The financial reform bill passed the Senate! So exciting. “FinReg” is what people called it, on Wall Street and also on Capitol Hill. Both Chris Dodd and Barack Obama are very happy/proud. So what did they do, anyway? It’s about 175,000 pages of legislation, so who knows? Wait, actually we do know: The financial regulation bill deals with many issues and instruments that played a role in the Economic Collapse of 2008-Right Now, which means it does not cover anything that will be instrumental in the 2011-2019 depression, or the 2022-2028 recession, or the 2030-2097 “quiet time” on Earth, etc. But let’s check with the experts anyway, so they’ll feel useful offering their contradictory capsule assessments.
- “Wall Street wins this round. The ‘teeth’ of the Volcker Rule have been kicked in and there are enough holes elsewhere for White & Case to exploit on behalf of their clientele til the cows come home. The Dems unanimously voted for it. Interestingly, Republicans all voted against it. They didn’t think the final version was strict enough or that it did enough to prevent Too Big To Fail.” — Christian Science Monitor
- “The bill is certainly sweeping in scope. It creates a new consumer-protection bureau, within the Federal Reserve, with powers to write rules for—and ban—financial products. It gives the government the power to break up any failing financial firm, not just banks, and pushes more of the clean-up costs onto surviving competitors, rather than the taxpayer. Those who securitise assets will have to retain more of the risk. Credit-rating agencies will be more exposed to legal challenge for their mistakes, and less able to cosy up to debt issuers. Under the so-called Volcker rule, banks will face limits on their proprietary trading and investment in hedge funds and private equity. Derivatives markets will no longer be left to do their own thing.” — The Economist
- “After months of lobbying, auto dealers and their influence peddlers on Capitol Hill succeeded in winning an exemption from oversight under a new Consumer Financial Protection Bureau. Dealers, who make almost 80 percent of all auto loans, bilk consumers out of an estimated $20 billion annually through shady practices like inflating a car’s actual retail price by tacking on unnecessary products and services.” — Mother Jones
- “Banks will be allowed to keep most swaps dealing activity in-house, although the riskiest trading would be pushed out. They will also be permitted small investments in hedge funds and private equity funds. The concessions could lessen the impact on bank profitability.” — The Telegraph
- “Banks ‘dodged a bullet,’ said Raj Date, executive director for Cambridge Winter Inc.’s center for financial institutions policy and a former Deutsche Bank AG executive. ‘This has to be a net positive.’” — Bloomberg
- “Look, I think we’re watching here a presidency in collapse. I really do. And I — we really haven’t seen this in our lifetime here. It reminds me a lot of what happened to Jimmy Carter here. Almost every key indicator shows support for the president is cracking.” — Sean Hannity, Fox News
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If FinReg does not ban Faux Nooze, then I agree it is not strong enough.
It is being reported that a goodly amount of the watering down of this legislation came from the White House. If this is true, it means that President Hopey, who I voted for, is either a liar, a sellout or a dupe. Say it isn’t so.
Have we not seen this during our lifetime, or is it just like Jimmy Carter, Sean? Because his presidency was all during my lifetime, and I’m not that old.
What happened to the provision to deposit $10 million in everyone’s bank account?
[re=606505]ttommyunger[/re]: Or, he figured getting something passed was better than nothing, and that it could be amended going forward like, say, the Civil Rights Act? With the current Congress not being able to agree that the sun rises in the east, I think that is the right attitude.
Sean Hannity lives on another planet, also.
Setting up a “consumer protection agency” to decide which financial instruments to ban? Shouldn’t the government be deciding which financial instruments to APPROVE? Since a financial instrument only has value if the government chooses to recognize it as a legally binding contract? And especially since all these financial instruments only have REAL value in that they are backed up by people’s deposits with the bank, which the government insures via the FDIC?
Oops wait, I mean, this bill restricts bankers’ right to practice their love!
[re=606506]JMP[/re]: Maybe Sean got confused. Jimi is no longer among the lifetimes, but Jimmy is.
[re=606506]JMP[/re]: Hannity is such a fucking idiot.
[re=606505]ttommyunger[/re]: I don’t know if he’s a sellout, but I think he’s getting very bad advice from just about everyone. I am very disappointed. Feels to me like the establishment has maintained the status quo: that car dealership deal is pretty strong evidence.
[re=606510]Johnny Zhivago[/re]: They replaced that section. Now you get your choice of a) a coupon for a free Slurpee(TM) or b) an autographed picture of David Vitter.
“Hey, nerd. I’ll trade you a kick in the balls for your pudding.”
“OK! I’m a Democrat!”
“Later, when I get my own pudding, I’ll be back to piss in your mouth.”
“YAY!”
Oh, and it’s funny that the gold standard for failed presidency in the media is Jimmy Carter; I seem to recall a more recent President who went from huge popularity after winning a war with minimal American casualties or cost, who looked unbeatable enough that SNL ran a sketch about high profile members of the opposition party trying to tank their chances at a nomination to avoid having to run against him, to one year later getting completely crushed in his attempt a reelection, to a virtual unknown who wise widely known to be having affairs all over the place.
This is a Wall Street shakedown. Joe Barton is offering apologies and blowjobs to investment bankers everywhere.
WHY IS THIS LAW BEING CRAMED DOWN OUR THROATS???!!! WHY IS IT LONGER THAN THE US CONSTITUTION? THE UNITED STATES CONSTITUTION WAS GOOD ENOUGH FER ARE FOUNDERS!
[re=606515]Doglessliberal[/re]: like there will ever be a Democratic Congress again, ever, after this.
This government is failing the lemonade test (“If you’re selling lemonade, make sure it’s lemonade, because if it’s Something Else you won’t get many repeat customers”).
Passing half-assed bills doesn’t make people’s lives better – especially when they are full of grandfathered exceptions, loopholes, and delays before key provisions take effect.
As Obama himself pointed out, when America sees that liberals can’t follow through on their promise to improve lives, they’ll vote for the Cling-To-Guns-N-Jesus candidates aka the Teatards.
Wow, now that Sean Hannity has turned on Hopey, I guess he really is fucked.
[re=606531]The Toot[/re]: IT ALL WENT DOWNHILL WHEN THE NEGROES TOOK OVER AND GOT THAT 13TH AMENDMENT PUT IN THERE!!!!
[re=606537]Thugs & Criminals[/re]: I am not ready to give up on this country yet. Close, but not there yet.
Or maybe I am just still blissed out from my run this morning.
Assity has been saying that crap, on so many levels, every day since January of ’09. He is the Yo-Yo Ma of Fox, playing the same song daily.
Reminds me a lot of what happened to Jimmy Carter too when certain GOP patriots offered to arm the Iranians if the Iranians would keep Americans hostage until their demented President took office. They would sacrifice us all to assure Obama’s failure,oh wait, I just remembered the unemployment and jobs bills, make that: They have sacrificed us all.
The financial regulation bill deals with many issues and instruments that played a role in the Economic Collapse
It completely disregards the role that piccolos, clarinets and flageolets played in crashing the market. Another damn victory for Big Wind.
Does Elizabeth Warren have a Sad?
[re=606537]Thugs & Criminals[/re]: If I may suggest, our political masters are not using the lemonade rule, they are using the bear rule.
The bear rule is simple, if you are one of two people surprised by an enraged bear, you needn’t outrun the bear. You just need to outrun the other guy.
The Democrats are the “New and Improved!!!” brand of political Cool-Aid, with 10% less formaldehyde in every cup. They still have that familiar “tastes like shit” flavor we’ve all come to expect though…
[re=606542]Doglessliberal[/re]: IT ALL BEGAN GOING BADD WHEN TEH ACTIVIST JUDGE JOHN MARSHALL SAID THE FED GOVMENT CULD REGULATE COMMERCE IN 1824 NOW THEY TELLING BIDNESS WAT TOO DUE
One interesting aspect of the financial reform legislation, and one that everyone agreed on, including Democrats, Republicans, Independents, Reform and Green party members,and others, is that one new law requires that Rush Limbaugh, Bill O’Reilly, Michael Steele, Sarah Palin, Laura Schlesinger, Don Imus, Michelle Malkin, Ann Coulter, John McCain and Sean Hannity must all move to a remote South Pacific island, effective upon passage of the legislation, and retire from journalism, print media, and broadcast media, effective immediately. They will have access to basic food, clothing and shelter on the island, but they will not be permitted to work in journalism.
Many politicians say that this section of the legislation helped ensure its passage in the House and Senate.
So this is A) a communist takeover of the Great American Economy, B) a complete sell-out to status quo special interests, C) a necessary, but probably not sufficient, reform that is all we were probably going to get from the fucksticks in this addlepated Congress, D) yet another betrayal of PROGRESSIVE interests by that damned liar sell-out, the new Carter, Obama, E) a disaster for Wall Street, F) a total win for Wall Street, G) a good thing, but probably won’t cover anything that destroys the economy the next time because businesses are always faster than governments in coming up with dodgy ways to make money, H) ALL OF THE ABOVE? I’d go with C) and G), myself, but what do I know?
[re=606544]Radiotherapy[/re]: Hey, remember how successful the Stop Hillary Express was? Then he had to change it to the Stop Obama Express, then the Stop the Stimulus Express, then the Stop Obamacare Express, and on and on. He’s like the Baghdad Bob of the right — his side keeps destroying the enemy in huge battles closer and closer to the capital.
[re=606552]dijetlo[/re]: But it’s really great shit!
[re=606505]ttommyunger[/re]: Republican filibuster…not enough votes….certain Senators holding firm due to dick sucking by lobbyists… bill gets watered down to reach compromise and pass a bill, any bill, passed…same verse different chorus. At one point it all came down to Scott Brown and Blanche Lincoln and you can pretty much figure out how things worked out from there.
[re=606519]proudgrampa[/re]: [re=606515]Doglessliberal[/re]: Sadly this planet is not a place in which he is obliged to periodically dodge literal bullets.
If InsHannity is against it, it must be a WIN for America!
Are they all talking about the same bill?
[re=606557]Vulpes82[/re]: Thanks for not putting a SPOILER alert on that post. You’ve just ruined at least 48 hours of cable news network viewing and blog reading for me– now I know how it all ends.
[re=606545]Ducksworthy[/re]: only this time they will get hurt just like everyone else.
[re=606519]proudgrampa[/re]: He is advised by Larry Fucking Summers and Warren Fucking Buffett – need I say more?
Surprised anyone? The day that Obama was elected the Rethuglicans announced their strategy:
to prevent the Dems from passing any legislation that would actually help the middle class,
and then to run in the next election on the fact that the Dems were unable to help the middle class.
So, half-assed bills like this one & the healthcare bill are all we get, kiddies.
The Rethugs will assure us that our only hope is to give the few pennies we have left
to Scrooge McDuck for safe-keeping.
There is so much outrage to be had, I don’t even want to read it. I’m just going to echo [re=606557]Vulpes82[/re] and randomly pick a couple of opinions based on my own feelings regarding the world at the moment, since I literally have no way of knowing if any of this will make any difference in the long run, or what it could hope to accomplish.
All I can do is declare my own suspicions, grounded in nothing but selectively-read blog posts and inherited third-hand opinion, and my own innate cynicism and such: Obama’s there to make sure it’s a soft landing, nothing more. HopeyChange was a nice sales pitch (although no one seemed to ever think that Dubya had been effectively neutralized by 2006), but he’s there to ensure the store doesn’t go out of business before it’s sold to new owners.
Or something. Who the fuck knows anymore. I sure can pontificate, though.
If nothing get’s done, he’s not fulfilling campaign promises, if something get’s done, it’s not enough, if too much gets done, he’s a Commie… It’s almost as though Americans just like to complain…
NAH… We’re not all just looking for a scapegoat to pin our personal failuires…
I mean… Trucknutz!
Why do Real Americans hate White & Case?
If I had to start randomly blaming law firms for the financial disaster I’d go with Skadden.
[re=606690]Panquake[/re]: New owners? You mean the Chinese? Who else could it be?
[re=606557]Vulpes82[/re]: C and G
Hannity: “Because all you Fux Snooze viewers are the mental age of 8 months, such a crash in presidential approval hasn’t been seen in your lifetime. You’re darn tootin’, wayyyyyy back in the olden days we cut President Shrubbie slack for allowing a bunch of Ay-rabs to avenge their people by pruning the New York City skyline, but MAN were we ticked when he woke up one morning and said, ‘You know something, Petunia? Karl just might possibly maybe be fucking with me!’ And then we hated his guts, and by the way 9/11 happened on Clinton’s watch, did you freakin’ know that, and this black guy is just a failure with these baby-step foothold librul programs to hurt banks who ALREADY HURT. My endless gusher of verbal sewage is almost speechless!”
[re=606723]OCKerouac[/re]: You forget he is too black/he is not black enough; he is too cerebral/he is too harsh…etc
[re=606519]proudgrampa[/re]: The car dealership get-out reflects the fact that there are many car dealers, with donatable wealth, in every Congressional district. And also that car dealers are not viewed as having caused the economic meltdown.
While I don’t see much chance of removing the exemption in the near future, the way that it would happen is by making a special effort to demonize car dealers, without the distraction of all the bigger demons in the picture.
Couldn’t they just reinstate Glass-Steagall (and, you know, kick Phil Gramm a couple o’ hundred times in the cunt)?
PS: Sean Hannity – zero information content (in the Shannon sense).
Bwahahahaaaaa……………… Nothing would please FOX tax dodging commies more than for Barack to resign so they could appoint Sheriff Joe Stalin to their Daddy throne. He’ll have to larns ta say. “Well”. And, “Yup”. And call his wife, “Mommy”.
REID THE BILL!!111!
“The Dems unanimously voted for it. Interestingly, Republicans all voted against it. They didn’t think the final version was strict enough or that it did enough to prevent Too Big To Fail.”
Yeah, that’s EXACTLY why the G.Oil.P. voted against it.
More proof that the phrase “christian science” is the world’s biggest non sequitur.
[re=606527]JMP[/re]: Carter’s “failure” was telling the truth to people who didn’t want the truth. If we’d followed his energy policies, we’d be a lot better off now.
[re=606543]Doglessliberal[/re]: Concentrate on individuals and music and it will seem a lot better. Our politicians are all the worst people in the country.
[re=606673]kapish[/re]: Last time I checked…Democrats were the majority…azz
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