- Financial Reforms 'Fading' In Congress: Obama Aide
A top economic adviser to President Obama warned on Friday that the urgency for changing the rules of the road for financial firms may be waning and urged Congress to act while the general public is focused on banking issues. http://www.cnbc.com/id/33910121
11/11/2009
Is this just another policy manipulation or a real positive change?
Unless proven otherwise, it could be just another policy manipulation.
The new financial Reform Bill could be just another noise to distract real issues which we are facing.
This is an excellent point:
Yet to find out what is really going on with the new bill as trillion capitalists will continue to manipulate markets and politics.
Airtime: Wed. Nov. 11 2009 | 8:31 AM ET
Sen. Chris Dodd, chairman of the Committee on Banking, Housing & Urban Affairs, discusses his financial regulatory reform proposal.
http://www.cnbc.com/id/15840232?video=1326825083&play=1
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Airtime: Wed. Nov. 11 2009 | 8:31 AM ET
Sen. Chris Dodd, chairman of the Committee on Banking, Housing & Urban Affairs, discusses his financial regulatory reform proposal.
Senate Dems move to curb Fed's powers
By ANNE FLAHERTY, Associated Press Writer Anne Flaherty, Associated Press Writer Tue Nov 10, 5:17 pm ET
WASHINGTON – Senate Democrats on Tuesday proposed stripping the Federal Reserve of its supervisory powers and creating instead three new federal agencies to police banks, protect consumers and dismantle failing institutions.
The 1,136-page bill, released by Senate Banking Committee Chairman Chris Dodd, would represent a significant shift in power in federal oversight of the U.S. market. The Fed has been a dominant figure in managing the economy, although many lawmakers blame the central bank for not doing enough to prevent last year's crisis.
"We saw over the last number of years when (the Fed) took on consumer protection responsibilities and the regulation of bank holding companies, it was an abysmal failure," said Dodd, a Connecticut Democrat.
Dodd's proposal prompted cheers from consumer advocates and other Democrats, including Sen. Mark Warner, D-Va., an influential moderate who said swift action was necessary to prevent future government bailouts of big banks.
"Never again should the American taxpayers have to hear about 'too big to fail,' where the American taxpayer has to pick up the slack," Warner said.
But the financial industry quickly pushed back.
The bill "would produce conflicts among regulators, undermine the state-chartered banking system and impose extensive new regulatory burdens on those banks that had nothing to do with creating the financial crisis," said Edward Yingling, president of the American Bankers Association.
While Republicans were expected to oppose much of the bill, Sen. Bob Corker, a Tennessee Republican on Dodd's committee, issued a statement setting an optimistic tone.
"I'm more hopeful than I was a few weeks ago that we will be able to come up with a bipartisan bill," said Corker, who has worked closely with Warner on banking issues.
Among the top points of contention is Dodd's desire to create a Consumer Financial Protection Agency to protect consumers taking out home loans or using credit cards against predatory lending and surprise interest rate hikes.
Republicans and industry officials say that creating another bureaucracy will make it harder for banks to do business and would limit the availability of credit.
Other provisions in Dodd's bill would:
• Consolidate federal supervision of banks under a "Financial Institutions Regulatory Administration."
• Abolish the Office of the Comptroller of the Currency and the Office of Thrift Supervision, and strip the Federal Deposit Insurance Corporation and the Fed of their bank supervision duties.
• Create an "Agency for Financial Stability" that would enforce new rules and dismantle complex financial firms if they threaten the broader economy.
• Regulate privately traded derivatives, hedge funds and other private pools of capital so that regulators have a sense of how much risk is being assumed by financial firms.
• Impose new rules on investment rating agencies.
• Limit the Fed's ability to provide emergency loans to mostly healthy institutions, instead of failing firms.
The Senate Banking Committee was expected to take up the legislation next week and vote by early December. Dodd said he expects to need Republican support to get the bill through Congress and that he remains optimistic consensus could be reached.
The bill will also have to be reconciled with the House version. Rep. Barney Frank, chairman of the House Financial Services Committee, said he expects a floor vote in December on his proposal.
Like Dodd, Frank wants to strip the Fed of its consumer protection powers and create a separate agency dedicated to the mission. Both House and Senate bills also would limit the Fed's ability to provide emergency loans and create a council of regulators to monitor the risks posed by large financial firms.
But the House bill wouldn't consolidate federal banking supervision and would ultimately put the Fed in charge of enforcing new requirements for large and influential firms.
Frank said Dodd's announcement on Tuesday confirmed that "we are moving in the same direction" and will enact legislation soon.
Bankrupted nations ~ Capitalists robbing the nations around the world using national debts.
1. Ireland - 1,267%
External debt (as % of GDP): 1,267%
External debt per capita: $567,805
Gross external debt: $2.386 trillion (2009 Q2)
2008 GDP (est): $188.4 billion
2. Switzerland - 422.7%
External debt (as % of GDP): 422.7%
External debt per capita: $176,045
Gross external debt: $1.338 trillion (2009 Q2)
2008 GDP (est): $316.7 billion
3. United Kingdom - 408.3%
External debt (as % of GDP): 408.3%
External debt per capita: $148,702
Gross external debt: $9.087 trillion (2009 Q2)
2008 GDP (est): $2.226 trillion
4. Netherlands - 365%
External debt (as % of GDP): 365%
External debt per capita: $146,703
Gross external debt: $2.452 trillion (2009 Q2)
2008 GDP (est): $672 billion
5. Belgium - 320.2%
External debt (as % of GDP): 320.2%
External debt per capita: $119,681
Gross external debt: $1.246 trillion (2009 Q1)
2008 GDP (est): $389 billion
6. Denmark
External debt (as % of GDP): 298.3%
External debt per capita: $110,422
Gross external debt: $607.38 billion (2009 Q2)
2008 GDP (est): $203.6 billion
7. Austria - 252.6%
External debt (as % of GDP): 252.6%
External debt per capita: $101,387
Gross external debt: $832.42 billion (2009 Q2)
2008 GDP (est): $329.5 billion
8. France - 236%
External debt (as % of GDP): 236%
External debt per capita: $78,387
Gross external debt: $5.021 trillion (2009 Q2)
2008 GDP (est): $2.128 trillion
9. Portugal - 214.4%
External debt (as % of GDP): 214.4%
External debt per capita: $47,348
Gross external debt: $507 billion (2009 Q2)
2008 GDP (est): $236.5 billion
10. Hong Kong - 205.8%
External debt (as % of GDP): 205.8%
External debt per capita: $89,457
Gross external debt: $631.13 billion (2009 Q2)
2008 GDP (est): $306.6 billion
11. Norway - 199%
External debt (as % of GDP): 199%
External debt per capita: $117,604
Gross external debt: $548.1 billion (2009 Q2)
2008 GDP (est): $275.4 billion
12. Sweden - 194.3%
External debt (as % of GDP): 194.3%
External debt per capita: $73,854
Gross external debt: $669.1 billion (2009 Q2)
2008 GDP (est): $344.3 billion
13. Finland - 188.5%
External debt (as % of GDP): 188.5%
External debt per capita: $69,491
Gross external debt: $364.85 billion (2009 Q2)
2008 GDP (est): $193.5 billion
14. Germany
External debt (as % of GDP): 178.5%
External debt per capita: $63,263
Gross external debt: $5.208 trillion (2009 Q2)
2008 GDP (est): $2.918 trillion
15. Spain
External debt (as % of GDP): 171.7%
External debt per capita: $59,457
Gross external debt: $2.409 trillion (2009 Q2)
2008 GDP (est): $1.403 trillion
16. Greece
External debt (as % of GDP): 161.1%
External debt per capita: $51,483
Gross external debt: $552.8 billion (2009 Q2)
2008 GDP (est): $343 billion
17. Italy
External debt (as % of GDP): 126.7%
External debt per capita: $39,741
Gross external debt: $2.310 trillion (2009 Q1)
2008 GDP (est): $ 1.823 trillion
18. Australia
External debt (as % of GDP): 111.3%
External debt per capita: $41,916
Gross external debt: $891.26 billion (2009 Q2)
2008 GDP (est): $800.2 billion
19. Hungary
External debt (as % of GDP): 105.7%
External debt per capita: $20,990
Gross external debt: $207.92 billion (2009 Q1)
2008 GDP (est): $196.6 billion
20. United States
External debt (as % of GDP): 94.3%
External debt per capita: $43,793
Gross external debt: $13.454 trillion (2009 Q2)
2008 GDP (est): $14.26 trillion
Americans and obviously Europeans were naive and idle while mammon was swindling many as we can see what has happened to Americans and Europeans as many and nations are literally bankrupted.
Americans and obviously Europeans were naive and idle while mammon was swindling many as we can see what has happened to Americans and Europeans as many and nations are literally bankrupted.
Unless people takes actions against mammon with tools of "deception" as in Genesis 3 and Matthew 4, we will continue to walk in the path of money slavery 666 as in Revelation 13.
It is evident that Christians are easy to be swindled because of less disciplined spiritual life compared to muslims -- as we can see that Christians are now abandoning faith or do just lip services.
As for the Financial Reform Bill, I think that it is one of most crucial Bill which we could have; however, it seems that it could be just another political show.
The powerful money hands remain the same behind the scene, so, it is very difficult to detect in a longer run.
We need to be more disciplined and should inform others to be aware of the reality.
Otherwise, we will walk in the same path -- 1% owning more than 98% of global wealth didn't happen over night, but with long planning.
I still believe in the Will of God that He will carry us through as in Revelation.
_____________
Jesus is the Way and the Life as a Christian; however, to believe in following money is, to me, not the way.
But of course, you now clarify "ONLY WAY - THE WAY" following the Will of God.
What God has told you quite different than anyone else on the face of the earth even though we have the Words of God.
Such as you or I am not Jeremiah, Moses, or Joshua.
What God has told you or what you believe what God has told you is quite different from anyone else.
Money has everything to do as "GREED" is the root of all evil. Satan tempted Jesus with money and glory as in Matthew 4.
http://www.biblegateway.com/passage/?search=matthew%206:24;matthew%204:1-11&version=NIV
Mammon
http://en.wikipedia.org/wiki/Mammon
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