By Steven Mufson and Tom Hamburger
JPMorgan Chase Chairman and CEO Jamie Dimon listens as President Barack Obama speaks to leading CEOs to discuss ways to promote the economy and create jobs during the president's last two years in office this month at the Business Roundtable Headquarters in Washington. (AP Photo/Jacquelyn Martin)
The acrimony (click here) that erupted Thursday between President Obama and members of his own party largely pivoted on a single item in a 1,600-page piece of legislation to keep the government funded: Should banks be allowed to make risky investments using taxpayer-backed money?
The very idea was abhorrent to many Democrats on Capitol Hill. And some were stunned that the White House would support the bill with that provision intact, given that it would erase a key provision of the 2010 Dodd-Frank financial reform legislation, one of Obama’s signature achievements....
HE SIGNED THE LEGISLATION WITH THE AMENDMENT.
I was never invited to a round table discussion.
June 9, 2013
By Dave Johnson
You think trade is complicated, (click here) technical, boring, so you tune out and don’t pay attention to the issue… And then BANG, you’re told they are moving the facility where you work out of the country and you are going to be laid off, but if you want your severance and the chance to collect unemployment you have to train your replacement. Not long after that, in other factories and offices everyone is told to accept wage and benefit cuts or they’ll move that facility out of the country, too.
Six months later you look around and your downtown locally-owned storefronts are getting boarded up one at a time because the private-equity-owned chains that circle the town carry all that cheap stuff from China and they buy at such a large scale that no small business can compete.
After a year you finally land a job! The job is you have to dress up like a duck and stand on a corner waving a sign. These are the things that all of this arguing about trade is about. Welcome to the new America....
What ever happened to the Volker Rule? Is Senator Warren constructing legislation to reinstate it? And reinstate it WITHOUT WALL STREET WELFARE in the chronic revenue loophole in the corporate tax structure.
The Volcker Rule (click here) included in the Dodd-Frank Act prohibits banks from proprietary trading and restricts investment in hedge funds and private equity by commercial banks and their affiliates.
