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View Diary: Ed Schultz: "If you love America, quit voting like you hate Americans" (206 comments)

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  •  ED and Many Here Still Don't Get It (0+ / 0-)

    how many times do I have to repeat this?

    the people in charge, the wealthy class, DO NOT have the same view of the U.S. as the rest of us.

    the government's response to the financial crisis and now a gigantic environmental crisis couldn't make this any more clear.

    In case you think financial "reform" just passed is going to reform much:

    Howard Chen, an analyst at Credit Suisse, said banks stocks were enjoying a "relief rally" as investors bet the historic overhaul in financial rules would not have a significant impact on the industry’s structure and profitability.

    Wall Street banks, which lobbied furiously to dilute the most radical proposals, were surprised to see the last-minute introduction of a $19bn (€15.4bn, £12.7bn) levy to cover for the cost of the reforms. However, they said it was a relatively small price to pay for a bill that was more lenient than expected.

    Financial executives said the industry’s two main victories were the changes in the "Volcker rule" to allow banks to invest in in-house hedge funds and private equity groups and the revised proposal on the spin-off of derivatives units.

    Betsy Graseck, an analyst at Morgan Stanley, estimated that the new rules would enable banks such as JPMorgan, Citi and Bank of America to retain at least 70 per cent of their derivatives business. The rest – including the controversial credit default swaps – would have to be spun off into a separately capitalised subsidiary.

    The banksters get to keep AT LEAST seventy percent of their derivatives business???? INCLUDING credit default swaps?

    the Volker rule gutted?

    Where is the "reform" people?????

    "Hate Arizona's new law? Ask Washington to do it's job". Ross Douthat

    by Superpole on Sat Jun 26, 2010 at 05:40:56 AM PDT

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