What part of my citation from this story is dripping with irony? Take your time, but it should be easy to spot without too much hard work.
The president will announce a series of measures to cut down on excessive risk-taking as part of a revamp of the country's financial regulatory system, a senior Obama official said on Wednesday.
The move could also help the White House tap into public rage over Wall Street excess after Obama's Democratic Party was rebuffed by voters in Massachusetts, who elected Republican Scott Brown to the U.S. senate.
"The proposal will include size and complexity limits specifically on proprietary trading and the White House will work closely with the House and Senate to work this into legislation," the official said.
Did you see it? I'm sure you did, but being the incurable know-it-all that I am, let me point it out for you anyway:
"[T]he White House will work closely with the House and Senate to work this into legislation."
I hope this doesn't mean that they will go about this the same way they "worked closely with the House and Senate" to get a workable health care reform bill passed. Because if that's the case all I can see is another looming failure where certain Senators and Blue Dog Democrats hijack the process and turn the financial reforms the administration proposes into the same bowl of thin gruel that health care reform ended up as, thanks to people like Bart Stupak, Joe Lieberman, Olympia Snowe and Ben Nelson.
The number of foreclosure filings hit a record high in the 3rd quarter: "Despite signs of broader economic recovery,
number of foreclosure filings hit a record high in the third quarter -
a sign the plague is still spreading."
JUAN GONZALEZ: And William Black, where is the outrage? It
seems to me, at this stage, with the—as the foreclosures continue to
escalate in numbers, and yet we’re seeing these enormous profits less
than a year after the financial crisis. There doesn’t seem to be the
kind of outrage, even in Congress, that there was six months or eight
WILLIAM BLACK: There’s no palpable outrage, certainly not
in Congress. The reform efforts on derivatives, for example, are a
scandal. They exempt virtually all of the problem derivatives, and
they’re designed to exempt it. And that’s the bill that’s introduced,
and of course it’s likely to get worse with additional lobbying from
the special interests.
Link the things that you’ve just been talking about. You talked
about foreclosures reaching record highs. But in fact, foreclosures,
relative to delinquencies, are quite low compared to historical ratios.
In other words, banks have tons of folks who are not paying their
mortgages on time, and they’re not foreclosing. And the reason they’re
not foreclosing is, once you foreclose, you have to recognize losses
under the accounting rules. And the banks gimmicked the accounting
rules. They put pressure on Congress, and Congress put pressure on the
accounting profession to gimmick the accounting rules now about a year
ago. Now, these bonuses, of course, are paid compared to alleged
profits. What happens if you understate your losses dramatically? You
report much higher profits and much higher bonuses. So this is a web of
fraud, in which they are getting as much as they can before the place
goes to hell in a handbasket again.
Here we are neck deep in debt to pay off the gambling debts of the bankers and now they are completely ignoring their very real losses that are piling up at a record rate simply so they can keep the bonus money flowing into their own pockets:
So here we have another bankster scam being waged on the consuming public. The scam is to create another "too big to fail" scenario as they make record profits and pay out record bonuses by rigging their books.
But the good news is the Dow is up.
So you or someone you care about is likely without a job or looking for more work. But the elite are rigging the system again, and you are going to fix things next time by voting for a Republican.
And what are these bankers with their Enron style accounting doing to help the homeowners that are on the verge of losing their homes? You can be certain that they are still out there offering ARMs to unsuspecting victims of their financial rape of the world.
And as for you? You get nothing but shafted: