Skip to comments.Sweeping Wall Street Reform Bill Advances
Posted on 05/20/2010 12:21:17 PM PDT by Steelfish
Sweeping Wall Street Reform Bill Advances Legislation is one of President Barack Obama's top domestic priorities WASHINGTON - U.S. Senate Democrats nabbed the 60 votes needed on Thursday to advance the biggest overhaul of financial regulation since the 1930s, paving the way for a final vote on passage within days.
The legislation is one of President Barack Obama's top domestic priorities. The bill calls for new ways to watch for risks in the financial system and makes it easier to liquidate large financial firms that are failing.
It also writes new rules for complex securities blamed for helping precipitate the 2008 economic crisis. And it creates a new consumer protection agency.
The Senate voted 60-40 to end debate on the bill as U.S. stocks fell sharply. Barney Frank, the Democratic head of a key House committee, told CNBC television news it is important to get financial reform approved quickly to ease market uncertainty. He said he expected Obama could sign a bill into law well before July 4.
(Excerpt) Read more at msnbc.msn.com ...
THREE Republicans: Brown, Snowe, and Collins vote for Cloture.
.......and America continues to circle the drain.
What will be Brown’s reason today? What did Harry give him, if anything, to change his vote? He sure is a disappointment and he is no longer 41.
THREE RINOS: Brown, Snowe, and Collins vote for Cloture.
Don’t we already have all sorts of financial laws? I doubt we really need more. Just more “government control”.
I’m not sure what exactly this means, but I do know that my own financial institution had strong objections to the original bill and these objections have apparently been addressed during the Senate negotiations in recent days.
Is Brown still promising to be the 41st vote against health care? This guy is turning out to be a senator I’m regretting. Another RINO; thank you northeast. Can we just allow Canada to annex Maine, Massachusetts, New Hampshire, Vermont?
Our environmental regulations did a wonderful job in the gulf. You question the need for more government? (/sarcasm off)
good by America banks
Hannity, Morris Agree with Conspiracy People About New world government
This is why only rock solid conservatives should ever be endorsed.
Brown, the Maine twins,....FIORINA, MCCAIN....cannot be trusted....
It will be hard for any law to exceed the damage that will eventually be done by ObamaCare, but this ill-conceived monstrosity, aka the Financial Reform Bill, will ultimately be right up there with socialized healthcare when it comes to contributing to the destruction of America as we have known it.
It will be known as the Mother-of-All-Unintended-Consequences Bill.
And the consequences will not be good.
This is the one that allows them to track each and every financial transaction. every credit card, debit card, check, deposit and withdrawal.
Yup, the three girls voted with Reid.
Called his office and voice my displeasure.
I predict 0bamaCare will never be implimented.
We’ll be in such bad shape by this time next year that they will just toss it aside.
Collins vote with the Democrats 65% of the time,why do the gop let this happen?
Scott Brown has served his purpose, if he votes yeah for this bill, then he done in my eyes (he’s almost there already)
Republicans’ cave again. Same old corrupt and incompetent story.
Everything this regime does is a priority according to the regime and the regimes lapdog media...
I know I’m going to sound ignorant here, but what is the basis of the Republican Party’s objections to the bill as it is constituted? I have no idea what is included in the bill, so I’m trying to find out what to be prepared for in the near future.
I’m no fan of the banks and Wall Street, but these “reforms” just make our economy less strong and put burdens on just about any US citizen or US company, yet will not stop any future financial melt down. It’s full or junk regulations, sweet deals for the usual big shots and lets the government snoop in everyone’s bank account or business financing.
This may be a sick way to look at it, but the sooner the complete collapse happens, the sooner WE can start rebuilding it. Just like the ending of “Atlas Shrugged.”
Which of these asshats are up vote in November?
“””””THREE Republicans: Brown, Snowe, and Collins vote for Cloture.””””””””
THREE sphincter-esque “republicans”.................
They need to switch to their real party just like their pal Arlen did.
I hope Brown (and the other NE hags) takes comfort in knowing he's pretty much help usher in the crash of 2010.
When has more government control EVER made something better?
You may have a point there.
So much for the 41st no vote. RINOs will screw you in the end every time!
Time to hide your money in your tempur-pedic.
Time to hide your money in your tempur-pedic.
Use a fire proof box.
FDIC has $8.4 Billion to cover $14 Trillion in deposits.
One reason why I’ve reserved judgment on this — until I learn more about it — is that much of this country’s financial woes can be directly traced to the “reforms” that were put in place through the GrammLeachBliley Act in 1999 under the Clinton administration and the GOP-led Congress. If the current bill effectively reverses the worst parts of that previous “reform” (which itself involved the reversal of the Glass-Steagall Act of 1933), then I can’t say it’s necessarily a bad thing.
He can spare me with the “I’m Scott Brown and I drive a truck, BS”. The only reason conservatives cared one bit about Brown’s success is that he won Kennedy’s seat and we thought electing him was going to be the end of Obamacare. But, Obama knows better than to assume that the Republicans will stop his agenda, because they haven’t done one thing yet to do so. He knew he’d win the tug of war against these Grand Old Pansies (GOP) Now that his presidency has not “failed” and he won the battle of healthcare, it is full speed ahead, and guys like Brown are aiding in the big takeover.
See Post #32. The Federal banking regulations worked well enough for more than 65 years. Do you think it’s a coincidence that the foundation for our recent economic collapse was laid when those regulations were overturned in 1999?
I tried to convince someone that the most egregious step in deregulating and gutting GlassSteagall was done under Clinton, but to no avail.
Flush The Brown....
Senator Brown Sucks! What a freckin lying piece of Rhino manure this guy has become. This is why I hate politicians.
Bill Clinton will be remembered as one of the most unprincipled and inconsequential presidents in this country's history. Kudos to the long-forgotten pundit who described him as nothing more than "a disco haircut with a personality disorder."
Fair enough, but this individual I was speaking with was going on about Dubya being directly responsible......
Clinton coulda tried to veto and everything but his Cabinet was fully supporting it.
but they are better than having democrats in the seats.../sarc
No he is not still 41 to H/C. My mistake. I could have sworn he was for smaller govt, lower deficit and spending. I guess it only matters when you are running for office then you can abandon all that. Where are all those people who wanted him to be president, now? Sheesh what a dud he has turned out to be for our side.
I’ve said it before, I will say it again...give Maine and Massachusettes back to the king...we don’t need them and their liberal a holes here.
Ask yourself just WHAT problem(s) is Obama trying to fix, hmmm?
Do you trust the man? I sure don't. He's already ruined healthcare & the country with closed door deals. I guess you'll feeeeeeeeeeeel happy when he does it this time, too?
Maine used to be part of Mass-hole.
Apparently we just doubled-up the stupidity by having them be 2 different states.
Two years of words — some of them very good words — have slowed and turned Hussein not one bit. Question: do Secret Service personnel pledge to protect the president, or to “preserve, protect, and defend” the US Constitution? Hussein is clearly at war against the Constitution as well as the American people, so where does their duty lie?
In his 1970 book Between Two Ages: Americas Role in the Technetronic Era, Zbigniew Brzezinski wrote the following.
The technetronic era involves the gradual appearance of a more controlled society. Such a society would be dominated by an elite, unrestrained by traditional values. Soon it will be possible to assert almost continuous surveillance over every citizen and maintain up-to-date complete files containing even the most personal information about the citizen. These files will be subject to instantaneous retrieval by the authorities.
Brzezinski is an Obama advisor, anti-Israel and globalist.
Add electronic medical record from Obamacare to this.
After Brown YES vote on cloture to seal the deal, the Dow dropped another 150 points for the day. Thanks for everything Mr. Brown. Obama is waiting for you to make it to your weekly appointment to play a game of hoops.
While serving as Treasury Secretary he was an outspoken opponent of Federal regulation of over-the-counter credit derivatives.
That pretty much finished off the downturn. It was hovering around -200 until this crap passed.
Politics makes for strange bedfellows. Bank of America (who I trust less than anyone else in financial services, with the exception of Goldman Sachs) has adamantly opposed this reform bill. That's reason enough for me to take an objective view of the whole thing.