imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Obama Plans Gutting Regulations for Corporate Favorites

by Stephen Lendman Monday, May. 30, 2011 at 10:17 PM
lendmanstephen@sbcglobal.net

deregulation

Obama Plans Gutting Regulations for Corporate Favorites - by Stephen Lendman

Promising change after eight Republican dominated years, Obama betrayed the public trust by special favors given business at the expense of essential growing needs.

Spurning them, in fact, he shows contempt for the things he rhetorically supports, proving he's no different from the worst of the bipartisan criminal class, serving wealth and power interests only.

As a result, he backed Wall Street's financial coup d'etat, looted the nation's wealth for them, institutionalized speculation and corporate racketeering, wrecked the economy, and consigned millions to impoverishment without jobs, homes, savings, social services, or futures.

Now more is planned, first announced in a January 18, 2011 Executive Order, (EO) titled, "Improving Regulation and Regulatory Review" to benefit business, no matter the public cost.

On February 7, Obama elaborated in a Chamber of Commerce speech, promising to "remove outdated, unnecessary regulations" to free business more than ever since the roaring twenties to do whatever they damn well please, saying:

"I understand the challenges you face. I understand you are under incredible pressure to cut costs and keep your margins up. I understand the significance of your obligations to your shareholders and the pressures that are created by quarterly reports. I get it."

What he doesn't "get" or give a damn about is growing human need. Instead, he focuses solely corporate bottom line concerns no leader should prioritize over greater ones affecting millions of troubled households during the nation's gravest economic crisis in decades, one he's worsening, not alleviating.

In fact, acting more like one of them than one of us, he discussed various special favors he had in mind, including lowering corporate taxes and "breaking down some of the barriers that stand in the way of your success," eliminating "outdated and unnecessary regulations" to save billions of dollars annually, no matter the incalculable public cost.

Dismissively he said:

"I've ordered a government-wide review," and if there are rules on the books that are needlessly stifling job creation and economic growth, we will fix them....I've also ordered agencies to find ways to make regulations more flexible for small business," promising to make government as accommodative as possible, giving away the store if there's anything left from the wreckage he already caused.

Obama Unveils Corporate Friendly Deregulation Plan

On May 26, Reuters writer Alister Bull headlined, "White House takes steps to cut business red tape," saying:

Obama unveiled a plan to save corporations "billions of dollars over time, seeking to placate businesses complaining about what they see as undue regulatory burden."

In fact, billions of dollars in political contributions freed corporate giants from numerous regulations since the 1970s.

Jimmy Carter, in fact, spearheaded deregulation Nixon and Ford began by hiring Alfred Kahn to head the Civil Aeronautics Board (CAB). The 1978 Airline Deregulation Act followed. It dissolved the CAB, removed industry restraints, eased consolidation, and subsequent bills deregulated trucking and railroads - the 1980 Motor Carrier Act and 1980 Staggers Rail Act, following the 1976 Railroad Revitalization and Regulatory Reform Act.

Carter also phased out interest rate deposit ceilings, and gave the Fed more power through the 1980 Depository Institutions and Monetary Control Act, removing New Deal restraints and enabling subsequent administrations to go further.

Under Reagan, energy deregulation followed, notably oil and gas, then electric utilities under GHW Bush and Clinton, the result being high prices, brownouts, and Enron-like scandals.

In the 1980s, the 1982 Alternative Mortgage Transactions Parity Act led to exotic feature mortgages with adjustable rates or interest-only. They carry low "teaser" rates for several years, after which they're adjusted much higher, often making loans unaffordable, especially for low-income, high-risk borrowers using subprime and Alt-A loans.

The 1982 Garn-St. Germain Depository Institutions Act deregulated thrifts and fueled fraud, so much that the Savings and Loan crisis followed. As a result, hundreds of banks failed, sticking taxpayers with most of the 0 billion cost. In 1987, the Government Accountability Office (GOA) declared the S & L deposit insurance fund insolvent because of mounting bank failures.

In 1988, global regulators imposed minimum bank capital requirements, known as the Basel Accord or Basel I, enforced in G-10 countries.

In 1989, the Financial Institutions Reform and Recovery Act abolished the Federal Home Loan Bank Board and FSLIC, transferring them to the Office of Thrift Supervision (OTS) and FDIC. It also created the Resolution Trust Corporation (RTC) to liquidate troubled assets, assume Federal Home Loan Bank Board insurance functions, and clean up a troubled system.

Clinton era telecommunications deregulation let media and telecommunication giants consolidate, gave new digital television broadcast spectrum space to current TV station owners, and let cable companies increase their local monopoly positions.

His 1994 Reigle-Neal Interstate Banking and Branching Efficiency Act let bank holding companies operate in more than one state. In 1996, the Fed reinterpreted Glass-Steagall to let bank holding companies earn up to 25% of their revenue from investment banking. The 1998 Citicorp-Travelers merger followed, combining a commercial/investment bank with an insurance company ahead of the 1999 Financial Services Modernization Act, also called the Gramm-Leach-Bliley Act (GLBA) authorizing it.

In 2000, the Commodity Futures Modernization Act (CFMA) passed, legitimizing swap agreements and other hybrid instruments, at the heart of today's problems by ending regulatory oversight of derivatives and leveraging that turned Wall Street more than ever into a casino.

New Deal reforms were enacted to restrain corporate fraud and abuse. Gutting them decades later to the present, business was freed to pillage at will, Washington turning a blind eye to the worst of their racketeering.

Obama, in fact, exacerbated the worst of bad practices, especially for his Wall Street favorites, literally rewarding their criminal fraud with at least .3 trillion dollars of taxpayer money and perhaps more yet to be disclosed, if ever.

Obama's "Simpler, Smarter Regulatory System"

Thirty federal agencies proposed eliminating or modifying hundreds of regulations to benefit business, despite compromising environmental concerns, sacrificing public safety, and disregarding general welfare issues.

While details so far are sketchy, several proposals include:

-- excusing states from requiring air pollution vapor recovery systems at gas stations;

-- ending "outdated" Endangered Species Act regulations;

-- freeing business from 1.9 million regulatory reporting hours relating to workplace safety;

-- curtailing railroad and other safety standards;

-- stressing bottom line priorities over public benefits; and

-- assuring further deregulation follows current proposals.

Office of Management and Budget (OMB) director Jacob Lew said:

"Paperwork and reporting burdens are a serious problem....This is not a one time project. This is the beginning of what will become a new way of doing business."

Responding, the Chamber of Commerce applauded "some commonsense recommendations that will save businesses some time, money, headaches, and resources," adding much more needs to be done, saying:

"What we need is a plan to make our flawed regulatory system smarter, less intrusive, and more accountable."

National Resources Defense Council (NRDC) Legislative Director Scott Slesinger said:

"The purpose of the regulatory system is to protect the health and well-being of the American public. Any proposed changes should be closely evaluated to ensure they protect the public, first and foremost."

"Coming at a time when the entire system for protecting (public safety) is already under political attack by some in Congress, we will closely examine these specific change to ensure that federal agencies continue to put the public's interest above all else."

From what's so far known, public safety and welfare are being sacrificed for bottom line considerations, Obama prioritizing his efforts for them.

Stephen Lendman lives in Chicago and can be reached at lendmanstephen@sbcglobal.net. Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

http://www.progressiveradionetwork.com/the-progressive-news-hour/.

Report this post as:

Local News

GUIDE TO REBEL CITY LOS ANGELES AVAILABLE A12 5:39PM

lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Join The Protest Rally in Glendale on April 10, 2018! M29 6:38PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video M02 11:44AM

Resolution of the Rent Strike in Boyle Heights M01 6:28PM

What Big Brother Knows About You and What You Can Do About It M01 3:30PM

Step Up As LAPD Chief Charlie Beck Steps Down F14 2:44PM

Our House Grief Support Center Hosts 9th Annual Run For Hope, April 29 F13 12:51PM

Don’t let this LA County Probation Department overhaul proposal sit on the shelf F13 11:04AM

Echo Park Residents Sue LA Over Controversial Development F12 8:51AM

Former Signal Hill police officer pleads guilty in road-rage incident in Irvine F09 10:25PM

Calif. Police Accused of 'Collusion' With Neo-Nazis After Release of Court Documents F09 7:14PM

Center for the Study of Political Graphics exhibit on Police Abuse posters F07 9:50AM

City Agrees to Settle Lawsuit Claiming Pasadena Police Officer Had His Sister Falsely Arre F04 3:17PM

Professor's Study Highlights Health Risks of Urban Oil Drilling F04 12:42PM

Claims paid involving Pasadena Police Department 2014 to present F04 10:52AM

Pasadenans - get your license plate reader records from police F03 11:11PM

LA Times Homicide Report F03 1:57PM

More Local News...

Other/Breaking News

Xyloglossie attitudinale A23 8:07AM

Shadowgun Legends Hack and Cheats A23 7:24AM

What does the Quran Say About Islamic Dress?? A21 4:15PM

Biodiversité ou la nature privatisée A20 11:22AM

The Market is a Universal Totalitarian Religion A20 7:14AM

Book Available about Hispanics and US Civil War by National Park Service A19 5:52PM

The Shortwave Report 04/20/18 Listen Globally! A19 4:01PM

The Republican 'Prolife' Party Is the Party of War, Execution, and Bear Cub Murder A19 11:48AM

Neurogenèse involutive A18 9:21AM

Paraphysique de la dictature étatique A16 10:13AM

Book Review: "The New Bonapartists" A16 3:45AM

The West Must Take the First Steps to Russia A14 12:25PM

Théorie générale de la révolution ou hommage à feu Mikhaïl Bakounine A14 3:30AM

The Shortwave Report 04/13/18 Listen Globally! A12 3:50PM

“Lost in a Dream” Singing Competition Winner to Be Chosen on April 15 for ,000 Prize! A12 3:48PM

The World Dependent on Central Banks A12 4:43AM

Ohio Governor Race: Dennis Kucinich & Richard Cordray Run Against Mike DeWine A11 9:40PM

March 2018 Honduras Coup Again Update A10 10:52PM

Apologie du zadisme insurrectionnel A10 3:33PM

ICE contract with license plate reader company A10 1:14PM

Palimpseste sisyphéen A09 11:23PM

Black Portraiture(S) IV: The Color of Silence...Cuba No...Cambridge Yes A09 5:32AM

Prohibiting Micro-Second Betting on the Exchanges A09 4:18AM

Prosecutors treat Muslims harsher than non-Muslims for the same crimes A08 10:33PM

Amy Goodman interview on cell phone safety A08 10:29PM

Mesa, Arizona police officer kills unarmed white man A08 9:50PM

Israeli leaders should be prosecuted for war crimes A08 9:48PM

Paraphysique de l'autorité A08 12:11AM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy