Maybe that financial reform bill ain't half bad.

Wednesday, May 26, 2010

If this article in the New York Magazine is accurate, then the financial reform bill is way better than I thought. When the Wall Street banksters start going postal, I say we are almost to the point of perfect legislation.

"On May 20, the Senate passed its bill to reregulate Wall Street by a vote of 59-39, complete with a (watery) version of the Volcker Rule. The story of the legislation’s passage can be told in a number of ways: a tale of conflict or compromise, triumph or capitulation. But on any reading, that story is only the climactic chapter in a larger narrative: how the masters of the money game fell out of love with—and into a state of bitter, seething, hysterical fury toward—Obama. "

And...

"Today, it’s hard to find anyone on Wall Street who doesn’t speak of Obama as if he were an unholy hybrid of Bernie Sanders and Eldridge Cleaver. One night not long ago, over dinner with ten executives in the finance industry, I heard the president described as “hostile to business,” 'anti-wealth,' and 'anti-capitalism'; as a redistributionist,' a 'vilifier,' and a 'thug.'"
I hope the compromise bill twists the screws a bit more.

6 comments:

Smitty 3:08 PM  

Great pic...kinda says it all. Big brass balls.

steves 7:45 PM  

Interesting. I don't tend to be all that laissez faire, but I have to balance my desire for reasonable control with the fact that some legislation is drafted by morons. I will have to research this bill more to see what it is.

Mr Furious 10:34 PM  

I think much like HCR, this is not as godd or strong as it could/should be, but better that I feared it might be.

As for that quote, I read that the other day, and I think it's bullshit. Wherever I read it they questioned the intelligence of the Streeters who were spouting off. I think they know perfectly well that Obama has been accommodating to a fault, and this is red meat for the right wing loudmouths and the base.

steves 6:26 AM  

True, but the problem with that quote is that we just have a few words without any kind of context. It is almost meaningless.

Bob 7:21 AM  

"...but I have to balance my desire for reasonable control with the fact that some legislation is drafted by morons."

Oh so true.

"I think they know perfectly well that Obama has been accommodating to a fault, and this is red meat for the right wing loudmouths and the base.

Very possibly true.

The more they scream, the better politically it will be for Obama.

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