It was all three stooges. Not a single Republican in the House voted for it though.
Posted on 07/22/2010 10:44:59 AM PDT by taildragger
"Whenever you get new laws and "reform," unintended consequences are sure to follow. Usually they take awhile. Not so with Dodd-Frank. WSJ reports that Ford has already yanked a bond deal, because the ratings agencies, fearing legal liability, won't let the automaker puts their ratings in the prospectus, making a sale impossible. So did Dodd-Frank just kill the bond market? Well, probably not.. Regulators will likely find some way around this impasse, but it's still amusing to see the bill INSTANTLY slow down the gears of capitalism (or at least capital raising) as its fiercest critics might have suggested."
(Excerpt) Read more at businessinsider.com ...
Too true! Another great one from, well, the Great One:
Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.
ain’t it sweet, they called it an ‘impasse’ instead of a Dodd-Frank, Obama screw up...
And just think what healthcare will be..
He may have said “subsidizes them” but I guarantee you, only a pinhead would say “subsidies them”
Thank you for your gracious, constructive correction. With friendly conservatives like you, we really don’t need liberals - do we?
One can assume that the immediate shutdown of the US economy wwill be accomplished by this bill, which is like a “kill” button.
All credit and bond markets function on issued ratings. If ratings are not issued...everything stops. Ratings ARE NOT being issued!! Right?
Extend beyond the bond and credit markets to the insurance markets. No CONSTRUCTION PROJECT, not 100% financed, can be originated or continue without INSURANCE, and, no insurance can be issued without bond and credit ratings.
Result....economic shutdown...period. NO?
http://www.youtube.com/watch?v=u6H63CD7uQA
This is a 10 minute cartoon from 1948 talking about America’s Freedoms and to be wary of the various “isms” out there. Of course they are about 15 years to late (FDR), but it is a great cartoon and we see most of it happening again today under Obama.
Great section on the “Rich Capitalist” which describes this whole bond thing very well.
Construction and related industries are going to grind to a halt - if they weren’t dead in their tracks already.
This madness must stop.
“If ratings are not issued...”
D&*n those Big Bankers! All they care about is money!
The link below is an extended analysis with further links to even greater in depth details of the Dodd Frank crime against humanity....
here’s another bit:
Credit rating agencies panicking about legal exposure from financial reform bill
By: MARK HEMINGWAY
Commentary Staff Writer
07/21/10 3:53 PM EDT
Looks like another prime example of pass the bill to find out what’s in it:
Standard & Poor’s, Moody’s Investors Service and Fitch Ratings are all refusing to allow their ratings to be used in documentation for new bond sales, each said in statements in recent days. Each says it fears being exposed to new legal liability created by the landmark Dodd-Frank financial reform law.
The new law will make ratings firms liable for the quality of their ratings decisions, effective immediately. The companies say that, until they get a better understanding of their legal exposure, they are refusing to let bond issuers use their ratings.
That is important because some bonds, notably those that are made up of consumer loans, are required by law to include ratings in their official documentation. That means new bond sales in the $1.4 trillion market for mortgages, autos, student loans and credit cards could effectively shut down.
Collins & Snowe did. i don’t know about Brown.
NO consequence is un-intended when it comes to the current gubment.
the Basel Committee, which is made up of central bankers and regulators from 27
countries, is the main body responsible for laying down global rules for bank
governance. But several countries have looked to impose their own restrictions
on the financial system, with differences over areas such as short-selling,
bonuses, derivatives and consumer protection.
This graphic explores the next round of reform proposals – Basel III – and their
implications for banks, and compares regulatory reform in the major financial
centres around the world. more what will america banks become
http://www.ft.com/cms/s/0/f58d854e-82db-11df-b7ad-00144feabdc0.html
It was all three stooges. Not a single Republican in the House voted for it though.
I’m very glad this thing has the name Dodd-Frank on it so people will always be reminded who foisted this piece of garbage on us.
Not “government” in control. THEM in control. They HATE government when they’re out of power.
betcha they have a us govt bond rating agency up in weeks
of course everyone would ignore or heavily discount those agency ratings
the once unthinkable is now run of the mill
” The Fannie Mae, Goldman Sachs Preservation Act of 2010 “
I don’t care anymore. I just want my “Ow, My Balls” channel and a 80” television to watch it on.
/s
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