Sunday, December 28, 2014

GOP Ready to Pop Business-Friendly Cork: Could Be Big Problem Under Obama

May Be Happy: But, GOP May Not Get Their Way 

This what the GOP loves to support and will continue to fight for more of the same: Protect the “givers” ignoring or working against those damn “47% of takers” (Romney warned us about).

Basic Story Here – a good read >>> December 27, 2014

Many are calling this the “Christmas gift” for Wall Street.  Last week the Federal Reserve announced that it’s giving U.S. banks yet another extension on the so-called “Volcker Rule” provision in the Dodd-Frank financial reform bill, passed in 2010. As a result of this latest decision, banks won’t have to comply until mid-2017.

Banks wanted a delay because they claimed they needed the time to prepare. Does anybody really think the nation’s largest and most powerful financial institutions need seven years to restructure the casino-like aspect of their operations? It would be easier to imagine them doing in seven days – at least if there were money to be made from it.

What’s really going on? For one thing, every year that the rule is delayed is another year the banks can maximize their earnings. But the game may be even deeper than that. The Fed delay makes a kind of sense – if you believe Congress plans to revoke the Volcker Rule altogether.

What is the Volcker rule anyway (a couple of highlights in a nutshell) - more here — FYI:

So, how will the GOP manage our money, yes, our money?

That piece from here, in part: The GOP had a big night in November (the midterm election), but it may not be big enough to stop or even dent the newly-energized Republican juggernaut. Why? Whatever they pass faces a President Obama veto if his disagrees. Then it would take a 2/3 majority in both Houses to override the veto. Republicans have nowhere near two-thirds of either chamber. So the bottom line here: get ready for even more gridlock during the final two years of the Obama administration. So stand by for more fireworks, gridlock, stalemate, or whatever we choose to call this divisive out-of-touch Congress (lowest rated in modern times and very, very ineffective).

Stay tuned – it’s gonna be ugly and nasty.

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