Posted on 07/21/2010 9:21:54 AM PDT by EBH
President Barack Obama on Wednesday signed into law the most historic shake-up of the regulation of U.S. banks since the Great Depression, placing new fees and limits on the nation's biggest banks, imposing new restrictions on the $450-trillion derivatives market, and crafting a major new consumer-protection division for mortgage and credit-card products.
"Financial reform is not just good for consumers, it is good for the economy," Obama said at a signing ceremony with dozens of Democratic lawmakers and consumer advocates in attendance. "Passing this bill was no easy task. To get there, we had to overcome the furious lobbying of an array of powerful interest groups, and a partisan minority determined to block change."
The approval hands Obama a significant triumph in his effort to rein in Wall Street after the excesses that drove the economy to the brink of collapse in September, 2008.
(Excerpt) Read more at marketwatch.com ...
BOHICA
Yep, it’s good for the economy—the underground economy.
The market is flat..for now. 0.00% change on the Dow.
wait a day or two after investors get a read of what has been foisted on all of us as “reform”.. and then Katy, Bar the door.
From what I understand, this law will effectively kill the smaller banks and lending institutions. Businesses will fold and more people will be out of work. WTG Obie.
anyone know where we can get the text of the bill?
BUBAH
I admit I don’t know for sure just what Obie is...except that he is evil.
I was watching Fox News while waiting in line at my bank live when he was signing it. They all stood around Barney Frank and Chris Dodd clapping them on the back and praising them to high heaven, I got so sick of watching those two suck it all up and smiling I had to turn away.
I actually felt physically ill, all I could think of is these same men 100 years ago would have been tarred, feathered and ran out of Washington on a rail.
The headline could just as easily said “Incompotent Slacker Does Something Stupid And Destructive”
The headline could just as easily said “Incompotent Slacker Does Something Stupid And Destructive”
NOW, we get to find out waht is in it.
This bill should start the double dip depression.
When that hits he will declare that more regulation is required.
This is like watching a two year old try to open a medicine bottle with a hammer.
Sad, but true. :(
I wonder if this will cause more banks to close.
Institutionalized FUBAR
I suspect it will as there are provisions written into it to cover that eventuality.
Jobs will be created!
Race, Gender Quotas In Finance Bill
http://www.judicialwatch.org/blog/2010/jul/race-gender-quotas-finance-bill
Crackers need not apply...
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