Wednesday, December 30, 2009

"Bank Reform" Bill: Another $4Tn to Citi?

It's possible.

It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around.

Remember that this is the BawneyFwank bill.

Since Congress isn’t cutting jobs, why not add a few more. The bill calls for more than a dozen agencies to create a position called “Director of Minority and Women Inclusion.” People in these new posts will be presidential appointees. I thought too-big-to-fail banks were the pressing issue. Turns out it’s diversity, and patronage

And it emulates HarryReidProcedures 1o1!!

...the bill contains a provision that, in the event of another government request for emergency aid to prop up the financial system, debate in Congress be limited to just 10 hours. Anything that can get Congress to shut up can’t be all bad.

Altogether, another shit sandwich served courtesy US Congress (Subsidiary of Wall Street.)

1 comment:

Deekaman said...

Senator Russ Feingold will be holding a "listening session" at MATC Mequon Campus at 1230 on January 4. He will also be holding one in Washington County at 9:15 a.m. in the Pikes Peak Room at the Schauer Arts and Activities Center, 147 North Rural Street, Hartford.

Let's make sure he hears us loud and clear.