See post and transcript here thinkprogress.org EXCLUSIVE: Eric Cantor Promises Oil Speculators That Republicans Will Block Financial Regulations House Majority Leader Rep. Eric Cantor (R-VA) visited the Chicago headquarters of the CME Group, “the world’s largest owner and operator” of private exchanges for derivatives products. CME Group specializes in a number of markets, including trading futures contracts for various blends of crude oil and food commodities. Cantor met with executives, and at one point, gave brief remarks before CME Group employees and various commodity speculators. Cantor told the audience of speculators that his Republican caucus would “do our part” to block the implementation of financial reforms passed last year as part of the sweeping Dodd-Frank law. He even called out the Commodity Futures Trading Commission, the regulators in charge of overseeing derivatives and energy speculation, and promised to stop regulations from going online: Currently, energy speculation is at an all time record high. In 2008, according to many analysts, oil speculation — which took place on unregulated private exchanges owned by the CME Group and a set of international exchanges — spiked gas prices to unprecedented levels. Now, excessive oil speculation is again driving the pain at the pump. While Goldman Sachs has claimed that at least of the current price of crude oil is due to speculation, financial experts contacted by ThinkProgress say the Goldman Sachs number …
Earlier today US President Barack Obama signed a bill that is the most comprehensive financial law to be enacted since the Great Depression. The law, which got final approval from the Senate last week, targets the kind of Wall Street risk-taking that helped trigger a global financial meltdown in 2007-2009. Gerald Celente says that this is only going to harm and will not do enough to change Wall Street.
Cenk Uygur (host of The Young Turks) filling in for Dylan Ratigan on MSNBC talks to Robert Scheer (author of The Great American Stick Up) about President Obama’s remarks at a fundraiser in hedge fund country where he mocked derivatives reform and suggested he deserved more credit for the passed financial reform bill. www.truthdig.com
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A rap about what led to the current state of the economy, why the financial crisis is happening, and what the Bail Out Plan means for you and me. Written and Performed by Michael Bird Directed and Edited by Andrew Grissom
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MrPoliticsGeek! The Political Blog of Common Sense! The Average American Political Analysis through a young voice of America! In the recent weeks, Congress senate passed the financial reform to address the factors that led to the financial meltdown. But let’s be honest here, what is it even talking about? Derivatives? WTH is that? What does the reform do and how can it fail? sources: Credit Derivatives Explained: www.huffingtonpost.com C-Span discusses Financial meltdown: www.youtube.com Derivatives useful purposes: ezinearticles.com Derivatives’ stats: www.bis.org —also for simplified version of stats check out: en.wikipedia.org Media used: “3 Little Words” by Frankmusik I do NOT own the copyrights to these song/video. They are used solely for educational and commentary purposes!
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