Posted: 08 Jan 2015 03:50 AM PST
The
Republicans have been quick and shameless in using their control of
both houses to try to crank up the financial services pork machine into
overtime operation. The Democrats at least try to meter out their
give-aways over time.
Their plan, as outlined in an important post by Simon Johnson,
is to take apart Dodd Frank by dismantling key parts of it under the
rubric of "clarifications" or "improvements" and to focus on technical
issues that they believe to be over the general public's head and
therefore unlikely to attract interest, much the less ire. However, as
Elizabeth Warren demonstrated in the fight last month over the so-called
swaps pushout rule, it is possible to reduce many of these issues to
their essential element, which is that Wall Street is getting yet
another subsidy or back-door bailout.
Today's example is HR 37, with the Orwellian label "Promoting Job
Creation and Reducing Small Business Burdens Act".http://www.nakedcapitalism.com/2015/01/republican-campaign-gut-dodd-frank-huge-gimmie-banks-hedge-funds.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29
Reflections from news and commentary of the day
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