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Thread: Congress passes financial reform bill

  1. #21
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    Re: Congress passes financial reform bill

    Quote Originally Posted by MaggieD View Post
    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.
    There is a good reason why they charge so much.
    Because these people are very high credit risks.
    While I don't use these firms, they have every right operate as they see fit as long as they aren't defrauding the customer.

    All rates and fees are listed, the customer knows them before hand.
    Credit card companies and banks get away with charging a lot more in many instances as well.
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  2. #22
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    Re: Congress passes financial reform bill

    Quote Originally Posted by MaggieD View Post
    Wonder how that's going to happen?
    It's not.
    The vote is a nonbinding agreement and individual shareholders are smaller in number than fund holders, etc.
    It's fluff for populist outrage.

    Quote Originally Posted by MaggieD View Post
    Ya' think??
    You'd think they would actually draft a bill the had ways to better deal with things like this after studying for a year+.
    No, the bill establishes a committee to research ways to prevent a financial collapse, of course the committee can only make recommendations.
    Which will likely be ignored by congress.
    Last edited by Harry Guerrilla; 07-16-10 at 02:19 PM.
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  3. #23
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    Re: Congress passes financial reform bill

    What passed is not going to be nearly enough.

    At this point, I would like to bring up something that I am sure will get me flamed by those who loved Bill Clinton, but it's true. You have one faction calling this the Bush recession, and another faction calling this the Obama recession. You are BOTH wrong. This is the Clinton recession. The foundation for what we are experiencing now was laid back during the 1990's, when the infamous Gramm-Bliley bill came to Clinton's desk to be signed. With one stroke of a pen, Clinton dismantled the Glass-Steagal protections that were put into place in the 1930's, and had worked ever since. Yea, I know, I know, a Republican came up with the bill, but Democrats in Congress were just as eager to jump aboard the reckless spending train as the GOP was. Then the bill went to Clinton, whose signature enabled our economy to be driven off a cliff.

    Yes, this is the Clinton recession.
    Last edited by danarhea; 07-16-10 at 02:21 PM.
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    Re: Congress passes financial reform bill

    Quote Originally Posted by danarhea View Post
    What passed is not going to be nearly enough.

    At this point, I would like to bring up something that I am sure will get me flamed by those who loved Bill Clinton, but it's true. You have one faction calling this the Bush recession, and another faction calling this the Obama recession. You are BOTH wrong. This is the Clinton recession. The foundation for what we are experiencing now was laid back during the 1990's, when the infamous Gramm-Bliley came to Clinton's desk to sign. With one stroke of a pen, Clinton dismantled the Glass-Steagal protections that was put into place in the 1930's, and had worked ever since. Yea, I know, I know, a Republican came up with the bill, but Democrats in Congress were just as eager to jump aboard the reckless spending train as the GOP was. Then the bill went to Clinton, whose signature enabled our economy to be driven off a cliff.

    Yes, this is the Clinton recession.
    That really makes no difference.

    We make implicit guarantees to some banks that we will bail them out every time they make a brain dump and do something stupid.
    That's what happens when you continually socialize loss.
    Last edited by Harry Guerrilla; 07-16-10 at 02:31 PM. Reason: grammer
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    Re: Congress passes financial reform bill

    Feingold, the only senator worth a damn, called it right:
    I made clear that my test for this bill would be whether it prevents another economic crisis. Unfortunately, this bill falls short.
    The reckless practices of Wall Street sent our economy reeling, triggered the worst recession since the Great Depression, and left millions of Americans to foot the bill. Despite these cataclysmic events, Washington once again caved to Wall Street on key issues and produced a bill that fails to protect the American people from the pain of another economic disaster. I will not support a bill that fails to adequately protect the people of Wisconsin from the recklessness of Wall Street.
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    Re: Congress passes financial reform bill

    That anything was passed is a small miracle considering the obstacles thrown up by the Republicans and Wall Street; once again the Democratic leadership in the Congress and presidency have done something thought impossible just a few short months ago.
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  7. #27
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    Re: Congress passes financial reform bill

    Quote Originally Posted by Chappy View Post
    That anything was passed is a small miracle considering the obstacles thrown up by the Republicans and Wall Street; once again the Democratic leadership in the Congress and presidency have done something thought impossible just a few short months ago.
    If you call, making buddy buddy with politicians and getting soft "reforms" past, the impossible.
    I've got news, this isn't the first time.

    You didn't bother to read to at least read a summery of the bill, did you.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Congress passes financial reform bill

    Quote Originally Posted by Chappy View Post
    That anything was passed is a small miracle considering the obstacles thrown up by the Republicans and Wall Street; once again the Democratic leadership in the Congress and presidency have done something thought impossible just a few short months ago.
    i will grant you that the perfect is often the enemy of the good
    however, with all of the remaining loop holes that will soon be exploited, i am speculating we are little better off than we were before
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Congress passes financial reform bill

    Quote Originally Posted by Harry Guerrilla View Post
    That really makes no difference.

    We make implicit guarantees to some banks that we will bail them out every time they make a brain dump and do something stupid.
    That's what happens when you continually socialize loss.
    I think really needs to be in place is an official garantee and access to the discount window for the morgage insurers, monoline insurers, and insurance companies doing CDS's. If anything, from this crisis we should have learned that private companies cannot internalize systemic risk, and implicit garantees like on fannie and freddie will eventually turn into a gigantic mess. We also need to stop trying to define what a bank is and isn't, and jsut regulate credit, maturity, liquidity, etc.

  10. #30
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    Re: Congress passes financial reform bill

    Quote Originally Posted by drz-400 View Post
    I think really needs to be in place is an official garantee and access to the discount window for the morgage insurers, monoline insurers, and insurance companies doing CDS's. If anything, from this crisis we should have learned that private companies cannot internalize systemic risk, and implicit garantees like on fannie and freddie will eventually turn into a gigantic mess. We also need to stop trying to define what a bank is and isn't, and jsut regulate credit, maturity, liquidity, etc.
    I'm not super familiar with the internal workings of mortgage insurers etc.
    So I really can't comment on that.

    For the latter, you'll find no disagreement from me.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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