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Thread: Congress passes financial reform bill

  1. #11
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    Re: Congress passes financial reform bill

    Quote Originally Posted by MrVicchio View Post
    More Gov't is not the answer. America falls further away from prosperity with each "Success" of the Gov't Power Grab.

    On a side note, this is also more proof Scott Brown would be the worst candidate the GOP could ever pick for President. (just sayin)
    I agree but he sure beats the hec out Ted Kennedy. I don't think he could get nominated for 2012, but what do I know..........I would've bet my last dollar McCain wouldn't have won either. I'm still confused about how that happened.

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    Re: Congress passes financial reform bill

    Quote Originally Posted by Jetboogieman View Post
    Lack of Regulation proved to be the cause of oil spills and financial meltdowns...

    The problem is, your dogmatism against government in all cases is slightly misguided.

    Good government is good government. Bad Government is Bad Government.

    Good regulation is good regulation. Bad regulation is bad regulation.

    No regulation at all... is a ****ing disaster. People and companies simply cannot be trusted.
    2000 pg bill regulating God only knows what. But we do know Fanny and Freddy aren't in it. They should've been on page one. Pure corruption going on with those two yet they get a pass.

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    Re: Congress passes financial reform bill

    Quote Originally Posted by Jetboogieman View Post

    It must it awful for you guys, you have a choice between one jackass and another jackass. No other viable options.
    This is probably the truest statement that has ever been posted on this forum.
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    Re: Congress passes financial reform bill

    Harry said: They are doing stupid things in this bill like regulating payday loan companies, which had nothing to do with the financial meltdown.
    That's excellent news. I was absolutely appalled to learn what these people charge. And to the people who can least afford it. It's nothing more than legalized stealing. Illinois' usury rate is 11%, I think. But the usury rate only applies to individuals lending money to individuals. Banks and other institutions are exempt. Some states, apparently yours, regulates payday loans and limits them to 25-50% annual interest rate. Still steep. Others don't regulate at all. In those states, the APR can be anywhere from 400% to 1200% APR. Holy ****. It's not unusual for people to get into a whirlpool of debt they can't get out of. Some estimate that the average customer renews his payday loan up to 12 times. Horrible. Payday Loan Fees - Cost For A Payday Loan | What It Costs

    So, if Congress put any meaningful regulation on payday loan companies, I'm alllll for it. It's a license to steal preying on those who can afford it the least. Even mob "juice" isn't that bad.
    Last edited by MaggieD; 07-16-10 at 09:58 AM. Reason: To fix format
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    Re: Congress passes financial reform bill

    Overall, I would say that this bill is a loss. While it does some good in some areas, it does not achieve the initial purpose, which is to minimize or prevent another collapse. I hate to say it, but the banks won this round.

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    Re: Congress passes financial reform bill

    Shareholders, meanwhile, will gain more say on how corporate executives are paid.
    Wonder how that's going to happen?

    This is far beyond the capacity, the expertise, the knowledge of a Congress" to detail every new regulation,
    Ya' think??
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Congress passes financial reform bill

    I agree with The New York Times editorial, that for all the idealogical and partisan carping, the financial reform bill is urgently needed and is another important legislative accomplishment. There is very little “perfect” law, but, once again our president and Congress have done something for the American people which will have lasting positive effects for decades to come.

    Excerpted from “Congress Passes Financial Reform,” Editorial, The New York Times, Published: July 15, 2010
    Republican leaders disparaged the bill on ideological grounds. On Thursday, Senator Mitch McConnell of Kentucky, the Republican leader, lashed out at what he called a “government-driven solution,” while the senior Republican on the banking committee, Richard Shelby of Alabama, bemoaned “vast new bureaucracies.”

    Those are convenient and time-tested bugaboos to campaign by, but they ignore the urgent needs the bill addresses, and its achievements. Those include resolution procedures to help ensure that shareholders and creditors — not taxpayers — bear the losses when big financial institutions fail; new capital requirements for banks and other curbs to help quell speculative excess, including the regulation of derivatives and restrictions on proprietary trading.

    To get all that, the bill had to withstand a lobbying juggernaut. Since January 2009, the financial sector has spent nearly $600 million to weaken reform, according to the Center for Responsive Politics. The lobbyists notched some victories, to be sure, mainly in the defeat of reforms that would have broken up large banks and done more to constrain risk-taking throughout the financial system.

    But they also lost, especially on consumer protection. The new consumer financial protection bureau established in the bill is a milestone, not only for its intent and power to rectify lending abuses, but because it will institutionalize the insight that the safety and soundness of banks cannot — and should not — be measured by profitability alone, but by the impact that bank practices ultimately may have on consumers.
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    Re: Congress passes financial reform bill

    So the government demanded that banks give loans to people who were of high risk, so banks created loans that didn't put all the liability on themselves and screw their own asses to accomodate the government request, then when the very thing the banks told the government would happen if you give loans to high risk epople happens we then get to go "BOOO! BAD BANKS! BAD! We need more government to regulate you and tell you what to do!"



    So, what's next on the list of things that a political ideology can force to do something stupid, and then when the obvious and predictable inevitable fallout of said stupid act happens, that ideology can use it as justification of saying "See, we need MORE government!"



    Yes, I'm so thrilled. Yay congress, great job.

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    Re: Congress passes financial reform bill

    Quote Originally Posted by Zyphlin View Post
    So the government demanded that banks give loans to people who were of high risk, so banks created loans that didn't put all the liability on themselves and screw their own asses to accomodate the government request, then when the very thing the banks told the government would happen if you give loans to high risk epople happens we then get to go "BOOO! BAD BANKS! BAD! We need more government to regulate you and tell you what to do!"
    Yeah, everything is so much easier when you explain it like a children's book, huh? Too bad that reality is so complex. What Congress did here is a good step, but there is still a lot more work for government to do.

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    Re: Congress passes financial reform bill

    Quote Originally Posted by Jetboogieman View Post
    Lack of Regulation proved to be the cause of oil spills and financial meltdowns...

    The problem is, your dogmatism against government in all cases is slightly misguided.

    Good government is good government. Bad Government is Bad Government.

    Good regulation is good regulation. Bad regulation is bad regulation.

    No regulation at all... is a ****ing disaster. People and companies simply cannot be trusted.
    Wouldn't you feel better about it if it wasn't written by the very people who created the mess in the first place?

    Fannie and Freddie aren't affected. Does that not scream corruption?

    I'm wondering where the slush fund is in all this, as the stimulus package turned out to be.

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