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October 16, 2011

When will Financial Reform Come to the US?

Financial reform will come to the US when you never see another headline like this from the front page of today’s New York Times:  “Romney Beating Obama in a Fight for Wall Street Cash.”  (Read here)

Wall Street is not pouring cash into politicians so that they enact strong financial reforms that will ensure Wall Street never needs another taxpayer bailout.  

 

That point was made explicitly in an article in the New York Times yesterday when it quoted anonymously “one longtime money manager” saying, among other things, “he was disappointed that members of Congress from New York … had not come out swinging for an industry that donates heavily to their campaigns. ‘They need to understand who their constituency is,’ he said.”  (Read here)

That really says it all. 

“All Republican and Democratic Candidates Turn Down Wall Street Campaign Donations” would be the headline that indicates that serious, real, loophole-free financial reform will come to the US.  

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