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Friday, June 25, 2010

More extend and pretend

These so-called financial reforms will do absolutely nothing to bring the nation out of the financial crisis and economic contraction. It doesn't address outstanding debt, it doesn't address mark-to-fantasy, it doesn't address bank insolvency, and it doesn't even slow down the increasing amount of bank fraud. It's merely yet another attempt to protect the banks while deceiving the public into thinking that the government reining them in:
President Barack Obama declared victory Friday after congressional negotiators reached a dawn agreement on a sweeping overhaul of rules overseeing Wall Street....

One financial analyst, Richard Bove of Rochdale Research, said he believed the measure would have little impact because banks would find ways to hit consumers with more fees. "The good things coming out of this bill is virtually zero," he said. "Did it help the U.S. economy? Did it solve any problems? The answer is no and no."

Financial stocks rose in early trading Friday, as traders were relieved that banks would be allowed to continue most kinds of transactions. JPMorgan Chase & Co. rose 2 percent, while Citigroup Inc. climbed 2.1 percent.
Translation: the casino remains open.

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