8 chapters across the catalog
The discussion focuses on the lack of mainstream U.S. network news coverage regarding the Panama Papers compared to international outlets. Speculation arises that the "endgame" of the leak is to force international wealth into the U.S. banking system. The hosts note that while European bank executives face calls to resign, American public interest remains low due to limited domestic reporting.
Derivatives Market, Glass-Steagall and Sarbanes-Oxley
The hosts criticize the 2022 deadline for new derivatives regulations, arguing the delay renders the reform ineffective. They question why the Glass-Steagall Act was not reinstated to separate commercial and investment banking. Additionally, Sarbanes-Oxley is described as a protectionist bill for accounting firms that shifted the burden of proof onto corporate boards while failing to prevent fraud.
Dodd-Frank Wall Street Reform and Federal Reserve Power
The Dodd-Frank Wall Street Reform bill is moving toward a final vote, a move critics argue will significantly empower the private Federal Reserve. The legislation is being framed as consumer protection regarding credit card fees, but it primarily grants the Fed oversight of private banks. The timing of the bill's passage is noted for occurring while the public is distracted by celebrity news involving Mel Gibson.
President Obama's weekly address regarding the Financial Reform Act is characterized as a power grab for the Federal Reserve. The hosts argue that the bill empowers the same bankers who caused the recession to oversee themselves, rather than providing the consumer protections the President claims.
Glass-Steagall Act Repeal, Phil Gramm and Financial Meltdown
A C-SPAN caller questioned Senator Mike Johans on why the re-institution of the Glass-Steagall Act is not part of current financial reform legislation. The act, which separated commercial and investment banking, was repealed in 1999 under the Clinton administration with the help of Republican Senator Phil Gramm. Johans' refusal to support the act's return is cited as evidence of ongoing corruption within the financial regulatory system.
Bank of America Thumbprint Policy, Michelle Bachmann Blood Oath
An armless man was reportedly denied service at a Bank of America because he could not provide a required thumbprint for check cashing. In separate political news, Representative Michelle Bachmann is mentioned regarding her intense opposition to healthcare reform. The hosts also revisit the story of journalists Ling and Lee, mocking their claims of "painful" experiences in North Korea.
Healthcare Bill Bank Access, Physician Fee Schedule Debunking
Nancy-Ann DeParle addresses claims that the healthcare bill allows the government real-time access to individual bank accounts for electronic funds transfers. While she states individuals remain in charge of their accounts, critics argue she avoids denying the existence of a real-time data connection. The discussion also covers the distinction between "physician services" and the "physician fee schedule" in the proposed legislation.
Brazil Currency Reset and the Real
Brazil successfully managed hyperinflation by replacing the "Cruzeiro" with the "Real" in the 1990s. The new currency was initially pegged one-to-one with the U.S. dollar, providing stability after years of daily price increases. This history led to Brazil developing one of the most sophisticated and modern banking systems in the world.
