While you weren't looking...

[Don Corleone]

Despite all the Republican winge-ing about defunding Obama-care and/or Obama's border policy (both bad policy stances by the GOP, IMHO), they did neither in the CROMNIBUS.

What they did do was reauthorize banks to trade in derivatives and other speculative deals with FDIC insured money.

Yep, that's right folks. With us focused on the story about North Korea hacking Sony and other diversionary tales, we the sheeple have again accepted responsibility for Wall Street's crony-capitalism. Supported by both sides of the aisle.

Just shut up and send your tax dollars in for more bonus payouts you filthy peasants!

Surprised there isn't a thread about this already (unless I missed it). And no, this isn't a US-centric issue. This time, we very well may bring down the global banking system.

[Csargo]

This makes me sad.

[Husar]

I just watched the Daily Show from Tuesday which covered this, haven't heard about it anywhere else.

Either way, I don't quite get the specifics at the moment, but it seems like just another sign that the US legislative is outdated and heavily corrupted. As Jon also noted on the show, it's cute when people think they could change the system though...

And that may also be why it's pointless to discuss this, nothing is going to change unless a majority of Americans want it to and that's not going to happen anytime soon. I'd have more hope for a change in gun legislation than a complete overhaul of the political system...

If someone can just slip in a bill written entirely by a corporation in the middle of the night and everybody votes for it the next day because it is somehow attached to something important, that's a horrible political process that shouldn't be possible in a proper democracy.

[Fisherking]

It should be called the bankers welfare spending bill. It puts the US on the hook for $300 Trillion in Derivatives, thus far.

As most of us know, derivatives are side bets, so in effect the US taxpayers are financing the Wall Street Casino.

[Fragony]

They will have to deal with persons who got nothing to lose, that neck is going to get tired of always looking what's behind you. I am gladly pretty well off and don't have any real worries, but if I wouldn't be they would never enjoy a single moment of rest. Quid pro quo, you know what you do, who you are doing it to, and that cornered cats will do anything.

enjoy your money. Someone is going to slit your throat one day

[lars573]

Yet more proof that separation of powers isn't all it's cracked up to be.

[Fisherking]

Like they say, Best Government Money Can Buy.

[rickinator9]

Perhaps we should slowly try to stop doing business with the US.

[Fragony]

zdo you think it is any different here, the EU also sneaked in a law that allows taking your property if they are short on funds.

We so have to leave the EU because they are always short on funds and they ARE going to adress our pension-funds.They can also take your savings, and your house if it still belongs to the bank. Not that it affects me because I payed my house back as soon as I could and my money isn't in the EU.

[Husar]

zdo you think it is any different here, the EU also sneaked in a law that allows taking your property if they are short on funds.

Yes, the entire road I live in now belongs to the EU and they run several crack kitchens here and wash the money through my yard sale business. I could only stay because I offered my cooperation, being a europhile and all that.

[Fragony]

I don't care what you are, and what your arguments are, because I made sure it doesn't affect me. That doesn't mean there won't be a spare bed should you need it.

[Idaho]

Capitalism in fundamental corruption shocker. Hold the front page.

[KukriKhan]

Happy

[a completely inoffensive name]

That is assuming that next time around, people don't support a more laissez faire approach and let the banks fail. Too Big To Fail was unpalatable for many Americans and there is always the chance that this can again be reversed sometime in the near future.