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Sweeping Wall Street Reform Bill Advances
MSNBC ^ | May 20, 2010

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 ...


TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: 2takefreemarketsaway; 4thecommongood; banking; bigbrother; brownrino; chrisdodd; doddbill; finance; financialreform; g20; globalgovernment; privacy; rino
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1 posted on 05/20/2010 12:21:18 PM PDT by Steelfish
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To: Steelfish

THREE Republicans: Brown, Snowe, and Collins vote for Cloture.


2 posted on 05/20/2010 12:23:59 PM PDT by Steelfish (ui)
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To: Steelfish

.......and America continues to circle the drain.


3 posted on 05/20/2010 12:25:10 PM PDT by Puppage (You may disagree with what I have to say, but I shall defend to your death my right to say it)
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To: Steelfish

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.


4 posted on 05/20/2010 12:25:52 PM PDT by Snoopers-868th
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To: Steelfish

THREE RINOS: Brown, Snowe, and Collins vote for Cloture.


5 posted on 05/20/2010 12:26:40 PM PDT by maddog55 (OBAMA, Why stupid people shouldn't vote.)
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To: Steelfish

Don’t we already have all sorts of financial laws? I doubt we really need more. Just more “government control”.


6 posted on 05/20/2010 12:27:08 PM PDT by ilovesarah2012
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To: Steelfish

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.


7 posted on 05/20/2010 12:28:41 PM PDT by Alberta's Child ("Let the Eastern bastards freeze in the dark.")
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To: Snoopers-868th

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?


8 posted on 05/20/2010 12:29:05 PM PDT by Windy City Conservative (Kyle Smith)
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To: ilovesarah2012

Our environmental regulations did a wonderful job in the gulf. You question the need for more government? (/sarcasm off)


9 posted on 05/20/2010 12:29:24 PM PDT by listenhillary (You might be a modern LIBERAL if you read 1984 & said "YEAH! That's the world that I want!")
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To: Steelfish

good by America banks
Hannity, Morris Agree with Conspiracy People About New world government

http://www.youtube.com/watch?v=5wH5YqsuZiw&playnext_from=TL&videos=IR0NfDcuyM8
wake up the GOP
http://www.youtube.com/watch?v=dFDBkf4F_hs&playnext_from=TL&videos=JLAZar9nvTI


10 posted on 05/20/2010 12:30:22 PM PDT by day21221
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To: Steelfish

This is why only rock solid conservatives should ever be endorsed.

Brown, the Maine twins,....FIORINA, MCCAIN....cannot be trusted....


11 posted on 05/20/2010 12:30:45 PM PDT by teg_76
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To: Steelfish

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.


12 posted on 05/20/2010 12:31:53 PM PDT by Painesright
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To: Steelfish

This is the one that allows them to track each and every financial transaction. every credit card, debit card, check, deposit and withdrawal.


13 posted on 05/20/2010 12:33:08 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Steelfish

Yup, the three girls voted with Reid.

Called his office and voice my displeasure.

Disgusting wimp.


14 posted on 05/20/2010 12:33:41 PM PDT by Carley (WE CAN SEE NOVEMBER FROM OUR HOUSE)
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To: Painesright

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.


15 posted on 05/20/2010 12:35:31 PM PDT by unkus
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To: Steelfish

Collins vote with the Democrats 65% of the time,why do the gop let this happen?


16 posted on 05/20/2010 12:36:49 PM PDT by day21221
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To: Steelfish

Scott Brown has served his purpose, if he votes yeah for this bill, then he done in my eyes (he’s almost there already)


17 posted on 05/20/2010 12:36:57 PM PDT by PMAS
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To: Steelfish

Republicans’ cave again. Same old corrupt and incompetent story.


18 posted on 05/20/2010 12:38:37 PM PDT by mulligan
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To: Steelfish

Everything this regime does is a priority according to the regime and the regimes lapdog media...


19 posted on 05/20/2010 12:39:39 PM PDT by b4its2late (Why does a slight tax increase cost you $200 and a substantial tax cut save you 30 cents?)
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To: Steelfish
The most effective financial reform is to send Dems and Rinos back home without a job. And when there is civil war, the anti-capitalists will be 100% responsible for it.
20 posted on 05/20/2010 12:40:27 PM PDT by Niteranger68 (Boycott PA 12!)
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To: Puppage

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.


21 posted on 05/20/2010 12:40:45 PM PDT by Alberta's Child ("Let the Eastern bastards freeze in the dark.")
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To: Steelfish

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.


22 posted on 05/20/2010 12:41:09 PM PDT by RicocheT
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To: Puppage

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.”


23 posted on 05/20/2010 12:41:17 PM PDT by reegs
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To: Steelfish
THREE Republicans: Brown, Snowe, and Collins vote for Cloture.

Which of these asshats are up vote in November?

24 posted on 05/20/2010 12:41:47 PM PDT by b4its2late (Why does a slight tax increase cost you $200 and a substantial tax cut save you 30 cents?)
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To: Steelfish

“””””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.


25 posted on 05/20/2010 12:42:24 PM PDT by shelterguy
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To: Steelfish
I'm not going to say it... ok, yes, I will. I TOLD YOU SO!

I hope Brown (and the other NE hags) takes comfort in knowing he's pretty much help usher in the crash of 2010.

26 posted on 05/20/2010 12:42:31 PM PDT by rintense
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To: Alberta's Child
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?

When has more government control EVER made something better?

27 posted on 05/20/2010 12:43:07 PM PDT by Puppage (You may disagree with what I have to say, but I shall defend to your death my right to say it)
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To: unkus
We’ll be in such bad shape by this time next year that they will just toss [ObamaCare] aside.

You may have a point there.

28 posted on 05/20/2010 12:43:45 PM PDT by livius
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To: Steelfish

So much for the 41st no vote. RINOs will screw you in the end every time!


29 posted on 05/20/2010 12:45:01 PM PDT by Jim Robinson (JUST VOTE THEM OUT! teapartyexpress.org)
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To: Steelfish

Time to hide your money in your tempur-pedic.


30 posted on 05/20/2010 12:47:27 PM PDT by Marty62 (marty60)
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To: Marty62

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.


31 posted on 05/20/2010 12:49:09 PM PDT by unkus
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To: RicocheT

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 Gramm–Leach–Bliley 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.


32 posted on 05/20/2010 12:50:10 PM PDT by Alberta's Child ("Let the Eastern bastards freeze in the dark.")
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To: Jim Robinson

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.


33 posted on 05/20/2010 12:51:07 PM PDT by Windy City Conservative (Kyle Smith)
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To: Puppage

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?


34 posted on 05/20/2010 12:51:39 PM PDT by Alberta's Child ("Let the Eastern bastards freeze in the dark.")
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To: Alberta's Child

I tried to convince someone that the most egregious step in deregulating and gutting GlassSteagall was done under Clinton, but to no avail.


35 posted on 05/20/2010 12:53:31 PM PDT by swarthyguy (KIDS! Deficit, Debt,Taxes!Pfft Lookit the bright side of our legacy -Ummrika is almost SmokFrei!)
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To: Steelfish

Flush The Brown....


36 posted on 05/20/2010 12:53:36 PM PDT by Gator113 (I do not want Obama just IMPEACHED... I want him IMPRISONED. Are we there yet? 2010-2012)
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To: Steelfish

Senator Brown Sucks! What a freckin lying piece of Rhino manure this guy has become. This is why I hate politicians.


37 posted on 05/20/2010 12:55:07 PM PDT by MeSpikeLibs (Wake me when the Obama nightmare is over.)
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To: swarthyguy
To be fair, Bill Clinton just went along for the ride and signed a bill that was passed by a GOP-led Congress that was fully bought by the financial services industry (hence the name of Phil Gramm on that piece of legislation). Just as he actually said shortly after he left office that "defeating the 1994 Republican revolution" was his greatest accomplishment even though he signed most of Newt Gingrich's "Contract with America" into law.

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."

38 posted on 05/20/2010 12:57:16 PM PDT by Alberta's Child ("Let the Eastern bastards freeze in the dark.")
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To: Alberta's Child

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.


39 posted on 05/20/2010 1:00:03 PM PDT by swarthyguy (KIDS! Deficit, Debt,Taxes!Pfft Lookit the bright side of our legacy -Ummrika is almost SmokFrei!)
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To: maddog55

but they are better than having democrats in the seats.../sarc


40 posted on 05/20/2010 1:00:58 PM PDT by EBH (Our First Right...."it is the Right of the People to alter or to abolish it,")
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To: Windy City Conservative

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.


41 posted on 05/20/2010 1:03:00 PM PDT by Snoopers-868th
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To: Steelfish

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.


42 posted on 05/20/2010 1:03:07 PM PDT by Mouton
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To: Alberta's Child
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?

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?

43 posted on 05/20/2010 1:03:24 PM PDT by Puppage (You may disagree with what I have to say, but I shall defend to your death my right to say it)
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To: Mouton

Maine used to be part of Mass-hole.

Apparently we just doubled-up the stupidity by having them be 2 different states.


44 posted on 05/20/2010 1:05:42 PM PDT by VanDeKoik (Iran doesnt have a 2nd admendment. Ya s ee how that turned out?)
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To: Steelfish

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?


45 posted on 05/20/2010 1:06:06 PM PDT by JohnQ1 ("I have never killed a man, but I have read many obituaries with great pleasure." - Clarence Darrow)
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To: driftdiver
This is the one that allows them to track each and every financial transaction. every credit card, debit card, check, deposit and withdrawal.

In his 1970 book Between Two Ages: America’s 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.

46 posted on 05/20/2010 1:06:58 PM PDT by opentalk
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To: EBH

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.


47 posted on 05/20/2010 1:07:20 PM PDT by Windy City Conservative (Kyle Smith)
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To: swarthyguy
Of course. Robert Rubin served as the Secretary of the Treasury from 1995-99 and then left to join Citigroup's board of directors.

While serving as Treasury Secretary he was an outspoken opponent of Federal regulation of over-the-counter credit derivatives.

48 posted on 05/20/2010 1:08:46 PM PDT by Alberta's Child ("Let the Eastern bastards freeze in the dark.")
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To: Steelfish

That pretty much finished off the downturn. It was hovering around -200 until this crap passed.


49 posted on 05/20/2010 1:08:50 PM PDT by jersey117
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To: Puppage
I don't trust any of them -- and by "them" I mean Big Government as well as Big Business.

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.

50 posted on 05/20/2010 1:10:39 PM PDT by Alberta's Child ("Let the Eastern bastards freeze in the dark.")
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