Wall Street reform clears Congress, page 1

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Topic started on 15-7-2010 @ 03:59 PM by King Loki

So is this a victory for the people ... or just more consolidation of power into the governments hands, you decide.

Obama passing reforms that seem to be against the banking industry ... something is definitely very fishy here

Source: www.reuters.com... 2FtopNews+%28News+%2F+US+%2F+Top+News%29&utm_content=Google+Feedfetcher

I have no idea how to do the snippet thing so I just post up a brief description of the article.

The Congress on Thursday approved the broadest overhaul of financial rules since the Great Depression and sent it to President Barack Obama to sign into law.

By a vote of 60 to 39, the Senate passed a sweeping measure that tightens regulations across the financial industry in an effort to avoid a repeat of the 2007-2009 financial crisis.

President Barack Obama will likely sign the bill into law next week, the White House said.

The legislation, opposed by the banking industry, leaves few corners of the financial industry untouched. It establishes new consumer protections, gives regulators greater power to dismantle troubled firms, and limits a range of risky trading activities in a way that would curb bank profits.

[edit on 15/7/10 by King Loki]

reply posted on 15-7-2010 @ 04:13 PM by camaro68ss

Great more rules a regs, we should have just let them all fail. that would have been the better way of doing things

reply posted on 15-7-2010 @ 04:28 PM by Danbones

Don't see any kisses for the peeps in this Bill...
oh thats why they call these monstrosities Bills...
Shoulda knowd.
Who is going to foot this bill I wonder...not

Obama-Dodd-Frank FinReg Monstrosity Delays Derivatives Curbs until 2022!

The Obama-Dodd-Frank financial regulation bill, a miserable excuse for real Wall Street reform, is now about to gain final approval in the Senate. This wretched bill is now supported by the New England liberal (meaning Wall Street) Republican clique including Olympia Snow, Susan Collins, and Scott Brown, who are joined by the notoriously corrupt reactionary Democrat, Ben Nelson of Nebraska. This bill will create a multitude of new regulations and a number of large new bureaucracies, but it is utterly devoid of any bright-line prohibitions against the causes of the financial panic which struck the United States in 2008, and which continues to the present day in the form of a world economic depression.

The cause of the 2008 banking panic was that zombie banks and hedge fund hyenas were speculating with toxic and highly leveraged derivatives. The new bill does virtually nothing to attack the causes of this ongoing financial disintegration. It is a total defeat for the interests of the American people, and an historic victory for the Wall Street financier oligarchy which owns both the Democratic and Republican parties

tarpley.net...

[edit on 15-7-2010 by Danbones]

reply posted on 15-7-2010 @ 04:37 PM by SaturnFX

put all the rules you want...its the 24/7 job of the tycoons to figure out how to skirt around them anyhow.
Its nice that we have a government concerned with the whole sinking ship of the economy enough to try something, but I think simply no matter how tough the regulations are, this is like trying to melt an iceburg with just a single book of matches...you might get a visible drop and thats about it

call me a pessimist...but the beast is grown far bigger than any collar could hold it.

reply posted on 15-7-2010 @ 04:45 PM by stirling

The very headline makes me want to cringe....its pretty much a given that the govt is the tail thats being wagged by the banks...if theres new legislation out itll be a sop to public opinion and not any real protection for the people.
The sad truth is that the both of them banks and govt ride the backs of the people and seek to prosper from their misery.
Until we have a French Revolution type of mass culling of the mega rich,
(wheres that guillotine when you need it?)we are going to go on paying our livlihood to the powers that be.......
Its way past time to put the barricades up in the streets and storm the figurative bastille....

reply posted on 15-7-2010 @ 06:07 PM by David9176

Great more rules a regs, we should have just let them all fail. that would have been the better way of doing things

Ignorance.

This bill is absolute garbage. The top 5 banks own 63 PERCENT OF OUR GDP. They sent this economy into a damn tailspin. This piece of legislation is complete watered down GARBAGE.

We should be busting up these huge banks that CONTINUE TO STEAL FROM THE AMERICAN PEOPLE.

I can't believe I read that ridiculous post. Geezus people are so misinformed.

we deserve what we get. We do....when people post absolutely ridiculous nonsense like this.

reply posted on 15-7-2010 @ 06:09 PM by David9176

reply to post by Danbones

Dodd is setting himself up for a big payday after he leaves office. Watch as he becomes a lobbyist for the banks....hell...he damn near ALREADY IS.

This country sucks and I can't believe the American people continue to stand for this BS....wait...I know why....because they are to busy believing in F'n fairy tales that mean NOTHING!!!!!!!!!!!

reply posted on 15-7-2010 @ 06:29 PM by camaro68ss

Originally posted by David9176

Great more rules a regs, we should have just let them all fail. that would have been the better way of doing things

Ignorance.

This bill is absolute garbage. The top 5 banks own 63 PERCENT OF OUR GDP. They sent this economy into a damn tailspin. This piece of legislation is complete watered down GARBAGE.

We should be busting up these huge banks that CONTINUE TO STEAL FROM THE AMERICAN PEOPLE.

I can't believe I read that ridiculous post. Geezus people are so misinformed.

we deserve what we get. We do....when people post absolutely ridiculous nonsense like this.