Sweeping Wall Street Reform Bill Advances

MSNBC ^ | May 20, 2010

[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.

[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? 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.

[RicocheT]

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.

[reegs]

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.”

[b4its2late]

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

Which of these asshats are up vote in November?

[shelterguy]

“””””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.

[rintense]

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.

[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?

When has more government control EVER made something better?

[livius]

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.

[Jim Robinson]

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

[Marty62]

Time to hide your money in your tempur-pedic.

[unkus]

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.

[Alberta's Child]

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.

[Windy City Conservative]

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.

[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?

[swarthyguy]

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

[Gator113]

Flush The Brown....

[MeSpikeLibs]

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

[Alberta's Child]

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."

[swarthyguy]

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.

[EBH]

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