Democrats push bank controls; GOP delays action

news.yahoo.com... By JIM KUHNHENN, Associated Press Writer Jim Kuhnhenn, Associated Press Writer – 45 mins ago
WASHINGTON – Undaunted by a Senate setback, Democrats appeared increasingly confident Monday they will be able to take advantage of Americans' anger at Wall Street and push through the most sweeping new controls on financial institutions since the Great Depression.

The Senate, in a 57-41 vote, failed to get the 60 supporters needed to proceed on the regulatory overhaul. One Democrat, Sen. Ben Nelson of Nebraska, joined with the Republicans.

All part of the show,right? we all know both parties won't really pass anything that will hold wall street responsible and any new regulatory agency will be about as worthless as the SEC.

[edit on 073030p://1426 by mike dangerously]

I really do agree with the Republicans on this one. This isn't legislation you should pass "off the cuff" just because you're mad at bankers. The reality of what this law does, the fallout, the effects to the middle class all need to be examined before the law is passed in haste.

I keep beating this horse, but look at the Credit Card Act authored by Chris Dodd. It has great intentions, but it failed to take even simple steps the credit card companies took to side-step the law. The result was companies like CitiCards hiking their interest rates from 7% to 29.99% on many cardholders' accounts - and those are people in good standing. Others have had their lines of credit cancelled, reduced and the interest rate hiked.

They NEED to go slow on this. It's the economy. It was bad enough that they passed a health care bill where Pelosi said "we'll have to pass it to find out what's in it". They simply CANNOT afford to do that with this one. If they get it wrong it could spell economic disaster.