The facts, behind the Bi- Partisan/ Bah Humbug Post! The Volcker rule. Has been Implemented. 5 different regulators , 5 different interpretations. In this case , “nothing would have been better then something.” August Wilson‘s words to live by! They did worse then nothing they presented the appearance of having done something. Which is Bad for the Country. Dodd Frank has continued the casino on Wall Street, TBTF, Is bigger then ever.
Happy days are here again TBTF is bigger with less mechanisms to prosecute banks or enforce the proposed rules. Dodd Frank is 2800 pages+: too big to understand., too big to regulate and too big to enforce. The people have been fooled once again.
According to The Financial Times, the Volcker Rule is a gift to Banks and excludes the rest. The FT quotes, Bagehot’s 19th century classic on Banking, stating he would have loved the certitude of Glass Steagall . He wrote , the business of banking should be simple, if it is hard, it is wrong.
Next Congressmen in the House entered into a bipartisan agreement which shifts sequester money from one group to another. No new taxes or spending , the ball has been kicked down the road for the next administration and beyond. Congress is celebrating proving that they can be bi- partisan. When they agree, we should all fear for our lives and run for the hills. They must think we are stupid. Someone has to put our house in order. Evidently, not our elected officials , they don’t live America’s reality, they have crafted their own and they rest easy as they delude themselves into believing they have done well . They have done well for themselves.
Guess nobody in Congress heard of hard work, not the heavy lifting but the creative thinking kind. That’s why they get paid the big bucks. To think, to care, to find ways to keep our great society productive. Well this Congress doesn’t disappoint us, they do nothing, a slight exaggeration ; they take money from the military men and women and give it to defense contractors and I’m sure they’ll get more money somehow from the middle class to keep their pet projects going. Look at farm subsidies, how many Congressmen make millions off of that law? $500,000 free and clear is nothing to sneeze at? If I were Obama, I’d make them work thru Christmas and New Year’s till a real budget was crafted to benefit the people. It is Mourning in America and not the way The Economist predicted .
I loved seeing Congressmen and women, as they stared into the camera, so sanctimonious , so proud of their accomplishment , they have shifted sequestered money around, they will contribute .01% to the GDP, there will be no budget debates before 2015 or beyond and they seriously pat themselves on the back. It would make me teary eyed, if I didn’t feel outraged.
Hold the presses, The bipartisanship has extended further, then originally announced, there is now an agreement to provide off shore drilling with Mexico, which provides for corporate welfare, without the need for full disclosure under Dodd Frank. So no matter how irrelevant Dodd Frank may be, why bother oil and gas exploration with further controls? Another” pure” industry, like banking, and Commodities, that is above the Law? So what if the total exploration is equivalent to 9 days of oil for the US, think of the money to be made by and from the Lobbyists. Another Bipartisan agreement .
What about you dear reader. It seems we have no choice when Congress agrees to disagree or when they agree. The people have been playing Monkey in the middle long enough. I think I’d like a choice and a bigger voice.