Thursday, December 10, 2009

DEMOCRATS Seek to Remove CONSUMER Protections on Wall Street. It's All Over..

It's days like this I just want to take a long break and forget we even have a collapsing political system of government. "Conservative" Democrats are just as brain dead about finances as Republicans. That's why they too decided to BACK OFF on CONSUMER PROTECTION as they try to reform Wall Street. I hope you're sitting down, you won't believe what the Democratic sellouts are up to right now. AP:
A bipartisan coalition in the House voted to make it easier for corporations to engage in complex derivatives trades without government restrictions, eroding the reach of proposed regulations to govern Wall Street.
See, that's why I want to just give up sometimes. That's not all…

The legislation imposes new regulations on derivatives, aiming to prevent manipulation in and bring transparency to a $600 trillion global market. But an amendment by New York Democrat Scott Murphy, adopted 304-124 Thursday night, exempted businesses that trade in derivatives, not as financial speculators, but to hedge against market fluctuations such as currency rates or gasoline prices. The amendment also provided an exception for businesses that are not considered too big to be a risk to the financial system.

A Democratic effort to make more companies subject to derivatives regulation failed 279-150.
But it gets even worse, maybe…
Democrats hoped to fend off an amendment Friday that would eliminate the creation of an independent Consumer Finance Protection Agency. The amendment was offered by Rep. Walt Minnick, a conservative Democrat from Idaho, and seven other centrist Democrats.

The agency is a central element of the Democrats' legislation and the Obama administration's proposed regulatory changes.
And when it comes to protecting OUR money, forget that too. Believe it or not, a Democrat just sold us out.
Rep. Melissa Bean, D-Ill., succeeded in getting her consumer protection limits inserted into Frank's version of the bill. Her provision would make it harder for states to enforce their own consumer protection rules on national banks.
Sure Bean's campaign is getting a lot of bank money, but still, cutting the throat of consumer protection in the broad daylight is shameless and shocking.

I don't know this party at all..and I want to take a break right now.

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