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Home Publications Blogs Beat the Press The Post Gives Free Space to Bank Lobbyists Without Names

The Post Gives Free Space to Bank Lobbyists Without Names

Tuesday, 04 May 2010 04:28

The Washington Post devoted a major article to telling readers that banking industry lobbyists, most of whom are unnamed, are not happy with the financial reform bills being debated in Congress. At one point it tells readers they describe aspects of the legislation as "Draconian," "Crazy," and "Insanely unproductive," although it provides no information as to which lobbyists describe which components with these terms.

One unnamed lobbyist told readers that: "I think the worry is the stuff coming out of left field, the whack-job amendments,... It's limited only to the imagination of the senators." Again, it would have been helpful to have examples of what is considered a whack job amendment and by whom. It's good to know that at least some industry lobbyists are at unhappy with at least some parts of these bills, but without some specific content, this article really is not giving readers much information.


Comments (4)Add Comment
written by izzatzo, May 04, 2010 6:20
The right to petition government,
On behalf of free speech,
Is a sacred right, an ultimate one,
For which access goes to the leech.

Tear down this wall you commie regulator,
Draconian it is you capitalist hater,
Insanely unproductive, economically inefficient,
We know because in that we're most proficient.
written by JoeK, May 04, 2010 9:09
Spot on izzatzo! But unlike the unnamed lobbyists, my concerns are the amendments which came out of right field, the wing-nut jobs.

The ones back in the 70's (credit cards, hey Sioux Falls is happy), 80's (S&L's rule! Mr Keating, nothing personal but do you support the Milken institute? ), 90's (repeal Glass-Steagel and let Financial Supermarkets pave the way to prosperity! Phil 'ol bro', sorry about McCain discarding you. Have you been able to find gainful employment in these difficult times?) and the Oughts, err Noughts (cut taxes and let the rich work their job-creating, entrepeneurial magic. The ownership society. Nice touch George.).

Just a sample. So what can we expect from reform? Well the wimpy credit card reform is turning out to be a good template. A few tweaks around the edges but don't touch the money-generating meat, namely loan-sharking interest rates. Sorry, I know it's legal so only a whack job would refer to it as loan-sharking.

Besides, restricting interest rates would only result in cutting the FREEDOM of poor people to access blood-sucking credit. And, as Timmy says, credit is the fuel (as in life-blood without which there would be no blood to suck) which the economy needs to thrive. I know these days, WTF??, would be the proper closing. But back in my day, F'ng A man!, was preferred, and I'm still partial to it.
written by Queen of Sheba, May 04, 2010 3:35
Nice rundown by decade. Also remember during the '90s, the refusal to allow any regulation of derivatives including regulation by the states. Bi-i-i-ig mistake.

From Wall Street's perspective, wacky amendments to financial reform bill would probably include: amendment to break up TBTF institutions; amendment to audit the Fed; amendment to provide a private right of action for aiding and abetting securities fraud; amendment to preclude use of taxpayer funds to rescue large financial firms; amendment setting up Independent CFPA; amendment to give states' attorneys general the right to impose additional reforms, etc., etc. In short, all of them.
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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.