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Did you see Senator Maria Cantwell on Dylan Ratigan's show? Do you understand that as much as 50% of the derivatives where we want to have transparency and regulation are going to continue to have loopholes on the financial reform bill that's moving through Congress right now? A couple of the loopholes:

First, as Senator Cantwell points out, it's saying there would be no government regulation on who is going to use the exchange. And the exchange is regulated by the clearing house, which is the bank. The banks make more money when they don't use an exchange.

Another issue Senator Cantwell points out is foreign currency swaps are excluded. This means it encourages US businesses to set up offshore, because there is no regulation there.

Cantwell is saying current law with its loopholes might actually be better because the loopholes on the proposed bill will just promulgate the problem. So do we want Wall Street to continue to have "uninsured products" out there on the market continuing to wreak havoc while everybody else is paying the price? Cantwell says "The Treasury Department should be ashamed of themselves. They have blessed this deal. They're going back on what the Obama administration originally put out as a white paper for how to close these loopholes, and so I hope they will take note of that.

".... Instead of having the CFTC really do its job and regulate these entities to protect the American consumer, they're basically saying, 'Just continue to do your own thing. Continue to figure out how to manipulate this market by not having transparancy.' This is a $590 Trillion international market. And we can't continue to have 50% of that market unregulated with the kinds of products out here that don't add up on paper," said Cantwell.

Ratigan replied, "The fix is we must have that open exchange for all credit derivatives with rare exceptions, very rare exceptions, and certainly no exceptions where the bank gets to decide what goes to the exchange and what doesn't, and no exceptions where everything offshore is exempted. So again, an open exchange where nothing is excepted. And the CFTC, which is the commodities regulation, they should have the power to decide whether a contract or rule endangers the financial system. That power was voted away from them yesterday, was it not, Senator Cantwell?"

"That's absolutely right. So instead of saying a swap and a derivative is defined, basically they said, 'Here are all the exemptions, and all the end users like the equity firms, like hedge funds, like the big players... oh by the way, you don't really have to play by the rules.' And that's a big mistake."

Cenk says (paraphrased):

Basically what this means is the bank industry went in there and gutted the regulations. Michael Hersh had a great story in "Newsweek" about it. The banks get to decide which transactions they're going to put on the exchange, so the ones where they'll make a lot of money won't be put on the exchange. It's an obvious shell game. They're going after Geithner and they should, and they're going after Obama's WH and they should. This is a fraud on the American people. Rob Johnson, who is also on that program, California chief economist, was with the banking committee, was with the IMF I believe, he said, 'It's an act of commission, very very dangerous for the future of our financial system.' They're purposely making it worse. I'm telling you, Geithner is a disaster at the Treasury Department.

So they cannot pass this bill. They need to make it signifigantly stronger. They'll screw it all up again and come to us for more money otherwise.

http://www.youtube.com/watch?v=vTggWeexJEo

And you want to talk about WHAT?

Obama’s appointees with socialist views include Van Jones, Mark Lloyd, Carol Browner, Cass Sunstein, and now Anita Dunn. They all love Moa Se Tung, and Chavez alike.

Obama’s fall people, will all do their short stints like kamikazes did in WWII crashing into American war ships. They will gladly take their roles in history ending their political careers for the greater good of socialism.

Obama will try and get all his agenda in before the 2010 elections. The odds are that the republicans will take back both houses and he will be a lame duck president for the remaining two years.

Two main reasons:

-you do remember as Trotsky called his partisan goopher and let go them to install under the ground at places where they can later be operating for the socialist that to say first for propagand schools with teatchers and then main administraions may be first for work.

-This poeple think that they have interest fe to work less or get a better pay bill in fact the socialist governement has to give them good money

yes like hireling mercenary to let obbey the citizens and they get more and more advantages by working less or more holidays or better retirement.......social advantages payed by the workers ou our taxes.They have to get back in the teeth the struggle of class that they are promouving for 80 years.

Find in the ennemy's yard what to fight him.

You have some at least!

If you think Obama's administration is socialist acquire a plane ticket to North Korea, China, Cuba, etc. Happy travels.

Socialists advocate the abolition of the wages system, an end to class society and a world without governments or war. Obviously there's nobody who believes in that in Obama's administration.

Yes, FDR's administrations were full of pinkos. The commie-loving Henry Wallace was his VP. And look at the terrible results!

Heaven forbid that Obama should do the same! Wouldn't it be just awful if he ended the Bush Meltdown and brought peace to the world like FDR did?

i think most people voted against republicans because they ran us into the ground not because of the views of the current leader or his administration but i think a lot of people are now realizing just how screwed up there retaliation was and how it is really going to effect every one

it's funny...the soviet union collapsed, but the marxists in America didn't get the memo; they just got jobs in the 0bama administration

Hey, the White House press person, whats-her-name, even invokes Mao Tse Tung as one of her idols.

Go figure hey.

He said he would bring change. Now do you believe him?

To question this administration you must be racist