Is America More Financially Stable after Dodd-Frank Wall Street Reform?

The Real News Network has the video Is America More Financially Stable after Dodd-Frank Wall Street Reform?.

The video starts off with a hearing in which Senator Elizabeth Warren is questioning Treasury Secretary Jack Lew.

SEN. ELIZABETH WARREN (D-MA): You said yesterday in testimony before the House that we won’t really know whether we solved the too-big-to-fail until there’s a new crisis. I hope that doesn’t mean that nothing will change your mind on the question of addressing the fact the biggest financial institutions in this country are getting bigger by the day and that size intersects with risk. And believing that we are using only one tool, and that is trying to regulate the risk without paying attention to size I think runs some enormous risks. I know I don’t have to remind you we can’t afford another financial meltdown, and these big banks pose a risk to the entire economy.

Later in his response to her questioning he lies unconscionably with the statement:

We’re keeping a lot of pressure on the international system to meet U.S. capital standards so our exposure is not so great in our complex global financial system. And I look forward to continuing to look at all these issues.

See my previous post Obama’s Latest Betrayal of America and Americans in Favor of the Big Banks: TISA, (Trade in Services Agreement) where I quote William K. Black as saying,

The first paradox is that Obama, who cannot claim that he does not know better given the unanimous findings of his own FCIC appointees who investigated the causes of the crisis, is trying to recreate those causes, spur a race to the bottom among financial regulators, and make the causes of the past crisis global (rather than primarily limited to the U.S. and the EU). Obama, in the TISA draft, proposes to do everything that his own FCIC experts, white-collar criminologists, the top economists on the subject of criminogenic environments, and effective regulators with a track record of success have been telling Obama not to do for his entire term in office.

I have begun unsubscribing from the email lists for anything having to do with Barack Obama or Nancy Pelosi. I am not throwing good money after bad to support these people who are trying to secretly work against me while publicly saying they are working for me.

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