H.R. 992 was passed in congress. What is it? Well, political jargon is often hard to explain ( or even understand ) but we can tell you this. The Risky Derivatives Trading is what caused AIG to need 85 billion in bail-out money in 2008. $85 billion bailout that would give the government control of the troubled insurance giant American International Group. In other words, this bill was written by the same people that caused our first major meltdown since the great depression. Here is a snippet of the house trying to stop the bill, before it was just passed. In short, they can do the same risky things they were, and have bailout waiting...thats the best way to describe this bill. H.R. 992 would permit a wide array of risky derivatives trading by government-backed Wall Street banks. For example, H.R. 992 will allow Wall Street banks to trade credit default swaps, the same derivatives that bankrupted American International Group. As government-insured depository institutions, Wall Street banks benefit from lower capital costs. For this reason, H.R. 992 will effectively subsidize swaps dealing by Wall Street banks that benefit from taxpayer-backed guarantees. We cannot ever again allow risky derivatives trading by Wall Street banks to threaten Main Street with financial Armageddon. Our future financial and economic stability depends on full implementation of the Dodd-Frank Act without interference by those in a hurry to return to the days of deregulation.
Posted on: Tue, 19 Nov 2013 22:47:50 +0000
Trending Topics
Recently Viewed Topics
© 2015