POTUS says glad it passed the House and looking forward to it passing the Senate.
Then Maxine Waters speaking on MSNBC.......her thoughts on Cromnibus bill, important to remember Dodd-Frank reforms because of Wall St reckless behaviour. She was surprised Obama was pushing for votes for this bill, (as was I when I heard that yesterday). Says arguments Obama to House Dems made were to ignore reforms, not wanting a government shutdown, some good stuff in bill, yada, yada, yada. She was lobbying Dems against the bill and POTUS was lobbying Dems to pass it.
So in the dark of night "someone" slipped into this bill.......putting taxpayers on the hook once again for their gambling protection for the 4 biggest TBTF banks holding 90% of the derivatives market.....How does that make you feel?
So who did slip that into the bill in the middle of the night? Is there no one who will speak out?
One would think if Republicans they would proudly do so. Or was it Democrats too ashamed to admit it? Or are Republicans and Wall St Democrats joined at the hip and accomplished this middle of the night feat together?
White House Chief of Staff Denis McDonough told Democratic lawmakers at a caucus meeting last night that the administration was late to learn of the swaps provision’s inclusion and urged the Senate to remove it, according to a Democratic aide who requested anonymity to discuss the closed-door session.
If true, why isn't the White House lobbying the Senate Dems today to get the swaps provision removed?
The industry’s lobbying campaign on the provision gained momentum after a move by the Obama administration itself, which signaled last year that it was willing to bend on the swaps rule, said a person familiar with the bank’s campaign who sought anonymity to discuss the effort.
Is this what Obama wanted all the while? If so, why? Is he so beholden to Wall Street?
At the time, White House officials discussed a deal that would have scuttled the requirement in exchange for Republican support for a bill to increase funding for the International Monetary Fund. It ultimately fell through. Republicans and Wall Street, however, took notice: The rule wasn’t off limits to the administration.
http://www.bloomberg.com/...