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Geithner pledges quick action on new financial law

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posted on Aug, 2 2010 @ 11:14 PM
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Geithner pledges quick action on new financial law


news.yahoo.com

NEW YORK – Treasury Secretary Timothy Geithner pledged on Monday to move with speed to implement the biggest overhaul of the financial system since the Great Depression. He said that a top priority will be simplifying the complicated forms that consumers have to fill out to get credit cards, auto loans and mortgages.

"We want to move quickly to give consumers simpler disclosures for credit cards, auto loans and mortgages so that they can make better choices, borrow more responsibly and compare costs and services," Geithner said.
(visit the link for the full news article)




posted on Aug, 2 2010 @ 11:14 PM
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Time to wait and see how this all will work out.

This is supposed to be the biggest financial overhaul since the Great Depression. I really hope this works out. If this fails, and makes everything even worse, then I have no idea what will be next.

With the amount of trust I have in the US government these days, I dont have high hopes, but I do have some hope. Even if this dosent make everything go back to the way it was before the recession, hopefully it will help atleast a bit.

Just going to have to wait and see...

news.yahoo.com
(visit the link for the full news article)



posted on Aug, 2 2010 @ 11:27 PM
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reply to post by buni11687
 


The water in the bowl is swerling. The muck is goind down quick now. Why the HELL do we got to reach our damned hand in there again and try to find the pot of gold? They need to let it go. Demolish and rebuild and quit with the damn renovating alredy.

MOTF!



posted on Aug, 2 2010 @ 11:59 PM
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reply to post by MessOnTheFED!
 


Im thinking the same thing. With the way the system works at the moment, this same situation will more than likely happen again....and again, until it is rebuilt from the bottom. Right now, it all seems like a game/pattern.



posted on Aug, 3 2010 @ 12:28 AM
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I am SO sure Geithner will expedite the implementation of this bill.

The Frank/Dodd "Frodd" Bill.

I am SO optimistic... it warms the cockles of my heart knowing that the biggest banks in the system have agreed to foot the bill for this bill.

Just love that it it limits the audit of the FED in scope and to a one time opportunity, and that the SEC will no longer have to respond to FOIA requests, that the provision to impose fees on the banks to setup the next bailout was stricken...

[edit on 3-8-2010 by Scalded Frog]



posted on Aug, 3 2010 @ 12:31 AM
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Shouldn't the title be something like:

"Fox pledges quick action on guarding the henhouse" ?



posted on Aug, 3 2010 @ 12:33 AM
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What a fantastic idea! Make it easier to get loans and credit cards again to borrow money that people won't be able to pay back on time, if at all. How about stop giving out money to everyone like it's candy and have people earn, save, or whatever they need to do? I mean, do people really want the government or banks to just toss out all this money to everyone and not be able to get it back which will just hurt us economically again? Or is it really that hard for a majority of people to realize this simple truth?

It's funny because I am even using the government for my school loans and I am just going to avoid the collectors once I am done until "I" feel like paying it back. Now what happens when more and more start doing that with other loans? Yeah, it causes problems. Our country is a joke and I am not the only one taking advantage of the situation and I don't even care if the government is going to be so stupid to allow things like this to happen. Might as well help myself but I would at least know I deserved it if I were to lose this ability to abuse the system.



posted on Aug, 3 2010 @ 02:38 AM
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reply to post by buni11687
 


What a disgusting piece of legislation! Not a mention of Fanny, Freddie or derivatives, not to mention the Community Reinvestment Act! All of these were primary contributors to the financial collapse. All of these were not even addressed in the Obama bill! What colossal stupidity!

No End In Sight to Fannie and Freddie!

But the biggest winners are: BIG BANKS! (From Biggest Winners!)


Six institutions -- JPMorgan Chase (JPM), Citigroup (C), Bank of America (BAC), Wells Fargo (WFC), Morgan Stanley (MS) and Goldman Sachs (GS) -- are now much bigger than they were before the crisis. Since the market knows the government will never let them go under, creditors lend them money at lower rates than other banks get, which is a form of taxpayer-backed subsidy, Hurley says See full article from DailyFinance: srph.it...



posted on Aug, 3 2010 @ 04:38 AM
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Mmm, probably freshly back from Bohemian Grove, and all fired up to go...and screw Americans out of more of their money, their rights and their freedom.

Anyone who believes this bill has as its purpose to benefit the American people is frankly living in cloud cuckoo land.



posted on Aug, 3 2010 @ 04:39 AM
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reply to post by Scalded Frog
 


Dream on!



posted on Aug, 3 2010 @ 05:38 AM
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reply to post by buni11687
 


from the op:


NEW YORK – Treasury Secretary Timothy Geithner pledged on Monday to move with speed to implement the biggest overhaul of the financial system since the Great Depression. He said that a top priority will be simplifying the complicated forms that consumers have to fill out to get credit cards, auto loans and mortgages.


In other words:

Make it easier for people to get more credit, and add more total output in the nations debt via derivatives.

I swear I have seen this in a movie before. At the very end of Thelma and Louise.



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