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Dodd: No one will know until this is actually in place how it works
The Washington Post ^ | June 25, 2010

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 ...


TOPICS: Front Page News; News/Current Events
KEYWORDS: 111th; bribed; cultureofcorruption; democrats; doddscandal; economy; payola
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Comment #21 Removed by Moderator

To: Irenic

Why doesn’t Congress have a bigger audience when things like this happen. The entire audience should break out into riotous laughter.


22 posted on 06/25/2010 11:41:46 AM PDT by HiTech RedNeck (I am in America but not of America (per bible: am in the world but not of it))
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To: Southnsoul
How the "deal" was made.



23 posted on 06/25/2010 11:43:16 AM PDT by Diogenesis (Article IV - Section 4 - The United States shall protect each of them against Invasion)
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To: Southnsoul

In other words: “We ain’t got a clue folks.”


24 posted on 06/25/2010 11:44:20 AM PDT by Bobby_Taxpayer (Don't tread on us...or you'll pay the price in the next election.)
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To: Southnsoul

Imagine speaking these words when presenting your blueprints for a skyscraper.


25 posted on 06/25/2010 11:47:12 AM PDT by Psycho_Bunny (Hail To The Fail-In-Chief)
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Comment #26 Removed by Moderator

To: archivist007

I seriesly doubt he gives much thought to anything.. He’s in his own world.


27 posted on 06/25/2010 11:47:34 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard)
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To: Southnsoul; All
"Dodd: No one will know until this is actually in place how it works"

Photobucket

28 posted on 06/25/2010 11:47:55 AM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: OneWingedShark

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.


29 posted on 06/25/2010 11:48:12 AM PDT by farmguy
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To: Southnsoul

“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.


30 posted on 06/25/2010 11:48:13 AM PDT by sayuncledave
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To: Psycho_Bunny

“The only way to know if the architecture is sound is to build it!”
...I would fire that architect IMMEDIATELY.


31 posted on 06/25/2010 11:49:11 AM 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: musicman

The Dems

a One Note Party .. Shrill!


32 posted on 06/25/2010 11:49:51 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard)
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or should that be ‘shill’.. *-?


33 posted on 06/25/2010 11:50:33 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard)
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To: Diogenesis

What were they doing in there such that fwank has to pull up his pants after wards? Enquiring minds want to know.


34 posted on 06/25/2010 11:52:10 AM PDT by farmguy
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To: Mere Survival

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.


35 posted on 06/25/2010 11:53:10 AM PDT by ecomcon
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To: HiTech RedNeck

I’m not sure of much any more but I am certain that they no longer govern, they dictate.


36 posted on 06/25/2010 11:54:21 AM PDT by Irenic
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To: New Perspective
Photobucket
37 posted on 06/25/2010 11:54:31 AM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: Southnsoul

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?


38 posted on 06/25/2010 11:54:49 AM PDT by 556x45
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To: farmguy

>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.

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


39 posted on 06/25/2010 11:54:55 AM 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: Southnsoul
"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."

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?

40 posted on 06/25/2010 11:55:47 AM PDT by Truth29
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