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When Roger West first launched the progressive political blog "News From The Other Side" in May 2010, he could hardly have predicted the impact that his venture would have on the media and political debate. As the New Media emerged as a counterbalance to established media sources, Roger wrote his copious blogs about national politics, the tea party movement, mid-term elections, and the failings of the radical right to the vanguard of the New Media movement. Roger West's efforts as a leading blogger have tremendous reach. NFTOS has led the effort to bring accountability to mainstream media sources such as FOX NEWS, Breitbart's "Big Journalism. Roger's breadth of experience, engaging style, and cultivation of loyal readership - over 92 million visitors - give him unique insight into the past, present, and future of the New Media and political rhetoric that exists in our society today. What we are against: Radical Right Wing Agendas Incompetent Establishment Donald J. Trump Corporate Malfeasence We are for: Global and Econmoic Security Social and Economic Justice Media Accountability THE RESISTANCE

Monday, September 19, 2011

Bachmann Proves Herself Clueless With Wall Street Reform

Bachmann claims Wall Street reform is ‘killing the banking industry’ as banks post record profits.

Three years ago this week, the financial crisis began in earnest with the bankruptcy of Lehman Brothers and the $85 billion bailout of mega-insurer American International Group. However, during Monday night’s GOP presidential primary debate, the candidates proved that they have no interest in learning the lessons of that crisis, as they called for the repeal of the Dodd-Frank financial reform law in order to “free up” Wall Street.

Rep. Michele Bachmann (R-MN) bragged that night about being the lead author of the Dodd-Frank repeal legislation. And during a campaign stop in southern California yesterday, Bachmann explained her rationale:
And not only repealing Obamacare, also repealing Dodd-Frank, which is killing the banking industry. I’ve got the bill to repeal both of them.

Some banks would be surprised to learn that they are on the verge of death, as they keep on reporting record profits. Newt Gingrich claimed that the banking industry was being killed by Dodd-Frank, “‘bank profits rose substantially‘ in the first quarter of the year, with banks showing the biggest profits since before the recession. Things were sunny in the second quarter as well”

Profits at JPMorgan Chase, the nation’s second largest bank, were up 13 percent.

Third-largest Citigroup’s profits soared
23 percent.

Fourth-largest Wells Fargo’s profits shot
up 29 percent.

Fifth-largest Goldman Sachs, meanwhile, “disappointed investors” when it merely “
more than doubled its profits.”

Sixth-largest Morgan Stanley’s profits were up an impressive 17 percent.

JP Morgan Chase, in fact, is posting record profits. But three years after Wall Street caused the financial crisis, and with banks back to reaping profits, Bachmann and the GOP feel that its financial reform that merits doing away with.