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Financial Reform Bill- The Height Of Stupidity?

  1. leeberttea profile image52
    leebertteaposted 7 years ago

    Chriss Dodd is the Chairman Of The Senate Banking Committee. It was legislation he, and Barny Frank passed that contributed to the recent economic meltdown. The very regulations they pushed through to encourage lending they have now outlawed.

    Now take a look at these quotes from Dodd:

    "This is about as important as it gets, because it deals with every single aspect of our lives," said Sen. Christopher Dodd (D., Conn.), a chief architect of the compromise.

    That's from the Wall Street Journal. Notice Dodd is  the chief architect! Now look at this quote from Dodd.

    “It’s a great moment. I’m proud to have been here,” said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. “No one will know until this is actually in place how it works. But we believe we’ve done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.”

    Sound familiar? Pelosi said something similar how the health care bill.

    The fact is, these politicians passing these bills have no idea what they are doing or what the effects will be. They are the cause of our problems not the solution! Notice how they created the crisis and now claim that it took a crisis for them to pass a bill to fix it yet they admittedly don't even know how it will work!

    Anyone that votes for a democrat ever again has got to be insane!

    1. fresnavee profile image53
      fresnaveeposted 7 years agoin reply to this

      You will always find a politician that says something contradictory to something they said in the past. You could take this in a few lights, for one he may be trying to change his own views for the better. Or maybe he's a flip-flop who shouldn't be allowed to be able to have a voice in anything as big as financial reform or healthcare reform.

      While I certainly agree in principal that voting for a politician that doesn't know how a bill works is a bad idea, can you safely say the majority of people also know more than a few things about the people they vote for? It's really frightening when you start to think about it.

      On that note, I remember reading a quote about banking from a Hub some days ago. It went along the lines of "There would be riots if in the streets if people knew how banks worked." I'm glad to see politicians aren't rioting. smile

    2. Ralph Deeds profile image60
      Ralph Deedsposted 7 years agoin reply to this

      Is there something about the finance reform bill that you disagree with? Or is yours just a knee jerk reaction against a bill supported by the Democrats. It would be helpful if you actually told us why you disagree with the bill or what it is about it that you disagree with. Do you agree there is a need for some more up-to-date rules for the Wall Street Banksters?

      Here's an article which details some of the provisions of the law that will benefit consumers--

      http://www.nytimes.com/2010/06/26/your- … ey.html?hp

      1. leeberttea profile image52
        leebertteaposted 7 years agoin reply to this

        Did you read my post? The chairman of the Senate Banking Committee, the expert, doesn't know how the bill will work! How can anyone be for this let alone pass it, without knowing the ramifications of what they're doing? This seems to be a pattern lately with the dems!

        1. Ralph Deeds profile image60
          Ralph Deedsposted 7 years agoin reply to this

          He was just being honest enough to say that he doesn't know how the banks will respond--in the spirit of the law or by looking for ways to get around it. And the Dems didn't get everything they wanted. Compromises were required in order to get enough votes to pass the bill which is a step forward but not perfect. Also, the way it works will depend on the implementing regulations and whether there is an administration in the White House that supports the needs to regulate the markets to assure they deliver the benefits they promise.

  2. lovemychris profile image64
    lovemychrisposted 7 years ago

    Yes, they're doing something. What little something they can with the stranglehold money has in America.
    At least they're doing it!

    And you have to kiss repubs bums to even get a smile, let alone pass any decent legislation.
    But it is important! Because it is changing the attitude towards banks.

    They have been ripping us off for CENTURIES!

    Whoever was involved in the past...at least they are doing it now.

  3. MikeNV profile image80
    MikeNVposted 7 years ago

    Nothing has been reformed.  It's all posturing.  The real core problem is still not being addressed.

    These are Political Reforms to appease a pissed off public.

    The banks are already shifting the "cost burden" to the consumer in other ways.  They are eliminating free checking and raising other fees.

    This Reform supposedly limits loans to only those who can pay.  That makes sense right?  Maybe they should only loan to people who can pay?

    So yesterday there is a big article on how Government Motors isn't selling enough cars because they can't reach the subprime market.  And they want the Government to step in and increase funding for these subprime people so they can buy cars they can not afford.


    Until the very system that creates the debt is addressed there will be no "Fix".

    I read another article today that said the debt to income ratio of Americans is 120% and in 1985 it was 70%.

    So now we have Americans that owe more than they can make, and a buch of pretend reform that only shifts the burden to the consumner from one area to another.

    And Dodd is a useless criminal.

    Your points about passing laws then figuring out what they mean and what they involve later is very valid. This is the new Democratic Party way of doing business... (perhaps not completely new?) but being used more and more.

    Make a law and do anything to get it passed, then "fix" it later.  "Fix" meaning change it to whatever the hell they want.

    I've read a dozen articles on what's supposedly in this Reform... and it's all bunk.  It won't change a thing.  It has no real teeth.  And it will not prevent a further collapse.

    The crash is still coming.

    Can anyone point out to me how increasing the National Debt, Increasing the Military Budget, Increasing Social Programs, and not having any way to fund any of it other that borrowing and printing more money is "Fixing" the economy?