President Obama declared victory Friday after congressional negotiators reached a dawn agreement on a sweeping overhaul of rules overseeing Wall Street.Lawmakers shook hands on the compromise legislation at 5:39 a.m. after Obama administration officials helped broker a deal that cracked the last impediment to the bill -- a proposal to force banks to spin off their lucrative derivatives trading business. The legislation touches on an exhaustive range of financial transactions, from a debit card swipe at a supermarket to the most complex securities deals cut in downtown Manhattan.
Speaking to reporters as he left the White House to attend an economic summit of world leaders in Toronto, the president said he was "gratified" for Congress' work and said the deal included 90 percent of what he had proposed. He said the bill, forged in the aftermath of the 2008 financial meltdown, represents the toughest financial overhaul since the Great Depression.
All of the changes were reached on a party line vote, so much for bi partisanship. Most importantly, I doubt any one can still explain any part of this bill. So, it's likely that financial regulation will go the way of health care according to Nancy Pelosi
we'll find out what's in it when it passes
The bill deals with everything from credit cards, credit default swaps, and mergers. We've already heard rumblings that totally free checking will go away. The ramifications of this bill will not be known for years.
History will reflect a simple majority, in the face of voiced opposition, created what may be known as "America 2.0."
ReplyDeleteI'm not buying this upgrade of centralized control of the economy, industry, finances of individuals, and healthcare.
About the only last step is to declare the net to fall under FCC regulation, combine that with nationalzation of the press (I see the bailout of same will also be the demand to give the WH direct authority to "guide" the message, just like they have done via the hand out of TARP and ARA money).
Then....not much going back without a very loud uproar.
Not looking forward to this...and BTW, for the commenter a few days back about "go to a credit union," I had a note from mine, saying the regulation would get rid of their free checking, too....once again, class warfare is presented as "don't worry, be happy!" when it will impose controls well beyond what the apologists say.
Russ Feingold, my new hero! There will be no financial reform bill!
ReplyDeletehttp://seekingalpha.com/article/212308-hail-to-senator-feingold-as-he-votes-against-financial-reform-bill