I love watching two guys get it on. Interested?
The lobbying for the future of financial reform doesn’t end when Mr. Obama signs the law. In fact, it could be just beginning, as regulators and congressional overseers get down to the business of writing the high-stakes rules.
“This bill represents the most significant overhaul of the financial system since the 1930s. But serious work remains: the proof of the bill’s worth will come not from what is written in the bill, but how the regulators interpret the bill, write the rules and then enforce them,” says John Taylor, president and CEO of the National Community Reinvestment Coalition. “Based on the job they did for the past decade, I will believe reform is here when I see it.”
“By delegating so much to the regulators, Congress is inviting everyone interested in the outcome to make more campaign contributions, as they intervene in the regulatory process to influence the regulators,” says Thomas Ferguson, a professor of political science at the University of Massachusetts, Boston. “Nothing is settled. It’s a gold mine for members of Congress.”
Just wait until the Republicans inherit this power, you ignorant Democrat imbeciles. Complete and totals idiots… ever single one of them…
How to tell you are living in a corrupt system:
It can’t do any real reform.
The PURPOSE of the stock market is to generate and allocate CAPITAL “in the most efficient way.” The purpose of the stock market is NOT to make “playing the stock market” a way to siphon off billions from the stock owners without adding any value at all.
SPECULATION IS NOT INVESTMENT.
OUTLAW–margin trading.
OUTLAW–futures trading unless buyer can actually take delivery
OUTLAW–holding stock for less than 7 days.
Very simple rules easy to enforce. Very little room for any manipulation other than fraud.
If you feel an immediate rejection of these rules: YOU don’t believe the stock market is as defined and feel instead it “should be” the legalized gambling pit it has become all because you think you can beat the house.
Silly Hoomans.
Congrats again to the democrats for producing results from congress despite the republican speedbumps there. Also congrats to the few repubs that broke away from the herd to do their job.
Obama continues to impress in protecting the American sheeple.
One quadrillion $$$ worth of derivatives means zombie banks.
This is 1932 again.
It is President Obama…Mr Obama…Mr Mel Dvorak
240 Grain Semi-Wadcutter Lead Bullets, the future American currency.
there’s been “financial reform” since last the century, it’s not supposed to work, except for the elites.
Our founding fathers didn’t set up the nation we have now. Jefferson even said that there needs to be little revolutions every so often to keep everything in balance and proper. But it’s gone too far now, and Jefferson is turning in his grave.
Sure we have term limits to keep politicians from being dictators, but that dosen’t really matter when we have lobbyists with money backed by big corporations pulling strings on these fly-by politicians we get every 4-8 years. Democrat, Republican what? It’s a party of lobbyists/big corps that run this country.
I am skeptical of anything written by the fecal fingers of Chris Dodd and Barney Frank. These two are owned by Goldman Sachs like no one else. The unintended consequences will be interesting to watch over the next few years.
John, I don’t understand what your issue is with the government.
You put up articles bemoaning this and that, you hate everything they do, you pretend that they obviously couldn’t possibly do anything right, then bitch and moan a while, then have ABSOLUTELY NOTHING TO SAY about what YOU, supposedly would do.
Or you and Horowitz offer flighty platitudes about how you think this was bad or that was bad, or how there are cycles in the economy and then bitch that the government is actually trying to stop them and do SOMETHING.
Of COURSE every SINGLE bit of regulatory legislation is going to have RULE MAKING. Let me see, that’s the f*cking purpose of having an EXECUTIVE BRANCH, you DOLT.
Congress handles money and broad-based laws, the executive branch handles rule making and decisions, and the courts check both of them.
DID YOU NOT GO TO CIVICS CLASS?
I’m VERY tired of hearing you, Horowitz, and others on here bitching and moaning and OFFERING NOTHING to counter what anyone in the government is doing.
NOTHING.
Oh, really, you have something to actually SAY?
PUT YOUR CRAP UP HERE and explain what the hell you believe, and WHAT THE HELL YOU WOULD DO INSTEAD — otherwise stop the bull and stop wasting everyone’s time on quasi-conservative pseudo-intellectual garbage.
#2 Unless you know the future it is gambling all the time which is why most of us don’t do it.
Some of the things you oppose are also good ways to try and make sure you don’t loose you shirt and paints if you guess wrong though it does limit your profits when things go right.
Buying and selling pork futures is one of the ways Dolly Pardon got rich. On the other hand the people selling the futures were assured they’d get paid a certain price when the product was ready to ship. Finding a second buyer was her problem.
On the other hand it might not be a bad thing if they had to hold a share for at least 40 minutes. I’m very dubious about what is going on with some of the high speed programmed trading.
The biggest problem with this is it doesn’t address the cause of the financial crisis. All it is is a diversion to avoid putting the persons responsible for Fannie Mae and Freddie Macs demise on stage front and center.
This democratic congress has sheilded Franklin Raines from testifying before congress about the grand-daddy of all bailouts, Fannie Mae. Raines cooked the books, got his $90 million in bonuses and then left to run Obama’s election campaign. He stepped down mid-stream to avoid Obama from getting splashed with his wrongdoing.
Funny the lame stream media never really covered Raines. But look on youtube for Barnie Frank, Greg Meeks, Maxine Waters and other Dems defending Raines when Bush tried to get the congress to put more controls over Fannie Mae. Dodd, Franks and crew refused. And then Fannie blew up. And then Wall Street, invested heavily in Fannie blew up.
So the last 2 years of Bush, you had the Democrats in charge resulting in the financial meltdown. And now, they are trying to lay down a paper trail saying they fixed it. Raines hasn’t been in front of congress to explain anything on Obama’s watch. This is nothing more than a bunch of Dem Fatcats trying to lay the foundation for their attempt to take over again in 2012. In 2010, it’s clear they are out.
Don’t get me wrong, there is plenty wrong on the republican side. But at least they have some dignity and honor. They don’t lie every 3rd word.
What they hey. It’s just business as usual. The party in power is selling out the people that put them there.
Now do-ill, are you actually admitting, or are you proud of, not knowing the difference between an “investment: belief in the long term prospects of a business” and “gambling: not caring about the business at all and just looking for short term returns?”
But you are not alone. Many Republicans/retards think the “stock market” is a place “to make money” which is what it has become.
You have lost track of the basics. Bad results always follow not telling shit from shinola.
#9–Jim==well said. Any idiot can criticize an issue. It takes consideration to produce a recommended alternative. We look to experts for the alternatives and for evangelicals and con men for the criticisms only.
Seems the con men and the experts choose their camps.
Ha, Ha.
Soundwash or Jim? I agree with both.
I must be of two minds?
Yep, criticism is easy which is done by the selection of topics to cover and what to post. In a vacuum, as soundwash says, that is fun.
Fixing things is a higher calling.
Still people choosing their camps.
Golden RULE!!
Those with the GOLD make the RULES!
Money = Power * MC(2)
or is it?
Power = Money * MC(2)
We all know this much: Regulation of the banks and Wall Street kept our economy relatively stable from the Great Depression until conservatives began dismantling them after Reagan came into power.
From the Savings and Loan melt-down we’ve had increasingly worse disasters until Bush’s crash which came damn close to being another Great Depression.
Thank goodness we have adults running the show now, even if the conservatives are hell-bent on blocking even the mildest attempts at common-sense re-regulation.
Gold has no power
Except to corrupt/greedy.
Greed = Manipulable.
[Fail! = adds two syllables. – ed.]
“You cannot solve a problem with the same mind that created it.” – Albert Einstein
/huh?
-now..on a more, less serious note
‘excuse me? -this should be called “the most significant threat” -not overhaul.
I mean really, if they simply just *removed* all the related financial regulatory laws and Acts written since say, the ’77 CRA Act, all of which were in fact, engineered to undo every check and balance born from 1930s, we’d be off to a much better start.
However, it is quite obvious, this is not their intent.
-perhaps the quote above should have read:
—
..and then pelosi, with her tail lovingly wrapped around barney frank’s leg announced: “We would like to thank all our loyal agents of division and deception in the mainstream media, intelligentsia, religion and *especially in academia, who so graciously allowed us to subversively dumb-down and blind the plebeians beyond our most darkest of fantasies, allowing us to see plans 200 years plus in the making, to fruition.
In the excitement, a hand puppet with a broken arm, fashioned after Mr. O, accidentally fell from pelosi’s skirt.
This caused her to start giggling incessantly, -however, barney quickly stepped on pelosi’s tail, which of course, caused her to immediately stand up and start chanting:
Thunderclaps echoed throughout the room as the automatons all laughingly applauded without thinking.
-the puppet started clapping too.
..slumbering elsewhere on the planet, one of joe biden’s eyes popped open and started twitching..
-at the vatican, the pope was polishing his ring..
..and the voice of the queen rang out in the minds across America repeatedly chanting, “All Your Wealth Belong To Us”
-again.
—
N.B.
For whom it may concern..I like my straight jackets tie-dyed in purple. This has all been a work of fiction. Any relationship to real entities is purely coincidental.
-s
(all joking aside the bill is nothing more than a deadly political and financial weapon.
-Nice to see Senator Brown (Mass) turned out to be another PTB shill. -hope the tea party is happy. Did anyone bother to check the symbol of the church he belongs to? -or fraternity?
http://upload.wikimedia.org/wikipedia/en/d/d3/CRClogo.png
-idiots.
—
i can’t wait to see which clintonista, ex-goldman sachs and jp morgan shills are appointed as the “expert” regulators. -heck, i bet china mandated that it get a chair too)
-can’t you?
Just another watered down piece of legislation that does not tackle the real issues and may actually curb loans to people who need them. So in reality the economy may be hurt by this. Banks will increase fees and only affluent good credit people will be able to get loans. Fannie and Freddie were not even mentioned in this legislation and yet they were a huge part of the housing bubble. Oh, and the government has created yet another agency to oversea this. Great!!
#11 Brock: I introduce you to a site that keeps track of liars on all sides of the government and media: Crooks and Liars.
I’ll give you one guess which party is regularly and consistently being caught lying…
Olo–nice site to spend some time on BUT I have to rather doubt its accuracy.
Unless I just missed it, there is not a single reference to “Brock” on that website.
Surely a shortcoming?
Frank and Dodd were getting sweetheart deals(no pun intended about Frank) from Freddie and Fannie, thus why they were not included
#26–Ready==its not the job of the Fed to regulate/prosecute/prevent FRAUD/Manipulation especially in transactions that are not covered by regulations.
In a sense, I guess all things having to do with money are “related” but some are more closely related than others.
I would agree however that the “personalities” most associated with the Fed, at least for the past 20 years, certainly are responsible for the growing and larger bubbles and busts that arose mostly from the retarded position that the market can regulate itself.
We had a mountain of proof such was not the case in 1929, and another Mountain after the dot com bust, and the Enron bust, and now the debt/swaps on margin. And still people listen to the Republican Party. I guess people really are too lazy to engage in predatory capitalism and just want a fair playing field.
#2 bobbo said, “OUTLAW–futures trading unless buyer can actually take delivery”
Hah, I can see it now. These oil speculators with millions of barrels of oil stacked high in their back yards. Well, it would serve them right for driving the price of oil so high. 🙂
Good rules except maybe the requirement to hold stock for seven days. That might make buy orders difficult for everyone else and just drive the price up. Right now you have to pay higher capital gains if you don’t hold the stock for two years. That should discourage most of what you want to stop. Buying on margin is just asking to go broke if you make a mistake.
Thanks Benjamin: my goal on that rule change is to prevent automatic computer trading by algorithm by seated members of the WS trading house. They skim millions of dollars per year for no economic benefit except to themselves as the computers can do the trades in seconds, they pay no transaction fee, and they pay little to no income tax.
See how its rigged? Not an investment??
A SKIMMING OPERATION!!!!!
Yes, it is.
One possible solution to the problem is to make a special case of anyone that directly works for a financial and/or investment firm, and make their decisions have consequences on themselves.
The leadership of financial institutions can take huge risks with other people’s money, leveraging it 17 times or more, and reap huge rewards regardless of if their choices are good or not. They individually get paid millions of dollars per year even if they miserably fail.
If a CEO of a failed company like Salomon Brothers made 50 million per year, and his company failed, and a bailout is necessary, he should be limited by congress to a pay of $1 for the rest of his life, plus recovery of all his assets. He, and his people failed, and they should pay for their failure. Not punished… just made responsible for their failures. And if they knowingly violated regulations (there are many Conservative claims that we don’t need more regulations, just enforcement), they should be held legally and criminally liable.
If you think about it, that is the ‘Conservative’ way, where peoples choices and actions have consequences.
Until we make people accountable for their actions, instead just going on allowing them to be rewarded for their failure, no positive change will come, because there is no motivation to perform.
Congressman’s Barton disgusting and immoral apology to BP for daring to make BP set aside funds to pay for the consequences of it’s actions, and the sickening support that he has received from Conservative and Tea Party groups just tells you that there is zero chance, as long as there is one person like Barton in congress, for progress to be made.
Bobbo,…I forgot to paste in the last paragraph from #11 Brock. Fact is, many republicans lie all the time…Brock needs to come to my next presentation so he can be the projector. 😉
That site leans left fairly hard, but the clips and basic analysis exposes a lot of crap going on in the media and from pols. They’ll hit a wayward dem when necessary, but the GOP and Fox leads the liars race by a mile.
Olo==of course I’d like to agree with you, and its my “feelings” as well. But, carefully consideration leaves me with really only paying attention to the LIES the Republicans tell because they always turn out so pernicious.
To rephrase: I only pay attention to the LIES I see as more pernicious, and they turn out to be told mostly by Republicans.
Course, another whole stab at the issue is to look at what the parties tell the truth about: Republicans truthly believe every issue can be solved by reducing/eliminating/not instituting any regulations, and tax breaks for the rich.
The Repugs also famously say truthfully that “Government Doesn’t Work-its the Problem not the Solution.” and that is also very truthful when talking about the Republican.
Asshats each and everyone of them.