http://www.bloomberg.com/apps/news?pid=20601109&sid=a3CxbMYYXpt8
Financial Services Committee Chairman Frank he was worried that Obama’s derivatives plan, released in August, would penalize a wide swath of U.S. corporations and could push jobs in his home district overseas, McMahon said in an interview.
Point 1: There are no jobs left to go overseas, that’s all over. Completed, kaput, workers screwed already.
Point 2: This is complete and unadulterated bullshit. The tremendously high percentage of these derivative trades are speculative. I just blogged about two weeks ago about how 12 barrels of oil trade for every real barrel of oil.
1 in 13 is about 7.7% real trades for farmers or airlines buying jet fuel. The rest is just yuppie bankers makin’ loot.
Another big fat strike against Barney Frank.
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