Monday, May 24, 2010

Wall Street Reforms Congress

The legislation intended to reform the financial system and as it passed the Senate and House have so many loopholes place in it by congresses Wall Street handlers, that this legislation is a complete sham.

Not only will it not prevent other crises and more taxpayer bailouts in the future, but it guarantees it.

The legislation is full of gaps, and loopholes, but more importantly many provisions of the Law depend on the “effectiveness” of regulatory agencies, who failed to over see the financial sector and mishandled the blooming bubble that took Wall Street and America to the brink of collapse.

A big reason for the bill's limitations is that Wall Street banks and industry groups lobbied against rules they felt would reduce Wall Streets profit-making ability, such things as derivatives, those same instruments that collapsed the mortgage security network. The financial sector's influence in Washington reflects its massive donations and lobbying efforts, what you and I ceremoniously call Bribes.

Over the past two decades, the Banks and their lobbyists have given more than $2.3 billion to federal candidates; one more time, $2.3 Billion dollars to bribe Federal Candidates.

Since 1998, this group has invested $3.8 billion in “gifts” in the form of Bribes to Washington ’s most elite,

Is there any wonder, when Congress finds itself dealing with Insurance companies, Big Pharma, Wall Street, or the Military Industrial Complex, America looses.

America needs a lobby in Washington , but not the kind we see controlling congress with lavish bribes. America needs a lobby that will intimidate the insiders, by giving money to their opposition Office seekers seem to understand one thing, ”Money” because to Washington Money brings power.