Financial Reform Bill is Filled with Loopholes
Monday, December 14th, 2009 at
6:20 pm
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FDR met with the unions, talking about their common goals.
At the end of the meeting, Roosevelt told the unions: “Now we know what we BOTH want, it is YOUR job to force me to do it”…
Because there were very powerful people trying to force him to NOT do it.
Same goes with Obama, except the powerful people have an entire news network, talk radio,well the whole of Newscorp, as well as churches and the teabaggers along with the Republicans against him.
Worse is yet to come if we let the boys from Enron create a carbon credits trading scheme.
Dirivitives can be useful in a system, but this lawless application of dirivitives specifically created to give vast profits to a very few, THEY will destroy capitalism.
by definition in capitalism, most or all profits go to the rich. I love all of the contradictions in capitalism. Like, capital accumulation is a necessity and capitalism cannot work without it, but if there is too much accumulation, the system fails because the poor do not have enough money to buy things.
Henry Ford knew different.
He raised the pay of his workers every year he could, paying the highest wages possible.
Because he knew he could make far more money if the workers could also afford to buy cars.
This is a lesson that the current industrialists have forgotten.
definitely a high wage helps everyone, but if a company can pay their workers less, they make more profit. When every capitalist pays their workers less to be as competitive, capitalists will still try to pay their workers less to make more profit. Search “Capitalism hits the fan” It is amazing how since 1970, real wages have actually gone down, but productivity has doubled.
@dangerouslytalented
The thing is, I don’t see Obama having that kind of initiative.
I have very lil idea of what cenk is talking about here. Derivitives and such i dont know what the fuck they are.
VOTE OBAMA OUT AND VOTE 3RD PARTY
I really wish we could have a true left wing party and not just these spineless, centrist Democrats.
Don’t worry. Not even the people who designed them and trade them every day know what dirivitives are. They started out as a way of distributing risk, so individuals or corporations can make risky decisions and not lose their shirts, but now are simply ways to help very very rich people get even more money by gambling.
I retract the “don’t worry” I said at the start off this comment. Worry. Be very very afraid.
Problem is, if he sticks his neck out too far, he will get his head clobbered, not only by the Republicans (who are already trying to clobber his head anyway, for any reason, even made up reasons like mustard on a hamburger) but by his own party.
What? Libertarians? Greens? No, the only real chance is to take over the Democrats, and get behind people like Grayson, and complete the Progressive takeover of the Democrats, just like the Roosevelts did.
Sure do that. But if they don’t get the Democratic nomination, the next step would be to vote 3rd party. You have to keep the democratic party on its toes, else they will take you for granted like they always do
If enough Progressives get into congress to be able to filibuster legislation, then that would be perfect. Because the Republicans+1 democrat can do that, and ALL of the Republicans can be counted on to filibuster. At the moment, only a handful of third-party Progressives have to get in to wield enormous power to tip the balance.
Good Point, Well lets vote progressives in congress. We need a viable 3rd party. We need competition.
hyper inflation is almost inevitable so I’d rather we had it going in the right direction of re-establishing the gold standard and removing this large counterfeiting operation called the Fed rather have it and have the Fed enslave all of us in the end of its cycle. What was the purpose of establishing the Federal Reserve again if you could remind us?
I’ll use a metaphor that Ron Paul used. If you have a drug addict who wanted a cure, would you deprive him of that cure because you fear withdrawal symptoms and continue supplying with more drugs. This is what you’re suggesting with this dollar printing economics.
The problem is, there ISNT enough gold to operate our modern economy. It is too large (even after hyperinflation). And this is why we got off the gold standard in the FIRST place.
There is not enough of the “cure’ (in this case, gold) to prescribe a proper treatment. And even if there WAS, we would basically be selling the entire economy to speculators, who would be hoarding every single speck of gold they could find.
Well the economy is this size because of credit and because of greedy people who misuse it to grow filthy rich exploiting it with various pyramid schemes. The economy doesn’t need to be this large because its unreal. Sort of like buying a couple of monopoly games and thinking you have struck it rich with all the cash inside. It is a fake credit-based economy, and guess who will end up paying for it when things go wrong. Bankers or the Fed?
Then let the economy shrink to its realistic size .. use other commodities with gold, but don’t just continue to print paper and call that an economy
It is a fake credit based economy, yes, that is what the Supply Side System does. What needs to be done is go back to the kind of system they had back in the 50s, 60s and 70s. The kind of system that they STILL have in Germany, South Korea and Japan, based on higher wages and lower profit margins. Speculation is happening because it is far more profitable to speculate on securities than to build factories and create jobs.
Going onto the gold standard will just create speculation in gold.
The gold standard is not the cure for overspeculation. The value of gold is not set. It is as open to speculation and market manipulation as much as any paper fiat currency.
This has already happened with silver (the Bunker-Hunt brothers in the 70s) and with oil (this decade).
Totally agree.
/watch?v=CMV-Thhx3ps&feature=email
I have tried in vain to drill things like this into people here. If you are board and fancy pontificating check it out.
Yeah, the Libertarians would just de-regulate more of the economy, and that’s not really the direction we want to go….