House Bill Authorizes $4 Trillion for Next Bailout, but Tells Congress to Shut UpNoel Brinkerhoff
Jan. 03, 2010
1.Trump is Right: GOP Debate Audience is Packed Full of Republican Donors
2.Making InformationLiberation Great Again!
3.Miami Police Retaliate Against Female Driver Who Filmed Herself Pulling Over Cop
4.22 Signs That The Global Economic Turmoil We Have Seen So Far in 2016 Is Just The Beginning
5.Texas Appeals Court Slams Forced DUI Blood Draw
6.Paul Joseph Watson And Stefan Molyneux On The Real Agenda Behind The Migrant Crisis
7.'Multicultural Toilets' For 'Global Defecation' Seek to Stop Migrants Pooping On The Floor
8.Crewe Residents Accuse Police and School of Covering Up Abuse, Rape Threats by Migrant Kids
9.Code 291: Swedish Police Cover-Up Thousands of Crimes Involving "Refugees"
10.The American Dream Is Dead, and Now Even The Mainstream Media Is Starting to Admit It
Legislation intended to reform Wall Street and protect consumers is currently waddling along in the House of Representatives, moving as best a 1,200-page document can. Bloomberg columnist David Reilly decided to read all of HR 4173 (the “Wall Street Reform and Consumer Protection Act”) and found plenty of “gristle” among its provisions that could make any taxpayer ill.
For instance, the bill authorizes the Federal Reserve to provide up to $4 trillion in emergency funding if the financial sector collapses again. Representing more than twice as much that the federal government spent on the current crisis, the money would not be released unless “there is at least a 99% likelihood that all funds and interest will be paid back.”
Also, the legislation does not address the issue of institutions that have become “too big to fail,” although it does reference the issue of forbidding bonuses for Wall Street leaders.
“Best of all,” writes Reilly, “the bill contains a provision that, in the event of another government request for emergency aid to prop up the financial system, debate in Congress be limited to just 10 hours. Anything that can get Congress to shut up can’t be all bad.”
Bankers Get $4 Trillion Gift From Barney Frank (by David Reilly, Bloomberg)