The votes are in. By a tally of 60-38, the Senate voted to end debate on the final version of financial reform legislation, A final vote on the Dodd-Frank bill that emerged from the conference committee reconciling the House and Senate versions of the proposed law later today is a mere formality. The President will then sign it and the bill will become the law of the land.
It will be years before we can evaluate whether the bill is a success or not. Perhaps the most optimistic way to view it is as merely a first step towards real reform. But any further progress will be slow, especially if the GOP makes significant gains in the House and Senate this November. Liberals may not like the Dodd-Frank bill, but the vast majority of Senate Republicans simply despise it.
Understand that the Republican Party – whether controlled by traditional American conservatives, which it is not, or nutball chickenhawks – is 100% beholden to the most reactionary Wall Street ideologues.
The Democrats who think that the bill won’t prevent another crisis believe it is too weak. Any improvements that would have made the bill stronger would have been even more vociferously opposed by Republicans. McConnell’s complaint about 2300 pages of new regulations skips merrily over the reason why new rules are necessary — because the country just went through the worst financial crisis in three generations.
The current crop of Senate Republicans are sticking to the same old story line they’ve been pushing since the 1970s: Regulation is bad. Their awesome pigheadedness demonstrates a remarkable effort to be consistent in the face of all evidence provided by actual reality. The best thing about the passage of bank reform is that these troglodytes failed to stop it.
Only please, Brer Obama, please don’t throw me into the briar patch.
It doesn’t make much sense. If the Repukes are going to vote against reform, then why not pass what really needs to be passed?
Its never been so clear how Anti-American the Republican party has become, so I can give Obama a break in failing to realize this for his first few months in office, but not now.
His interim appointment of that guy is the first move on his part that is consistent with treating the Repugs for what they are.
GO FOR REFORM, good hard progressive reform and let the Repugs bring attention to their retarded selves. Why keep Barton a secret: let the public see the Repukes defend BP. Think the Repukes care about the average (ie-95% o us) person? Let them know that Boneheart thinks all your problems are ant sized.
Yes, LET THE FOOLS YELL. Let the truth be your guide.
Can someone define ‘progressive’?
@#1 “If the Repukes are going to vote against reform, then why not pass what really needs to be passed?” – Any sane person would say that any reform must first and at least address the biggest existing problems. There is also wide understanding that two largest problems are Fannie’ and Freddie’ … Yet this “reform” which “must be passed” specifically SKIPS over two biggest problems. It is like being on Titanic and having Demopukes put all efforts in making sure that all portholes are closed while half of the ship bottom is ripped apart. If this is not insanity by definition I don’t know what it is.
“Understand that the Republican Party – whether controlled by traditional American conservatives, which it is not, or nutball chickenhawks – is 100% beholden to the most reactionary Wall Street ideologues.”
The Dems have absolute control in the House and only need to get one vote to be able to shut off debate in the Senate. The two men, Frank and Dodd, whose Chairmanships meant they have at least 90% of the responsibility for the Fanny May and Freddie Mac mess are putting it together with Mrs. Nancy P. so of course if anything goes wrong blame the Republicans.
The one thing the previous white house and the present white house have in common is they are joined to Wall Street and some of the big banks at the hip.
Anyone that thanks anything good is going to come out of anything these influence sellers put together is a true optimist.
#3 your-name-here
It is a contrast to ‘conservative’ (someone who wishes to maintain the current status quo) a ‘progressive’ is someone that wants gradual iterations to improve (as they see it) the current system (as opposed to a ‘revolutionary’ who wants rapid widespread change).
Wait until after November, when the country will have to endure a lame duck Congress. The shit will hit the fan.
>most reactionary Wall Street ideologues.
That’s hilarious. I guess they were the ones objecting to all the the minority and gender government offices created in the bill.
The GOP is made up of nothing more than whores.
Whores love money and are only loyal to you if you keep shoving five dollar bills in their underwear.
Luckily for Mitch McConnell, Wall Street has lots of five dollar bills in its wallet.
So, let me get this straight, Eideard. According to your words, the Republican’s are controlled by nutball chickenhawks.
Nice.
I wonder who controls to Democrats?
I like the little gangsta tattoo. Appropriate.
11,
Pussies.
The democrats have no spines, the republicans have no souls.
So this law would actually be more revolutionary since it gives some pretty broad powers, not progressive as Bobbo points out. Then again, I can’t see how it gives progress – 2 of the main causes of the crash were left exempt from the law.
Tell us how you really feel!