TYT: Obama Caving in to Wall Street Again

[democracy1st]

Run time: 04:50 https://www.youtube.com/watch?v=pGiohRS-3Bo   Posted on YouTube: November 14, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: November 16, 2009 By DU Member: democracy1st Views on DU: 1202

 
Watch more at http://www.theyoungturks.com

Speechless!

Chris Dodd leading the way on reform :shrug:


Senator Dodd Unveils Bank-Reform Bill
The measure's consolidation of bank agencies is one of the big departures from the financial-reform efforts of the House and the Obama Administration

Senator Christopher Dodd, the Connecticut Democrat who heads his chamber's Banking Committee, unveiled on Nov. 10 a sweeping, 1,136-page regulatory reform bill that would consolidate financial regulators, impose higher capital requirements on financial institutions, remake the derivatives industry, and shift consumer protection from an overlapping patchwork of regulators to a single new commission. But some in the financial-services industry aren't rushing to read it.

"Given the shredding that committee is likely to give it in markup," says one banking analyst at a big money manager, "I think there are probably better uses of time."

In many ways, Dodd's bill is a distinct departure from proposals floated by the Obama Administration and in the House of Representatives. And it has already drawn barbs from the banking industry and companies that use derivatives, both of which spend heavily to lobby Congress. But it remains a starting point for long and likely convoluted negotiations among the Senate's Democratic leadership, the Republicans who could block the bill with the help of just a few conservative Democrats, and the financial-services industry, which is regaining some of the clout it lost in the financial crisis.

In other words, a lot will change before the Senate passes a regulatory reform measure—and then that measure still must be reconciled with the bills that Barney Frank (D-Mass.), the powerful chairman of the House Financial Services Committee, is crafting. Frank's legislation will surely differ substantially in at least some areas.


http://www.businessweek.com/bwdaily/dnflash/content/nov2009/db20091110_145267.htm




Sen. Christopher Dodd proposes single watchdog for banks
The Senate Banking Committee chairman's sweeping proposal to toughen oversight of the financial industry complicates White House efforts to get an overhaul passed by year's end.


Reporting from Washington - The influential chairman of the Senate Banking Committee, often criticized for being too cozy with Wall Street, unveiled a sweeping new plan Tuesday to toughen oversight of the financial industry -- proposing changes even more dramatic than the Obama administration's at the risk of delaying passage of new rules this year.

The plan by Sen. Christopher J. Dodd (D-Conn.) would shatter the existing regulatory structure, installing a new federal banking authority to take the place of four agencies, a bold step the Obama administration declined to take.

"The financial crisis exposed a financial regulatory structure that was the product of historic accidents, one after another, over the past 80 years," Dodd said. "For decades, Washington has failed to deliver . . . substantial reform we need. If we fail again at this hour, our economy will be vulnerable to yet another crisis."

But Dodd's decision to offer a plan significantly different from legislation moving through the House further complicates White House efforts to pass an overhaul by year's end, efforts already hampered by Republican opposition. It also promises to ratchet up the intense lobbying on Capitol Hill over the most far-reaching changes to financial rules since the Great Depression. Industry lobbyists have amassed a $200-million war chest to try to derail measures that threaten banking profits.

Critics say Dodd's zeal to rein in Wall Street stands in stark contrast to a career spent as an ally of the financial industry, suggesting that his pro-consumer stance may stem from a difficult reelection fight looming next year.

"Despite Chris Dodd's election-year conversion to populism, he cannot escape the significant role he played in our nation's current economic crisis," said Amber Wilkerson Marchand, a spokeswoman for the National Republican Senatorial Committee, which is working to unseat Dodd.

http://www.latimes.com/business/la-fi-dodd-reform11-2009nov11,0,929033.story

[girl gone mad]

1. Dodd faces tough re-election prospects..

with the bailout backlash and an opponent who called the crisis way ahead of time (but is a bit of a libertarian nutcase), it's no surprise that Dodd has suddenly got religion about Wall Street. Too bad his record as a Friend of Angelo, beholden to the banking lobbies stands in such stark contrasts to this reborn reformer shtick.

[Enthusiast]

2. At least Dodd wants

effective regulation. Reform alone would boost the economy.

[democracy1st]

3. +1

[Better Today]

4. Or maybe he has seen the light. It isn't entirely unheard of that someone finally gets it.

Since he is in the Senate, rather than being a whistleblower, he can actually do something about it. I don't know, I guess I'm having a rare moment of residing in pipe dreamland.

[ProgressOnTheMove]

5. I guess the next step has to be a veto proof majority the President can do the representing ...

a progressive congress can do the legislating. The way I always work there's an unavoidable problem work round it.

[Stevepol]

6. Cenk is right on the money here. Obama needs to stop pal-ing around w/ Geithner.

I hope Big Ed takes up the cause. Maybe he watches TYT.

[olegramps]

7. The most important issue, the financial markets, has been ignored.

Rather than getting into a protracted struggle in attempting to reform health care, Obama should have put reform of the financial markets as his first priority. I was attacked by people when I ventured to say that his first priority should have been to get the damn economy turned around and then we can address the complicated issue of health care. How in the hell can you afford any health insurance if you don't have a job unless you want to live on welfare the rest of your life.

It appears that what we have instead of real reform on these two key issues is some half-assed results that don't please anyone. Admit it or not, President Obama has failed to seize the opportunity to reform Wall Street and the Banking system and as a result is quickly losing the support of many Democrats. I have not contributed anything since June and will continue to not contribute until I see some real CHANGE.

[ihavenobias]

8. Very sad, but very true.

Let's not pretend otherwise.