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Thread: 'Volcker Rule' Stalls in Senate

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    'Volcker Rule' Stalls in Senate

    Key senators are expected to scrap President Barack Obama's proposal to prohibit commercial banks from certain risky trading activities, people familiar with the matter said, a setback for the administration's bid to limit the size and scope of the largest U.S. banks.

    The proposal, dubbed the "Volcker rule" after former Federal Reserve Chairman Paul Volcker, would have essentially prevented any commercial bank with federally insured deposits from owning a division that makes speculative bets with its own capital.

    But after resistance from lawmakers from both parties, Senate Banking Committee Chairman Christopher Dodd (D., Conn.) and other legislators are expected to introduce a plan next week that would give regulators more discretion to limit and potentially ban risky trading at banks, especially if it poses a risk to the broader economy. The measure would stop short of banning such trading outright.
    'Volcker Rule' Stalls in Senate - WSJ.com


    If this extremely intelligent proposal fails to make it through Congress .... I'm just glad there is a strong campaign to vote the incumbents out. Corruption!!!!
    Last edited by MC.no.spin; 02-24-10 at 08:33 AM.
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    Re: 'Volcker Rule' Stalls in Senate

    What ya expect? there is like over 100 bills waiting on the Senate to do something about lol.... talk about gridlock.
    PeteEU

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    Re: 'Volcker Rule' Stalls in Senate

    Quote Originally Posted by PeteEU View Post
    What ya expect? there is like over 100 bills waiting on the Senate to do something about lol.... talk about gridlock.
    This hits a new low for me with Congress as this has been a hot issue with bi-partisan sentiment that the banks must be more tightly regulated and not use tax-payer backing to wage risky bets on Wall Street.
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    Re: 'Volcker Rule' Stalls in Senate

    Quote Originally Posted by MC.no.spin View Post
    This hits a new low for me with Congress as this has been a hot issue with bi-partisan sentiment that the banks must be more tightly regulated and not use tax-payer backing to wage risky bets on Wall Street.
    Actually, we used to have that. It was known as Glass-Steagall. Democrats and Republicans alike killed it, and replaced it with the Gramm-Bliley Act, which Bill Clinton signed. Our congresscritters, and the president, betrayed the American peoples' trust.
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    Re: 'Volcker Rule' Stalls in Senate

    Hate to break it to you but the Senate is right to oppose this furtherance of Obama's attempt at total control of the banking system.

    The Government forced through the 1977 Community Reinvestment Act, which requires banks to lend throughout the communities they serve to make loans they otherwise would not have made adding dramatically to the banking problems that combined with other conditions to create the problems that came to light in 2008.

    Keep in mind Obama wants to control how Banks invest THEIR OWN MONEY.

    Would like to see Obama who has shown he incompetent at everything making decisions for you about how you spend YOUR OWN MONEY.

    This is about control. I can see telling the banks that if they invest their own money in a ricky venture and they lose their on their own, but not allow Obama to have more control over anything.

    Look up the 1977 Community Reinvestment Act, and read the effects of it.

    Did the banks make mistakes? Yes but giving more control of any industry to Government is is a fools game that continues down the road to total Socialism.

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    Re: 'Volcker Rule' Stalls in Senate

    Quote Originally Posted by Councilman View Post
    Hate to break it to you but the Senate is right to oppose this furtherance of Obama's attempt at total control of the banking system.

    The Government forced through the 1977 Community Reinvestment Act, which requires banks to lend throughout the communities they serve to make loans they otherwise would not have made adding dramatically to the banking problems that combined with other conditions to create the problems that came to light in 2008.

    Keep in mind Obama wants to control how Banks invest THEIR OWN MONEY.

    Would like to see Obama who has shown he incompetent at everything making decisions for you about how you spend YOUR OWN MONEY.

    This is about control. I can see telling the banks that if they invest their own money in a ricky venture and they lose their on their own, but not allow Obama to have more control over anything.

    Look up the 1977 Community Reinvestment Act, and read the effects of it.

    Did the banks make mistakes? Yes but giving more control of any industry to Government is is a fools game that continues down the road to total Socialism.
    You can bet Van Jones is helping out here somewhere.
    http://vanjones.net/
    Last edited by American; 02-24-10 at 07:00 PM.
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    Re: 'Volcker Rule' Stalls in Senate

    Quote Originally Posted by MC.no.spin View Post
    This hits a new low for me with Congress as this has been a hot issue with bi-partisan sentiment that the banks must be more tightly regulated and not use tax-payer backing to wage risky bets on Wall Street.
    But that's not what this bill is targeting.

    The proposal, dubbed the "Volcker rule" after former Federal Reserve Chairman Paul Volcker, would have essentially prevented any commercial bank with federally insured deposits from owning a division that makes speculative bets with its own capital.
    They're trying to limit the activities of any corporation that owns a bank with FDIC accounts, regardless of whether those activities have anything to do with the FDIC accounts or taxpayer money.

    It's the logical equivalent of banning people with families from playing poker on the grounds that if they lost a lot of money, it could hurt someone other than the poker player.
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    Re: 'Volcker Rule' Stalls in Senate

    Quote Originally Posted by RightinNYC View Post
    But that's not what this bill is targeting.



    They're trying to limit the activities of any corporation that owns a bank with FDIC accounts, regardless of whether those activities have anything to do with the FDIC accounts or taxpayer money.

    It's the logical equivalent of banning people with families from playing poker on the grounds that if they lost a lot of money, it could hurt someone other than the poker player.
    But..... but..... it's for the children!!!!!!!
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    Originally Posted by PogueMoran
    I didnt have to read the article to tell you that you cant read.

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    Re: 'Volcker Rule' Stalls in Senate

    Quote Originally Posted by danarhea View Post
    Actually, we used to have that. It was known as Glass-Steagall. Democrats and Republicans alike killed it, and replaced it with the Gramm-Bliley Act, which Bill Clinton signed. Our congresscritters, and the president, betrayed the American peoples' trust.
    They betrayed our trust not by allowing this risky lending, which I have no problem with, but by bailing out those companies that did it and lost. They didn't allow bad actions to go unpunished as they naturally would have in the market and so in effect told banks that it was a good thing that they took those risks and lost. Corporatism for the win! Screw the people!

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    Re: 'Volcker Rule' Stalls in Senate

    Quote Originally Posted by phattonez View Post
    They betrayed our trust not by allowing this risky lending, which I have no problem with, but by bailing out those companies that did it and lost. They didn't allow bad actions to go unpunished as they naturally would have in the market and so in effect told banks that it was a good thing that they took those risks and lost. Corporatism for the win! Screw the people!
    Those companies were too big to fail..... the politicians would have lost a bundle.
    There is no such thing as a “Natural Born Dual-Citizen“.

    Originally Posted by PogueMoran
    I didnt have to read the article to tell you that you cant read.

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