Democrats pass major makeover of Wall Street Regs.

Discussion in 'Current Events' started by Political Junky, Dec 11, 2009.

  1. Political Junky
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    Political Junky Gold Member

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    The Associated Press: Major makeover of Wall Street regs passes House

    By JIM KUHNHENN (AP) – 25 minutes ago
    WASHINGTON — The House passed the most ambitious restructuring of federal financial regulations since the New Deal on Friday, aiming to head off any replay of last year's Wall Street failures that plunged the nation deep into recession.
    The sprawling legislation would give the government new powers to break up companies that threaten the economy, create a new agency to oversee consumer banking transactions and shine a light into shadow financial markets that have escaped the oversight of regulators.
    The vote was a party-line 223-202. No Republicans voted for the bill; 27 Democrats voted against it.
    While a victory for the administration, the legislation dilutes some of President Barack Obama's recommendations, carving out exceptions to some of its toughest provisions. The burden now shifts to the Senate, which is not expected to act on its version of a regulatory overhaul until early next year.
    The president praised the House action Friday, and called on Congress to act swiftly to get the bill to the White House for his signature. <more>
     
  2. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    The only good thing about this bill is the Fed audit. Just about everything else is blatantly unconstitutional and devoid of any economic sense.
     
  3. Oddball
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    Oddball BANNED Supporting Member

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    More bank spying measures, too.

    Good thing the democratics are sooooooooo concerned with protecting privacy and civil liberties. :rolleyes:
     
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  4. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Good Grief!!!!!!!!!!!!!!!!!!!!!!!!!!!

    We're going to make a bonfire in 2012 and throw all these fucking laws onto it

    We need more government distorting the financial markets like a picnic needs poisonous flying Army Ants with Gila Monster jaws.

    ENOUGH!

    Throw the Statists Out!
     
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  5. manu1959
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    manu1959 Left Coast Isolationist

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    anyone tell me why they didn't pass this two years ago....
     
  6. Yurt
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    Yurt Gold Member

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    lol....

    and didn't i just read the other day that the house actually backed down on regs? this is confusing....
     
  7. Oddball
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    Oddball BANNED Supporting Member

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    [​IMG]

    You just earned yourself a roving wiretap, pal.
     
  8. Toronado3800
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    Toronado3800 VIP Member

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    What's the discussion on this one?

    Major Makeover of Wall Street Regs

    I do agree with the contention we should overhaul or update the financial system. Guess starting tomorrow in the paper I'll start reading some details about this.
     
  9. Xenophon
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    Xenophon Gone and forgotten

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    Which is why the politburo..er..'Congress' passed it.
     
  10. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    So Congress has given more power to the executive branch. They have given the President the power to declare what companies are bad for the economy and break them apart. They are voting themselves into irrelevance. Before we know it the executive branch is going to have complete control.
     

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