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Financial Reform, Senate Version, is now full of loopholes
Posted: Jun 30, 2010
They've gutted the House financial reform bill and Bernie Sanders if furious. It doesn't help the consumer. It doesn't do much more than what was already in place before the bailouts; i.e., why did they even bother? All they did was waste time. Please see articles below.
Financial Reform Bill: Bonfire of the Loopholes:
http://www.newsweek.com/2010/05/21/bonfire-of-the-loopholes.html?from=rss”>%20Newsweek
Reform Without Punishment:
http://www.newsweek.com/blogs/the-gaggle/2010/05/21/reform-without-punishment.html
Wall Street's New Reality (a blog): This caught my eye because it does point out a few things, and it's spells things out like these paragraphs:
Sheila Bair, the head of the Federal Deposit Insurance Corporation, was quoted today in The Wall Street Journal saying that such powers will act as a deterrent because firms know that if they screw up, the government will come in and take them over.
“This is a kind of a nuclear bomb that you hope you never have to use,” she said. “The fact that it's there, I think, is going to be important. And if we have to use it, we will.”
Maybe before the president again assures us that the legislation he can’t wait to sign will prevent financial Armageddon, he should call for a little sit-down with Connecticut Senator Chris Dodd, the main architect of the reform. Dodd himself recently commented that “no one will know until this is actually in place how it works.”
http://www.thedailybeast.com/blogs-and-stories/2010-06-26/financial-reforms-loopholes/
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Have you noticed that it's the Senate that (sm) - Nikki
[ In Reply To ..]is causing most of the problems and holdups? The House seems to be working fairly hard, but when legislation goes to the Senate, that's when everything seems to come to a screeching halt.
Yes, I did notice. It seems the Senate is even against the House. - Backwards Typist
[ In Reply To ..]There was a lot of legislation that was "good" that was struck down after it got to the Senate.
I think the Senate is becoming an egotistical body. They know it all. They know what's best for the people. Yeah, right.
Seems to me it is time to clean out the senate. - sm
[ In Reply To ..]Those egotistical A-holes aren't helping us at all. It is all about loopholes and any extra spending they can get for their special interest groups. Makes me sick!
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