About: lawmakers guide dodd-frank bill for wall street reform into homestretch
- DODD: 'No one will know until this is actually in place how it works'...
Is HR-4173 it?
It's as if Tony Hayward of BP were allowed to write new rules on deep water drilling.
The Federal Reserve, which promoted the housing mania and failed utterly in its core mission of monitoring Citigroup, will now have more power to regulate more financial institutions and more ability to dictate the allocation of credit.
The Treasury, which bailed out institutions willy-nilly without consistent rules, will now lead the Financial Stability Oversight Council that will have the arbitrary power to define which financial companies pose a "systemic risk" and which can be shut down without recourse to bankruptcy. Willy-nilly will now be the law.
And the SEC, which created the credit-ratings oligopoly and missed Bernie Madoff, will get new powers to decide how easy it should be for union pension funds to get their candidates on corporate proxy ballots.
Oh, and Fannie Mae and Freddie Mac? They aren't touched at all, even as they continue to lose billions of taxpayer dollars each quarter.
In other words, our Washington rulers have taken 2,000 or so pages to double and triple down on the old system that failed.
- financial overhaul
Push for new Internet sales taxes; Would draw $23B... - those with Internet businesses who voted for Obama enjoy your hope for spare change.
The population of the US is < 400,000,000
a tree of people each of whom knew 12 other people & those people knew 12 other people etc on down the line would only have to grow to a depth less than 8 to cover the entire population. i.e. 12 to the 8th power is 429,981,696. Other numbers can be calculated. Trees of only 6 people would have to rise to a depth of less than 12.
Another way to say that is that your political power could be 8 degrees of separation from the elected representatives.
While you may feel isolated now, you could be more connected & have your representatives more responsive.