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Obama signs sweeping financial overhaul into law

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posted on Jul, 21 2010 @ 07:39 PM
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OBAMA SIGNS GOV'T GRAB, NEW MASSIVE REGULATIONS -- AT REAGAN BUILDING!

WASHINGTON – Reveling in victory, President Barack Obama on Wednesday signed into law the most sweeping overhaul of financial regulations since the Great Depression, a package that aims to protect consumers and ensure economic stability from Main Street to Wall Street.

The law, pushed through mainly by Democrats in Washington's deeply partisan environment, comes almost two years after the infamous near financial meltdown in 2008 in the United States that was felt around the globe. The legislation gives the government new powers to break up companies that threaten the economy, creates a new agency to guard consumers and puts more light on the financial markets that escaped the oversight of regulators.

Obama described them all as commonsense reforms that will help people in their daily life — signing contracts, understanding fees, being aware of risks.

He went so far as to call the reforms "the strongest consumer protections in history." The president added to a burst of applause: "Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes."

Republicans portray the bill as a burden on small banks and the businesses that rely on them and argue it will cost consumers and impede job growth. Republican Rep. Darrell Issa of California called Obama's bill-signing a "charade" that ignored the root causes of the financial crisis.
Source: news.yahoo.com...

Source: www.drudgereport.com...

OK, I ask you, How is this going to help the lonely consumer, you and me?
The Government going to assign a Lawyer to me every day, to read and sign all contracts, understand fees and be aware of risk in my daily life because, you and I are just to STUPID!
But, we will never again be asked to foot the bill for Wall Streets mistakes, Is That SO? Any One Here Believe That?
In a note of irony, Obama signed the bill with great fanfare in the massive Ronald Reagan Building, named after a president who championed deregulation.




posted on Jul, 21 2010 @ 08:03 PM
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This whole thing is a joke. Hardly ANYONE believes anything put out by congress, the obama administration, or any other government entity is designed to help them or actually will help them. Seems to me like Obama is just stroking his own ego.
The republicans trashing Obama wouldn't have done any better, and most people know it. They are just honest because they are not in power, and so they have to play little games to get attention. Stupid, corrupt, power crazy old people playing games. They don't have much real power and they know it.



posted on Jul, 21 2010 @ 09:40 PM
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reply to post by time91
 


So,,, You're saying the Financial Overhaul is a joke and wouldn't cost us any money, is that right?



posted on Jul, 21 2010 @ 09:46 PM
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"Obama signs sweeping financial overhaul into law"

Should read: Obama signs U.S. economy's official death certificate



posted on Jul, 21 2010 @ 10:00 PM
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Originally posted by Fractured.Facade
"Obama signs sweeping financial overhaul into law"

Should read: Obama signs U.S. economy's official death certificate


Ding, Ding, Ding, Ding,, You Win
That's The Answer.

You're Screwed and No K. Y. Jelly my friends, we just took it long and hard and for life, Unless, We can wrench control away and repeal all his socialist crap.

If not you're children and you're grandchildren are work class slaves to the man.



posted on Jul, 21 2010 @ 11:07 PM
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"The legislation gives the government new powers to break up companies that threaten the economy"

thats just more power for them!
they can kill small companies.
in faver of the big ones...



posted on Jul, 21 2010 @ 11:37 PM
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reply to post by buddha
 





"The legislation gives the government new powers to break up companies that threaten the economy"


That sounds familiar.....hmm...what am I thinking of?

Oh yeah...


ANTI-TRUST LAWS....it isn't exactly the same thing however as this power is given to the Federal Reserve...which is also crazy. I do agree the bill is crap, and in the least we should be breaking up TBTF banks who have only become LARGER since the bailouts. The huge outrcy from the bank bailouts, we all hated it, and now most people aren't even paying attention enough to know that the top 5 banks own 63 percent of our GDP!!!



they can kill small companies. in faver of the big ones...


Monopolistic corporations and terrible trade laws have been killing small businesses...not to mention the middle class.... for the last 30 years.



posted on Jul, 22 2010 @ 12:39 AM
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Originally posted by buddha
"The legislation gives the government new powers to break up companies that threaten the economy"

thats just more power for them!
they can kill small companies.
in faver of the big ones...


That is not the way it will work.

In the end the government will only use this law to break up companies they do not like or companies the party in power finds is conflicting with there program.

In the long run if you do not tow the party line and do what the democrats want they will just take your company and break it up and put the parts in the hands of there supporters.



posted on Jul, 22 2010 @ 02:28 AM
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Originally posted by guohua
OK, I ask you, How is this going to help the lonely consumer, you and me?


Wall Street Reform: A Summary of What's In the Bill via cbsnews.com

Wall Street reform: What's in the bill via money.cnn.com

The bill seemed to mostly focus on the greater pieces of the economic puzzle, namely, not 'you and me.'

H.R.4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act via opencongress.org

I know you've been told for years that your spending at the corner store was paramount to the economy and that you should consume, consume, consume to keep America going...but it's really the guy who spends $3 billion on purchases, not the million or so people who spend $3 that run the system.



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