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How much will Obama Reform REALLY cost?
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Topic: How much will Obama Reform REALLY cost? (Read 1498 times)
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WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
How much will Obama Reform REALLY cost?
«
on:
May 22, 2010, 08:17:51 AM »
Quote
I think one thing did become clear over the past week or so: there are limits to how much mass political pressure can be applied during these kinds of extremely wonky and detailed legislative processes.
Take, for example, the Merkley-Levin amendment. It wasn't until Wednesday that the public debate around the amendment began to clearly crystallise. (In my mind, at least...Mike Konczal had an excellent post laying out his view of the amendment's necessity.
Essentially, it's a way to ensure enforcement of the Volcker Rule, which separates banks' proprietary trading operations from their commercial banking arms so that the taxpayer's support of commmercial banks (through the Federal Reserve's discount window and the FDIC) isn't indirectly subsidising and insuring banks' risky bets on consolidated securities and so forth. Now, Section 619 of the bill proposed by Christopher Dodd already contained such language.
So why was Merkley-Levin necessary?
Here's Mr Konczal:
Section 619 right involves the Council of regulators, which includes (and will likely be overly influenced by) the Federal Reserve, Treasury and the OCC, would come together and do a study, and then decide what if any restrictions they want to impose. The bank regulators would then go about implementing them.
The problem is that the Council, the way the Dodd Bill is written, has very broad authority to determine what type of regulations they want to impose and what kinds of exemptions they want to give.
It allows the Council can rewrite the rules as they see fit.
The Section 619 language also doesn’t have conflict-of-interest language at all.
Keep the job rotation going?
Quote
...
But Mr Konczal also needs to take on a post at Economics of Contempt arguing that Merkley-Levin over-defines what constitutes proprietary trading, which will enable banks to figure out nit-picky ways to circumvent the ban.
Mr Konczal responds that the amendment contains language allowing regulators to ratchet up enforcement by going after any behaviours that are clearly "intended to evade the requirements of this section (including through an abuse of any permitted activity)." He points to a response from Senator Merkley's office to this critique, passed on by Matthew Yglesias. This all seems very convincing.
Why not just get tough? If your organization does any 'proprietary trading' no access to the Federal Reserve, FDIC, or any taxpayer money or 'insurance' program.
Quote
But Merkley-Levin didn't get a vote. Why not? Presumably because the financial industry didn't like it.
And who was there to push back against the financial industry on this amendment? Nobody, really.
There was simply no way to get any significant amount of public pressure involved in this sort of extremely technical, fast-moving debate...
it's unrealistic to expect that negotiations over a comprehensive financial-reform bill would be simple or transparent.
If hostility to the process of complex legislation is what's driving anti-incumbent sentiment, then it's really being driven by hostility to the reality of representative democracy
.
Who do the folks in Washington and the White House work for? Main Street or Wall Street?
more here -
http://www.economist.com/blogs/democracyinamerica/2010/05/financial_reform_0
Is this another attempt to pass complex financial 'reform' before the public reads it? Smart people figure out the implications? The big problems it will create?
"We have to pass financial reform so we can find out want's in it".
"The American people will like Obama reform when they find out what's it in."
"Obama reform is really best for the American people."
How much is Obamareform REALLY GOING TO COST?
How many TRILLIONS when the next crisis hits?
just my humble opinions
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
Re: How much will Obama Reform REALLY cost?
«
Reply #1 on:
May 22, 2010, 08:18:29 AM »
Does Obama seem to work for Wall Street? Or Main Street?
Follow the money...political donations...Mexico...
Logged
All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
Offline
Posts: 7754
Re: How much will Obama Reform REALLY cost?
«
Reply #2 on:
May 22, 2010, 08:36:05 AM »
How much will the IndyMac deal cost taxpayers?
How many more IndyMac sweetheart deals are in our future?
Logged
All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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