In Deal, New Authority Over Wall Street

An overhaul of the financial regulatory system will vastly expand governmental authority in a bid to curb what led to the plunge of the world economy in 2008.

Read the full story on the New York Times

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One response to “In Deal, New Authority Over Wall Street”

  1. Stephanie

    One interesting footnote in this legislative fight is the stark contrast between Senator Blanche Lincoln and the first official Tea Party Senator, Scott Brown. In the face of a serious electoral challenge, Lincoln had the spine to throw a left hook at the big, smirking banks. Scott Brown, one the other hand, rode Tea Party anger at the bailouts into the Senate and then instantly slipped into the deep pockets of the bank lobbyists.

    Like all Republicans Brown defends his support of plutocrats using the magic word: jobs. (We must do what the rich say or they will not give us jobs. How courageous is that? ) It says much about the utter incoherence of the Tea Party that in the wake of the financial crisis they elected a fashion model turned real estate lawyer who proceeds to defend the interests of the financial oligarchs…aka the miraculous “job creators.”

    The so-called Tea Party, the useful idiots of the right, would probably elect a Goldman Sachs trader if he only drove around in pick up truck waving a deer rifle, screaming that the socialists are in charge and he isn’t going to take it anymore! Well, you have to hand it to Senator Brown. He does know a thing or two about jobs. He got out of real estate at just the right time.

    Stephanie Mcnealy
    http://www.famous-philanthropists.org
    Customer Service Team

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