Monday, December 03, 2012

More “ ObamaCare” Corporate Welfare On Tap For Wall Street As Politicians Seek To Make Bribing Washington Easier

As RepubliKKKlans and Dummycrats focus on the imaginary fiscal cliff to once again further erode democratic social programs from those exploited and preyed upon by our corporate masters and give that money back to our rightful owners, Wall Street, Barney Frank is up to his old form with another piece of sneaky and smarmy legislation. 

Frank has sponsored a bill that apparently he tried unsuccessfully to  ramrod into the original Dodd-Frank ObamaCare corporate welfare for Wall Street bill.   This new bill would create a super regulator out of the CFTC and the SEC. 

Of course, anyone who knows how Wall Street works realizes that one regulator is easier to bribe and control than two.  That is how Wall Street created $62 trillion in credit default swaps.  They should be classified as insurance instruments and hence regulated by each of the 50 states.  Or, 52 states as George Bush would say.  But, instead, bribery of one bureaucracy, Congress, had the classification of insurance subverted.  Voilà!   50 State regulators are out of the loop and Wall Street is off to the races.  

Story link here.

posted by TimingLogic at 11:16 AM

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