Umberto Calvini:
"The government bankers want to control the debt,
And whoever controls the debt, controls everything.
This is the essence of the banking industry,
to make us all slaves to debt."
Posted on 07/21/2010 9:21:54 AM PDT by EBH
President Barack Obama on Wednesday signed into law the most historic shake-up of the regulation of U.S. banks since the Great Depression, placing new fees and limits on the nation's biggest banks, imposing new restrictions on the $450-trillion derivatives market, and crafting a major new consumer-protection division for mortgage and credit-card products.
"Financial reform is not just good for consumers, it is good for the economy," Obama said at a signing ceremony with dozens of Democratic lawmakers and consumer advocates in attendance. "Passing this bill was no easy task. To get there, we had to overcome the furious lobbying of an array of powerful interest groups, and a partisan minority determined to block change."
The approval hands Obama a significant triumph in his effort to rein in Wall Street after the excesses that drove the economy to the brink of collapse in September, 2008.
(Excerpt) Read more at marketwatch.com ...
What amazes me is how the world just keeps on going...as if nothing happened.
What I’d like to see in response to this...
Wall Street and the Banks shut down for a week. Literally the whole industry go on strike.
No open banks, no processing of credit cards, no stock exchanges.
Nothing move for a week.
Right now ... he has carte blanche to ‘change’ the US to his liking. He has an imperial presidency run by a bunch of czars. I don’t think the American people will put up with this much longer. As for all those bridges that are being built... seems their main purpose is so that ‘folks’ will have some place to live under.
this would not have been allowed to pass but for:
1. “I got mine” protection of those who have influence and political connections.
2. A workaround is already been calculated.
3. money from the slave class is forthcomming
(Obama the president who brought back slavery)
>placing new fees and limits on the nation’s biggest banks
New fees to feed the minority vote for more fees until America is destroyed.
FUBO and ESAD
Among provisions of the new law that will go into effect between now and April 21, 2011:
Immediately: The Federal Deposit Insurance Corp. creates a mechanism to liquidate failing large financial firms that threaten the financial system.
The FDIC is already moving to create new rules that would detail how creditors to a failing financial giant would be treated under the new unwinding powers, said FDIC spokesman Andrew Gray.
In addition, as a result of the new law, the FDIC said Wednesday that the limit on insured individual deposits has been raised permanently to $250,000. The limit had been raised from $100,000 on a temporary basis since early in the financial crisis, in October 2008.
Within 3 months: A new council of regulators meets in October and starts figuring out ways to identify firms that are big enough to pose a danger to the financial system.
Within 6 months: Shareholders get a non-binding vote on executive pay and generous packages set up for executives who part ways with the company.
Within 9 months: Federal Reserve releases new rules curbing the swipe fees that retailers pay banks and credit unions on debit cards.
Firms that chop up and turn pieces of mortgages into securities for others to buy must keep a 5% of those mortgages, so they retain some risk if the mortgages turn out to be toxic.
http://finance.yahoo.com/news/Wall-Street-reform-law-starts-cnnm-1507952076.html?x=0&.v=2
SEC Chairwoman Mary Schapiro said Monday her office would need 800 new staffers to tackle the big work load ahead.
Wow, the market is just going bonkers on the great news.. lol
a whole 0.10% jump since signing.. wow.
Just think.
Now Dodd can retire and become a billionaire as a lobbyist for the big banks, advising them on ways to avoid the regulations he just wrote
sweeping my eye, more like a vaccum cleaner to suck more money out of the slave class' wallets of any who hitch up to the yoke of credit
Wow, more cool change. I'm so glad I voted for Obama because to was the "cool" thing to do. I had no idea what cool changes he had in store for us all...On the other hand, why are so many people so surprised? Apparently he was in Congress before and he had a voting record for all to see...Oh well, who cares - cool is cool...
def: //Bank Reform : governement control of who gets funded //IE ;socialist tool
Will the last one leaving the country please turn off the lights?
Socialism: definition/ Absolute government control of the aquisition and distribution of monetary funding and wealth
They no longer need text.
They don’t read them anyway, so it’s considered a dem budget cut by getting rid of that wasteful task.
This is an innovative, comprehensive and historic move that is environmentally friendly, and, it might even save or create jobs, I think.
It’s a great day for fascism. :)
Sure you’re losing freedom, but look what you’re getting for it: extreme radical libs in charge forever. :)
I guess nothing is on his Oval Office desktop but I think he has a plaque in his drawer that reads:
"Death to Satan America" or words to that effect.
Sadly you’re correct. They are making these laws so the agencies can fill in the blanks. What a sad sad state we are in.
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