Gary Rivlin — How Wall Street Defanged Dodd-Frank

The story of how Wall Street lobbyists worked the halls of Congress, blocking the appointment of Elizabeth Warren, Obama’s first choice to head the CFPB, or pushing bills aimed at defanging Dodd-Frank, is fairly well-known by now. But it was the stealthy work of battalions of regulatory lawyers, who descended on the private offices of regulators deep inside the bureaucracy, that has proven more crucial to the industry’s effort to pick off pieces of Dodd-Frank. There, a kind of ground war has been going on for almost three years, with the regulators waging hand-to-hand combat to defend every clause and comma in Dodd-Frank, and the lawyers fighting to insert any loophole they can to protect their clients’ extraordinary profits. This is how the miracle that was the making of Dodd-Frank—hailed as the most comprehensive financial reform since the 1930s—became a slow-moving horror movie called “The Unmaking of Dodd-Frank”: a perfect case study of the ways an industry with nearly unlimited resources can avoid a set of tough-minded reforms it doesn’t like.

The Nation
How Wall Street Defanged Dodd-Frank
Gary Rivlin

Mary Hobart, 1891, Presages Parts of Modern Monetary Operations

commentary by Roger Erickson

A Scientific Exposure of the Errors in Our Monetary System - 1891.

"Our government exacts taxation, but devoid of justice, fails to provide the means in sufficient quantity to meet these exactions. A government “by the people, of the people, and for the people,” demanding from the people that which it is impossible for them to obtain ! 

Can human tyranny sink to lower depths of infamy ? And has it come to this in our free Republic, that the people, armed with the ballot, have not the power to provide themselves with a currency sufficiently large to pay their taxes ? Have we no right as a people to establish a currency which will be sufficient in quantity to adjust our social debts and credits ? "

Sounds like a very smart lady. What happened, the banking lobby?

ps:  She was very much against a gold-standard.

Banking Lobbies ask Sovereign Governments Approval for an Unregulated Industry That Would Hoard Real Currency Supplies

Yes, you heard that right. Why, sometimes Control Frauds think two mutually exclusive things before lunch! Such as unleashing outright fraud and preserving ill-gotten wealth & self-defeating behavior.

"Actual currency users are freaked out about this because it could essentially be a license to constrain and manipulate all markets." Plagiast Comedus

This ongoing battle, between a banking lobby and the lobbies it supposedly serves, has gone on without pause since even before the original 13 American colonies were all incorporated.

And ps:  "You're over funding the FBI too."

'And those other pesky "regulatory" departments, the OTS, FDIC, etc, etc.  We just can't afford them!'

ps: ps:  "Here's a little something, wink, wink.  Just between us, you know?  Let's meet again next campaign season, to discuss that little matter of the House & Senate Finance Committees.  We think they're redundant.  But let's not rush anything.  We are VERY patient people, after all."