appearing to reach across the aile and get Republican support but the fact is, he like all those getting paid by the big banks, wants to pull the teeth of regulation and preserve the status quo. Nevermind in his own words, that “the Fed has been an abyssmal failure in exercising regulatory oversite,” don’t punish them or change anything, let them fix their own problems using all the taxpayer money they need and keep them in charge.
Dodd, if he had one iota of integrity and leadership would do the right thing and instead of dismissing the Volker Rule was a late amendment, would have already led the charge with his co-Dems and passed legislation to fix the problem. Now as November is coming fast, his last agenda seems to be to once more pay back those who have feathered his nest all these years so he can retire and join their boards. All of us must make his job uncomfortable and hold him accountable for his disingenuous, self-serving malpheasance. It’s too late to vote him out but not to late to publize his true legacy–that of an incorrigible maggot dreg lower than a bought and paid for whore who only sells out themself. Dodd sold out America.
March 9, 2010 - Economy - 0 Comments
Lloyd Blankfein, Goldman Sach’s CEO defended his firms practices saying he saw Goldman as doing “God’s Work.” Selling disguised subprime mortgages as AAA paper to pension plans and sovereign governments, devising camaflouge trades to mask debt and regulatory problems, holding out for the last dollar on AIG Credit Default Swaps to make profit on the taxpayers back. Who is this God he glances upwared and speaks of? The GOD OF PROFITS MY SON!
March 4, 2010 - Politics - 0 Comments
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