Signing of Dodd-Frank – Now Virtually Repealed/Gutted
The NY money center banks won again in Washington, the second time in a single month. They succeeded in repealing Dodd-Frank and have now succeeded in repealing the Volcker Rule, which it is officially put on “delay” that will be permanent. The federal reserve has repealed the Volcker Rule that will let the highly speculative banks hold onto billions of dollars in private-equity and hedge-fund investments for at least two more years until it is delayed again if not just forgotten about silently.
The Fed granted the delay yesterday after banks argued selling their vast positions quickly might force them to accept discount prices. The irony in this is that Goldman Sachs Group Inc. has $11.4 billion in private-equity funds, hedge funds and similar investments, while Morgan Stanley has $5 billion, securities current filings show. But Goldman became a “bank” only to get in line for bailouts. They are not a real bank with branch offices taking deposits from little old ladies. They became a “bank” to accept a bailout. Now as a bank, they are altering the entire banking system because they are traders – not bankers. JP Morgan want to be more and more like Goldman Sachs. This is destroying the entire banking system.
Speculating is NOT what a bank was supposed to do. Banks were to lend money to build the economy – not speculate for profit. Goldman Sachs should be returned to an investment bank and JP Morgan should be told to choose – sell all its branches and stop taking deposits becoming an Investment Bank or stop the speculation and be a damn bank.
These politicians are up for sale and that is the entire problem. Indeed, the banks virtually rent space on the floor of Congress. They own the building and almost everyone inside. Nobody gives a damn about the future of the economy and the nation just how much will the banks give them to keep office.
