At issue is the Jumpstart Our Business Startups Act (the JOBS Act). On March 8, the House passed it overwhelmingly 390 - 23. On March 22, Senate followed 73 - 26. Doing what he does best, Obama will sign it into law. He'll again betray America's 99% in the process.
He called the imminent JOBS Act passage reminiscent of the "worst anti-regulatory travesties in the financial sphere (that) had broad, bipartisan support." Don't they all, especially in recent decades.
He reviewed some of the worst past legislation and congressional actions, including:
(1) the 1982 Garn-St. Germain Act that gave S & Ls a license to steal.
(2) the 1987 Competitive Equality in Banking Act (CEBA).
Reflecting on the double-dealing chicanery behind it, Black said his "psyche still bears the scars of this combined onslaught. It was the political equivalent of being on the receiving end of a B 52 Arc Light (carpet bombing) mission in Vietnam."
(3) the 1993 "Reinventing Government" scam. It was premised on the view that anything government does, business does better, so let it. Deregulation went wild.
(4) the 1995 Public Securities Litigation Reform Act (PSLRA) made it harder for fraud victims to sue. As a result, the financial sector became "more criminogenic." CEOs were licensed to loot with impunity. The 1998 PSLRA amendment was even more hostile to fraud victims.
(5) the 1999 Gramm-Leach-Bliley Act. It repealed Glass-Steagall. The 1930s law separated commercial from investment banks and insurers, among other provisions curbing speculation.
(6) the 2000 Commodities Futures Modernization Act. It's so bad, it was tucked away in an appropriations bill near the end of Clinton's tenure. It was his final public betrayal, and what a whopper to endorse.
BATR 2020 Election News
