House "Compromises on the Financial 'Reform' Legislation" aka Ignores the Common Good
Even though these Democrats risk one third of their base not voting in 2010 if a public option is missing from the nominal health care reform bill, these jokers continue on their merry way, dissing their regular, hardworking constituents.
They've done it again with the equally misnamed financial services reform legislation.
As John Nichols at The Nation explains: "....most of the "reforms" are so mild that the savviest of the nation's big bankers will be breathing sighs of relief, rather than worrying about being regulated into good behavior.
"That's not to say that the House bill is meaningless. It proposes some valuable shifts, including the creation of a Consumer Financial Protection Agency that could – if infused with proper authority and backed by a White House and Congress that want to tip the regulatory balance in favor of the great mass of Americans – give bankers and speculators some headaches.
"Unfortunately, that's a vague promise rather than a firm one.
"The legislation, which passed on a 223-202 vote (with all Republicans and 27 Democrats opposing), does sketch the rough outlines for real reform. The problem is that the details are so sketchy that bank and insurance company lobbyists have plenty of openings to game the system in their favor.
"In other words, while there were those who claimed on Friday that the House had enacted "the biggest change in oversight of Wall Street since the Great Depression" and that "this bill puts the referees back on the field," the big banks aren't going to get sidelined -- let alone broken up -- anytime soon.
"That weakness caused some of the House's most serious backers of banking reform -- including Ohio Democrats Marcy Kaptur and Dennis Kucinich -- to oppose what they saw as an insufficient initiative. "Although I am supportive of the Consumer Financial Protection Agency as well as other provisions in the bill," Kucinich explained, "ultimately I do not think this bill adequately addresses the causes of the financial crisis, and I do not believe the reforms are sufficient to prevent another financial crisis from occurring.""...the House legislation fails to dismantle even the biggest of "too big to fail" firms that could still collapse the U.S. economy. It also fails to even address the most serious abuses of the world's $600 trillion derivatives market.
"Why is the House bill so disappointing?
"Of course, Republican opposition was a factor.
"But the biggest frustration was the Democratic block that tried, at every turn, to defend the big banks and speculators."
So, many Democratic members in Congress are just as bad as the GOP members. These legislative hypocrites placate and support their financial industry controllers/contributors while dissing, skewering, and actively working against the typical American electorate while trying to cover up their records with the usual lying, whining excuse that "it's the best they can do" hoping to fool the voters....again.




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