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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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1 posted on 06/25/2010 11:29:39 AM PDT by Southnsoul
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To: Southnsoul

Where did we hear that refrain before? (Bummercare)


2 posted on 06/25/2010 11:31:10 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

These freaks are so used to not knowing what is in a bill or understanding it that they just talk about it openly as if we all understand.


3 posted on 06/25/2010 11:32:13 AM PDT by Mere Survival (Mere Survival: The new American Dream)
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To: HiTech RedNeck; Southnsoul

Deem it passed ! Democracy works again !

Oh wait...


4 posted on 06/25/2010 11:32:13 AM PDT by Celerity
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To: HiTech RedNeck

Never let a good crisis go to waste, eh?


5 posted on 06/25/2010 11:32:37 AM PDT by RedCell (Honor thy Father (9/6/07) - Semper Fi / "...it is their duty, to throw off such government...")
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To: Southnsoul
Good Heavens.

Financial reform, Obamacare style.

Hang onto your wallets, folks! This is going to hurt!

6 posted on 06/25/2010 11:32:42 AM PDT by TheWriterTX (-)
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To: Southnsoul

This is one of the reasons we have to clean out the latrine that is Congress in November. Then we need to harass the former members in their private lives down to their graves for the harm they have inflicted on our country.


7 posted on 06/25/2010 11:32:50 AM PDT by thethirddegree
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To: Southnsoul

The Dems and This Nation’s Epitath.

VeeP ‘Bite Me!’ Agrees!


8 posted on 06/25/2010 11:32:53 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard)
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Comment #9 Removed by Moderator

To: Southnsoul

If this is how congress is passing laws, who the heck is running the country?


10 posted on 06/25/2010 11:32:56 AM PDT by farmguy
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To: Southnsoul
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's like having your doctor skip the diagnosis part and just start removing and adding organs to you, while kicking your dog and emptying your bank account.

11 posted on 06/25/2010 11:34:35 AM PDT by dead (I've got my eye out for Mullah Omar.)
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To: All
This is getting ridiculous, there has to be a way to stop these people from legislating... without even the ability to tell us what they passed.

We must find a way to demand they read and understand what they pass.

As Obama says— this is unsustainable!

We can no longer allow this.

12 posted on 06/25/2010 11:35:37 AM PDT by Irenic
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To: HiTech RedNeck

Thats what they said when they installed the oil well blow-out emergency shut off in the Gulf.


13 posted on 06/25/2010 11:35:51 AM PDT by Lockbar (March toward the sound of the guns.)
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To: farmguy

My theory:
A giant supercomputer is fed the current body of US law, including the Tax Code, and given several “keyword”/parameters. It churns and burns, taking sniplets and phrases from all over the law and assembling them together, and out pops a new, multi-hundred/-thousand page bill for Congress to sign.

This is why the only way to find out what is in the bill is to pass it and see what happens.
[/cynic]


14 posted on 06/25/2010 11:36:56 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

You can find out how it works after it passes. I feel like Alice in Wonderland.


15 posted on 06/25/2010 11:38:16 AM PDT by ilovesarah2012
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To: Southnsoul

I am so sick of these people.


16 posted on 06/25/2010 11:38:46 AM PDT by WHBates
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To: NormsRevenge

Is this a a big bleeping deal according to the Veep?


17 posted on 06/25/2010 11:38:55 AM PDT by archivist007
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To: Lockbar

This was the same device that is commonly used in shallow water oil drilling. It just was an extraordinarily bad place for it to go kaput when it was needed.


18 posted on 06/25/2010 11:38:58 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: Tzimisce; Admin Moderator; darkwing104; Old Sarge
Not quite *SNIFF* as he is not a n00b, but all the same, please re-read post #9 this thread.

Cheers!

19 posted on 06/25/2010 11:39:41 AM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: Southnsoul

Culture of corruption

“TRUST ME”


20 posted on 06/25/2010 11:40:13 AM PDT by a fool in paradise (I wish our president loved the US military as much as he loves Paul McCartney.)
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