Home » Forums » Daily Paul Liberty Forum
0 votes

In the Senate: Ban Criminal Derivatives ‘Bucket Shops’

Submitted by J.M. on Wed, 10/15/2008 - 06:50
in

Oct. 14, 2008 (LPAC)--Senate Agriculture Committee chairman Sen. Tom Harkin (D-Iowa) opened up his hearing on derivatives and the financial crisis today, with some promise of sane action, asking, "Shouldn't we just outlaw these things? The collapse owes a great deal to the traffic in credit default swaps (CDS), collateralized debt obligations (CDOs), etc. Shouldn't we just ban them?" As his hearing went on, Harkin backed off and wondered whether the U.S. Senate was allowed to outlaw financial derivatives!

Full article: http://www.larouchepac.com/news/2008/10/14/senate-ban-crimin...


Like this article? Get DP delivered to your inbox daily. Subscribe here:

E-mail address:  

»

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

The damage to the financial system

Submitted by Gil on Wed, 10/15/2008 - 08:41.

from OTC derivatives has already been done, all that remains to be seen are the consequences. As usual, politicians are always too little too late. Thanks for thinking of us, Mr. Harkin.

I wonder what his position

Submitted by john2k on Wed, 10/15/2008 - 07:30.

I wonder what his position was on the bailout. You know, if they aren't allowed to outlaw derivatives and he honored that - I wonder if he also honored (with his vote) the fact that they are not allowed to bailout bankers with taxpayer money, either.

—

...

Is the goverment totally brain dead?

Submitted by gardengrocer on Wed, 10/15/2008 - 07:19.

food freedom,one seed at a time.

Sounds like they have no idea what they are doing! If they voted for the bailout-Vote their asses out! R3volution Now......