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then the last week that we had financial reform
uh... and of course as usual uh... though a bomb a team together let out a little you
know
help with the whole thing
i sort of set out about health care reform uh... everybody's writing about it in terms
of finance reform as well
and almost all of story out there said hey you know what all bombs illegal campaign
saying that he this wonderful finance reform and everything's fixed now that's a disastrous
idea because nothing is fixed
now let me give you the specifics or why do i aka
have cigarette problem with this bill
point number one uh... here is the new york times
writing an article about how of wall street's reacting to it
one better investment bankers said quote
if it's not that anyone privately
there's a style of relief
in other words the bill didn't do not
they
they don't blow
may vote by vote we thought that might do actors unalloyed it into a damn thing
baby says at most you will
cutting their profits fifteen to twenty percent
but there's no break up of any institution
or any onerous new taxes
and other uh...
investor magazine that
at most book
cut into profits by about four percent but will get to keep doing business exactly as
it is
now look idon't want to come in the park is not about all i am making too much profit
it's about did you fix the system
adhere they're saying of thank god they didn't actually fix the system so in a at my cost
me a little bit here and there
but i want to keep
doing the same highway robbery i was before
uh... diamonds were committed
controverted parminder altman who's now at
chairman of ever corp artist says the health care bill go to school to help your bill is
going to transform the structure of health care
exponentially
more than this legislation on financial regulation is going to change
wall street it's not even close the senate
so this plot health care reform was weak sauce
wait till you get a lot of how weak financial reform is
they're laughing at us
wall street slapping happens on tap all palm up
change
pocket change
easy pushover
let me give you specifics on what's wrong with the bill
here's corin in new york times the senate reject the rules that would have broken up
huge banks consider too big to fail or impose limits on their sides
caps on how much banks can charge credit card holders of borrow
also fell by the wayside
and the long-established wall between trading in commercial banking
which is toward out in nineteen eighty nine
will not be going back top
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or nicely done
and other reason for relief several banker said is that neither the senate version of
the biltmore one passed by the house in december
because the more partners provision they have gain foothold in europe
what attacks on financial transactions
or individual bonuses
so we leave the structure exactly as it is we didn't break a too big to fail at center
as i explained to you
and we need to say hey you know what financial transaction tax or bonus tax
that europe is doing
that is eminently reasonable because they're making all that money their salaries are bonuses
that profits of the banks
because of the easy credit we're giving them and the back door bell labs were giving them
let on the actual flat out money we gave them
they're taking our money in line with that we're not gonna dancing with about it
and then paste new york times that as i've said over and over the one thing it's m
there were two things are good in the bill was on the ratings agencies that are franken
pass that amendment that's all
the second is
table elitism and that on derivatives
don't get too excited about that clear it was a very important
and it would have to split 'em from the banks
except they slapped in the senate in the house version
and uh... the new york times says that would be a neck arms committee that parisian is
quote likely to be shelved
or watered down
it you think they're going to actually do it for prevention
uh... idon't think so
uh... it other bankers said at this legislation is not going to kill business
even if their profit margins are reduced uh... there
during his business will compare favorably
from more traditional banking activities
what commercial lending you understand the downside of that
should look when i can and land anymore money and new numbers a read on that
they stopped lending completely
billig know what to do the profitable stop
which is the derivatives trading
so when its stock up a lot of taxpayer money in easy credit
and we're going out there
small businesses or large businesses
winning isn't the gamble morbidity in starbucks
traded and believe it
alright worst details
rule with loopholes
recoverable quotes
uh... this is not going associated press other bill exempts companies that use the rivers
to reduce the risk of fluctuations
in interest rates and commodity prices says all you know we need exemptions for the just
those specific areas but there's a explain experts say the succession
could be exploited
uh... releasing companies might exploit those exceptions
companies could for example finally succumbed by traditional business activities
with truly financial investment continues
of derivatives giant loophole number one
on top of the fact that they didn't even actually fix anything
there's still a giant levels in there
nunn-lugar lumber to smaller banks who still chooser own regulator
these banks will likely seek out the most lenient oversight
what we do sweeping financial report
for the smaller banks can choose their own regular
i'd like to have baap
bob seems nice guy heavies and take it easy on
while we are really tell about it
he admitted so that will for the independent community bankers america
an american bankers association they surprise
how about the mobile number three the senate voted against capping how much banks can bet
relative to the reserves
it left that out the same regulators who failed to properly mugger banks
risk-taking
before the crisis
there is no capital on how much they can bat
relative to the money to that
so what they thought they were doing this report
okay
will go over four
the senate bill s regulated decide whether to protect the creditors of the failed banks
the bill does little to prevent the big banks from getting bigger
meaning taxpayers might have to intervene again
a democratic amendment to limit the size of the banks was rejected embed opposition
from the banks such as goldman sachs so no limit on the sides and uh...
we're told hey trust the regulators
if it turns out there's a problem the break up the big banks even though
that's exactly what
they didn't do last night
and there's no reason to believe they'll do it in stock
loophole number five
because they were watchdogs authority would be confined to a firms with at least ten billion
dollars in assets
thousands of community banks wouldn't be support supervised
by the consumer agency at all norwood and many non banks were a lot of this effigy transactions
happen the chamber of commerce has led to push
to limit the reach of the consumer agency
the peggy lending industry and the national automobile dealers association had joined
the effort
enjoy that gigantic loophole where the pay lenders
his thoughts write you up to
six hundred percent interest
that was called
loan sharking in the past
did i get adjustment bill
nope
this bill is a j okayy
joke
alright i'll ask loopholes for you guys
uh... intact cantwell said to have a amendment they say hey you know what
we're saying that we're going to put all the burgers on the market so please this transparency
that's what all of the golden things about this box top
but she read the fine print and it said if you don't know it
uh... well there's absolutely no penalty
so she wanted to do sped amendment saying
well if you break the about law there should be
a penalty
got spike
they killed it
so even if you do don't put it on the market
there will be no penalty
and dismisses aside
wet but that on that
uh... markets at he entirely and
clearing houses are going to be
i'm sure you'd be shocked to find out
that yes the banks
will run
their own clearing houses added that aside what goes on
open market and what doesn't
and then there's a fine a little one that says that
banks can't get the banking committee dropped a term
trading facility
uh... that led to another lobo letting them
exempt even more interest rating
from open
review in and you have almost
how open view under orders trading
and even if you did and they didn't put it on that there's no penalty
this bill is
horrible
horrible that's why i was treated celebrating today
spectro
and of most of the major banks on friday they went up five percent
their stock market looked like
this or a bomb at the offer
this is a stage wall street in believe it
i toward it what's gonna happen here
i've made this petition before all do it again here if you like
this is going to lead
to worldwide
economic
collapse
we have done nothing
to fix it
at me think that they have been killed
they're playing politics all
will say we fix it
and the media will cover a cat every story
now but the a_p_ story straight the new york times stories great but you ended newsweek
story michael harsh great there was that explain loopholes but even some of them lead with
every other stories with sweeping financial reform
as a teacher i'm getting
is nothing sweeping about this
so in the end they will take too many
bill but too much money without enough capital
to make more profits in the short term and they will crash
and when those banks crash
they're gonna take everyone down with them
including possible the united states government
don't we don't have enough money we already point
an extra trillion dollars in effect
we've already
put an oracle close to two hundred billion dollars the idea freddie mac and fannie mae
we don't have money anymore
well for when the next crash happens there is no more bailouts
because we ran out of money
the problem is
when there's no more bailouts and then x crash happens
it's an absolute financial depart kal and ideas can affect the whole world
annandale look back and on the actors at the death by mister foreman didn't get the job
done
and they'll say no one could have seen it coming
except for all the people here
that's you'd come in