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Thread: Senate passes sweeping Wall Street reform

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    Senate passes sweeping Wall Street reform

    WASHINGTON (CNNMoney.com) -- The Senate on Thursday passed the most sweeping regulatory overhaul of the financial system since the New Deal.

    The bill, which passed 59-39, imposes more oversight and stronger capital cushions for the largest banks and Wall Street firms, while aiming to stop bailouts, shine a light on complex financial products and strengthen consumer protection.

    The bill only needed 51 votes to pass. Four Republicans voted for it and two Democrats voted against it. Earlier in the evening, the bill cleared a tougher hurdle, a 60 vote threshold, to end debate.

    "Those who wanted to protect Wall Street, it didn't work. They can no longer gamble away other people's money," said Majority Leader Harry Reid. "When this bill becomes law, the joyride on Wall Street will come to an end," he added.

    Senate passage marks the last big hurdle for an effort more than a year in the making. The bill will now be reconciled with the House version in "conference" negotiations, where differences are ironed out.

    Then both chambers will vote again and send the compromised bill to President Obama sometime before July 4, said the bill's main shepherd, Sen. Christopher Dodd, D-Conn.

    Senate passes its version of Wall Street reform - May. 20, 2010

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    Re: Senate passes sweeping Wall Street reform

    Betcha money most people don't know that this protects a lot of the banks that got us into some of this mess.
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    Re: Senate passes sweeping Wall Street reform

    "Those who wanted to protect Wall Street, it didn't work. They can no longer gamble away other people's money," said Majority Leader Harry Reid. "When this bill becomes law, the joyride on Wall Street will come to an end," he added.
    That ranks right up there with the stupidest ****ing things I've ever heard.

    I'll take 10:1 odds on whether GS's bonus pool 5 years from now will be larger than it is today.
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    Re: Senate passes sweeping Wall Street reform

    For all the talk about this being a major policy victory for Obama, nobody seems to have much noticed or cared.
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    Re: Senate passes sweeping Wall Street reform

    Another 2000 page monstrosity that no one has read. Great!


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    Re: Senate passes sweeping Wall Street reform

    Quote Originally Posted by j-mac View Post
    Another 2000 page monstrosity that no one has read. Great!


    j-mac
    No one reads any bills... no one read the patriot act I will remind you...

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    Re: Senate passes sweeping Wall Street reform

    Another piece of landmark legislation ready to be reconciled and delivered to the White House for the president's signature. Obama's first two years in office have been decisive in addressing chronic failings of the American system. Not since LBJ have we seen a president affecting so many areas of our society. These are extraordinary political achievements.
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    Re: Senate passes sweeping Wall Street reform

    the financial times of london, probably the most prestigious publication on matters economic in the world

    FT.com / Global Economy - Markets take fright at political moves

    Fears of a disorderly regulatory crackdown on banks and financial markets triggered a crisis of confidence among investors on Thursday that sent share prices reeling in a global flight to safety.

    US, European and Asian shares all tumbled in the wake of Germany’s partial ban on naked short selling and ahead of a crucial vote on the US financial regulation bill. The S&P 500 fell 3.9 per cent, bringing its losses since late April to 12 per cent and pushing it into “correction” territory.

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    Re: Senate passes sweeping Wall Street reform

    It's a start. Otherwise, where are the new John Dillengers?

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    Re: Senate passes sweeping Wall Street reform

    the president prevaricates

    "there will be no taxpayer funded bailouts, period," preened the prez at his rose garden regalia in a rush

    Dems: Wall St. reform in homestretch - Carrie Budoff Brown - POLITICO.com

    oh?

    what about imf's underfunding of the evaporating euro, which obama and tax cheat geithner pressured the prussians to approve?

    Debt Aid Package for Europe Took Nudge From Washington - NYTimes.com

    what about the EXEMPTION for fannie and fred, NOT included in dead dodd's deal?

    WSJ?s Must-Read on Fannie, Freddie reform | Washington Examiner

    despite the roofless reconstruction the failing f's were afforded on christmas eve?

    U.S. to Lose $400 Billion on Fannie, Freddie, Wallison Says - Bloomberg.com

    fred asked for 10.6B just a couple weeks ago

    Freddie Mac asks for fresh 10.6 billion dollar bailout - Yahoo! Singapore News

    how are the housing giants to recover when just last week repo's reached a rueful record?

    US home seizures reach record - BloombergUTV.com

    when mortgage delinquincies on may 19 set an all time high?

    Mortgage delinquencies drag on economic recovery - Yahoo! Finance

    what about the EXCLUSION of "large, complex, cross-border financial institutions" from dodd's deed?

    Simon Johnson: Hard Pressed, Senator Dodd Gives Ground

    i thought too-big was the target

    the president poses, he's not up front
    Last edited by The Prof; 05-21-10 at 10:06 PM.

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