Financial 'Reform' Preserves Too Big Banks, Too Much Speculation

The Nation
by John Nichols

12/13/09

The U.S. House has voted for legislation that is described as ‘financial services reform.’ But most of the ‘reforms’ are so mild that the savviest of the nation’s big bankers will be breathing sighs of relief, rather than worrying about being regulated into good behavior. That’s not to say that the House bill is meaningless. It proposes some valuable shifts, including the creation of a Consumer Financial Protection Agency that could — if infused with proper authority and backed by a White House and Congress that want to tip the regulatory balance in favor of the great mass of Americans — give bankers and speculators some headaches. Unfortunately, that’s a vague promise rather than a firm one...

//tinyurl.com/yebr4px



The Fed’s money monopoly

Hawaii Reporter
by US Rep. Ron Paul (R-TX)

12/14/09

Last week, in the name of protecting the little guy from Wall Street, the House passed HR 4173 to increase the little guy’s false sense of security in the financial system. This mammoth piece of legislation would massively increase government regulation and oversight in the banking industry under the misguided reasoning that more government could have stopped faulty lending practices, when in actuality it caused them. This bill would also greatly increase the powers of the Federal Reserve, which too many in Congress still see as savior rather than perpetrator in this mess...

//tinyurl.com/y99yqzz


Informant: Thomas L. Knapp



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