Black People : A Finance Bill to Ensure future Plutocracy

Discussion in 'Black People Open Forum' started by Ankhur, May 21, 2010.

  1. Ankhur

    Ankhur Well-Known Member MEMBER

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    Thursday, May 20, 2010
    Senate Passes Faux Financial "Reform" Bill




    The Senate passed a financial "reform" bill today by a 59-39 vote which won't fix any of the core problems in the financial system, and won't prevent the next financial crisis.

    The bill doesn't include the Volcker Rule (it wasn't even debated), doesn't break up or even substantially rein in the too big to fails, and doesn't force transparency in the derivatives market.


    Senator Feingold said:

    The bill does not eliminate the risk to our economy posed by "too big to fail" financial firms, nor does it restore the proven safeguards established after the Great Depression, which separated Main Street banks from big Wall Street firms and are essential to preventing another economic meltdown. The recent financial crisis triggered the nation's worst recession since the Great Depression. The bill should have included reforms to prevent another such crisis. Regrettably, it did not.
    Senator Cantwell agreed, saying:


    While this bill takes much needed steps to help prevent a crisis of this magnitude from ever happening again, it fails to close the very same loopholes in derivatives trading that led to the biggest economic implosion since the Great Depression.... Throughout this debate I have fought hard against efforts to weaken this legislation as well as to pass language to strengthen it further. But the fact of the matter is, without key reforms in derivatives trading, this bill does not safeguard America's economy from a repeat of this crisis.

    It sets up a process for responding the next time we have a financial crisis, but it doesn't prevent this kind of thing from ever happening again. We have to stop these kinds of dangerous activities. We need stronger bans on banks gambling with depositors' money. We need bright lines - like Glass-Steagall - that separate risky activities from the traditional banking system. We need to refocus our financial system away from synthetic bets and get more capital into the hands of job creators and Main Street businesses. There are good, strong provisions in this bill, and I'm proud of the work we did to get them in there, but I fear that without closing the loopholes primarily responsible for this economic meltdown, we are missing the entire heart of the matter.
    Nouriel Roubini said the bill is "cosmetic", and won't stop the next crisis.
    http://georgewashington2.blogspot.com/
     
  2. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    um......

    it's called plutocracy.......
     
  3. Ankhur

    Ankhur Well-Known Member MEMBER

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    Corporatocracy or corpocracy is a form of government where corporations, conglomerates, and/or government entities with private components, control the direction and governance of a country.



    Plutocracy is rule by the wealthy, or power provided by wealth. The combination of both plutocracy and oligarchy is called plutarchy.

    In a plutocracy, the degree of economic inequality is high while the level of social mobility is low. This can apply to a multitude of government systems, as the key elements of plutocracy transcend and often occur concurrently with the features of those systems


    You got a point there!!!!!!
     
  4. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    congress needs a makeover

    it is being made plain for all to see that the senate is a wholly owned subsidiary.
    in pa we have changed our senator. now it remains for other states to do the same.
     
  5. Ankhur

    Ankhur Well-Known Member MEMBER

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    wht not.....

    Just reinstall Glass Steagall?

    Would anyone want to go with their child to a zoo where the lions, tigers , alligators, hippos and bears are walking around loose, instead of in a cage?
     
  6. AACOOLDRE

    AACOOLDRE Well-Known Member MEMBER

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    plutocracy (plural plutocracies)
    Government by the wealthy.
    A controlling class of the wealthy.
     
  7. Ankhur

    Ankhur Well-Known Member MEMBER

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    "My kind of people; the haves and the have mores" George Bush Jr.
     
  8. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    In the Spirit of Thread Consolidation,


    'Something is wrong' with presidential election, says civil rights leader Diane Nash
    Discussion in 'Black People Politics' started by Clyde C Coger Jr, Oct 9, 2016
    https://destee.com/threads/something-is-wrong-with-presidential-election-says-civil-rights-leader-diane-nash.87935/

    ...

     
    Last edited: Nov 28, 2016
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