In case you were sleeping in 2008, derivatives trading and similar dang near brought the economy down completely. We were essentially one phone call from China away from complete collapse. If youd like a great simplified look at it, Id recommend the HBO movie Too Big To Fail. Now, the House has voted to strip some of those protections away. In a bill in which 70 of the 85 lines in the new House bill reflect recommendations made in a piece of model legislation drafted by lobbyists for Citigroup, another bank that played a major role in the 2008 crisis and also received billions of federal stimulus dollars. The amount of money Wall St. has spent lobbying for this is staggering. This is the fox guarding the henhouse, folks. Heres hoping the Senate has more sense.
Posted on: Wed, 06 Nov 2013 20:09:06 +0000