Comment Text:
The Volcker Rule is the very least that needs to be done to BEGIN to address the Bank/Investment mess we call out Financial System. The present dismantling and slicing and dicing of the rule By the Treasury, The Advisers to the President and the Lobbyists from the industry makes it clear that the problem of so-called Commercial Banks and Investment Banks must be swiftly and completely addressed. The need to be completely and irrevocably separated. The derivative Market needs to be ruthlessly regulated and made absolutely and instantly transparent for the protection of the entire world economy. The Commodities Futures market must be reigned in, taxed and also slowed down. In fact the computerized trading today makes a farce out of capital investments. Holding thousands of shares of stock for 30 seconds, selling, buying it back in less than an hour and doing this 5 times a day has NOTHING to do with investment, capital, or domestic production.
It would be best to reduce the Volcker Rule to the Glass Steagall acts with the modern CDS, CDO, and other quasi-crooked products added to the severely regulated list.
We had a stable and powerful economy when the Galss Steagall acts were in place. The moment they began to be chipped away, the seeds for the Savings and loan crisis were planted and bore disastrous fruit. The complete elimination produced the predictable result of the present crash.
I am disgusted with the efforts of Secretary Geithner and the rest of his followers to destroy or at least hobble this "Rule". I preay that you ahve the guts to tell him and the rest to sit down and do the job WE THE PEOPLE pay him to do, and not the job that Wall St and the Huge Banks are telling him to do.
