Trading Now

Trading Now

Monday, October 19, 2009

Maybe the Stock Maket Won't Have to Crash Afterall

*could it be that bankers are finally getting the message that we are all onto their game? You may have paid back bailout money but we ALL know you are still getting cashola at the best possible rate of ZERO% and STILL NOT EVEN LOANING IT TO US FOOLS. And complaining that Government shouldnt tell you how to run your business and "americans need us more than we need them." Oh really. Well screw you and your higher interest card rates. I am no longerr buying anything but food and toilet paper. And news flash for ya: welfare recipients get told what to do ALL THE TIME. And make no mistake about it Mr. Dimon, you are on WELFARE! And at my expense too.
Big banks find political muscle in Washington slipping away
The nation's biggest financial institutions are close to losing their high-profile fight against regulation by state agencies. The Obama administration has pressed to end federal pre-emption of state banking regulation, saying it blocked the states from heading off many of the abuses that lead to the financial crisis. In a rare setback for the powerful big-bank lobbyists, industry and congressional sources said the House Financial Services Committee was likely to vote Tuesday to give states the power to impose consumer-protection regulations on federally chartered banks. The Washington Post (10/19)
Big financial firms losing power on Capitol Hill
House panel to vote on subjecting national banks to state rules
Large banks are on the verge of losing a key legislative battle over the shape of financial reform, an unusual setback that reflects the continued political backlash over their role in creating the financial crisis.
The House Financial Services Committee is expected to vote Tuesday to let state governments protect bank customers by imposing restrictions that go beyond existing federal laws, according to congressional and industry sources.
The move would roll back a doctrine called preemption that has allowed big banks to answer solely to federal regulators. The banks argue that operating under a single set of rules is more efficient and results in lower prices for customers. But the Obama administration, which is pushing for the change, regards preemption as a cause of the crisis because it prevented state regulators from quashing obvious abuses.
The change essentially would unleash 50 additional regulators on the largest banks.

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