It's not any better now, in some ways the monopolists are even more emboldened since our "socialist" president didn't do anything to them except pass some almost symbolic regs that are already being chipped away piece by piece. There will be another bubble along to further enslave us to the big banks any time now.
Chipped away? By whom?
Yes, there MAY be a bubble that is cheered on by ANOTHER GOPers/conservative, doubtful Obama, OR Prez Hillary would ignore regulator warnings like Reagan/Dubya did that caused both the S&L crisis (and 1987 black Monday drop) and Dubya's great recession
By whom? By everyone in congress and the president. There may be a few willing to still fight the good fight but we lost another piece of Dodd-Frank just recently when a democrat tacked on an amendment to the continuing spending bill and the president signed it with a lame excuse about picking his battles. The big banks have won.
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DODD-FRANK:
Democrats agreed to make some of the biggest changes yet to the 2010 financial regulatory reforms. In a deal sought by Republicans, the bill would reverse Dodd-Frank requirements that banks "push out" some of derivatives trading into separate entities not backed by the Federal Deposit Insurance Corporations. Ever since being enacted, banks have been pushing to reverse the change. Now, the rules would go back to the way they used to be. But in exchange, Democrats say
they secured more money for the enforcement budgets at the Commodity Futures Trading Commission and the Securities and Exchange Commission."
House passes 1.1 trillion spending bill after week of drama - Jake Sherman and John Bresnahan and Edward-Isaac Dovere - POLITICO
For all the anger among progressives about a Wall Street bailout provision that made its way into the just-passed $1.1 trillion government spending bill, there's been little attention on the person who put it in there.
Meet Congressman Kevin Yoder (R-Kansas).
Yoder, a second-term congressman whose largest contributors are in the finance industry, introduced the provision last summer. It was
literally written by Citigroup executives, but Yoder took their language and rolled it into an amendment to a spending bill in a House subcommittee meeting. It got swept into the year-end spending package because it "was within the scope of negotiations" on it, according to an Appropriations Committee aide.
Kevin Yoder MIA After Tucking Wall Street Bailout Into Government Spending Bill
Great, the financial regulatory agencies get more money but what are they going to do with it when the big banks can easily afford to defend themselves in court for years on end but the government has limited resources? What is enforcement when the legal framework for prosecution is so full of loopholes and exceptions that it is really only pretending to be regulations.
Why Prosecutors Don't Go After Wall Street
BUSH GAVE A GET OUT OF JAIL FREE CARD SUMMER 2008
Why Prosecutors Don t Go After Wall Street NPR
“When regulators don’t believe in regulation and don’t get what is going on at the companies they oversee, there can be no major white-collar crime prosecutions,”...“If they don’t understand what we call collective embezzlement, where people are literally looting their own firms, then it’s impossible to bring cases.”
http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all
The FBI correctly identified the epidemic of mortgage control fraud at such an early point (2004) that the financial crisis could have been averted had the Bush administration acted with even minimal competence.
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The Two Documents Everyone Should Read to Better Understand the Crisis William K. Black
Dubya was warned by the FBI of an "epidemic" of mortgage fraud in
2004. He gave them less resources. AND CHEERED ON ANOTHER GOP BUBBLE, LIKE REAGAN'S S&L CRISIS (WHICH FED HIS 'RECOVERY', AND HARDING/COOLIDGE'S GREAT DEPRESSION)
FBI saw threat of loan crisis - Los Angeles Times
Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in
2005, the height of the housing crisis:
Financial Crimes Report to the Public 2005
FBI mdash Financial Crimes Report 2005
The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.
THE BUSH ADMINISTRATION and CONGRESS stripped the White Collar Crime divisions of money and manpower.
http://www.nytimes.com/2008/10/19/washington/19fbi.html?pagewanted=all
DUBYA FOUGHT ALL 50 STATE AG'S IN
2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!
Bush's documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)
Forcing GSEs to buy more low income home loans by raising their Housing Goals (50% TO 56% IN
2004)
Lowering Investment banks capital requirements (
2004), Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans (
2004)
Forcing GSEs to spend an additional $440 billion in the secondary markets (
2004)
But the biggest policy was regulators not enforcing lending standards.
FACTS on Dubya s great recession US Message Board - Political Discussion Forum
Obama doing any of that? Yes, Gov't HAS been captured by big money, but to NOT see a difference in the 2 parties, is mind boggling