BIG BANKS WIN BIG WITH THE DODD-FRANK FINANCIAL REFORM BILL AS MAIN STREET LOSES FOR EVERGREEN COLORADO REAL ESTATE OWNERS
The new financial reform bill that was to reform the “to big to fail banks” on Wall Street has turned into a windfall for the big banking interests. Goldman Sachs and the derivatives lobby are the big winners say famed author, economic realist, and citizen watchdog Michael Hirsh. “Whereas Glass-Steagall substantially altered the structure of the financial system and required the creation of brand-new kinds of firms, Dodd-Frank effectively anoints the existing banking elite. The bill makes it likely that they ( the banking elite) will be the future giants of banking as well,” reports Hirsh in Newsweek.
It is just another case of regulation upon regulation, law upon law, rule upon rule that doesn’t accomplish the goal the American people wanted but defeats Main Street and enhances the position of the big banks and regulates away any of their competition. Senator Dodd and Barney Frank believe that America is too stupid to understand the advantages given to the big banks, and have already started to demonize any critics who actually read the bill.
Big Business loves this kind of regulation which legalizes their market advantage and institutionalizes their dominance of the derivatives markets and gives them total control of the volatile credit default swaps desks. Newsweek further reports “The bottom line: this doesn’t fundamentally change the way the banking industry works,” says a former U.S. Treasury official who has followed the legislation closely but would give his judgment only on condition of anonymity. “The ironic thing is that the biggest banks that took the most money end up with the most beneficial position, and the regulators that failed to stop them in first place get even more power and discretion.”
The American citizen has been had again by the congress; so now there will be campaign contributions, lucrative stock options, high paying jobs for congressional spouses, retirement board of director jobs, and sweetheart investment deals for all – compliments of the banking lobby who wrote the bill.
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