Deal reached on US financial reform

Discussion in 'Politics, Religion, Social Issues' started by mkrishnan, Jun 25, 2010.

  1. mkrishnan Moderator emeritus

    mkrishnan

    Joined:
    Jan 9, 2004
    Location:
    Grand Rapids, MI, USA
    #1
    http://www.nytimes.com/2010/06/26/us/politics/26regulate.html?hp

    It looks like they've done a nice job on many fronts. The bill wil cost $20B, to be paid for by tiered fees for banks based on the risk level of their activities.

    Disappointingly, enough legislators sold out to the auto lobby to let the exemption for auto loans slide into the compromise. :rolleyes:
     
  2. Ugg macrumors 68000

    Ugg

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    Penryn
    #2
    It's not ideal, but it should rein in some of the worst practices.
     
  3. Zombie Acorn macrumors 65816

    Zombie Acorn

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    Location:
    Toronto, Ontario
    #3
    :eek:


    Is freddie and fannie in this bill? Doubt it.

    How does it cost 20 Billion to tell banks they can't do something that they weren't allowed to do only a decade ago?
     
  4. Shivetya macrumors 65816

    Joined:
    Jan 16, 2008
    #4
    and I love how they word it, it ain't going to cost the banks nothing, just like any other fee or tax they pay it comes out of our hides.
     
  5. leekohler macrumors G5

    leekohler

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    Chicago, Illinois
    #5
    Regulation costs money. I know how much you guys hate to hear that things cost money. Letting the ridiculous Bush tax cuts expire should take care of a lot of it.
     
  6. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #6
    I think I figured out where the 20 billion dollar price tag came in, they are creating/expanding government financial entities such as consumer protections. The greatest consumer protection would be to educate the populace, we already pay for that, its called high school. Fire the teachers who aren't' doing a very good job.

    As for finding out what else is in the bill, I looked it up and its 1336 pages. No wonder the people who passed the bill don't even know how its going to work.

    Did we save money when we repealed the glass steagall act? I doubt it. How about we get the regulators we have been paying for years to actually do their jobs instead of looking at porn.
     
  7. mkrishnan thread starter Moderator emeritus

    mkrishnan

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    Jan 9, 2004
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    Grand Rapids, MI, USA
    #7
    No, so this leaves a major piece of work to be done in this arena. Although, in fairness, I think there is so much debate at this point about how to fix the Fannie/Freddie issue that it would be good to put that in a separate bill and focus on doing it right, rather than lumping it into an already complex bill dealing with the more general financial overhaul issue.
     
  8. mcrain macrumors 68000

    mcrain

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    Illinois
    #8
    You just demonstrated your ignorance of the issues. Well done, and thank you for doing it for me.

    Do you have any idea what happened as a result of the repeal of Glass-Steagall?
     
  9. Rodimus Prime macrumors G4

    Rodimus Prime

    Joined:
    Oct 9, 2006
    #9
    Yes it was called Depression of 2007- when ever.

    The finical meltdown was a huge result of that mess.
     
  10. mcrain macrumors 68000

    mcrain

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    Illinois
    #10
    I did not direct that question at you, you're a transformer, and thus far smarter than us mere humans.
     
  11. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #11
    What are you talking about? Lee says that regulations cost money, we removed a huge regulation that was the glass-steagall act, according to lee's theory we should have saved government money by doing so by deregulating. I said I doubt we saved any money at all. Smart regulation shouldn't cost us another 20 billion dollars, we have enough employees already, make them do their job.
     
  12. mcrain macrumors 68000

    mcrain

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    Illinois
    #12
    Seriously, if you are too lazy to read and do serious research, at least check wiki.
     
  13. Desertrat macrumors newbie

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    Jul 4, 2003
    Location:
    Terlingua, Texas
    #13
    "As for finding out what else is in the bill, I looked it up and its 1336 pages. No wonder the people who passed the bill don't even know how its going to work."

    ZA, rest assured that banksters' lawyers read every word in the bill, through all the revisions and amendments and any changes anywhere. Every last bit of it, from beginning to end.

    It must have been satisfactory to the Big Boyz; Goldman Sachs stock rose when the news came out about passage.
     
  14. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #14
    Explain yourself, stop being deceptive. The repeal of glass steagall was a huge deregulatory step.
     
  15. Eraserhead macrumors G4

    Eraserhead

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    UK
    #15
    You know that Federal laws are written in a large font with big margins and line spacing. 1336 pages probably means you could write it in 200-300 pages of sensibly sized fonts and margins.
     
  16. Desertrat macrumors newbie

    Joined:
    Jul 4, 2003
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    Terlingua, Texas
    #16
    Eraserhead, I wuz quotin' Zombie Acorn. :)

    Anyhow, when we've had members of Congress babbling about, "We need to pass it so we can find out what's in it," and, "They don't need to read it, just pass it," I don't think we have a group that's playing with a full deck.

    Were there any true controls over the giant banksters that they figured were bad news, their stocks would not have risen.

    Smoke and mirrrors...

    This is no different in pattern that the "reforms" which followed the savings and loan debacle. The laws always address the past problems, just as generals fight the previous wars. The Moneymen will just figure out some other way to hustle a few billions, as they've always done.
     
  17. #17
    Yeah, I mean who wouldn't trust this horrible woman when she says "We have to pass the bill so you can find out what is in it".

    [​IMG]
     
  18. Desertrat macrumors newbie

    Joined:
    Jul 4, 2003
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    Terlingua, Texas
    #18
    Back about twenty years ago, my mother was bemoaning the lack of statesmen in government, thinking of people she had known like Sam Rayburn. Maybe President Magsaysay when she worked with him. I imagine she probably included LBJ, but that's another story. Anyhow, "Statesmen. We used to have statesmen. Where are the statesmen?"

    All I could say was, "I've given up on statesmen. All I'm looking for, now, is a mature adullt."

    Still looking...

    Black Macbook, no big deal, but we don't need morphs like that. :) Aside from the aesthetics, this site suffers from an excess of snark masquerading as thought, as it is.
     

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