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Senate Passes Wall Street Permanent Bailout Bill

Senate Passes Wall Street Permanent Bailout Bill, It’s a Job Killer!

NoWorldSystem.com
April 21, 2010

The Senate passes the Wall Street Reform Bill (S. 3217) by a 59-39 vote, if it passes the House it will kill jobs by making it difficult for small businesses to succeed and it will give permanent and unlimited bailout authority for the big banks on Wall Street. It would also do nothing to solve problems in the financial system and won’t prevent the next financial crisis.

Republican Senator David Vitter: “Congressional Democrats and the Obama Administration want to create a permanent bailout mechanism all while spouting their rhetoric of getting tough on Wall Street, but if you look at who is already lining up to support their ‘reform’ measure it’s a who’s who of the big banks that have already received the taxpayer bailout the first time.” Democrat Congressman Brad Sherman: “There are serious problems with the Dodd bill. The Dodd bill has unlimited executive bailout authority. That’s something Wall Street desperately wants but doesn’t dare ask for.”

This bill would also break the back of small business by having them register with the SEC to only wait 120 days for the SEC to review their filing. A second provision in the bill raises the wealth requirements for venture capitalists that want to invest in startups – if the bill passes, investors would need assets of more than $2.3 million (up from $1 million) or income of more than $450,000 (up from $250,000). The third restriction removes the federal pre-emption allowing angel and venture financing in the United States to follow federal regulations, rather than face different rules between states.” There’s no doubt about it that the provisions in the bill would absolutely chill investing and small business which is the backbone of our economy. [Source]

The bill doesn’t include the Volcker Rule (it wasn’t even debated), doesn’t break up or even substantially rein in the too big to fails, and doesn’t force transparency in the derivatives market.

Senator Feingold said:

    The bill does not eliminate the risk to our economy posed by “too big to fail” financial firms, nor does it restore the proven safeguards established after the Great Depression, which separated Main Street banks from big Wall Street firms and are essential to preventing another economic meltdown. The recent financial crisis triggered the nation’s worst recession since the Great Depression. The bill should have included reforms to prevent another such crisis. Regrettably, it did not.

Senator Cantwell agreed, saying:

    While this bill takes much needed steps to help prevent a crisis of this magnitude from ever happening again, it fails to close the very same loopholes in derivatives trading that led to the biggest economic implosion since the Great Depression…. Throughout this debate I have fought hard against efforts to weaken this legislation as well as to pass language to strengthen it further. But the fact of the matter is, without key reforms in derivatives trading, this bill does not safeguard America’s economy from a repeat of this crisis.

    It sets up a process for responding the next time we have a financial crisis, but it doesn’t prevent this kind of thing from ever happening again. We have to stop these kinds of dangerous activities. We need stronger bans on banks gambling with depositors’ money. We need bright lines – like Glass-Steagall – that separate risky activities from the traditional banking system. We need to refocus our financial system away from synthetic bets and get more capital into the hands of job creators and Main Street businesses. There are good, strong provisions in this bill, and I’m proud of the work we did to get them in there, but I fear that without closing the loopholes primarily responsible for this economic meltdown, we are missing the entire heart of the matter.

Nouriel Roubini said the bill is “cosmetic”, and won’t stop the next crisis. [Source]

 



Dodd Bill KILLS Jobs, Creates Permanent Bailout

Dodd Bill KILLS Jobs, Creates Permanent Bailout

NoWorldSystem.com
April 21, 2010

Today, Obama promoted another government takeover bill, this time the financial sector is the target. The bill is basically a sweetheart deal for the banking industry, much like how ObamaCare was a bailout for the insurance companies. The 1,408 page bill includes many provisions like the creation of a permanent and unlimited bailout authority for Wall Street and has the potential for making it difficult for small businesses to succeed.

Obama claims the bill will “put a stop to tax-payer-funded bailouts” when in reality the bill will create a permanent and unlimited bailout mechanism for the big banks and companies that are ‘too big to fail’. “If you liked the bailouts in 2008, you’ll love the Dodd bill,” said Republican Senator David Vitter. “Congressional Democrats and the Obama Administration want to create a permanent bailout mechanism all while spouting their rhetoric of getting tough on Wall Street, but if you look at who is already lining up to support their ‘reform’ measure it’s a who’s who of the big banks that have already received the taxpayer bailout the first time.”

Democrat Congressman Brad Sherman agrees: “There are serious problems with the Dodd bill. The Dodd bill has unlimited executive bailout authority. That’s something Wall Street desperately wants but doesn’t dare ask for.”

The rhetoric by Obama today is just another example of how he slaps the hands of Wall Street to only make sure they prosper on tax-payer-funded bailouts by giving them complete authority. Not only that, but this bill will break the back of small business by placing restrictions on venture capital investing making it harder for small startup businesses to succeed.

Here are a few quotes from a Venture Beat article:

    “First, Dodd’s bill would require startups raising funding to register with the Securities and Exchange Commission, and then wait 120 days for the SEC to review their filing. A second provision raises the wealth requirements for an “accredited investor” who can invest in startups – if the bill passes, investors would need assets of more than $2.3 million (up from $1 million) or income of more than $450,000 (up from $250,000). The third restriction removes the federal pre-emption allowing angel and venture financing in the United States to follow federal regulations, rather than face different rules between states.”

    “Obviously, I’m deeply concerned about Senator Dodd’s proposal to place these restrictions on angel investing. I think angel investing is undeniably one of the largest engines for job creation as well as innovation and competitiveness on the global scale for the United States. There’s no doubt about it that the restrictions that he’s proposing would absolutely chill investing.

    “Specifically, one of the things we need to take into account is while 10 years ago it may have taken years to build a company, companies are now built in a matter of weeks. So this 120-day waiting period is frankly ridiculous. I have companies with tens of thousands and hundreds of thousands of users that are built in a matter of weeks. They’re generating actual dollars of revenue, creating jobs, investing in real estate office space, capital equipment, etc. If they had to wait 120 days to actually apply for the ability to obtain financing it would absolutely just crush that market.”

Obama is one of the biggest puppets for Wall Street, despite all the rhetoric he uses against them. Obama’s greatest allies are the big banks and most of his important constituents are wall street financiers. In 2008, Obama’s campaign was mostly funded by Wall Street, banks like AIG, JPMorgan and Goldman Sachs all played a major financial role for his presidency taking in $15 million from securities and investment firms, $3 million from commercial banks, and $6 million from other financial institutions.

Obama and the Democrats in Congress will try to rush this bill in before the American people have the chance to find out what’s in it. Just like ObamaCare, they will use non-transparent and secretive tactics to make sure it becomes law. The bill is likely to hit the floor of the Senate as early as next week.

The Dodd Bill Will Kill America’s Job Creation Engine

Why The Dodd Finance Bill Is Bad For America

Is Goldman Obama’s Enron? No, it’s worse

Will Obama Return $994,795 In Goldman Sachs Campaign Contributions?

Obama Now Pushing Sneaky Wall Street Bailout

Obama-Dodd financial bill would further enrich Goldman Sachs

Geithner ‘very confident’ US finance reform will pass

Obama Claims He’s Not a Puppet for Big Banks

 



DC Madam Predicted She Would Be Suicided

DC Madam Predicted She Would Be Suicided
“Rape, beating, maiming, disfigurement and more than likely murder disguised in the form of just another jailhouse accident or suicide would await me,” Palfrey wrote – Time Magazine curiously quick to re-affirm suicide story

Paul Joseph Watson
Prison Planet
May 1, 2008

http://youtube.com/watch?v=R5bAboiLv7U

http://youtube.com/watch?v=St3gLiynu14

http://www.youtube.com/watch?v=7IuqNZjDLKA

Click here to listen to Palfrey clearly state that she would not commit suicide.

DC Madam Deborah Jeane Palfrey predicted she would be “suicided” on several occasions both recently and as far back as 17 years ago – comments that now appear ominous in light of the announcement that the former head of a Washington escort service allegedly killed herself today.

“If taken into custody, my physical safety and most probably my very life would be jeopardized,” she wrote in August 1991 following an attempt to bring her to trial, “Rape, beating, maiming, disfigurement and more than likely murder disguised in the form of just another jailhouse accident or suicide would await me,” said Palfrey in a handwritten letter to the judge accusing the San Diego police vice squad of having a vendetta against her.

During several recent appearances on The Alex Jones Show, Palfrey also said that she was at risk of being killed and that authorities would make it look like suicide. She made it clear that she was not suicidal and if she was found dead it would be murder.

Palfrey had threatened to release the names of well-known clients of her upscale call girl ring in the nation’s capitol, and had indicated that Dick Cheney may be one of them.

“We now know it goes at least as high as a United States Senator,” Palfrey told The Alex Jones Show, “I’m hearing rumors now from other people that there are other possibilities in that stratosphere so to speak, on that level.”

“No I’m not planning to commit suicide,” Palfrey told The Alex Jones Show on her last appearance in March, “I’m planning on going into court and defending myself vigorously and exposing the government,” she said.

“Blanche Palfrey had no sign that her daughter was suicidal, and there was no immediate indication that alcohol or drugs were involved, police Capt. Jeffrey Young said,” according to an AP report.

Click here to listen to Palfrey clearly state that she would not commit suicide.

Click here to listen to the entirety of a July 2007 interview with Palfrey.

UPDATE: In an almost uncanny development, as soon as this article started to go viral on the Internet, Time Magazine released a story claiming that Palfrey told author Dan Moldea that she would rather commit suicide than go to jail. What a funny coincidence!

 

Eerie Flashback: DC Madam said ’I’d never want my life to end in suicide’
Palfrey rejected suicide in May 2007 interview

Examiner.com
May 2, 2008

When Deborah Jeane Palfrey (aka the “DC Madam,” who was found hanged in Tarpon Springs, Florida on Thursday) sat down in May 2007 for an interview with Carol Joynt, host of the Q&A Cafe interview series, most everything was up in the air: Palfrey faced a criminal indictment on prostitution charges and was fighting courts over how to handle thirteen years of phone records which contained the phone numbers of many clients of her escort service.

But, for Palfrey, one thing was crystal clear during that interview: She would never end her life by hanging herself.

Joynt brought up the subject of Brandy Britton, a Baltimore prostitute whom had occasionally worked for Palfrey and whom had hanged herself in January 2007, only days away from facing prostitution charges.

Palfrey told Joynt in no uncertain terms: “I don’t want to be like her. I don’t want to end up like her.”

In the months following the interview with Joynt, Palfrey’s fortunes took a turn for the worse. In April, a federal jury convicted Palfrey of running a prostitution ring and she awaited her sentencing on July 24, where she faced up to six years in prison.

In the end, Palfrey’s proud and defiant statements about Britton’s tragic end couldn’t stop her own sad conclusion, and it all too closely tracked the final days of her former employee: A woman caught up in an illegal world of sex and money, and for whom the pressure ultimately became too much to bear.

 


Palfrey Considered Call Girl’s “Suicide” Possible Murder
DC Madam employee also found hanged despite family’s insistence she was upbeat, positive

Paul Joseph Watson
Prison Planet
May 1, 2008

DC Madam Deborah Jeane Palfrey, who was found hanged today in what authorities claim was a “suicide,” not only asserted that she would never commit suicide, but also thought the alleged suicide of one of her former call girls was possibly murder.

Brandy Britton was an employee of Palfrey before the D.C. Madam’s prostitution ring was busted. She was found hanged after allegedly committing suicide in January 2007 days before she was set to go to trial.

Asked if the suicide was in fact murder, Palfrey told the Alex Jones Show in July last year, “Well we don’t know about that, there’s two schools of thought – one says yes one says no,”

Asked what the circumstances were that made people question the alleged “suicide” of her former call girl, Palfrey responded, “People say that she was a very upbeat person, a very positive person that she was going into court, she was ready to fight them, that she absolutely was not going to give in and all of a sudden a few days before she was to go to trial she committed suicide and her family members and friends say this was extremely abnormal.”

“She was not in a frame of mind to commit suicide, you know perhaps she knew something, there’s been a lot of speculation about that,” said Palfrey, “She had very little to lose, she wasn’t going to go to jail, she’d been charged on a prostitution case,” added Palfrey, noting that individuals involved in the call girl scandal possibly thought Britton was about to name names.


Brandy Britton

According to a Post Chronicle report, Palfrey and Britton’s alleged “suicides” bear similar hallmarks.

During several recent appearances on The Alex Jones Show, Palfrey conceded that she was at risk of being killed and that authorities would make it look like suicide. She made it clear that she was not suicidal and if she was found dead it would be murder.

“No I’m not planning to commit suicide,” Palfrey told The Alex Jones Show on her last appearance in March, “I’m planning on going into court and defending myself vigorously and exposing the government,” she said.

“Blanche Palfrey had no sign that her daughter was suicidal, and there was no immediate indication that alcohol or drugs were involved, police Capt. Jeffrey Young said,” according to an AP report.

Click here to listen to Palfrey clearly state that she would not commit suicide on two separate occasions, as well as discuss the case of Brandy Britton.

Corporate Media Ignores Palfrey’s Statement She Would Not Commit Suicide
http://prisonplanet.com/articles/may2008/050208_tape_ignored.htm

D.C. Madame: “Big Names” May Be On Client List
http://www.prisonplanet.com/articles/july2007/240707bignames.htm

DC Madam “commits suicide” in Tarpon Springs
http://www.myfoxtampaba..ode=TSTY&pageId=1.1.1

DC Madam Supposedly Commits Suicide
http://www.breitbart.com/article.php?id=D90D13600&show_article=1

Death of ’D.C. Madam’ Becomes Rich Ground for Conspiracy Theory
http://www.foxnews.com/story/0,2933,353876,00.html

Forget Spitzer, What About Cheney’s D.C. Mistress?
http://noworldsystem.com/2008/03..t-about-cheneys-dc-mistress/

McCain Sex Scandal Blonde Missing
http://noworldsystem.com/2008/..candal-blonde-missing-day-12/

Dominatrice Who Claimed to Have S&M Sex with Bush Is Said to Be Missing
http://noworldsystem.com/2007/11/18/do..with-bush-is-said-to-be-missing/

NY Times: McCain had possible sexual relations with Female Lobbyist
http://noworldsystem.com/2008/..lations-to-female-lobbyist/

 



Forget Spitzer, What About Cheney’s D.C. Mistress?

Forget Spitzer, What About Cheney’s D.C. Mistress?

Gustav Wynn
OpEdNews
March 11, 2008

How soon we forget the blockbuster ABC News scoop that was – and then wasn’t – much bigger and more explosive then Governor Spitzer’s, because it alleged Dick Cheney was a client.

In fact, when the news broke, Bush’s “AIDS Czar” Randall Tobias, a former Eli Lilly top exec, resigned in shame. He should have stalled a bit like Louisiana Senator David Vitter did – the story was going to be killed, according to Wayne Madsen who named the ABC employee that pulled the plug after White House pressure.

Madsen expanded on the story after ABC dropped it, to allege that convicted lobbyist Jack Abramoff was a client, as well as a lawyer in Rudy Giuliani’s firm.

Senator Vitter has admitted and apologized for his part in he scandal, but is still in office, likely to be subpoenaed in the Spring 2008 trial of Madam Deborah Jeane Palfrey.

Perhaps more sinister then the prostitution allegations are the questions of complicity in a media wash-out by ABC, whose in-house staff was originally given call records directly by Madam Palfrey.

Also according to Madsen, the probe of the DC Madam reveals much more troubling questions, including the unsolved murder of a US attorney and another fired in Bush’s DOJ purge, both of whom were investigating the DC Madam case.

This network cover-up mirrors similar allegations made in Dan Rather’s lawsuit against CBS News/Viacom. Hopeful his $70 million suit will go forward, Rather claims his controversial Texas Air Guard story was killed not because of the infamous disputed memo, but because of a call made from the White House.

Rather too, will likely name who in the Bush Administration made the call, and who at Viacom took it, also claiming CBS News quashed the Abu Ghraib detainee abuse scandal to curry White House favor, until it was reported by Australian news.

Read about the Vice President’s prostitution scandal here: Cheney Scandal Widens, reported on OpEd News last May, and be sure to follow the trial this April, because network news may not!


Spitzer Is Linked to Prostitution Ring

Michelle Nichols
Reuters
March 10, 2008

New York Gov. Eliot Spitzer apologized to his family and to the public for a “private matter” on Monday but made no reference to a New York Times report that he may have been linked to a prostitution ring.

Spitzer, who built his reputation going after white-collar crime on Wall Street as the state’s prosecutor and as governor vowed to clean up state politics, said nothing about possibly resigning.

Fox News television, citing unnamed sources, said before Spitzer spoke that the governor was expected to resign.

Spitzer was caught on a federal wiretap arranging to meet with a prostitute at a Washington hotel last month, the Times reported on its Web site.

“I have acted in a way that violated the obligations to my family and that violates my — or any — sense of right and wrong. I apologize first, and most importantly, to my family. I apologize to the public whom I promised better,” Spitzer told a packed room of reporters in New York City with his wife at his side.

“I am disappointed that I failed to live up to the standard that I expect of myself. I must now dedicate some time to regain the trust of my family,” Spitzer added.

He did not take questions from reporters and Spitzer’s aides declined to comment further.

As New York’s state attorney general before being elected governor in November 2006, Spitzer was sometimes called the Sheriff of Wall Street for his prominent role in investigating financial cases.

Read Full Article Here

NY Gov Spitzer Expected To Resign
http://www.usnews.com/usnews/politics/bulletin/bulletin_080311.htm