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Congress passes financial reform bill

Chappy

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Excerpted “Congress passes financial reform bill” By Brady Dennis, Washington Post Staff Writer, The Washington Post, Friday, July 16, 2010
[SIZE="+2"]C[/SIZE]ongress gave final approval Thursday to the most ambitious overhaul of financial regulation in generations, ending more than a year of wrangling over the shape of the new rules and shifting the government's focus to the monumental task of implementing them. …

Another major achievement along side Health Care Reform, Economic Stimulus and much more. This is the Can Do Congress!
 

Renae

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More Gov't is not the answer. America falls further away from prosperity with each "Success" of the Gov't Power Grab.

On a side note, this is also more proof Scott Brown would be the worst candidate the GOP could ever pick for President. (just sayin)
 
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Jetboogieman

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More Gov't is not the answer. America falls further away from prosperity with each "Success" of the Gov't Power Grab.

Lack of Regulation proved to be the cause of oil spills and financial meltdowns...

The problem is, your dogmatism against government in all cases is slightly misguided.

Good government is good government. Bad Government is Bad Government.

Good regulation is good regulation. Bad regulation is bad regulation.

No regulation at all... is a ****ing disaster. People and companies simply cannot be trusted.
 

Harry Guerrilla

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Lack of Regulation proved to be the cause of oil spills and financial meltdowns...

The problem is, your dogmatism against government in all cases is slightly misguided.

Good government is good government. Bad Government is Bad Government.

Good regulation is good regulation. Bad regulation is bad regulation.

No regulation at all... is a ****ing disaster. People and companies simply cannot be trusted.

I like you man, so I'll be nice.

Many of the independent sources that I have been reading, point out this bill as a dog.
Why?
Because a lot of the regulation is going towards things that didn't bring the economy down.

Just sayin.
 

Jetboogieman

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I like you man, so I'll be nice.

Many of the independent sources that I have been reading, point out this bill as a dog.
Why?
Because a lot of the regulation is going towards things that didn't bring the economy down.

Just sayin.

I never endorsed the bill at all in my posts.

I am merely pointing out the dogmatism that government regulation is ALWAYS bad. And some misguided pretension that the free market or companies are infallible and can regulate themselves. This bill might be an example of what I Said about bad regulation is bad regulation.
 

Harry Guerrilla

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I never endorsed the bill at all in my posts.

I am merely pointing out the dogmatism that government regulation is ALWAYS bad. And some misguided pretension that the free market or companies are infallible and can regulate themselves. This bill might be an example of what I Said about bad regulation is bad regulation.

I'm all fine with fraud prevention and things of that nature.

They are doing stupid things in this bill like regulating payday loan companies, which had nothing to do with the financial meltdown.
My state already limits the interest they can charge as it is.

I think one of the big investment banks got a sweet deal in it somewhere.
Lost the original story I had about it.
The damn bill is another 2000 page whopper.
 

Harry Guerrilla

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What is it with that anyway? Is it alternating between pages of laws and then pages of Lord of the Rings?

All the amendments added.
The original bill is written, then other congress critters throw in their pet projects and spending wants in it.

It's an awful way to legislate.
 

Jetboogieman

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All the amendments added.
The original bill is written, then other congress critters throw in their pet projects and spending wants in it.

It's an awful way to legislate.

And of course niether party is going to change that. You guys have got to reform your entire system of government, you need to implement massive political reform to fix all your other problems, but since the political parties have the stranglehold on power, they wouldn't dare change laws that would cost them seats to some random party if you instituted proportional representation.

It must it awful for you guys, you have a choice between one jackass and another jackass. No other viable options.
 

Harry Guerrilla

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And of course niether party is going to change that. You guys have got to reform your entire system of government, you need to implement massive political reform to fix all your other problems, but since the political parties have the stranglehold on power, they wouldn't dare change laws that would cost them seats to some random party if you instituted proportional representation.

It must it awful for you guys, you have a choice between one jackass and another jackass. No other viable options.

Totally agree my friend.
 

Barbbtx

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More Gov't is not the answer. America falls further away from prosperity with each "Success" of the Gov't Power Grab.

On a side note, this is also more proof Scott Brown would be the worst candidate the GOP could ever pick for President. (just sayin)

I agree but he sure beats the hec out Ted Kennedy. I don't think he could get nominated for 2012, but what do I know..........I would've bet my last dollar McCain wouldn't have won either. I'm still confused about how that happened.
 

Barbbtx

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Lack of Regulation proved to be the cause of oil spills and financial meltdowns...

The problem is, your dogmatism against government in all cases is slightly misguided.

Good government is good government. Bad Government is Bad Government.

Good regulation is good regulation. Bad regulation is bad regulation.

No regulation at all... is a ****ing disaster. People and companies simply cannot be trusted.

2000 pg bill regulating God only knows what. But we do know Fanny and Freddy aren't in it. They should've been on page one. Pure corruption going on with those two yet they get a pass.
 

braindrain

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It must it awful for you guys, you have a choice between one jackass and another jackass. No other viable options.

This is probably the truest statement that has ever been posted on this forum.
 

MaggieD

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Harry said: They are doing stupid things in this bill like regulating payday loan companies, which had nothing to do with the financial meltdown.
That's excellent news. I was absolutely appalled to learn what these people charge. And to the people who can least afford it. It's nothing more than legalized stealing. Illinois' usury rate is 11%, I think. But the usury rate only applies to individuals lending money to individuals. Banks and other institutions are exempt. Some states, apparently yours, regulates payday loans and limits them to 25-50% annual interest rate. Still steep. Others don't regulate at all. In those states, the APR can be anywhere from 400% to 1200% APR. Holy ****. It's not unusual for people to get into a whirlpool of debt they can't get out of. Some estimate that the average customer renews his payday loan up to 12 times. Horrible. Payday Loan Fees - Cost For A Payday Loan | What It Costs

So, if Congress put any meaningful regulation on payday loan companies, I'm alllll for it. It's a license to steal preying on those who can afford it the least. Even mob "juice" isn't that bad.
 
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tacomancer

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Overall, I would say that this bill is a loss. While it does some good in some areas, it does not achieve the initial purpose, which is to minimize or prevent another collapse. I hate to say it, but the banks won this round.
 

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Shareholders, meanwhile, will gain more say on how corporate executives are paid.
Wonder how that's going to happen?

This is far beyond the capacity, the expertise, the knowledge of a Congress" to detail every new regulation,
Ya' think??
 

Chappy

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I agree with The New York Times editorial, that for all the idealogical and partisan carping, the financial reform bill is urgently needed and is another important legislative accomplishment. There is very little “perfect” law, but, once again our president and Congress have done something for the American people which will have lasting positive effects for decades to come.

Excerpted from “Congress Passes Financial Reform,” Editorial, The New York Times, Published: July 15, 2010
[SIZE="+2"]R[/SIZE]epublican leaders disparaged the bill on ideological grounds. On Thursday, Senator Mitch McConnell of Kentucky, the Republican leader, lashed out at what he called a “government-driven solution,” while the senior Republican on the banking committee, Richard Shelby of Alabama, bemoaned “vast new bureaucracies.”

Those are convenient and time-tested bugaboos to campaign by, but they ignore the urgent needs the bill addresses, and its achievements. Those include resolution procedures to help ensure that shareholders and creditors — not taxpayers — bear the losses when big financial institutions fail; new capital requirements for banks and other curbs to help quell speculative excess, including the regulation of derivatives and restrictions on proprietary trading.

To get all that, the bill had to withstand a lobbying juggernaut. Since January 2009, the financial sector has spent nearly $600 million to weaken reform, according to the Center for Responsive Politics. The lobbyists notched some victories, to be sure, mainly in the defeat of reforms that would have broken up large banks and done more to constrain risk-taking throughout the financial system.

But they also lost, especially on consumer protection. The new consumer financial protection bureau established in the bill is a milestone, not only for its intent and power to rectify lending abuses, but because it will institutionalize the insight that the safety and soundness of banks cannot — and should not — be measured by profitability alone, but by the impact that bank practices ultimately may have on consumers.
 

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So the government demanded that banks give loans to people who were of high risk, so banks created loans that didn't put all the liability on themselves and screw their own asses to accomodate the government request, then when the very thing the banks told the government would happen if you give loans to high risk epople happens we then get to go "BOOO! BAD BANKS! BAD! We need more government to regulate you and tell you what to do!"

:confused:

So, what's next on the list of things that a political ideology can force to do something stupid, and then when the obvious and predictable inevitable fallout of said stupid act happens, that ideology can use it as justification of saying "See, we need MORE government!"

:roll:

Yes, I'm so thrilled. Yay congress, great job.
 

Guy Incognito

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So the government demanded that banks give loans to people who were of high risk, so banks created loans that didn't put all the liability on themselves and screw their own asses to accomodate the government request, then when the very thing the banks told the government would happen if you give loans to high risk epople happens we then get to go "BOOO! BAD BANKS! BAD! We need more government to regulate you and tell you what to do!"

Yeah, everything is so much easier when you explain it like a children's book, huh? Too bad that reality is so complex. What Congress did here is a good step, but there is still a lot more work for government to do.
 

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Lack of Regulation proved to be the cause of oil spills and financial meltdowns...

The problem is, your dogmatism against government in all cases is slightly misguided.

Good government is good government. Bad Government is Bad Government.

Good regulation is good regulation. Bad regulation is bad regulation.

No regulation at all... is a ****ing disaster. People and companies simply cannot be trusted.

Wouldn't you feel better about it if it wasn't written by the very people who created the mess in the first place?

Fannie and Freddie aren't affected. Does that not scream corruption?

I'm wondering where the slush fund is in all this, as the stimulus package turned out to be.
 

Harry Guerrilla

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That's excellent news. I was absolutely appalled to learn what these people charge. And to the people who can least afford it. It's nothing more than legalized stealing. Illinois' usury rate is 11%, I think. But the usury rate only applies to individuals lending money to individuals. Banks and other institutions are exempt. Some states, apparently yours, regulates payday loans and limits them to 25-50% annual interest rate. Still steep. Others don't regulate at all. In those states, the APR can be anywhere from 400% to 1200% APR. Holy ****. It's not unusual for people to get into a whirlpool of debt they can't get out of. Some estimate that the average customer renews his payday loan up to 12 times. Horrible. Payday Loan Fees - Cost For A Payday Loan | What It Costs

So, if Congress put any meaningful regulation on payday loan companies, I'm alllll for it. It's a license to steal preying on those who can afford it the least. Even mob "juice" isn't that bad.

There is a good reason why they charge so much.
Because these people are very high credit risks.
While I don't use these firms, they have every right operate as they see fit as long as they aren't defrauding the customer.

All rates and fees are listed, the customer knows them before hand.
Credit card companies and banks get away with charging a lot more in many instances as well.
 

Harry Guerrilla

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Wonder how that's going to happen?

It's not.
The vote is a nonbinding agreement and individual shareholders are smaller in number than fund holders, etc.
It's fluff for populist outrage.

Ya' think??

You'd think they would actually draft a bill the had ways to better deal with things like this after studying for a year+.
No, the bill establishes a committee to research ways to prevent a financial collapse, of course the committee can only make recommendations.
Which will likely be ignored by congress.
 
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danarhea

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What passed is not going to be nearly enough.

At this point, I would like to bring up something that I am sure will get me flamed by those who loved Bill Clinton, but it's true. You have one faction calling this the Bush recession, and another faction calling this the Obama recession. You are BOTH wrong. This is the Clinton recession. The foundation for what we are experiencing now was laid back during the 1990's, when the infamous Gramm-Bliley bill came to Clinton's desk to be signed. With one stroke of a pen, Clinton dismantled the Glass-Steagal protections that were put into place in the 1930's, and had worked ever since. Yea, I know, I know, a Republican came up with the bill, but Democrats in Congress were just as eager to jump aboard the reckless spending train as the GOP was. Then the bill went to Clinton, whose signature enabled our economy to be driven off a cliff.

Yes, this is the Clinton recession.
 
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Harry Guerrilla

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What passed is not going to be nearly enough.

At this point, I would like to bring up something that I am sure will get me flamed by those who loved Bill Clinton, but it's true. You have one faction calling this the Bush recession, and another faction calling this the Obama recession. You are BOTH wrong. This is the Clinton recession. The foundation for what we are experiencing now was laid back during the 1990's, when the infamous Gramm-Bliley came to Clinton's desk to sign. With one stroke of a pen, Clinton dismantled the Glass-Steagal protections that was put into place in the 1930's, and had worked ever since. Yea, I know, I know, a Republican came up with the bill, but Democrats in Congress were just as eager to jump aboard the reckless spending train as the GOP was. Then the bill went to Clinton, whose signature enabled our economy to be driven off a cliff.

Yes, this is the Clinton recession.

That really makes no difference.

We make implicit guarantees to some banks that we will bail them out every time they make a brain dump and do something stupid.
That's what happens when you continually socialize loss.
 
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Feingold, the only senator worth a damn, called it right:
I made clear that my test for this bill would be whether it prevents another economic crisis. Unfortunately, this bill falls short.
The reckless practices of Wall Street sent our economy reeling, triggered the worst recession since the Great Depression, and left millions of Americans to foot the bill. Despite these cataclysmic events, Washington once again caved to Wall Street on key issues and produced a bill that fails to protect the American people from the pain of another economic disaster. I will not support a bill that fails to adequately protect the people of Wisconsin from the recklessness of Wall Street.
we now know who owns the government ... hint: it's not the people
 
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