ragerunner

A lot of the growth is in the apartment/rental industry. Which is good, that is what many currently need in today's economy and what a lot of the data shows the Y generation wants. Housing starts jump in December "Starts rose 24.7% in the Midwest, 21.4% in the Northeast, 18.7% in the West and 3.8% in the South. By structure size, starts for single-family homes rose 8.1%, and increased 20.3% in buildings with at least two units. While starts in December were up 37% from a year earlier, rates remain far below a bubble peak of almost 2.3 million in 2006." http://www.marketwatch.com/story/housing-starts-jump-in-december-2013-01-17 Following the negative NY index. Also, the surprising Philly index in December was cut by about 40% from its first reading (8.1). Negative reading for Philly Fed index in January "The Philadelphia Fed’s manufacturing index went negative in January, slipping to -5.8 in January from +4.6 in December. Negative reading for Philly Fed index in January." http://www.marketwatch.com/story/negative-reading-for-philly-fed-index-in-january-2013-01-17 Initial jobless claims fall 37,000 to 335,000 "Big weekly drop said likely to stem from beginning-of-the-year quirk" http://www.marketwatch.com/story/initial-jobless-claims-fall-37000-to-335000-2013-01-17 Euros discarded as impoverished Greeks resort to bartering "Communities set up local currencies and exchange networks in attempt to beat the economic crisis" "It's been a busy day at the market in downtown Volos. Angeliki Ioanitou has sold a decent quantity of olive oil and soap, while her friend Maria has done good business with her fresh pies. But not a single euro has changed hands – none of the customers on this drizzly Saturday morning has bothered carrying money at all. For many, browsing through the racks of second-hand clothes, electrical appliances and homemade jams, the need to survive means money has been usurped. "It's all about exchange and solidarity, helping one another out in these very hard times," enthused Ioanitou, her hair tucked under a floppy felt cap. "You could say a lot of us have dreams of a utopia without the euro." http://www.guardian.co.uk/world/2013/jan/02/euro-greece-barter-poverty-crisis It better have a significant impact on the housing market this year, because it is housing growth that the FED is banking on to keep the official GDP number positive this year. Fed’s Fisher disappointed with QE3 market impact "Calls for action to split up too-big-to-fail banks" "WASHINGTON (MarketWatch) — The Federal Reserve’s aggressive monetary-policy stance has not brought down mortgage rates as much as hoped, Dallas Federal Reserve Bank President Richard Fisher said Wednesday. “Rates are the lowest they have been in a lifetime, but they have not come down as quickly as I would like. We have not seen as robust an effect as we would like to see,” Fisher told reporters after an evening speech here. Fisher said that in his own view, the Fed’s quantitative easing seems to be “having a lesser impact as we go through time.” "In his speech Wednesday, the Dallas Fed president said one reason that monetary policy wasn’t as effective as it could be is because the nation’s dozen largest banks are not lending. Instead, these large institutions remain preoccupied with rebuilding their balance sheets in the wake of the financial crisis, he said." http://www.marketwatch.com/story/feds-fisher-disappointed-with-qe3-market-impact-2013-01-16?Link=obinsite Continuing on the issue that even if people find new jobs it is more times than not paying less than their old job. 1 in 3 Illinoisans lives in or near poverty level: report "A staggering one out of three Illinoisans today lives in or near poverty - the peak of a continued climb over three decades, a new study finds. It means one in five Illinois children are living in poverty, according to the study released Wednesday by the Social IMPACT Research Center of Chicago's Heartland Alliance for Human Needs & Human Rights. The forces behind this rising poverty in a post-recession economy go beyond unemployment, according to the study, which traces it also to an inadequate living wage and lack of access to education, housing, health care and assets." http://wap.myfoxchicago.com/w/main/story/82844687/ Military services to freeze hiring, lay off temps, prep for furloughs "The Defense Department is freezing civilian hiring, laying off temporary workers, considering furloughs for hundreds of thousands of civilian employees, and cutting back on contracts to prepare for the likelihood of severe budget reductions this year." http://www.federaltimes.com/article/20130116/PERSONNEL03/301160004/Military-services-freeze-hiring-lay-off-temps-prep-furloughs?odyssey=mod|newswell|text|Advice%20&%20Opinion|p

Not true. Most hirings of 50 or more are announced through the media and a local or state EDC. An example of this is posted just above by Clefan98 "Jeld-Wen to expand plant, adding 49 jobs" My comment about timing is correct. I work with a local EDC office, it usually takes time for the new jobs to get into place, but the job losses are almost over night.

Already had the Ford annoucement and GM annoucement and the Honda announcement at the top of page. Thanks for the link to the other 289 job annoucements. One thing that is lost in the discussion of jobs creation and job loss is the time frame for both to take place. Most job losses usually have already happened by the time they are announced or will happen with a month or so. Job creation announcements frequently can be a year or more away. I also came across a very interesting article that showed how a noticeable percentage of new job announcements never materialize. On the other side, most job cut announcement happen and happen quickly. One example is from your post. DENSO will be making that investment over the next 4 years and it appears the first phase will not get going until early 2014. If you look at most of the job cut annoucements I have posted the people have already been cut or its going to happen with a month or less. I appreciate the info that you are posting, thanks.

Germany wants its gold and now this. The party seems to be getting a little rough. Russia Says World Is Nearing Currency War as Europe Joins "The world is on the brink of a fresh “currency war,” Russia warned, as European policy makers joined Japan in bemoaning the economic cost of rising exchange rates. “Japan is weakening the yen and other countries may follow,” Alexei Ulyukayev, first deputy chairman of Russia’s central bank, said at a conference today in Moscow. The alert from the country that chairs the Group of 20 came as Luxembourg Prime Minister Jean-Claude Juncker complained of a “dangerously high” euro and officials in Norway and Sweden expressed exchange-rate concern. The push for weaker currencies is being driven by a need to find new sources of economic growth as monetary and fiscal policies run out of room. The risk is as each country tries to boost exports, it hurts the competitiveness of other economies and provokes retaliation." http://www.bloomberg.com/news/2013-01-16/russia-says-world-is-nearing-currency-war-as-europe-joins.html BofA sees recession threat from ‘few weeks’ at debt ceiling "The U.S. economy could slip into recession even if the Treasury pays some of its obligations in the event Congress doesn’t raise the debt ceiling, Bank of America Merrill Lynch economists wrote Wednesday." http://blogs.marketwatch.com/election/2013/01/16/bofa-sees-recession-threat-from-few-weeks-at-debt-ceiling/ David Cameron: critics too hung up on 'process' of Europe reforms "David Cameron has warned against getting hung up on the "process" of EU reforms, as he comes under pressure to set a firm timetable for a new relationship with Brussels." http://www.telegraph.co.uk/news/politics/9806027/David-Cameron-critics-too-hung-up-on-process-of-Europe-reforms.html Another list of some of the jobs cuts over the last few days. Many of these are high wage type jobs. Hemlock to Cut 400 Jobs Amid Global Polysilicon Oversupply http://www.bloomberg.com/news/2013-01-14/hemlock-to-cut-400-jobs-amid-global-oversupply-of-polysilicon.html United Airlines to cut 472 Newark jobs http://www.northjersey.com/news/186814481_United_Airlines__472_job_cuts_in_Newark.html Atmel Corp. lays off 140 more in Colorado Springs Read more: http://www.vcstar.com/news/2013/jan/15/atmel-corp-lays-off-140-more-in-colorado-springs/#ixzz2I9z9ekmV - vcstar.com United Tech's Pratt arm laying off 350 staffers http://www.reuters.com/article/2013/01/15/unitedtech-layoffs-idUSL2N0AKJSP20130115 El Paso Leviton plant to close; 300 will be laid off http://www.elpasotimes.com/news/ci_22381487/leviton-close-plant-ep-300-will-be-laid?source=most_viewed

More info on Germany and its gold. Bundesbank to pull gold from New York and Paris in watershed moment "Germany’s Bundesbank is to repatriate gold reserves held abroad to tighten control and combat currency crises in the future, pulling a chunk of its holdings from New York and all its bullion from Paris." "The move marks an extraodinary breakdown in trust between leading central banks and has set off ferment among gold enthusiasts, with some comparing it with France’s withdrawal of gold from the US under President Charles de Gaulle as the Bretton Woods currency system crumbled in the early 1970s. Handelsblatt said the Bundesbank will announce on Wednesday that it intends to relocate the gold to vaults in Frankfurt, said by insiders to include parts of the old archive library. Germany has 3,396 tons of gold worth roughly £115bn, the world’s second-largest holding after the US." http://www.telegraph.co.uk/finance/personalfinance/investing/gold/9804444/Bundesbank-to-pull-gold-from-New-York-and-Paris-in-watershed-moment.html

Good news for current home owners, bad news for those that want to become home owners, including many of the Y generation that is coming into the workforce and out of college. Of course this all comes at a price, the FEDs have added 2 trillion to their balance sheet (with another 1 trillion coming this year) to keep interest rates low and boost home sales and prices.

It wasn't to bad unless you were selling electronics and appliances, they dropped noticably. The main focus was in food and clothing, of course these are usually lower margin type items for the retailer. Sales at U.S. Retailers Rose More Than Forecast in December "Retail sales in the U.S. rose more than projected in December as Americans wrapped up their holiday shopping, showing households looked beyond the year-end budget battle among U.S. lawmakers." http://www.bloomberg.com/news/2013-01-15/retail-sales-in-u-s-increased-more-than-forecast-in-december.html Empire State index disappoints in January "Index sinks to -7.8 in January The key new orders sub-index fell to negative 7.2 from negative 3.4 and shipments also retreated sharply to negative 3.1 from 11.9 in December. Labor market conditions also remained weak." http://www.marketwatch.com/story/empire-state-index-disappoints-in-january-2013-01-15?dist=lcountdown Germany wants its gold back; platinum pops "February gold rises $11, helped in part by rising Japan inflation outlook" http://www.marketwatch.com/story/gold-futures-tick-higher-in-asia-trading-2013-01-15?dist=lcountdown It looks like the European recession has finally reached the last country standing, Germany. German economy shrank in fourth quarter http://money.cnn.com/2013/01/15/news/economy/germany-economy/index.html In other words, the economy is still so weak it can't handle any rise in debt cost. Bernanke downplays inflation risk of QE3 "Worst thing Fed could do would be to hike rates prematurely" http://www.marketwatch.com/story/bernanke-downplays-inflation-risk-of-qe3-2013-01-14?dist=lcountdown Why U.S. might be ‘a nation of deadbeats’ "Consumers have been paying down debt, but walking away from more Far from paying our bills, the current generation of Americans — or some of them — have set records for default which probably have no parallel in the history of the human race. During the last five years, U.S. individuals have walked away from a staggering $585 billion in mortgages, credit card debts and other personal loans. That works out at about $6,000 per household." http://www.marketwatch.com/story/why-us-might-be-a-nation-of-deadbeats-2013-01-15?dist=lcountdown

How low can they go. The race to devalue currencies is still on. These types of actions will allow the Euro and the Feds to print more as well, then it will be back in Japan's court again. Yen plunges as Japan gambles for growth "Frustrated by decades of stagnation, Japan is taking a bold gamble to revive the export engine of the world's third biggest economy: It is aggressively devaluing its currency. The yen has weakened more than 14% against the dollar since the beginning of October, bringing about a boon for the country's manufacturers." http://money.cnn.com/2013/01/13/news/economy/japan-yen/index.html?iid=HP_LN This will impact 4th quarter GDP. US trade gap hit $48.7 billion in November "WASHINGTON—The U.S. trade deficit expanded in November to its widest point in seven months, driven by a surge in imports that outpaced only modest growth in exports." "Exports increased only 1 percent to $182.6 billion. And exports to Europe fell 1.3 percent, further evidence of the prolonged debt crisis that has gripped the region." http://www.mercurynews.com/business-headlines/ci_22354799/us-trade-gap-hit-48-7-billion-november

And Greece continues to come apart, politically and economically. Shots fired at Greece ruling party HQ in Athens "A government spokesman said left-wing anarchist groups were suspected. In recent days three of the party's offices have been attacked. Small bombs have been placed at journalists' homes." http://www.bbc.co.uk/news/world-europe-21009702 The day the US dollar looses its place as the worlds main currency, we will see inflation like never before here in the US. Western governments may soon borrow in renminbi "BEIJING (MarketWatch) — One of the most hotly discussed questions in world finance concerns the timing of the expected take-off of the Chinese renminbi as a worldwide financial transaction and reserve currency. International banks all over the world are preparing for a further wave of renminbi activity in coming years as the Chinese authorities gradually release the shackles on the international use of the currency." http://www.marketwatch.com/story/western-governments-may-soon-borrow-in-renminbi-2013-01-14?dist=lcountdown

The headline could have been, Japan will add another 20 trillion yen in debt, in an effort to lift it out of its most recent recession. Japan OKs over $224B in economic stimulus "TOKYO (AP) — The Japanese Cabinet approved a fresh stimulus package of more than 20 trillion yen, or $224 billion, on Friday, aiming to lift the economy out of recession and create 600,000 new jobs." "Abe urged the central bank to move more aggressively to encourage lending and meet a clear inflation target to break out of the economic doldrums that have plagued Japan for two decades." http://www.usatoday.com/story/money/business/2013/01/10/japan-stimulus-224-billion/1825411/

And to add to that. "The No. 2 U.S. automakers behind General Motors (GM) also said it plans to add about 900 new jobs to its current salaried workforce in North America, though it warned that figure could change." Read more: http://www.foxbusiness.com/industries/2013/01/11/ford-to-hire-2200-us-workers/#ixzz2HhVf8bTo

Some recent job cut annoucements over the last few days. American Express to slash 5,400 jobs http://www.marketwatch.com/story/american-express-to-slash-5400-jobs-2013-01-10?link=MW_home_latest_news Report: Time to Axe 700 Jobs Next Month, Save $100M Read more: http://www.foxbusiness.com/industries/2013/01/10/report-time-to-axe-700-jobs-next-month-save-100m/#ixzz2HcFS9RPA About 110 workers laid off at Lockheed Martin Read more here: http://www.star-telegram.com/2013/01/09/4535799/about-110-workers-laid-off-at.html#storylink=cpy Bay County-based Dow Corning laying off 500 workers globally "Dow Corning said it is facing significant challenges with oversupply, high raw materials costs and slowed growth." http://www.mlive.com/business/mid-michigan/index.ssf/2013/01/dow_corning_laying_off_500_wor.html Morgan Stanley Said to Plan 1,600 Investment-Banking Job Cuts Read more: http://www.sfgate.com/business/bloomberg/article/Morgan-Stanley-Said-to-Plan-1-600-4179537.php#ixzz2HcG8Tou4 Visiting Nurse Association to lay off 400 in North Texas http://www.bizjournals.com/dallas/news/2013/01/07/visiting-nurse-association-to-lay-off.html

Another example of one of the big boys side stepping another part of Dobb-Frank. That cat is already starting to look a little naked. As I said previously, the big boys will continue to do what they want. Secret Goldman Team Sidesteps Volcker After Blankfein Vow "Sitting onstage in Washington’s Ronald Reagan Building in July, Lloyd C. Blankfein said Goldman Sachs Group Inc. (GS) had stopped using its own money to make bets on the bank’s behalf." "That may come as a surprise to people working in a secretive Goldman Sachs group called Multi-Strategy Investing, or MSI." "The team’s survival shows how Goldman Sachs has worked around regulations curbing proprietary bets at banks. Former Federal Reserve Chairman Paul A. Volcker singled out the company in 2009, saying it shouldn’t get taxpayer support if it focuses on trading. A section of the 2010 Dodd-Frank Act known as the Volcker rule, drafted to prevent banks from taking on excessive risk, limits short-term investments made with firms’ capital." http://www.bloomberg.com/news/2013-01-08/secret-goldman-team-sidesteps-volcker-after-blankfein-vow.html

I read the first page. Stylistically, it is torture. It jumps around with incomplete references. It is still an account of what happened in 2009 and rather stale. What was the point of that page ? This excerpt won't win Taibbi a Pulitzer: I never saw Alien Nation, btw Keep reading its much more than just about 2009 and before.

Once again, they know how to skin a cat in a lot of different ways. The great banking swindle of 2013 Commentary: Weak capital rules expose financial system to panic "On Monday, the world banking regulators unveiled a series of revisions to their new “capital requirements.” "In essence the requirements are the minimum amount of cash banks keep aside should they suffer massive loan losses, or customers begin pulling their money and business." "Think of it this way. When banks make a $100 loan today, they’re supposed to have roughly $5 in the vault to back it up. Regulators wanted that number to be closer to $8.50. Of course, the banks howled." "Monday’s revisions effectively gutted the new rules — not by changing the timetable or minimum ratios in a meaningful way — but by redefining what qualifies as “capital.” Under the new rules almost anything short of junk bonds counts toward the final ratio. Now, corporate debt securities rated A+ to BBB– count. Also good: residential mortgage-backed securities rated AA or higher. That said, regulators did draw a hard line on baseball cards, coupons for the Piggly Wiggly and lottery tickets. We kid, but the description is not too far from the truth. Many of the newly allowed assets that can be counted toward the requirements were of questionable value four years ago. Thousands of AAA-rated MBS bonds, for instance, defaulted." http://www.marketwatch.com/story/the-great-banking-swindle-of-2013-2013-01-08

Yes they have and they do a very good job with their research. Its a shame most of the MSM won't touch this stuff with a 10 foot poll or take the time to do their own research. It's a shame that your reference material was out of date when you posted it and none of that happened. http://www.urbanohio.com/forum2/index.php/topic,17905.msg657598.html#msg657598 That is incorrect. The main Rolling Stones articles is from January 2013. The other article was about efforts that were being done to change things and are still being attempted. Its not over yet and neither are all the lawsuites. Plus the other article I posted showed how some banks are getting around Dobb-Frank already and funding for groups like the SEC have not be increased to create the needed oversight for Dobb-Frank. The main Rolling Stones articles is very current - January 4, 2013. Some banks are working and getting around many of the oversight items in Dobb-Frank and funding has not be created to support the new oversight needs. Their are many ways the banking industry/Wall Street can skin a cat and they are being successful in many of those other ways. I think the point you are trying to make is limited. Did you take the time the read the main Rolling Stones article from January 4, 2013?

And another quick look across the pond. I think we can safely say any happy talk of the EU on the mend is premature. Unemployment risks creating new divide in Europe "Eurozone unemployment rose to 11.8 percent in November, the highest since the euro currency was founded in 1999, according to the statistical agency Eurostat. The rate was up from 11.7 percent in October and 10.6 percent a year earlier. In the wider 27-nation European Union, the world's largest economic bloc with 500 million people, unemployment broke the 26 million mark for the first time." http://www.usnews.com/news/world/articles/2013/01/08/eurozone-unemployment-reaches-record-118-pct

Maybe those 11,000 teachers that lost their jobs in December can apply for those 140 insurance jobs and the Getgo gas station jobs. I am sure all those part time holiday workers will want some of that action as well. :wink: Maybe they could apply for these as well: Molina adding 226 jobs at new Columbus HQ http://www.bizjournals.com/index.php/columbus/blog/2013/01/molina-adding-226-jobs-at-new-columbus.html Time Warner Cable adding 200 jobs in Milwaukee http://www.jsonline.com/business/time-warner-cable-adding-200-jobs-in-milwaukee-fl88jcj-185663811.html Time Warner Cable adding 644 jobs in Lexington http://www.thestate.com/2013/01/05/2577383/time-warner-cable-adding-644-jobs.html The time warner jobs in Milwaukee and Lexington start out at about $13 dollars an hour as 'call center' jobs. It might be jobs but for most of those teachers it would be a noticable step downward in income. The Molina jobs article doesn't say what they will pay but it appears to be more of a healthcare caseload jobs which probably pay about the same. Which brings up a big topic on here, the majority of the jobs being created do not pay the same as the jobs being lost. I have posted a lot of stats showing that a significant amount of the jobs that have been created in this 'recovery' make people noticably poor. And a ton of the replacement jobs have terrible hours that keep people away from their families, shift the burden of child care to others, can lead to broken homes, and prevent people from spending money on things such as entertainment if they have any extra left over. I think people really underestimate crappy hours' negative impact on the economy. When you work every Saturday night, have to sleep all day or have to go to bed at 6pm it really, really destroys your ability to contribute to the economy in a meaningful way besides your output at work. I suppose it does help Netflix, the video game industry and liquor stores though. Some very good points. I know people that are experiences these things right now. I even know one couple that were each working 3 jobs just to support their family and both finally ended up in the hospital with direct related health issues.

That is good news for a state that lost about 1.4 million jobs during the recession. At their current rate of job growth it is estimated that California will be back to the break even point in about 2016. That would be almost a full decade of no job growth for the state. The state currently has the 49 worst unemployment rate at almost 10%. I have never said job growth has not increased since the great recession, it has, but the rate of growth and the income of these new jobs don't support a return to the same lifestyle that was had before the great recession. And what is currently happening in California? Census data: California's poverty rate increases, income levels fall "New federal Census numbers released Thursday show a four percent drop last year in California median income levels." "California’s poverty rate slightly increased last year to 16.6 percent from 15.8 percent in 2010 and 12.6 percent in 2007." http://www.scpr.org/news/2012/09/21/34368/census-data-californias-poverty-rate-increases-inc/ I think this is one of the big stories of the "recovery". Incomes are still falling, poverty levels are still rising and so is the need for support like food stamps. There is a bigger picture currently playing out and it really doesn't have a positive story line.

Never said its wasn't. But it clearly doesn't create growth and stability for the economy or society in the long run to have incomes declining and more and more Americans falling into the low income category. I would disagree that $13 dollars an hour is stable living wage in metro regions in the midwest (its only about $27,000 a year). You better not have any school debt, a crappy cheap car and a really small apartment or you are in trouble. You might want to also throw in some food stamps along the way.

How Shape-Shifting Banks Foil Dodd-Frank Act "Deutsche Bank AG (DBK) recently separated its U.S. investment bank from its bank holding company, removing it from supervision by the Federal Reserve. So far, U.S. regulators have reacted passively to such moves by foreign banks to avoid the heightened capital requirements mandated by the Dodd-Frank Act. That’s because Dodd-Frank failed to heed a fundamental law of architecture: Form must follow function. For financial regulation to be effective, it should focus on economic function, rather than legal form. If it doesn’t, institutions will quickly find new forms that free them of regulatory constraints. What walks like a duck and quacks like a duck must be regulated as a duck, even if it is legally a goose." http://www.bloomberg.com/news/2012-04-16/how-shape-shifting-banks-foil-dodd-frank-act.html Two other things that have happened to reduce the impacts of Dobb-Frank is lawsuites and flatlining/reducing funding for agencies that are to implement Dodd-Frank. Like the SEC. This makes it very difficult for agencies to effectively oversee the new regulations. With all this said I hope Wall Street gets as much regulating as possible. Its an animal that is running wild and damaging our economic stability as a nation. But, the banking industry and Wall Street has proven over and over they can get away with most things with only a slap on the hand (fine) and the game goes on. Wake me up when some of the big boys finally go to jail.

Yes they have and they do a very good job with their research. Its a shame most of the MSM won't touch this stuff with a 10 foot poll or take the time to do their own research.

Maybe those 11,000 teachers that lost their jobs in December can apply for those 140 insurance jobs and the Getgo gas station jobs. I am sure all those part time holiday workers will want some of that action as well. :wink: Maybe they could apply for these as well: Molina adding 226 jobs at new Columbus HQ http://www.bizjournals.com/index.php/columbus/blog/2013/01/molina-adding-226-jobs-at-new-columbus.html Time Warner Cable adding 200 jobs in Milwaukee http://www.jsonline.com/business/time-warner-cable-adding-200-jobs-in-milwaukee-fl88jcj-185663811.html Time Warner Cable adding 644 jobs in Lexington http://www.thestate.com/2013/01/05/2577383/time-warner-cable-adding-644-jobs.html The time warner jobs in Milwaukee and Lexington start out at about $13 dollars an hour as 'call center' jobs. It might be jobs but for most of those teachers it would be a noticable step downward in income. The Molina jobs article doesn't say what they will pay but it appears to be more of a healthcare caseload jobs which probably pay about the same. Which brings up a big topic on here, the majority of the jobs being created do not pay the same as the jobs being lost. I have posted a lot of stats showing that a significant amount of the jobs that have been created in this 'recovery' make people noticably poor.

Maybe those 11,000 teachers that lost their jobs in December can apply for those 140 insurance jobs and the Getgo gas station jobs. I am sure all those part time holiday workers will want some of that action as well. :wink:

A few pages back we had a discussion about Dodd-Frank law and how that showed that Washington was not controled by Wall Street. At that time I made the comment, lets wait and see what this law actually does. Well it's not going to do much and will become even less effective very soon (and both party's are doing their part to kill it). So who controls who? How Wall Street Killed Financial Reform "It's bad enough that the banks strangled the Dodd-Frank law. Even worse is the way they did it - with a big assist from Congress and the White House." "Two years later, Dodd-Frank is groaning on its deathbed. The giant reform bill turned out to be like the fish reeled in by Hemingway's Old Man – no sooner caught than set upon by sharks that strip it to nothing long before it ever reaches the shore. In a furious below-the-radar effort at gutting the law – roundly despised by Washington's Wall Street paymasters – a troop of water-carrying Eric Cantor Republicans are speeding nine separate bills through the House, all designed to roll back the few genuinely toothy portions left in Dodd-Frank. With the Quislingian covert assistance of Democrats, both in Congress and in the White House, those bills could pass through the House and the Senate with little or no debate, with simple floor votes – by a process usually reserved for things like the renaming of post offices or a nonbinding resolution celebrating Amelia Earhart's birthday." Read more: http://www.rollingstone.com/politics/news/how-wall-street-killed-financial-reform-20120510#ixzz2HJCw3sG4 Follow us: @rollingstone on Twitter | RollingStone on Facebook