Friday, May 21, 2010

Guide to US Financial Reform

Here is a simple table done by the NY Times that summarizes the Senate's version of the Financial Reform bill.

You have to know some background before you can understand the table. For example, you have to have some idea of what a "naked credit default swap" is to understand why it is bad news that it didn't make it into the bill.

You need to understand what the Volcker Rule is and how that relates to the Glass-Steagal Act that was abandoned after much lobbying by Wall Street as part of its push for "deregulation".

Unfortunately the NY Times didn't provide space for the background and analysis that would help a reader learn enough to appreciate the details in this table.

The bottom line: the new bill doesn't go far enough. Here's Dylan Ratigan of MSNBC making the case...

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