Tue 25 May, 2010
Your white owners.
Once again Wall Street has played us for fools:
The financial reform legislation making its way through Congress has Wall Street executives privately relieved that the bill does not do more to fundamentally change how the industry does business.
Despite the outcry from lobbyists and warnings from conservative Republicans that the legislation will choke economic growth, bankers and many analysts think that the bill approved by the Senate last week will reduce Wall Street’s profits but leave its size and power largely intact. Industry officials are also hopeful that several of the most punitive provisions can be softened before it is signed into law.
[...]
“If you talk to anyone privately, there’s a sigh of relief,” said one veteran investment banker who insisted on anonymity because of the delicacy of the issue. “It’ll crimp the profit pool initially by 15 or 20 percent and increase oversight and compliance costs, but there’s no breakup of any institution or onerous new taxes.”
[...]
Still, it could have been worse. The Senate rejected rules that would have broken up huge banks considered “too big to fail,” or imposed limits on their size. Caps on how much banks can charge credit card holders to borrow also fell by the wayside. And the long-established wall between trading and commercial banking, which was torn down in 1999, will not be going back up.
Another reason for relief, several bankers said, is that neither the Senate version of the bill nor the one passed by the House in December includes more populist provisions that have gained a foothold in Europe, like a tax on financial transactions or on individual bonuses.
You really didn’t think any meaningful reform was going to happen, did you? I mean, the Obama administration and key Democrats have been pretty clear about not wanting to upset their pimps. So you should just be grateful that these worthless rules will pass.
As the wise Doug Stanhope once said:”At least black people knew when they where slaves.”
2 Responses to “ Gotcha bitches!
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Tags: Financial Reform, Obama, Wall Street, Why Don't Terrorists Go After These CuntsComments (2)
nahummer says:
I wonder when the rest will wake up and realize they’ve become slaves to the banks? It’s almost comical watching conservatives tie themselves in knots trying to blame regulation while liberals are doing the same blaming lack of regulation. It’s all a waste of time, we’ve sold our soul to the devil and he’ll simply be taking an ever larger and larger share of the product of our labor. Great gig banking, for those who don’t have a soul that is.
Phuck Politics says:
@nahummer – I wonder when the rest will wake up and realize they’ve become slaves to the banks?
Never. The banks have always owned us.