"Biden, Geithner make case for financial reform at UWM event"

[WhiskeyGirl]

Capitalizing on opaque, unregulated securities, investment bankers and others turned a vast financial sector that should be an engine of economic growth "into their own private casino," Biden said.

"They were basically rooting against the American people," he said, "and when they won their bet, everybody else lost."

At the same time, Biden repeatedly said the U.S. economy depends on a healthy financial system.

"We know it's not government that's going to rebuild this economy," he said. "Only a strong private sector can do that."

Geithner sees it otherwise. The legislation now before Congress must be passed to protect the financial security of all Americans, he told the UWM audience.

He said the legislation was about protecting consumers and investors, providing businesses a stable source of credit and making sure taxpayers don't shoulder the burden of Wall Street's mistakes.

"This is an important and just cause," Geithner said in prepared remarks. "It requires reform. Not small changes at the margin, but comprehensive change, clear rules with teeth, enforced by people who care."

Why continue the bailouts?  The same players that brought us the Freddie/Fannie disaster?  Deregulated the industry during the Clinton years?

more here - http://www.jsonline.com/news/milwaukee/92196584.html

from the comments -

Did anyone get any good tips on how to avoid paying taxes? Can we get a recap of the dumb things that came out of Biden's mouth? Did they talk about how Barney Frank and his buddies forced looser lending regulations on the financial world that enabled people to buy houses who couldnt afford them? Thank god we have people like ethically challenged Geithner and mentally challenged Biden leading this effort! Woot!

Biden called Wall Street "private casinos" in which banks and investors lost a bet that Americans now have to pay for.

I much prefer the "public casinos" in which 50% of my earnings are confiscated and turned into government poker chips.

Excellent point!  How many in Congress, Federal Reserve, and Treasury once worked in Wall Street's casinos?  Goldman?

If this was the case, why didn't we have hearing on the junk bonds created by the mortgage crisis? Why didn't we hold hearings with Freddie and Fannie? Because the money trail leads to the Obama White House.

This show going on in Washington is nothing but theatre being staged for the benefit of the people. In the end little will happen to Wall Street, and nothing will ever be said about the government agencies that were supposed to be monitoring Wall Street. Don't forget Fannie Mae and Freddie Mac, they reformed by being given more money to spend and greater autonomy. How's that for reform ! Washington is disgusting, along with our Senator Herb ( trust fund baby ) Kohl.