by Terry Gresham
What has Obama done? What happened to HOPE? Where has he been the last couple of years? How is a nation to survive? Where is this guy taking America? Is there anything that this President has contributed to the great institution called America? Are average citizens safe in this country? How are we to get good leadership these days? Is Obama out to make me look bad? What? What? What? Why? Why? Why?
These questions and more will be discussed in an Okieprogressive segment called: Talking the President’s Progressive Achievements.
Segment 1: President Obama Signed Landmark Wall Street Reforms into Law
Here’s one for ya. President Obama signed legislation protecting American families from abusive and deceptive lending practices: The Dodd-Frank Act.
“The Dodd-Frank Act’s Volcker Rule would prohibit banking entities from engaging in proprietary trading of securities, derivatives and certain other financial instruments for the entity’s own account. The regulations have been jointly proposed by the SEC, Fed, FDIC and ODC – but their growing complexity has created increasing confusion among analysts, politicians, and bankers alike.” – http://wolterskluwerlbinfo.com
This means that, just like murder, armed robbery, burglary and shoplifting, “The Dodd-Frank Act’s Volcker Rule will prohibit banking entities from engaging in proprietary trading of securities, derivatives and certain other financial instruments for the entity’s own account.” And here’s where things get good: these crocks may not be allowed to bring the world’s economy to an all out cash and burn scenario. That’s a good thing, no?
The Volcker Rule was first publicly endorsed by President Obama on January 21, 2010. The proposal specifically prohibits a bank or institution that owns a bank from engaging in proprietary trading that is not at the behest of its clients, and from owning or investing in a hedge fund or private equity fund, as well as limiting the liabilities that the largest banks could hold. Under discussion is the possibility of restrictions on the way market making activities are compensated; traders would be paid on the basis of the spread of the transactions rather than any profit that the trader made for the client. – Wiki
I don’t know about anybody else but I’m mad as hell. In the last couple of years here in Oklahoma, I haven’t done for my country anything matching this making it illegal to crash the world’s economy.
Damn that Obama! Curses! In comparison, I ain’t done squat.
Well, that concludes this installment of …
Talking the President’s Progressive Achievements.
Tune in next time to take a look at President Obama’s:
- Consumer Financial Protection Bureau
- Ending U.S. combat operations in Iraq
- Repaired relations with allies
- Results on Environmental Policy
- Leveling the playing field for workers
- Landmark Wall Street reforms
- Innovation and reform in public education
- LGBT Equality
- Equality for women
- Fighting for working families
- Health insurance for 32 million
- Cutting health costs for small business
- Regulating big tobacco
- Ending Bush torture policies
- Nuclear arms reduction
- Ordering closure of CIA detention facilities
- Getting a seat on UN Civil Rights Council
- Doubling fuel efficiency standards
- and more
Talking the President’s Progressive Achievements #3 Wall Street Reform
Talking the President’s Progressive Achievements #4 Women’s Equality
- Bank Loses Dodd Frank Lawsuit (broadcastarchives.net)
- Does Dodd-Frank work? We asked 16 experts to find out (washingtonpost.com)
- Judge sides with Obama admin, throws out states’ suit against Dodd-Frank (hotair.com)