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News Link • Legislative Mischief

Big banks escape toughest limits in new regulation bill

• McClatchy News
Lawmakers, narrowing the differences between legislation from the House of Representatives and the Senate, agreed to establish a Bureau of Consumer Financial Protection to address the shoddy lending and ineffective regulation that helped bring about the nation's financial crisis.

1 Comments in Response to

Comment by Ross Wolf
Entered on:

The Recklessness of banks if unabated, could not only cause a long-term collapse of the U.S. economy—but result in marshal law or ultimately fascism being imposed on Americans to maintain order. When the economy collapsed in the 1930’s, ninety-percent of Americans lived in rural farming communities where food could be grown at home or purchased cheaply. Homes were not heavily mortgaged. Since then, 90% of Citizens live in metropolitan communities. Now envision what might happen in 2012 for example, if millions of residents in large U.S. Cities after an economic collapse could not pay their rent, mortgage or buy food. The U.S Government would have to send troops into major cities to keep order, militarize civilian police and establish tent-cities for the unruly and homeless. Constitutional Protections could be terminated; most retirement accounts worthless and little government money if money is worth anything, for Social Security, Medicaid, Medicare and other public needs. It is important banks don’t invest government and depositors’ money in a manner tantamount to running a gambling casino.

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