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The fix has been reconfirmed…..

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Corporations love government regulations. It kills competition dead leaving a multitrillion dollar market with only a hand full of players.

At least the politicians won’t have to worry about their cut not coming on time. They’ll be laughing all the way to the bank.

US Senate Rubber-Stamps the Dictatorship of the Big Banks

The Wall Street Journal reported the rise in prices under the headline, “Financial Stocks Turn Higher After Senate Passes Reform Bill.” CNNMoney.com titled its story, “Bank stocks rally on heels of Wall Street reform,” noting that “major banks reacted positively to the reform’s passage, and shares climbed in afternoon trading.”

There is a striking and politically illuminating contrast between the market reaction and the populist phrases mouthed by Democratic politicians in Washington. Harry Reid, the Democrat majority leader in the Senate, boasted, “When this bill becomes law, the joyride on Wall Street will come to a screeching halt.”

President Obama was more restrained, declaring, “Our goal is not to punish the banks but to protect the larger economy and the American people from the kind of upheavals that we’ve seen in the past few years.” But he hailed the passage of the bill as a triumph over intensive lobbying by the major banks (who were among his biggest financial backers in the 2008 presidential campaign).

“When they couldn’t kill it, they tried to water it down,” he claimed, adding, “Taxpayers will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more taxpayer-funded bailouts. Period.

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Written by mrcauser

May 25, 2010 at 4:33 pm

Posted in Uncategorized

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