What’s our Congress up to these days? More money for the puppet masters…
Washington still doesn’t get it. They think they can dupe the public by hiding a permanent bailout fund in the Financial Reform Bill! But voters won’t be fooled again.http://www.youtube.com/watch?v=MTEPPJsr9AA
(The Bill is H.R. 4173: Wall Street Reform and Consumer Protection Act of 2009)
Someone actually read the bill and it wasn’t your representative… guaranteed!
It was David Reilly writing for Bloomberg.com…
In his article “Bankers Get $4 Trillion Gift From Barney Frank”, Reilly says “the reading was especially painful since this reform sausage is stuffed with more gristle than meat” and…
Nuggets Gleaned
Here are some of the nuggets I gleaned from days spent reading Frank’s handiwork:
– For all its heft, the bill doesn’t once mention the words “too-big-to-fail,” the main issue confronting the financial system. Admitting you have a problem, as any 12- stepper knows, is the crucial first step toward recovery.
– Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around. The size of the fund makes the bribes in the Senate’s health-care bill look minuscule.
– Oh, hold on, the Federal Reserve and Treasury Secretary can’t authorize these funds unless “there is at least a 99 percent likelihood that all funds and interest will be paid back.” Too bad the same models used to foresee the housing meltdown probably will be used to predict this likelihood as well.
Bankers Get $4 Trillion Gift From Barney Frank: David Reilly – Bloomberg.com.
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