General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSenate banking bill has clause for taxpayer to be responsible for any and all bailouts
The Economic Scam of the Century
by MIKE WHITNEY
The leaders of the U.S. Senate Banking Committee, Sen. Tim Johnson (D., S.D.) and Sen. Mike Crapo (R., Idaho), released a draft bill on Sunday that would provide explicit government guarantees on mortgage-backed securities (MBS) generated by privately-owned banks and financial institutions. ...
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Sec.305. Authority to protect taxpayers in unusual and exigent market conditions
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If the Corporation, the Chairman of the Federal Reserve Board of Governors and the Secretary of the Treasury, in consultation with the Secretary of Housing and Urban Development, determine that unusual and exigent circumstances threaten mortgage credit availability within the U.S. housing market, FMIC may provide insurance on covered securities that do not meet the requirements under section 302 including those for first loss position of private market holders. (Freddie And Fannie Reform The Monster Has Arrived, Zero Hedge)
[Font color=Red]In other words, if the bill passes, US taxpayers will be responsible for any and all bailouts deemed necessary by the regulators mentioned above.[/font] And, since all of those regulators are in Wall Streets hip-pocket, theres no question what theyll do when the time comes. Theyll bailout theyre fatcat buddies and dump the losses on John Q. Public.
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http://www.counterpunch.org/2014/03/26/the-economic-scam-of-the-century/
Erich Bloodaxe BSN
(14,733 posts)"authority to protect taxpayers...'
Yup, I'm always 'protected' by having my tax money funneled into private sector pockets.
frazzled
(18,402 posts)prohibited.
http://www.banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=b8ab780d-0486-41be-9579-eac40dd09ce8
ProSense
(116,464 posts)frazzled
(18,402 posts)Why am I not surprised? I'm truly (madly, deeply) ready to give up.
Response to aggiesal (Original post)
Marr This message was self-deleted by its author.
2banon
(7,321 posts)Doctor_J
(36,392 posts)hopefully the president will declare it DOA
octoberlib
(14,971 posts)Scuba
(53,475 posts)A Democratic President won't sign it, will he?
If they do, and he does, will criticism here be received as racist, hating or Republican-enabling?
mindwalker_i
(4,407 posts)Who the fuck came up with this bill and why shouldn't they be kicked in the nuts for it?
TheKentuckian
(24,943 posts)You are fighting for the Republicans to win and hurting turnout, if you would just be quiet and let the adults in the room take care of the stakeholders who in turn will create our jobs of tomorrow, don't you know.
We have to make the TeaPubliKlan aims reality so they don't.
Big Tent!
Obstruction!
BENGHAZI!
Doing the best they can.
Pony!
FUD!
ODS!
You want the Republicans to win!
Boxes in the garage!
Holy pole dancing girlfriends left in the lurch, Batman!
Did I miss anything critical, I wouldn't want to leave out an important piece of the nonsense collage of talking a lot and saying nothing.
mindwalker_i
(4,407 posts)That was kind of harsh at first, then I started to groove on it
ProSense
(116,464 posts)"If they do, and he does, will criticism here be received as racist, hating or Republican-enabling?"
...passed cuts to food stamps. Isn't Elizabeth Warren on the Banking Committee?
sendero
(28,552 posts).. that, as a practical matter, anything would actually change with the passage of this bill.
Translated: the taxpayer is already on the hook.
ProSense
(116,464 posts)So if the OP characterization of the bill is accurate, it would be reversing Dodd-Frank.