Here’s the Financial Reform bill in a video nutshell. Don’t miss some of the highlights such as the collapse of “Layman Brothers” and a new concept in capitalism known as “sideboards on the market.” And all this time I thought a sideboard was for carving a turkey.
“Fantastic”, “heroic”, “historic” and “important” and “sort of financial integrity” are just a few of Bart’s adjectives. The commissioner finally provides an explanation of the distinction between “Too Big To Fail” and “Too Big To Fell upon hardworking Americans” and ”dark markets” (a previously unknown phenomenon) can be exposed while dark pools can remain, well – dark. Position limits will be imposed, will be imposed, will be imposed to stop ”contort markets.” Most importantly, “somebody will be watching over the banks,” we’ll get back to you on who that somebody will be.
With commissioners like Bart Chilton scanning the surf for unexpected waves breaking across our financial shores and spreading to the “homeowners in the heartland”, who needs regulators like Brooksley Born and her command of the english language, clear warnings and direct questioning of the perpetrators.
In thirty-five years there has only been one successful prosecution, but finally we’ll be allowed to put people in jail according to Bart. It’s the law that was broken. But now the law is no longer broken. The law is fixed (did I say that right?). Only one person so far had broken the law because it’s the law that was broken. The great thing about video is you can edit it.
If Bart’s explanation of the legislation is a bit “too big to fell” on deaf ears, then the White House has provided this handy and easy to understand video of the reform legislation. Interestingly there is no mention in the video of Senator Bernie Sander’s claim that the White House would “fight to the death” to avoid a full audit of the Fed, or that the new CFPB agency designed to look out for consumers is owned and operated by the Fed. Cancel your plan to go to B school and forget attempting to explain synthetic collateralized debt obligations. Simply refer all further questions to this official video we are affectionately calling “Where Wall Street & K Street Meet Sesame Street” : http://www.youtube.com/watch?v=adJe32G8wys&feature=player_embedded
Here’s a link to a video interview with the original “Futures Guy” introducing prevention through supercomputing harmonization and a previously unheard of concept of the international brethren of regulators. http://www.youtube.com/watch?v=v3YVfCFoAGg&NR=1&feature=fvwp
Here’s a link to a previous post on Brooksley Born’s efforts on reform: http://tradewithdave.com/?p=1215