DNC piggy-backs on success of ‘Occupy Wall Street’ with new ad

[Playinghardball]

Source: Raw Story

The Democratic Party is really, really trying to get the attention of “Occupy Wall Street.”

In a new ad released this week, timed to coincide with the major march that took place in New York City on Wednesday, the Democratic National Committee (DNC) sounds the bell for the Dodd-Frank Wall Street Reform bill (PDF), signed into law last year.

The legislation should have banned or significantly curtailed many of the practices that led to the American financial sector’s breakdown at the end of President George W. Bush’s second term — should have, but has not due to Republicans’ delaying tactics, like refusing to hold votes on the president’s nominees or refusing to fund the consumer watchdog group called for in the legislation.


All of the leading Republican candidates for president have promised to repeal the bill, and the conservative minority in the Senate has refused to confirm Obama’s nominee to lead the new consumer protection agency.

More: http://www.rawstory.com/rs/2011/10/06/dnc-piggy-backs-on-breakout-success-of-occupy-wall-street-with-new-ad/

[provis99]

1. fuck the DNC.

[ixion]

4. agree.

they're simply trying to cow the movement.

[Pitr]

2. OWS to Dems: Wrong message, buddy

Time to clean the house full of establishment Dems and bring in citizen legislators who are beholden to NO-ONE except for their own people, and govern as it is.

[OHdem10]

3. Excellent._The Republicans want torepeal Dodd-Frank and

permit the Banksters to go back to the same
old practices that wrecked the Financial System.

The Nerve of some people. Brazenly, want to go
back to having taxpayers money used for gambling
chits.

Hey Seniors, how many of you lost so much with the
crash that you cannot retire, cannot depend on your
40K for many things for which you had planned.

[Tierra_y_Libertad]

5. The DNC is trying to poisen the well.

OWS needs the "help" of the DNC like surfers need sharks.

[FLAprogressive]

7. +1

[FLAprogressive]

6. the DNC is in the pocket of Wall Street. OWS people probably know this.

[Fire Walk With Me]

8. DNC is obsolete.

[woo me with science]

9. Wouldn't it be nice if Democrats decided to

offer something to the 99 percent beyond words and watered-down corporate legislation?

http://www.telegraph.co.uk/finance/comment/liamhalligan/7908516/Obama-signs-a-bill-that-lets-banks-have-US-over-a-barrel-once-more.html

Obama signs a bill that lets banks have US over a barrel once more
By Liam Halligan
7:15AM BST 26 Jul 2010
....
The closer you look at Dodd-Frank, the more apparent becomes Wall Street's influence. Limits on leverage – rejected. Limits on bank size – rejected. Restrictions on derivatives – well, some trading will go through a central exchange, allowing more scrutiny, but it's entirely unclear how much.

At every turn, this bill avoids decisions, delegating them instead to an army of regulators who will turn generalities into actual rules...Are there limits on credit card interest, ensnaring adjustable rate mortgages or predatory pay-day loans? Nope.

Some other omissions in the bill are breath-taking. There is no mention of Fannie Mae or Freddie Mac – the government-sponsored mortgage-providers that have already cost $145bn in bail-out cash, rising to almost $400bn by 2019. No mention, either, of capital requirements – which means the global banking system must rely, once again, on the ridiculous Basel process for resolving this crucial issue. Once again, Obama missed a chance to give a lead when it comes to financial reform.

Based on sound-thinking courageous judgment, the Glass-Steagall legislation was only 17 pages long. Packed with wheezes and loop-holes, Dodd-Frank runs to 2,319 pages. Enough said.