"Reform" but not reform
On capitol hill right now, there's talk about creating a "consumer financial protection agency," ostensibly to make sure that the people have a place to contact whenever their bank or their credit card company is trying to screw them over. However, if you've been following the health care debate at all, you can probably tell where this is going. You'll probably get "reform," just not actual reform.
Amendments have been passed in the House that would shield about 98% of our nation's banks from review by the agency. There was also a party-line vote where tougher regulations were approved for the "derivatives" market, though word has it that several corporate lobbyists are whining about how even this will impose such a heavy burden on the cost of doing business, so look for these regs to have loopholes ripped in them. I guess the unbearable burden of actually needing to have money you claim to have instead of shares that materialize out of nowhere for short-selling will destroy this country's economy.
That ending scene from the movie version of Fight Club is looking a lot more appealing all of a sudden.
Amendments have been passed in the House that would shield about 98% of our nation's banks from review by the agency. There was also a party-line vote where tougher regulations were approved for the "derivatives" market, though word has it that several corporate lobbyists are whining about how even this will impose such a heavy burden on the cost of doing business, so look for these regs to have loopholes ripped in them. I guess the unbearable burden of actually needing to have money you claim to have instead of shares that materialize out of nowhere for short-selling will destroy this country's economy.
That ending scene from the movie version of Fight Club is looking a lot more appealing all of a sudden.