Skip to comments.Dodd: No one will know until this is actually in place how it works
Posted on 06/25/2010 11:29:39 AM PDT by Southnsoul
House, Senate leaders finalize details of sweeping financial overhaul
By Brady Dennis Washington Post Staff Writer Friday, June 25, 2010; 12:26 PM
Key House and Senate lawmakers approved far-reaching new financial rules early Friday after weeks of division, delay and frantic last-minute dealmaking. The dawn compromise set up a potential vote in both houses of Congress next week that could send the landmark legislation to President Obama by July 4.
The final and most arduous compromise began to fall into place just after midnight. Sen. Blanche Lincoln (D-Ark.) agreed to scale back a controversial provision that would have forced the nation's biggest banks to spin off their lucrative derivatives-dealing businesses.
The panel also reached accord on the "Volcker rule," named after former Federal Reserve chairman Paul Volcker. That measure would bar banks from trading with their own money, a practice known as proprietary trading.
Lawmakers pulled an all-nighter, wrapping up their work at 5:39 a.m. -- more than 20 messy, mind-numbing hours after they began Thursday morning.
"It's a great moment. I'm proud to have been here," said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. "No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done."
(Excerpt) Read more at washingtonpost.com ...
Where did we hear that refrain before? (Bummercare)
These freaks are so used to not knowing what is in a bill or understanding it that they just talk about it openly as if we all understand.
Deem it passed ! Democracy works again !
Never let a good crisis go to waste, eh?
Financial reform, Obamacare style.
Hang onto your wallets, folks! This is going to hurt!
This is one of the reasons we have to clean out the latrine that is Congress in November. Then we need to harass the former members in their private lives down to their graves for the harm they have inflicted on our country.
The Dems and This Nation’s Epitath.
VeeP ‘Bite Me!’ Agrees!
If this is how congress is passing laws, who the heck is running the country?
It's like having your doctor skip the diagnosis part and just start removing and adding organs to you, while kicking your dog and emptying your bank account.
We must find a way to demand they read and understand what they pass.
As Obama says— this is unsustainable!
We can no longer allow this.
Thats what they said when they installed the oil well blow-out emergency shut off in the Gulf.
A giant supercomputer is fed the current body of US law, including the Tax Code, and given several “keyword”/parameters. It churns and burns, taking sniplets and phrases from all over the law and assembling them together, and out pops a new, multi-hundred/-thousand page bill for Congress to sign.
This is why the only way to find out what is in the bill is to pass it and see what happens.
You can find out how it works after it passes. I feel like Alice in Wonderland.
I am so sick of these people.
Is this a a big bleeping deal according to the Veep?
This was the same device that is commonly used in shallow water oil drilling. It just was an extraordinarily bad place for it to go kaput when it was needed.
Culture of corruption
Why doesn’t Congress have a bigger audience when things like this happen. The entire audience should break out into riotous laughter.
In other words: “We ain’t got a clue folks.”
Imagine speaking these words when presenting your blueprints for a skyscraper.
I seriesly doubt he gives much thought to anything.. He’s in his own world.
I’m more partial to the infinite number of monkeys on an infinite number of typewriters theory myself. The reason that the laws are coming up with are so flawed is because of truncation errors due to the fact they were unable to obtain an infinite number of either monkeys or typewriters.
“It’s a great moment. I’m proud to have been here,” said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. “No one will know until this is actually in place how it works. But we believe we’ve done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.”
It seems that my impression of Senator Dodd was correct. As he gladly helps preside over the death of his country, he laughs wickedly, contemplating further debauching of his poor, abused oath of office. There is a word: EVIL. All who consented to and participated in this act have committed it.
“The only way to know if the architecture is sound is to build it!”
...I would fire that architect IMMEDIATELY.
a One Note Party .. Shrill!
or should that be ‘shill’.. *-?
What were they doing in there such that fwank has to pull up his pants after wards? Enquiring minds want to know.
Such an awesome achievement, it makes a grown up lawmaker cry.
Yet he doesn’t really understand the bill, know what is in it, or what will happen until it is in place.
I’m not sure of much any more but I am certain that they no longer govern, they dictate.
A simple (and rhetorical) question. If they don’t know how this is all going to work out how is it they’re calling it an historic fix to Wall Sts. problems/corruption? It seems to me one would have to be the defn of gall to make such a pronouncement in lieu of the facts. Pls explain why these people are being taken seriously?
>Im more partial to the infinite number of monkeys on an infinite number of typewriters theory myself. The reason that the laws are coming up with are so flawed is because of truncation errors due to the fact they were unable to obtain an infinite number of either monkeys or typewriters.
LOL - And here I was going to attribute it to the instability of using floating-point numbers that are both very big and very small at the same time....
Ex: suppose you have 20,000,000 [20 mil] and you add .000,000,000,1 [1 mil ^-1] the result could well be... 20,000,000, because the floating point doesn’t have the precision required to represent the number 20,000,000.000,000,000,1
Ugh. Has Dodd been hanging out with Nancy Pelosi? I wonder what kind of offspring a crossing of the two of them would produce - Rosemary's Baby?
It took a crisis to bring us to the point where we could actually get this job done.”
Kiss your ass goodby America.
IMHO...they BOTH work for me!!
>Ugh. Has Dodd been hanging out with Nancy Pelosi? I wonder what kind of offspring a crossing of the two of them would produce - Rosemary’s Baby?
At first I read that as “Romney’s Baby”...
I'm amazed...they're being honest. If there is any good that comes out of this, it will be that some recognize that "The Government is not here to help you," in fact doesn't have a clue about what they regulate.
And another qustion, if know one will know how it works until it’s in place, THEN HOW THE F**K DO YOU KNOW HOW IT WORKS?
The ignorance, the stupidity and the incompetence that is walking the Halls of the U.S. Congress is absolutely breathtaking. And it may cause our death, very shortly.
Pass it to find out whats in it.
Exempts unions and outlaws conservatism no doubt.
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