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Congress Sends Obama Sweeping Wall Street Bill
AP via Yahoo ^ | 15 July 2010 | Jim Kuhnhenn

Posted on 07/15/2010 12:12:22 PM PDT by edpc

WASHINGTON – Congress sent legislation to President Barack Obama Thursday that imposes sweeping new regulations on Wall Street and creates new protections for millions of consumers.

The Senate's 60-39 vote came nearly two years after a financial crisis knocked the economy to its knees.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Breaking News; Business/Economy; Culture/Society; Government; Politics/Elections
KEYWORDS: business; congress; doddfrank; economy; finreg; frankdodd; obama; politcs; unfunnybandit; wallst
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At a whopping 2,300 pages, the legislation is designed to rein in big banks and protect consumers in hopes of averting a repeat of the 2008 financial crisis. Its ultimate impact, however, will depend on the government regulators assigned to implement it.

Another monster, phone book-sized bill we "needed to pass to see what's in it" and "how it works."

1 posted on 07/15/2010 12:12:24 PM PDT by edpc
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To: edpc

...sweeping Wall Street right out of business.


2 posted on 07/15/2010 12:13:12 PM PDT by snarkbait (<<For Rent>>)
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To: edpc

This bill has DISASTER written all over it.

And the Democrats will own it.


3 posted on 07/15/2010 12:15:04 PM PDT by smokingfrog (freerepublic.com - Now 100% flag free.)
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To: edpc

Stock Markets in free fall after the vote... DOW down almost 100


4 posted on 07/15/2010 12:16:04 PM PDT by The Magical Mischief Tour
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To: edpc

Barack the Kenyan and his comrades just stuck it to the “consumers” (Americans) with this crap. Thanks Barry!


5 posted on 07/15/2010 12:17:18 PM PDT by FlingWingFlyer (Holder needs to resign! Now!)
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To: edpc

6 posted on 07/15/2010 12:18:00 PM PDT by WOBBLY BOB (drain the swamp! ( then napalm it and pave it over ))
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To: edpc

..the banks will pass along every single cent to customers, bye bye free checking,bye bye sign up bonuses,bye bye a bunch of tellers (more unemployment)...just what the witch doctor ordered.


7 posted on 07/15/2010 12:18:54 PM PDT by Doogle (IT'S THAT TIME AGAIN....PLEASE donate, because it's the RIGHT thing to do)
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To: edpc

There are 41 republicans, so 1 voted with the dems, and one abstained. Who were they?


8 posted on 07/15/2010 12:19:18 PM PDT by chuck_the_tv_out ( <<< click my name: now featuring Freeper classifieds)
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To: edpc

Two Thousand Three Hundred Pages.
Passed in a matter of days.

More clowerd/piven.


9 posted on 07/15/2010 12:19:26 PM PDT by Texas resident (Outlaw fisherman)
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To: edpc

The headline is completely false. No bill has been sent to 0bama. The Senate merely voted to end debate. I’m not saying it won’t happen. It’s just false to say it has.


10 posted on 07/15/2010 12:21:28 PM PDT by BubbaBasher ("Liberty will not long survive the total extinction of morals" - Sam Adams)
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To: edpc

and creates new protections for millions of consumers.

yeah......riiiiight....................


11 posted on 07/15/2010 12:21:39 PM PDT by Buckeye McFrog
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To: edpc

Now they REALLY own the economy and forthcoming problems.


12 posted on 07/15/2010 12:22:21 PM PDT by monkeybrau
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To: edpc
I will be so happy to see this pack of Democrats with their mad mega-bills voted out.

But I doubt we will ever be fix even a small portion of the craziness that they have managed to pass since January 2009. The massive damage that the Democrats have done to this country in just those 18 months is likely immeasurable and immitigable.

13 posted on 07/15/2010 12:22:27 PM PDT by snowsislander
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To: edpc

We are getting Communism via regulation. It’s two steps forward, and another step forward. When these creeps are done, China will be a freer place to live.


14 posted on 07/15/2010 12:22:29 PM PDT by pallis
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To: chuck_the_tv_out

There are 41 republicans, so 1 voted with the dems, and one abstained. Who were they?

Does not really matter since it is really the 3 pubbies who voted for cloture that matter (Snowe, Collins, Brown)


15 posted on 07/15/2010 12:22:50 PM PDT by Buckeye McFrog
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To: edpc

So much for the 41st vote. Effin traitor RINOS!!

Rebellion is brewing!!


16 posted on 07/15/2010 12:22:56 PM PDT by Jim Robinson (JUST VOTE THEM OUT! teapartyexpress.org)
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To: edpc
The fact that this is Barney Frank's work makes this extra sickening.

My skin crawls at the thought.

17 posted on 07/15/2010 12:22:56 PM PDT by Siena Dreaming
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To: edpc

I’m sure Goldman Sachs put lots of exemptions for themselves in the bill. They probably wrote it.


18 posted on 07/15/2010 12:23:17 PM PDT by NoKoolAidforMe (1-20-09--The Beginning of an Error..............1-20-13--Change we can look forward to)
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To: edpc

Naturally, Obama will wait five days before signing the bill so that the American people can have a chance to review it.


19 posted on 07/15/2010 12:24:11 PM PDT by Hoodat (.For the weapons of our warfare are mighty in God for pulling down strongholds.)
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To: smokingfrog
This bill has DISASTER DICTATOR written all over it.
20 posted on 07/15/2010 12:25:03 PM PDT by stayathomemom (Beware of cat attacks while typing!)
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To: edpc

WEll, 308 million people have just had their ENTIRE financial life handed over to the Fed Res thru the Bureau established within the FEd Reserve to monitor, control, modify, punish, data collect and report with 10 advisors to be appointed within the Fed Reserve for all policy and enforcement and modification of financial behavior related to the COnsumer “Protection” features. We have just been globalized by this Congressional abdication of representation of our rights and interests. Like a big, black bag of securitized toxic labor forces, we have been handed over as a tranche of mortgages to extra-national control. Think about it.


21 posted on 07/15/2010 12:25:03 PM PDT by givemELL (Does Taiwan eet the Criteria to Qualify as an "Overseas Territory of the United States"? by Richar)
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To: edpc

Obama has to go.


22 posted on 07/15/2010 12:25:18 PM PDT by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: BubbaBasher

http://www.cbsnews.com/stories/2010/07/15/politics/main6681481.shtml

Obama says he’ll sign this evening.


23 posted on 07/15/2010 12:26:44 PM PDT by anniegetyourgun
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To: edpc

Months ago I asked what will we do if healthcare passes. Then I asked what we’ll do if this bill passes. So - what are we going to do after they pass cap-n-tax?


24 posted on 07/15/2010 12:28:14 PM PDT by anniegetyourgun
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To: chuck_the_tv_out

brown snowe and collins voted with the dems...plus 2 ind....


25 posted on 07/15/2010 12:28:53 PM PDT by tatsinfla
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To: chuck_the_tv_out

Brown and Snowe. I thought they had Collins too.

I think the WV seat is still vacant.


26 posted on 07/15/2010 12:28:53 PM PDT by Ingtar (If he could have taxed it, Obama's hole would have been plugged by now.)
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To: edpc
They should be ashamed of themselves and I hope American voters turn everyone of them that are up for elections this Nov. They have just handed barry hussein soetoro another notch on his Marxist belt.
27 posted on 07/15/2010 12:30:25 PM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: WOBBLY BOB
Excellent cartoon. The GOP needs to explain in simple terms why this is a bad bill.

There is a superb article in yesterday's Wall Street Journal right here.

28 posted on 07/15/2010 12:30:43 PM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: chuck_the_tv_out

“There are 41 republicans, so 1 voted with the dems, and one abstained.”

Scott Brown is a traitor to every single person who supported him.
Someone please tell me the difference between having him in the seat vs. Coakley. There is none. Same result. Support for the destructive Obama agenda.

I pray he has a primary challenger in 2012. Brown can take his pickup and drive off a short pier. And he can spare us the bullshit about reading the bill, blah blah, working together, blah blah, compromise, independent, blah blah.

Hey Scott, you were elected for one reason and one reason only. To be the swing vote to STOP ALL Obama legislation. You are epic fail!


29 posted on 07/15/2010 12:32:37 PM PDT by wilco200 (11/4/08 - The Day America Jumped the Shark)
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To: All
The legislation gives the government new powers to break up companies that threaten the economy......

This has "shake down" written all over it. Do as we say and pay, pay, pay......or we crush you.

You've gotta wonder what broad language/powers are in this monstrosity to determine who "threatens" the economy. I guess the current admin doesn't count as the biggest threat.

30 posted on 07/15/2010 12:35:47 PM PDT by edpc (Those Lefties just ain't right)
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To: edpc
Brutal.

I cannot believe there hasn't been one instance where "O" didn't get what he wanted.

January '13 cannot arrive soon enough.

31 posted on 07/15/2010 12:37:20 PM PDT by Trajan88 (www.bullittclub.com)
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To: edpc

WHAT a freakin disappointed Brown turned out to be!! I knew right away the moment he stepped foot at the hill with all the smooching going on between him and the RATS that he was going to STAB US IN THE BACK! And there you have it true to word!....FREAKING BASTARDS!! We should demand our money contribution to his campaign BACK!!


32 posted on 07/15/2010 12:39:54 PM PDT by RoseofTexas
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To: edpc

We sent our first black president to sweep wall street? Isn’t that a tad racist?


33 posted on 07/15/2010 12:39:54 PM PDT by Raycpa
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To: monkeybrau

Well, to sentient beings yes. To the media, if one Republicans votes for it, it’s bipartisan.

Did Bwany Fwank own the mortgage crisis, after demanding loans be provided to people who had not one chance in hell of servicing them?

Of course not. Bush was blamed.

This is not to overlook that Bush and the Republicans did have years to fix it, even if it was a Democrat induced problem.


34 posted on 07/15/2010 12:40:14 PM PDT by DoughtyOne (Latest most accurate Az Poll to date, of 14 likely voters: McCain 137%, Hayworth -37% (+/- 62%))
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To: edpc
I wonder how many people in Congress actually read it.

I wonder how many of those actually understood it.

35 posted on 07/15/2010 12:43:13 PM PDT by Psycho_Bunny (Hail To The Fail-In-Chief)
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To: NoKoolAidforMe

Yep. You can bet none of the big Wall Street firms will be touched by this, or they will have special exemptions carved out for them. Those places are Democrat campaign cash machines. Don’t hold your breath for any kind of reform on Fannie and Freddie either. As a matter of fact, NOTHING that was at the root cause of the credit crisis will be touched - just more layers of government thrown on top of a shitty system, with the intent of empowering and expanding the size, scope, and power of the federal government, all the while making sure to preserve the cush jobs of the Democrat Party financiers at Wall Street firms.

No, the real burden is going to fall on small banks, small retailers, savings and loans, credit unions and the 99% of hardworking small businesses that don’t have white shoe lobbying firms on retainer.


36 posted on 07/15/2010 12:44:58 PM PDT by St. Louis Conservative
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To: Psycho_Bunny

We can be reasonably sure Conyers didn’t read it.


37 posted on 07/15/2010 12:45:28 PM PDT by edpc (Those Lefties just ain't right)
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To: DoughtyOne
Bush did try to reform Fannie/Freddie. But with something that huge, I believe you really do have to have some kind of bipartisan support.

If the Repubs had forced it, there would have been a massive reaction. You might say "so what, they did the right thing" but pragmatism says that Repubs could have been out of power potentially for decades and then the Dems, of course, would have written even worse legislation...maybe free housing for all.

This way, we get power back more quickly. The truth is ugly, but there it is.

38 posted on 07/15/2010 12:47:37 PM PDT by Siena Dreaming
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To: edpc

...another fine mess that’s going to take a generation unf........foul...unfoul.

Maybe we should hire the “de-horders” to clear out old legislation.

ruefully


39 posted on 07/15/2010 12:48:51 PM PDT by petro45acp (Hey Doc! Don't tell me how to live my life. CURE what ails me so I can live how I choose.)
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To: Jim Robinson

What can Brown do TO you?


40 posted on 07/15/2010 12:50:48 PM PDT by SlowBoat407 (Anyone can fib. It takes an intellectual to tell a really big lie.)
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To: smokingfrog

No bipartisan, with Scott and STowe caving in on it.

Obviously Scott is out of touch with reality.

The bill is a farce.


41 posted on 07/15/2010 12:50:48 PM PDT by nikos1121 (Praying for minus 24 today....at least minus 23...)
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To: givemELL

308,999,000, don’t include me.


42 posted on 07/15/2010 12:51:16 PM PDT by mojitojoe (When crisis becomes opportunity, crisis becomes the goal.)
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To: wilco200

What were we expecting from a New England Republican? Conservatism? That he would vote like he campaigned?


43 posted on 07/15/2010 12:52:15 PM PDT by mono
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To: mojitojoe

oops, meant 307,999,000.


44 posted on 07/15/2010 12:52:21 PM PDT by mojitojoe (When crisis becomes opportunity, crisis becomes the goal.)
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To: Texas resident; edpc
More Cloward-Piven

That, and "...more cowbell"

45 posted on 07/15/2010 12:55:31 PM PDT by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: anniegetyourgun

I guess I missed something. What about reconciliation with the House?


46 posted on 07/15/2010 12:58:11 PM PDT by BubbaBasher ("Liberty will not long survive the total extinction of morals" - Sam Adams)
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To: The Magical Mischief Tour

“Stock Markets in free fall after the vote... DOW down almost 100”

Dow now down only 4.00....who came in at 3:30pm EST an prompt it up?


47 posted on 07/15/2010 1:00:17 PM PDT by blueyon (The U. S. Constitution - read it and weep)
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To: Siena Dreaming

>This way, we get power back more quickly. The truth is ugly, but there it is.

No, “we” do not get power back quickly, or ever. Those in power, the political caste, are disinclined to let ANY power be in the hands of the “unwashed masses.”


48 posted on 07/15/2010 1:00:30 PM PDT by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: wilco200
LOL Scott Brown is no traitor. He's just fulfilling his liberal agenda. Btw, an agenda that I plastered all over FR for weeks before his election.

Your anger should be directed at the dopes who voted for him and those who supported him. FYI, that includes a whole bunch of FReepers, including the head honcho!

49 posted on 07/15/2010 1:04:14 PM PDT by Reagan Man ("In this present crisis, government is not the solution to our problem; government is the problem.")
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To: blueyon

Looks like BP finally found the fare way and plugged the oil leak...


50 posted on 07/15/2010 1:06:59 PM PDT by The Magical Mischief Tour
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