Congress Rolls Back Toothless, Psuedo-Financial-Reforms Which They Pretended to Make

 

Out-of-control derivatives were one of the main causes of the economic crisis … and nothing has really been done to solve the problem.

Is Washington finally about to fix the problem?

Of course not … they’re going to make it worse, and roll back even the toothless psuedo-reforms which they pretended to make.

As the Washington Post notes:

To the chagrin of consumer groups, the House gave overwhelming bipartisan approval Monday to two bills easing requirements that President Barack Obama’s overhaul of financial regulations impose on some exotic financial instruments blamed for helping trigger the 2008 financial crisis.

Lawmakers of both parties said they were relaxing rules that would otherwise inhibit the ability of companies to manage the risks of prices and investments, ultimately reducing their profitability and job creation. Consumer groups said legislators were bowing to the interests of their corporate and finance-world contributors and taking steps that might prove harmful to the public.

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The instruments are called derivatives ….

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“End users, you know, were not the cause of the financial crisis,” said Rep. Scott Garrett, R-N.J.

Democrats praised the bills as well.

“We should allow American businesses, acting in good faith, to effectively manage risk,” said Rep. Marcia Fudge, D-Ohio.

Truth is even funnier than satire. Congresswoman Fudge, indeed …

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  • http://blogdredd.blogspot.com/ Dredd

    There are a lot of Xanax moments in congress these daze.

  • Denny

    The only thing we can expect from these cretinous thugs is more of the same. Who and what they represent is complete illegitimacy. If you haven’t reached this conclusion already: We are on our own and we must come up with out own solutions. The further we keep these greedy morons away from our efforts at restoration, innovation and addressing the damage they’ve inflicted upon our world, the sooner we may be able to bring some semblance of sanity and order back into our lives. Whatever, whatever they touch either enriches them at our expense or simply turns to shit.

  • Teejay

    Neither you nor the Wapo report tells us by name or number what legislation is.
    Was this the JOBS Act or is Congress “unburdening” “small” business yet again
    in order to “unleash” “the free enterprise system”. Sound the trumpets.
    Get me the Pepto Bismal.

 

 

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