Dodd Calls Obama’s Bank Reform Plan Too Ambitious – NYTimes.com

Dodd Calls Obama’s Bank Reform Plan Too Ambitious – NYTimes.com.

Boy, this was an easy prediction to make.  The “Volker Rule” and other reforms the Obama administration has recently embraced are Dead on Arrival in the Senate.

A Twist in Wall St. Reform Talks – DealBook Blog – NYTimes.com.

If you want to know why the Volker Rule is DOA, read the story linked above.  I include the quote below from the article because it says so much more than the speaker intended.  Hell, it says everything we need to know about the relationship of the bankers and our representatives and let’s us all know who is on top (bolded emphasis mine).

But industry representatives and Democratic Congressional aides say the president’s new proposals have already provoked a sharp increase in the volume and energy of the lobbying on regulatory reform, with more chief executives stepping over their government relations staff to request personal meetings with lawmakers. The big banks, the lobbyists say, have become increasingly alarmed that the legislative process may move in unexpected directions outside their control.

I mean, God forbid the legislative process – the process supposedly run by our representatives for the benefit of the citizens of this country – be outside the control of the banks.

‘Nuff said

RadicalNOTA