Senate passes sweeping Wall Street reform

Senate passes sweeping Wall Street reform

money.cnn.com

The Senate passed late Thursday night the most sweeping regulatory overhaul of the financial system since the New Deal.

The bill, which passed 59-39, imposes more oversight and stronger capital cushions for the largest banks and Wall Street firms, while aiming to stop bailouts, shine a light on complex financial products and strengthen consumer protection.

(visit the link for the full news article)

This bill was absolute crap and a total sell out to the big corporations. It still has to be merged with the House bill, but I doubt that one is any better than the piece of crap bill from the Senate.

The least they could have done is just reinstate Glass-Steagall. But now because that would hurt their corporate pals.

money.cnn.com
(visit the link for the full news article)

The lawmakers are so far away from real life that they have lost sight of what common sense measures can do!

The basic problem of Wall Street is that there is a lack of internal accountability. Capitalism normally sets up accountability through a system of monetary reward and failure, which means that bad companies fail.

By bailing out bad companies, like Citigroup, AIG etc, the US lawmakers have created a moral hazard. Capitalism does not work without both risk and reward; greed AND fear.

If they wanted to clean up banking, they would issue a direct message, making it unconstitutional for the government to provide taxpayer funds to bail out any incompetent private business. (Of course they would probably have to scrap the quasi-private Federal Reserve too!)

The stock market on Friday will make the combined losses over the past
week look like a pep rally by comparison. Great buying opportunity for
the young people, but hell-on-earth for retirees living off their life long
investments. -cwm

reply to post by Misoir

The Senate bill limits the size and scope of banks' investment activities, preventing them from owning hedge funds and trading on their own accounts. It also includes a controversial measure preventing banks from trading any derivatives. Banks would be forced to spin off their swaps desks that make these trades.

This is GOOD....could be FAR better though.

Also, while both versions of the bill create a council of regulators who monitor big Wall Street banks, the Senate gives the top job of running that panel to the Treasury Secretary and the House gives the top position to the Fed chair.

ARE YOU KIDDING ME?!?!?!?!?!?!?!

What the hell is this crazy ass nonsense? Unbelievable.


I agree with you on Glass Steagal btw....God forbid we bring back a law that actually WORKED.

[edit on 20-5-2010 by David9176]

I'm pretty sure Goldman, Citigroup, Fannie and Freddie will be happy about this.

A financial regulatory reform bill has at least one supporter outside of Congressional Democrats, Lloyd Blankfein, the head of investment bank Goldman Sachs.

Yep, Goldman Sachs is for the reform bill.

I hope you didn't believe Obama when he said that the big banks failed to stop this bill? He was laughing at you.

The important financial bills, AUDIT THE FED and BREAKING UP THE BIG BANKS, those bills didn't pass. Also you didn't hear a freaking word from BANKER OBAMA on those legislations... guess why? That's right! Because he's a stinking liar.

And the sickest thing : it's expected to reach Obama's desk ON JULY 4. Yeah I'm sure it's a coincidence. Giving more power to the big banks on the US national day...

The sweeping in the title refers to under the rug ...

What was swept? Congresses responsibility to the PEOPLE of the United States.

Come on November, put these folks back into private life so they can experience first hand what they are/have created.

This is hilarious...so now The Federal Reserve or the Treasury will watch over wall street.

HAHAHAHAHAHAHA

Originally posted by David9176
This is hilarious...so now The Federal Reserve or the Treasury will watch over wall street.

HAHAHAHAHAHAHA

I thought that was the SEC's job ????

Feds and Treasury have no arrest authority

I know minimalist posts are something we all want to avoid, but .....

Only THEY could market this as "sweeping reform!"

Oh my ....... ahem .... yeah.

[edit on 20-5-2010 by Maxmars]

Well...this will go along great with keeping TBTF in place! Why would we ever want to bust up the top 6 banks which control 63 percent of our nations GDP??

F that....let's just let the TRANSPARENT Federal Reserve watch over them.

Ah, it's all coming together nicely.

Corporations are awesome...to hell with anti-trust laws.

Screw the borders.....tariffs....Screw everything that actually makes us a country.

Ah...it's all good stuff.

Originally posted by JacKatMtn
Come on November, put these folks back into private life so they can experience first hand what they are/have created.

You mean what we let them create!



Apathetic and ignorant American voters are responsible for putting, and keeping these corrupt elitists in office.

Some people really should look in the mirror when complaining about the government we have.

Too often people are sold an inferior product because of impressive advertising tactics and the same has happened in American politics.

Incredibly, people never seem to learn, they keep falling for the same bull# every election cycle and with each it only gets worse.

Well for the members here who don’t seem to understand what congress gust did please allow me to explain.
This bill is a huge step towards socialism. Allow me to quote John Berlau, director of the Center for Investors and Entrepreneurs at the competitive enterprise institute.
“This brings us to the most destructive portion of the financial bill -- the provision that would in my judgment go beyond even Obama Care in making the American free enterprise system unrecognizable. And this provision has been little discussed even by critics of this bill. To put it bluntly but absolutely accurately, this bill sets up a mechanism for the troika of the Treasury Secretary, the Federal Reserve, and the Federal Deposit Insurance Corporation to nationalize virtually any business they deem to be a threat to American "financial stability."
Along with raising taxes on corporations that sell products overseas and privet partnerships to help pay for the ballooning unemployment benefits. This bill restricts capital in the very markets that are holding this economy afloat, and will have adverse reactions to the market. Which undoubtedly will facilitate a double dip recession.
Some times I just cant help but think that these jerks are trying to collapse what little is left of are economy and are livelihoods.
God help us all.

BTW...Dow Futures up 18 points.
www.bloomberg.com...

They are running in fear.

Seriously, at what point do politicians start getting attempts made on their lives? You think retiring them will mean a damn thing? They're already multi-millionares and on their way to working cushy seven figure jobs provided by the lobbyists whom bribed and corrupted them in the first place. Their jobs in politics replaced with the next group of House slaves who take their marching orders from the highest bidder and the process repeats. This country is pathetic. Obama is like the smart George Bush which is way more frightening than the last eight years. The way the banking industry and speculators have been allowed to run wild under his tenure has been nothing short of treason on his Administration's part. But it's to the point where I just don't care anymore. If Americans are too stupid to see their country is literally being robbed out from under them and they want to complain about illegals or American Idol or wherever the mainstream's mind is at, then you know Americans are going to get what they deserve. Obama has been a miserable failure, I really thought the problems with our government rested on the evil Bush Administration. However it's clear now that the whole system is rotten from the core.

[edit on 20-5-2010 by PatesHatriots]

I know now that I really do need a tin foil hat because I'm having a hard time believing that the flash crash on the 6th handily coincided with the votes on both the audit the fed bill and the safe banking act bill and todays vote just happens to come right after another enormous drop. With this corrupt bill having passed after hours, I fully expect a healthy rally tomorrow.

Does anyone happen to know what time of the day the votes as referenced were held on the 6th?

Originally posted by David9176
This is hilarious...so now The Federal Reserve or the Treasury will watch over wall street.

HAHAHAHAHAHAHA

That's like putting Obama in charge of America. Oh... wait...

Originally posted by David9176
BTW...Dow Futures up 18 points.
www.bloomberg.com...

They are running in fear.

Yeah, right to the bank...

Wait... a bank is too small for their fortunes, they must go to the federal reserve. Okay so correction:

Yeah, right to the feds...

[edit on 5/20/10 by Misoir]

Originally posted by Fractured.Facade

You mean what we let them create!

Apathetic and ignorant American voters are responsible for putting, and keeping these corrupt elitists in office.

Some people really should look in the mirror when complaining about the government we have.

You are correct sir, the voting public is more than partly to blame for this as well.

The time is now, for the silent majority to awaken from their slumber and hit the voting booths in November.

It may be the last chance for the people to make a difference, I don't want to think about how much worse it would get if we have to wait another 2 years :shk:

On the bright side, it does appear that there is an overhaul in progress, if you look at the results of elections and primaries since last November, but this snowball needs to roll down the hill.

We can't stop now, don't vote party, vote out the incumbents, and send some fresh, uncorrupted folks to DC next January.

We can do this

In the early part of the 20th century, the government broke up the big railroad and oil trusts, because they were becoming too powerful and consolidated. The same beat stick should be applied to the big banks, which are vastly larger and more powerful than the previous trusts.

But the big banks have captured our politicians, our regulatory agencies, and the media in their big money net. So in the name of "reform" all we get is a further consolidation of power by the big banks, such that virtually all regulatory power now resides under the umbrella of the Fed, which is OWNED by the big banks, and serves as their main CARTEL. What a frickin joke.