Posted on 04/21/2010 7:08:21 AM PDT by K-oneTexas
PREVENTING MORE BAILOUTS * Objective: Lawmakers want to squash the idea that some financial firms are "too big to fail" and avert anymore bailouts like AIG's (AIG.N) and Citigroup's (C.N).
PROTECTING CONSUMERS * Objective: Democrats want to put a stop to abusive home mortgages and deceptive credit cards. Objective: Obama wants to ban risky trading unrelated to customers' needs at banks that enjoy a competitive edge in the market because they have some form of taxpayer support.
(Excerpt) Read more at reuters.com ...
Everything Dodd offers has loopholes the size of a CFX train to drive through. Its up to FR’s and others including conservative talk show hosts to point this out because affilates; NY(T)S, Newsweak, (T)Slime etc of the regimes MOP (ministry of propaganda) won’t.
Isn’t Senator Dodd just a wonderful sack of s***!!!! A wasted use of skin too.
Course there are many in that bag also.
There’s only one rule to know about this legislation: He who has the gold makes the rules.
The headline is right: this is a pretty good synopsis.
The devil, expressed as unintended consequences, intended (well-disguised, nefarious) consequences, capital-stifling, government-aggrandizing consequences — will be found in the details.
The most noticeable consequences will be found in the #2 provision, “Consumer Protection”. I presume that credit card issuers will be prohibited from high interest rates and late fees; I also presume that they will be required to print their caveats in 14-point type or some such thing (i.e., no fine print). The unintended consequence will be that issuers will simply quit offering credit cards to risky candidates (i.e., 75% of all Americans).
The governmnent-aggrandizing consequence will be that the feds will pass a package that includes something like an EICC (Earned Income Credit Card) so that the working poor can once again have credit cards to default on.
There’s always a catch, you see.
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