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View Diary: What's Happenin'? Guns and Butter Week 1.10.13 (50 comments)

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  •  how unfortunate for us all that Obama was so (8+ / 0-)

    persuadable.

    Hearing today that Holder will stay on - 4 more years of hear no evil - see no evil - speak no evil, for the Wall Street criminals.

    What will be the next Wall St crime to unfold and be swept under the rug, in the most open, most transparent administration ever?

    "Who are these men who really run this land? And why do they run it with such a thoughtless hand?" David Crosby

    by allenjo on Thu Jan 10, 2013 at 06:11:03 AM PST

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    •  The DoJ seal (6+ / 0-)

      Just another case of

      To the rule of law

      Hobbs: "How come we play war and not peace?" Calvin: "Too few role models."

      by BOHICA on Thu Jan 10, 2013 at 06:21:17 AM PST

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      •  Wall Street Always Wins, Obama to maintain (9+ / 0-)

        status quo..........

        No relief in sight for Main Street, and Wall Street will rock on.......

        On financial reform, Lew is a virtual cipher who, in his few public pronouncements, has appeared to toe the Rubin-Geithner line of minimal interference with America’s giant banks.
        And Lew is taking over as Treasury secretary at a critical time. Two and a half years after enactment, the Dodd-Frank financial law is still not fully implemented. Even as the winds of financial turbulence threaten from Europe, financial-industry officials admit the Federal Deposit Insurance Corp. has not developed the capacity to liquidate banks in the event of a crisis. Although it never became a 2012 campaign issue, financial regulation has lagged well behind schedule (no one even seemed to care, for example, when Mitt Romney failed to propose an alternative to Dodd-Frank, even though he had promised to do so). Wall Street’s lobbyists have managed to delay the “Volcker Rule” —the closest thing we have today to a Glass-Steagall law separating federally insured commercial banking from risky investment banking—by six months. The banks are also engaged in a behind-the-scenes effort to escape U.S. oversight of their derivatives activities overseas.

        --
        Hopes for change—any real progress in containing the power and systemic size of the banks—are not high. “By going with Jack Lew, Obama is making the decision: ‘I don’t want a fight over Treasury secretary. I want someone who’s going to maintain the status quo.’ That’s what Jack Lew represents,” says Jeff Connaughton, who as a senior Senate staffer fought for financial reform and later, in despair, wrote a book titled Wall Street Always Wins.
        http://www.nationaljournal.com/...

        "Who are these men who really run this land? And why do they run it with such a thoughtless hand?" David Crosby

        by allenjo on Thu Jan 10, 2013 at 06:36:43 AM PST

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        •   Fixed (7+ / 0-)

          I want someone who’s going to maintain the status static quo

          Hobbs: "How come we play war and not peace?" Calvin: "Too few role models."

          by BOHICA on Thu Jan 10, 2013 at 06:42:49 AM PST

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        •  It is a critical time (8+ / 0-)

          because some of the same practices that caused the last crash are still happening (never stopped, like credit default swaps), some are becoming popular again (mortgage backed securities, subprime mortgages) and the mortgage bubble is inflating again with these new schemes where the 1% buy up the foreclosed properties, rent them out and securitize the rents, believe it or not.

          Basel III rules about liquidity and capitalization requirements were changed at the last minute.

          Many people in the know believe there will be another crash and perhaps soon. Has the fallout from the EU hit us yet? I don't even know.They seem to have fingers in the dam there.  

          Plus while most of the statutes of limitations have run out, I believe, there are probably still some more to be slow walked.  And yes, the implementation of the already pitiful Dodd-Frank bill is still not done.  And if this guy thinks deregulation was not the problem it's pretty easy to extrapolate on where he is going to stand on new regulation and enforcement of existing regulation and new ones.  He sounds like another Wall Street's man in Washington to me -- a dangerous Wall Street corporatist/neoliberal, like his boss and his predecessor.  I love the spin, btw, about how Wall Street isn't happy with the choice.  Just like they are mad at Obama, the best thing that ever happened to them!  Yeah right.


          "Justice is a commodity"

          by joanneleon on Thu Jan 10, 2013 at 07:00:11 AM PST

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          •  Yeah right. (6+ / 0-)
            He sounds like another Wall Street's man in Washington to me -- a dangerous Wall Street corporatist/neoliberal, like his boss and his predecessor.  I love the spin, btw, about how Wall Street isn't happy with the choice.  Just like they are mad at Obama, the best thing that ever happened to them!  Yeah right.
            Without a doubt, joanne.

            Who can sell the unsellable better than the man who is so charismatic, oh, such a nice smile, a gentle manner, a loving family man, revered as a man of the people, who had spent his entire life defending the poor, standing up to injustice at every corner, the man of the people, able to leap tall buildings in a single bound. Look! Up in the sky!

            I am not liking this age of Obama, and though I hated the age of bush, at least back then - I had hope, hope that  those abuses would end, the country would turn back around the other way.

            And now I am without hope. Is that all it is?

            "Who are these men who really run this land? And why do they run it with such a thoughtless hand?" David Crosby

            by allenjo on Thu Jan 10, 2013 at 07:53:02 AM PST

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