Senate gets ready to act on financial regulations

Washington Post ^ | May 18, 2010 | Brady Dennis

[Siena Dreaming]

Democratic leaders gave notice late Monday that they intend to wind down the weeks-long debate over new financial regulations, even as lawmakers continued to churn through proposed changes to the massive bill.

[Siena Dreaming]

I did a search and didn't find this.

I believe the stock market dip today is largely because of fear over this terrible bill.

[RockinRight]

http://www.freerepublic.com/focus/f-news/2516073/posts

Sure that’s gonna help...

[apillar]

I wonder if there is any chance the Republicans will filibuster the final bill? Or are Olympia Snowjob and Susan Colinoscopy already lined up to earn their Obama kneepads.

[Siena Dreaming]

I think the Repubs may be walking on eggshells with this bill.

If they are portrayed in the media as being pro-bank because they're against this bill, much of the Repub electoral advantage could go up in smoke.

This kind of stuff is what gave FDR his power for 4 terms.

[paul51]

just in time to save us /s

[marstegreg]

I haven’t followed this financial reform bill the way I did Healthcare. What (in a nutshell) are the pros and cons?

[Siena Dreaming]

I really don't know if there are any pro's.

Cons are increased watchdog agencies, including, as it stands now, over the car industry. Why? Just because they can.

A new council of regulators would "monitor risks" to the economy. Who would be on this council? And what would be deemed "risks"? It's all bad news, implemented by the liberals to take full advantage of the recession.

Banks would also be barred from using their own funds for speculative trading which would keep smaller banks from climbing the ladder. Presumably the permanent taxpayer-funded "bailout fund" to "rescue" banks "too big to fail" is still in there too.

[marstegreg]

Thanks. Is there anything in this bill that will be difficult to repeal? The car industry things kind of bother me. recently GM has been lying about their financial situation. First saying they repaid the loan,then posting a quarterly profit. There is no profit when you owe money, and lots of it. These lies make me suspicious. Especially the timing..it seems to go hand in hand with this bill. Nothing in this administration is a coincidence.

[JohnQ1]

If “our” senators don’t stop this bill, we’ll discover after its passage that it has given the Bungling Burglar of our White House the power to take over and destroy any business he chooses. Banks first, then any businesses.

[Siena Dreaming]

Repeal depends on the power of the demogogue and who has the charisma to whip up anti-bank sentiment. If someone can fool people enough into thinking everything is the banks' fault, then growth everywhere will remain stagnant or decline for the whole country as happened during the Depression. Luckily nowadays more of the population is invested in stocks, bonds, etc. and are a bit more savvy than the population was during the Depression so these modern lefties can't get away with as much.

However, once these laws get entrenched it may not be easy or possible to back out again. Repubs may gain power in Nov. but don't under-estimate the MSM-Dem ability to demogogue and slap down their efforts to invigorate the economy once they get back in.

[marstegreg]

These people scare the heck out of me. They know not what they do.

[Siena Dreaming]

They know not what they do

Maybe some...but others know just what they are doing IMO.

[marstegreg]

others know just what they are doing IMO.

Good point. For a second, I forgot who we were dealing with.