Friday, June 27, 2014

Wisconsin Congressmen vote to Repeat Great Recession with deregulation!!!

The free market Republican Great Recession was so much fun, let’s bring back the conditions that caused it. From Roll Call:
CURBS ON FINANCIAL REGULATION: The House passed a bipartisan bill (HR 4413) that would renew the Commodity Futures Trading Commission through fiscal 2018, curb its regulatory powers, add investor protections and increase the national debt by $948 million over five years. Under the 2010 Dodd-Frank law, the agency has begun the first federal regulation of the $700 trillion derivatives market, whose collapse in 2008 helped crash the U.S. and global economies and trigger taxpayer bailouts of financial firms. In part, this bill would subject new CFTC rules to time-consuming cost-benefit analyses and exempt derivatives trading by overseas subsidiaries of U.S. financial institutions from direct CFTC supervision.

A yes vote was to reauthorize the CFTC with weakened regulatory powers: Ryan, Kind, Sensenbrenner, Petri, Duffy, and Ribble.
The shocking fact that they didn't learn their lesson when millions of jobs disappeared during the Great Recession, collapsing some European countries, is inexcusable. Here's free market loser Alan Greenspan:

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