Will we really get a finanical reform bill?

President Obama is heading to the Big Apple tomorrow to press his case for putting some kind of leash on the financial predators who orchestrated this recession/depression.

In the meantime, Obama and Senate Dems may have faced down the Rs, who were threatening a health-care-like stall campaign. Perhaps McConnell & Co. noticed that investment bankers aren’t as popular as doctors?

NY reports this evening that legislation regulating derivatives passed the Senate Ag Committee (yes, Ag, they have jurisdiction over commodities) – One small step . . . .

Former Labor Secretary Robert Reich, writing at HuffPost, describes what we need – Need more steps, lots more . . . .

Four Senators are introducing their own legislation to break up the “too-big-to-fail” institutions, which should be a cornerstone of any reform – A bigger step . . . .

Later,

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One Response to Will we really get a finanical reform bill?

  1. tim074 says:

    On the side of the consumers- Robert Reich, who is the president of Common Cause and Elizabeth Warren, who is setting up the Consumer Financial Protection Bureau versus Wall Street & the Investment Bankers. The same people that don’t want any regulations on an unregulated $600 trillion derivatives market and hedge fund dealers who make as much as $5 billion per year selling these toxic financial instruments. Then when they get in trouble, they call for a taxpayer bailout. Our financial debt keeps growing and while Pres Obama wants to raise taxes to help correct the problem, Rep Paul Ryan (R-WI)wants to lower the individual income tax bracket from 35% to 25% making the deficit problem even worse. When Pres Bush took office & lowered the income tax from 39.6% to 35%, we went from a surplus as far as the eye can see to when he left office, a DEBT AS FAR AS THE EYE CAN SEE. Now, they’re still promoting more trickle-down theory? What we should do is close the tax loopholes and make sure that these billionaires can’t hide their wealth in offshore tax havens. The Republican goal is to eliminate the unions and put all the burden on the property tax and eliminating the middle class. Like Governor Scott Walker (R-WI) said take the income and sales tax off the table and call that bargaining in good faith? Can you believe that?

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