Okay, this means war. Public Enemy #1: the elitist plutocrats of the US Chamber of Commerce.

At least the Dems -- in contrast to the members of the GOP -- in Congress aren't readily and openly whoring themselves out to the US Chamber of Commerce.

From AP News, by way of Yahoo! News:

WASHINGTON – A bipartisan coalition in the House voted late Thursday to make it easier for corporations to engage in complex derivatives trades without government restrictions, eroding the reach of proposed regulations to govern Wall Street.

Democratic attempts to toughen the legislation failed.

Though not major setbacks, the votes illustrated the difficulties facing House Financial Services Committee Chairman Barney Frank and the Obama administration as they seek to pass legislation aimed at preventing a recurrence of last year's Wall Street crisis.

Key votes loomed ahead, with a final vote on the sweeping legislation scheduled Friday.

Democrats hoped to fend off an amendment Friday that would eliminate the creation of an independent Consumer Finance Protection Agency. The agency is a central element of the Democrats' legislation and the Obama administration's proposed regulatory changes.

The amendment was offered by Rep. Walt Minnick, a conservative Democrat from Idaho, and seven other centrist Democrats. The U.S. Chamber of Commerce, which has been running national television ads against the creation of a consumer agency, said it would base its support for lawmakers in next year's elections, in part, on how they voted on the amendment.

"I think we're going to beat the Minnick amendment, but it's a real test," Frank, D-Mass., said Thursday. Creating a consumer agency is a top priority for consumer groups and for labor organizations such as the AFL-CIO.

Democratic leaders also were pushing changes that would add further restrictions on banks and financial institutions. One, vigorously opposed by banks, would let bankruptcy judges rewrite mortgages to lower homeowners' monthly payments.

A coalition of banking organizations on Thursday sent lawmakers a letter urging them to vote against the amendment. The House previously passed bankruptcy-mortgage legislation, but it failed in the Senate.

The legislation imposes new regulations on derivatives, aiming to prevent manipulation in and bring transparency to a $600 trillion global market. But an amendment by New York Democrat Scott Murphy, adopted 304-124 Thursday night, exempted businesses that trade in derivatives, not as financial speculators, but to hedge against market fluctuations such as currency rates or gasoline prices. The amendment also provided an exception for businesses that are not considered too big to be a risk to the financial system.

A Democratic effort to make more companies subject to derivatives regulation failed 279-150.

The Chamber of Commerce circulated a letter Thursday urging lawmakers to vote for the Murphy amendment and against the broader regulation. [...]

If ever there was an entity that is contemptuous of the basic, day-to-day existence of the ordinary, middle class American citizen and family in 2009 (and there was/is!), it is the US Chamber of Commerce. It is a truly despicable assemblage of liars and crooks, an organization of cigar-chomping Mr. Spacely-type Captains of Oligarchy.

Of course the US Chamber of Commerce is against the regulation and oversight! I mean, weren't excessive market regulation/oversight and rampant consumer protections the things that plunged us into this economic crisis in the first place?? Oh, wait.....

Anyway, what do you expect from an organization that opposes the prosecution of private contractors in Iraq who gang-raped American and Iraqi women?.

The history books of the future shall surely look back on this moment as the finest hour of laissez faire capitalism and its apologists.....

Documentary on John McCain's role in Keating Five scandal on 'keatingeconomics.com'

View this documentary about McCain's involvement in the Keating Five scandal at the Web site 'keatingeconomics.com'.

The documentary, which was released by Obama's campaign today at noon, is titled: KEATING ECONOMICS: JOHN MCCAIN AND THE MAKING OF A FINANCIAL CRISIS.

Below is reprinted the text that appears on keatingeconomics.com, accompanying the documentary.

The current economic crisis demands that we understand John McCain's attitudes about economic oversight and corporate influence in federal regulation. Nothing illustrates the danger of his approach more clearly than his central role in the savings and loan scandal of the late '80s and early '90s.

John McCain was accused of improperly aiding his political patron, Charles Keating, chairman of the Lincoln Savings and Loan Association. The bipartisan Senate Ethics Committee launched investigations and formally reprimanded Senator McCain for his role in the scandal -- the first such Senator to receive a major party nomination for president.

At the heart of the scandal was Keating's Lincoln Savings and Loan Association, which took advantage of deregulation in the 1980s to make risky investments with its depositors' money. McCain intervened on behalf of Charles Keating with federal regulators tasked with preventing banking fraud, and championed legislation to delay regulation of the savings and loan industry -- actions that allowed Keating to continue his fraud at an incredible cost to taxpayers.

When the savings and loan industry collapsed, Keating's failed company put taxpayers on the hook for $3.4 billion and more than 20,000 Americans lost their savings. John McCain was reprimanded by the bipartisan Senate Ethics Committee, but the ultimate cost of the crisis to American taxpayers reached more than $120 billion.

The Keating scandal is eerily similar to today's credit crisis, where a lack of regulation and cozy relationships between the financial industry and Congress has allowed banks to make risky loans and profit by bending the rules. And in both cases, John McCain's judgment and values have placed him on the wrong side of history.