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View Diary: NY Atty. Gen. Schneiderman LOVES Today's Mortgage Fraud Deal. UPDATED x3 Liz Warren Likes it Too! (261 comments)

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  •  Most banks are chartered by states. (11+ / 0-)

    The federal regulatory effort grows out of their participation in interstate and international commerce, since regulating commerce is a federal obligation.
    States, as we've just had ample examples of in their legislative efforts to strip unions of their powers, are able to do the same to commercial corporations. States can revoke charters.  They don't necessarily do so, but they can.  That's the power states have.
    Mostly, when the federal entity exercises powers, it has to do it with bribes.  For example, compliance with NCLB was bought with extra dollars for educational compliance with standards. That the standards were bogus and most of the dollars were going into the pockets of testing companies is one of the real scandals of Bush/Cheney.

    People to Wall Street: "LET OUR MONEY GO"

    by hannah on Fri Feb 10, 2012 at 02:53:43 AM PST

    [ Parent ]

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