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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. …
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.
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.
The damn bill is another 2000 page whopper.
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.
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.
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)
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.
It must it awful for you guys, you have a choice between one jackass and another jackass. No other viable options.
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 CostsHarry said: They are doing stupid things in this bill like regulating payday loan companies, which had nothing to do with the financial meltdown.
Wonder how that's going to happen?Shareholders, meanwhile, will gain more say on how corporate executives are paid.
Ya' think??This is far beyond the capacity, the expertise, the knowledge of a Congress" to detail every new regulation,
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.
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!"
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.
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.
Wonder how that's going to happen?
Ya' think??
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.
we now know who owns the government ... hint: it's not the peopleI 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.
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