Wall St. Reform Bill Greeted with Skepticism

Wall St. Reform Bill Greeted with Skepticism

www.cbsnews.com

"There is no dramatic streamlining of the alphabet soup of regulatory agencies," according to the Economist. "Indeed, the new consumer bureau potentially creates another monster. Nor does it tackle the future status of Fannie Mae and Freddie Mac, to the chagrin of Republicans, who rightly view the two mammoth mortgage agencies as having played a leading role in causing the financial crisis. The final document may run close to 2,000 pages, but some very important issues are being left for another day."

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Meaningful reform will have to wait for another day as this bill doesn't even deal with what IMHO was the cause of the recent financial collapse, Fannie, Freddie and the CRA. But these were the favored institutions of Obama and the liberal left so how could we expect any real progress?

Or:

DODD: 'No one will know until this is actually in place how it works'... !!

Barney Frank and Chris Dodd were on the powerful Bank Finance Committees of both House and Senate in the years previous to the recent financial collapse yet they are declaring victory with this bill! Sounds like the Foxes are still in the chicken house?

Foster writes. "There is little in it that will 'reform' too big to fail or change the incentives for the kind of behavior that led to the crisis (implicit subsidies and bailout authority galore); and it was a 'compromise' mostly between Democrats."

Joshua Brown, a guest blogger for the Christian Science Monitor with more than a decade of experience in the financial sector, concludes that the bill is riddled with loopholes, making it a victory for Wall Street.

they agreed unanimously that it would be known as the Dodd-Frank bill, and the sound of applause

How farcical!

www.cbsnews.com
(visit the link for the full news article)



[edit on 25/6/10 by plumranch]

Its half ass reform because ...

A) Republicans will vote down anything and everything that comes to a vote.

B) It only takes a few Democrats on the take to put the keibash on any bill because the Republicans REFUSE to vote on anything.


So we get a couple of tid bits like the Consumer Protection Program, but pretty much everything stays the same.

Thank the Republicans for once again doing squat for the American people.



[edit on 25-6-2010 by AllexxisF1]

reply to post by AllexxisF1


Or how about Bush? Plenty of blame to go around!

This bill doesn't even eliminate banks from dealing in Derivatives it just changed the rules!

Under the agreement, banks would be forced to spinoff some derivative trades to a subsidiary so that they are not in the same pot as federally insured deposits. They would not be allowed to trade in some of the most risky derivatives. Banks could still trade some swaps to legitimately hedge risk. Most swaps would have to be cleared and traded on exchanges.

reply to post by plumranch


So the Chris/ Barney bill is tough on Big Banking is it? He He !

Bank Stocks Soar on Financial Regulation!

Obama is in the pocket of Big Finance!

reply to post by AllexxisF1


Really?? Blaming it on republicans??

I blame both sides.

I do give credit to those who refused to vote for it since no one understands it and/or is willing to read it in the first place.

When was the last time we heard that remark.. "we wont know how it works til we pass it..." Now where was it, where was it... on yeah.. Obamacare..!!

The fact that these people whom we trust to vote on legislation don't understand it is appalling.. They're just showing up and collecting checks.

I think part of their campaign should include a standardized test to judge their aptitude and ability to comprehend the wording of these bills. If they fail then they get taken off the ballots.

Once they get in office they should have to take pop quizzes addressing the details the bills before they are allowed to vote on them.

The sad part is this only goes to show that the majority of the time the politicians don't have to be bought off. Just ram legislation that corporate lawyers wrote through. The loopholes were already written in and well known before this bill even hit the floor.

reply to post by PayMeh


You make good points! If only we could do something to stop this bizarre legislature!

I once was a lobbyist at the AK state level and was a witness to some of the bizarre thinking done by legislators. They are like lemmings, they have this group think that sort of sweeps them through the process. They stop thinking for themselves. It's a very strange and scary phenomenon.

And for anyone who thinks that Obama is not bought and paid for by Big Banks I refer you the the following scathing article by Matt Taibbi revealing an Obama deeply compromised by his Big bank associations going back to campaign days and before.

Obama's Big Sellout