Financial Information
Can someone explain to me how a financial REFORM bill gives the Federal Reserve MORE power?
Question : Can someone explain to me how a financial REFORM bill gives the Federal Reserve MORE power?
Let’s recap: The Federal Reserve will become even more powerful than they were before (you know, since they did such an AWESOME job fking up the first time around). Despite their epic failure the first time, a FULL audit of the Federal Rerserve also got ditched. Fannie and Freddie (which have been extended an unlimited line of credit by the Obama treasury) is no where in this bill, Too Big to Fail appears to be here to stay (surprise surprise), derivatives aren’t getting touched in any kind of substantive manner, AND the SAME Federal Reserve will house a “consumer protection agency” (LOL………isn’t this like asking Lindsay Lohan to make sure kids don’t do drugs??) And don’t forget banks don’t even have to comply with many of these watered down new rules for almost 10 years….
Does anybody know why bringing back Glass-Stegall was ditched?? And why Fannie and Freddie (which have already lost the tax payer over $ 160 billion, could balloon to a trillion) are nowhere to be found in this bill??
http://news.yahoo.com/s/ap/us_financial_overhaul;_ylt=AnOpwlKOqU_.NDDuHAM1Gius0NUE;_ylu=X3oDMTNnMGJlbmxwBGFzc2V0A2FwLzIwMTAwNzE1L3VzX2ZpbmFuY2lhbF9vdmVyaGF1bARjY29kZQNyYW5kb20EY3BvcwMxBHBvcwMyBHB0A2hvbWVfY29rZQRzZWMDeW5fdG9wX3N0b3J5BHNsawNzZW5hdGVjbGVhcnM-#mwpphu-container
For a president hungry for good news, passage Thursday would be a welcome achievement. The legislation has been an Obama priority, and in its final form it hews closely to the plan his administration unveiled a year ago.
But its political benefits in a heated midterm election year stand to be overshadowed by lingering high unemployment.
Speaking on the Senate floor Thursday, Dodd, D-Conn., conceded that the bill’s impact will not be evident immediately.
“It is not a perfect bill, I will be the first to admit that,” he said. “It will take the next economic crisis, as certainly it will come, to determine whether or not the provisions of this bill will actually provide this generation or the next generation of regulators with the tools necessary to minimize the effects of that crisis.”
Industry lobbyists fought feverishly against a number of restrictions in the bill, ultimately winning some concessions. In the end, the final bill was tougher than they wanted but not as restrictive as they feared.
I mean this bill is literally called the DODD-FRANK bill.
Chris Dodd (the one who wrote the AIG bonus language into original TARP bill, and got sweetheart deal from Countrywide) and Barney Frank (who said those who warned in 2003 that Fannie and Freddie were in serious trouble were just fear mongering).
tax audit protection
Best answer:
Answer by vinny_says_relax
Wow congrats Democrats, youve helped pass a Wall Street reform bill that has no chance of reforming Wall Street considering it contains no mention of the real recession culprits – Fannie Mae and Freddie Mac.
Wow. I love how a simple problem is being blown into a monster of a catasrophe now.
If we just ended the Federal Reserve and created a government run(cause the Fed is technically private industry without the restrictions and taxes) transparent committee that was run by people that couldn’t profit from being on it and we went back to a standard as opposed to a free-floating Fiat currency we would solve most of our problems.
Then if we stopped giving out money and just let companies that make risky decisions fail the economy would rebound on its own and new industry would spring forth and create jobs.
Maybe if they did that and then used the remaining bailout money to pay for things like, oh, I don’t know, maybe infrastructure, we would create more jobs and improve our country. Plus if we built new high speed super train railways like every other country and improved our highway system it would allow for more business to spring up because travel would be cheaper, faster, and more efficient.