Financial regulations gutted in new bill

[woo me with science]

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/03/11/BUPU1NIGVF.DTL&type=business

Financial regulations gutted in new bill
Kathleen Pender, Chronicle Columnist
Sunday, March 11, 2012

It's hard to believe that Democrats, who brought you the Dodd-Frank financial regulation act and the Consumer Financial Protection Bureau, are solidly backing a bill that would weaken or obliterate many regulations designed to safeguard investors.

The bill, HR3606, sailed through the House Thursday with 222 Republicans and 168 Democrats voting for it. Only 23 members, all Democrats, voted against it. President Obama has endorsed the bill. The Senate is fast-tracking its own version, which could come to the floor Monday night.

Under the guise of creating jobs, the House bill would make it easier for companies to raise money from the public without fulfilling some - or in certain cases virtually all - of the obligations designed to protect investors in public companies. However, there is no requirement or guarantee that companies would use any of the money to hire a single person.
Democrats 'suckered'

"My guess is the Republicans cannot believe they have suckered the Democrats into taking up their idea that deregulation is the way to promote job growth. It flies in the face of what the Democrats were arguing just a couple years ago. It completely undermines what they are trying to do to shore up our system of financial regulation," says Barbara Roper, director of investor protection for the Consumer Federation of America.

.....

Nobody was "suckered." Wake up, America, and occupy, because the assault by the one percent is now systematic, sustained, and bipartisan. They know exactly what they are doing.

[xchrom]

1. du rec. nt

[Honeycombe8]

2. This doesn't sound good. But I'm going to research it...Obama signed off on it.

Since he's in favor of the regs, I'm thinking that this may not be the accurate picture of this bill.

[bahrbearian]

8. He also received the Peace Prize,, makes you go Hmmm.

[woo me with science]

9. This bill is entirely consistent with the overall behavior of his administration,

including allowing corporate health insurance companies to design the health care bill, maintaining and even increasing the power of lobbyists to control corporate regulation, using Social Security and Medicare as bargaining chips to pass austerity budgets, and pressuring for settlements to protect criminal banks.

This administration has sided time and time again with corporate interests, as the record clearly shows. To deny the collusion between the parties in passing this sort of legislation prevents us from identifying the corruption within our party and addressing it.

Change is not coming from within this diseased, purchased system. Bipartisan assaults by the one percent are now coming steadily and systematically from both parties, and will keep coming until we occupy and get the money out of politics.

[indepat]

15. Well said, but hasn't constitutionally-protected protest been criminalized, made an egregious

felony through nearly 100% bi-partisanship harmony? If so, so much for little niceties such as life, liberty, and the pursuit of happiness.

[Honeycombe8]

18. So the Republicans passed the new laws requiring the financial regs? I didn't know that.

I thought it was the Dems, pushed by Obama's policies.

(and of course it was)

[woo me with science]

20. Just stunning, these two posts of yours.

To take this outrageous news and attempt to twist it into praise for Democrats....Just wow.

"But....but....It's just a delay!"
"But...but...they should get credit for PASSING these regulations they are now trying to gut!"

Good god, what a study in absurdity. What a perfect example of what DU has come to.

[woo me with science]

22. Well said-It's one example after another now of blatant bipartisan collusion for the one percent.

We are on our way now toward corporate fascism, with no real hope on the horizon, sans Occupy.

America had better wake up, and soon.

[indepat]

26. Blatent bipartisanship collusion for the one percent has killed the goose that laid

the golden egg and consequently the American dream.

[Honeycombe8]

17. Well, I didn't have much time. Had to work today. But I did find out it just delays the regs...

it doesn't kill them.

[onethatcares]

3. after reading the article

it seems that the accredited investors are having a hard time laundering their money.

As far as creating jobs, eh, not so much.

[dkf]

4. Right now only the 1% have access to these securities.

That doesn't seem fair either.

[bvar22]

5. Shocked I Tell You.

Does anyone not yet know that "Centrist" Democrats agree with Republicans on Economic & Big Business Issues?
Free Trade, De-Regulation, Union Busting, and Privatization is the Bi-Partisan Church of "New Democrats" & Republicans.

There is the superficial appearance of sound byte disagreement for the Kabuki Theater,
but when the votes are counted, there are always enough "Democratic" votes to further the agenda of the 1%.

Notice the pattern?
It has been that way for over 25 years.


[font size=4]Paulson with Co-Conspirators[/font]



You will know them by their WORKS,
not by their Sound Bytes.
[font size=5 color=green]Solidarity99![/font][font size=2 color=green]
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[woo me with science]

6. +10000 Well said, again. We have to stop pretending.

You cannot solve a problem that you refuse to acknowledge, and too many Democrats refuse to acknowledge these clear patterns of collusion.

[woo me with science]

7. Here we go again. nt

[woo me with science]

10. Kick. Don't ignore this just because Democrats are complicit.

The fact that Democrats are complicit is exactly why we cannot and should not ignore this.

Fix the party. Occupy. Demand the money OUT of our political system.

[woo me with science]

11. Kick. nt

[woo me with science]

12. This is important. This is how the one percent is impoverishing us. nt

[TheKentuckian]

13. Kick

[Swede]

14. So it makes it easier to invest in small companies?

How is this hurting someone that isn't investing?

[progressoid]

19. That's like saying, "how does it hurt me if my neighbor beats his wife?"

Besides, I'm sure that loosening regulations wouldn't hurt "mom-and-pop investors over the Internet".

[woo me with science]

21. Good grief. nt

[Swede]

25. Well explain it to me.

[progressoid]

16. Rec.

[Mojorabbit]

23. It makes me tired. It is one thing after another. nt

[woo me with science]

24. +100000 Every day there is a new one. Every damned day.

We are in serious, serious trouble in this country, and we damn well had better wake up and face reality.

This is not a simple red versus blue game anymore.

Corporations have no conscience, no empathy, and no loyalties except to the bottom line. We need to realize how dangerous it truly is to cede our government to the one percent, because that is what is happening, in both parties. We had better wake the hell up and get the corporate money out of our political system before it is too late for us.