House passes a 1.1 Trillion dollar spending bill

#1
Gramps

Gramps

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#1
House narrowly approves spending bill, legislation heads to Senate | Fox News


House passes $1.1 trillion spending bill after week of drama - Jake Sherman and John Bresnahan and Edward-Isaac Dovere - POLITICO


Obama and Boehner strikes deal on a 1.1 trillion dollar bill that passes 219-206 with 57 dems voting to pass in spite of fierce opposition by Nancy Pelosi.

It now heads to Senate where Elizabeth Warren is leading the opposition due to a relax in a Dodd-Frank provision that prohibits banks from using taxpayer-insured depositor funds for derivative transactions. On the Senate floor, Warren said the changes in the spending bill “would let derivatives traders on Wall Street gamble with taxpayer money and get bailed out by the government when their risky bets threaten to blow up our financial system.” She added: “These are the same banks that nearly broke the economy in 2008 and destroyed millions of jobs.”

Battle awaiting in Senate.
 
#4
#4
Last nights lesson

There is no Republican establishment.

There is no Democratic establishment.

There is simply THE ESTABLISHMENT.
 
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#7
#7
davethevol said:
Yep. And it uses politics to keep us divided.
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Yet we have a large majority of voters vote based on the D or R beside a candidates name. As I have said many times, the talking points and the lobbyist that own them are the only difference in the two parties. It is astonishing so many citizens have been brainwashed to tow the party line.
 
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#8
#8
Billions, trillions, that's all chump change. When we get to centillions then we are talking abut real money. Who cares until we get there.
 
#13
#13
Government by Wall Street: JPMorgan CEO whipped votes for last night’s spending bill - Salon.com

The House’s narrow passage of a massive spending bill that included a provision gutting a key financial regulatory reform is being cast as a major win for the financial industry. Wall Street saw the bill’s passage as so crucial that JPMorgan CEO Jamie Dimon personally called members of the House yesterday to urge them to vote in favor of the bill, which funds most of the government through the end of the fiscal year.

So reports the Washington Post, which cites “a person familiar with” Dimon’s effort. The bill could provide a big boon to Dimon’s bank; a provision quietly inserted into the legislation without any prior debate repeals the Dodd-Frank banking reform’s laws “swap pushout” rule, which bans banks from using taxpayer funds to trade highly risky financial instruments known as swaps.

Congressman Kevin Yoder, a Kansas Republican, inserted the provision into the bill, but he didn’t actually write it. Yoder left that job to Citigroup, another firm that has long agitated for repeal of the swap rule.
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#15
#15
VolsNSkinsFan said:
Dodd-Frank sucks. It should be repealed
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If I understand the bill the only thing it does to Dodd-Frank is allow the banks to start the derivatives trading again.
Is that correct?
You are a money money. What is your opinion on allowing banks to derivative trading ?

Warren is saying it will lead to another bank bail out.
 
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Congressman Kevin Yoder, a Kansas Republican, inserted the provision into the bill, but he didn’t actually write it. Yoder left that job to Citigroup, another firm that has long agitated for repeal of the swap rule.
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Why do they continue to let corps write their own legislation?
 
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#18
#18
utvolpj said:
Why do they continue to let corps write their own legislation?
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Amen (or harumph harumph for our theistically challenged friends). I think the repeal is distraction from the more important issue. Wall street is using taxpayer funds. This is the root of the problem. Private banks should be allowed to invest any way they see fit. If they fail, tough. DC is funding wall street banks and that funding comes with strings; one of which may be severed if the budget passes.
 
#19
#19
Gramps said:
If I understand the bill the only thing it does to Dodd-Frank is allow the banks to start the derivatives trading again.
Is that correct?
You are a money money. What is your opinion on allowing banks to derivative trading ?

Warren is saying it will lead to another bank bail out.
Click to expand...

It's dealing with the "Swaps Push Out Rule". It forces banks to push swaps into unregulated sections of their bank. Small-mid sized banks don't have that option so they have to shut it down. It decreases liquidity and transparency and increases volatility
 
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VolsNSkinsFan said:
It's dealing with the "Swaps Push Out Rule". It forces banks to push swaps into unregulated sections of their bank. Small-mid sized banks don't have that option so they have to shut it down. It decreases liquidity and transparency and increases volatility
Click to expand...

:hi:
 
#25
#25
At least this bill wasn't called "Fair Access to Freedom and Anti Child Slavery in America" Bill to coerce people to pass it. The corruption isn't even hyperbolic anymore. It's just overt.

Hell the bill could have been called "Kickbacks to Campaign Funds and We Didn't Learn Our Lesson 6 Years Ago" bill and still would have passed.
 
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