Senator Dodd’s Regulation Plan: 14 Fatal Flaws

[WillowTree]

The Senate is expected to take up a proposal, originally authored by Senator Chris Dodd (D–CT), to reform the financial regulatory system in the U.S. The goal is clear: to minimize the chances that another financial crisis—and bailouts—will arise again.

The objective is a good one. Unfortunately, the 1,408-page bill includes numerous provisions that would hurt—not help—consumers and the economy. It would even make another financial crisis or bailout more likely to occur.

Fourteen Flaws



Senator Dodd?s Financial Regulation Plan: 14 Fatal Flaws | The Heritage Foundation







who in great fuck thought christopher doodd should be the one to write the financial reform bill? must have been a libtard huh?

 

[uscitizen]

I personally think the heritage foundation has it head up its ass.

However I agree with some of what they say.
This bill does seem to create a bailout branch of the govt and give the too big to fail ones protected status.

Of course I ma basing this on the heritage foundations analysis of the bill which could be skewed all to hell.

 

[boedicca]

Only 14?

In 1,400 plus pages, there have got to be more problems than that.

 

[CrusaderFrank]

Fatal Flaw #1: Having a financial bill sponsored by Chris "CountryWide claimed me as a deduction on their tax return" Dodd is like making Jesse "Hymetown" Jackson the US Ambassador to Israel

 

[Meister]

I thought that #14 was the most telling flaw of all. Not addressing Freddie and Fannie, is criminal. But, from a guy who benefited from the subprime mortgage debacle, I expected nothing less.

 

[CrusaderFrank]

This is like Jack Abramoff sponsoring an anti Lobbying Bill

 

[boedicca]

I find the combination of #1, 2 and 11 to be pretty horrifying. They allow the Executive Branch to target any company in any industry as being a systemic failure - with the government able to seize control and assets without any due process.

It's a Banana Republic for Dummies bill.

 

[Meister]

I find the combination of #1, 2 and 11 to be pretty horrifying. They allow the Executive Branch to target any company in any industry as being a systemic failure - with the government able to seize control and assets without any due process.

It's a Banana Republic for Dummies bill.

Very true.
I can't stand Dodd, and he helped get us into this mess, along with Chris Cox, and Bawney Fwanks.

 

[WillowTree]

Number nynne...







Enriches trial lawyers by authorizing consumer regulators to ban arbitration agreements. Section 1028 specifically authorizes the new consumer regulatory agency to ban arbitration agreements between consumers and financial firms. By reducing the use of streamlined dispute resolution procedures, more consumers and businesses would be forced to pay the costs of litigation—to the benefit of trial lawyers.

 

[jeffrockit]

Fatal Flaw #1: Having a financial bill sponsored by Chris "CountryWide claimed me as a deduction on their tax return" Dodd is like making Jesse "Hymetown" Jackson the US Ambassador to Israel

Right on! The fact that this corrupt individual is still making policy is sickening but not surprising for this administration.

 

[Granny]

Chris Dodd was absolutely a part of the problem. This "financial reform bill" must be his way of having one last hoorah before retiring rather than being voted out.

 

[California Girl]

Why no liberals defending the bill?

 

[Claudette]

I find the combination of #1, 2 and 11 to be pretty horrifying. They allow the Executive Branch to target any company in any industry as being a systemic failure - with the government able to seize control and assets without any due process.

It's a Banana Republic for Dummies bill.

Very true.
I can't stand Dodd, and he helped get us into this mess, along with Chris Cox, and Bawney Fwanks.

Couldn't agree more.

Wonder why the LSM isn't pounding these three assholes like they do Wall St.??

Oh Wait. According to the LSM its all Wall Streets fault. The assholes in DC couldn't possibly have had anything to do with it.

After all. The Clowns are serving the best interests of the people. God. Gag me. Jeeze.

 

[Lonestar_logic]

I personally think the heritage foundation has it head up its ass.

However I agree with some of what they say.
This bill does seem to create a bailout branch of the govt and give the too big to fail ones protected status.

Of course I ma basing this on the heritage foundations analysis of the bill which could be skewed all to hell.

They have their head up their ass? Why, because you're not intelligent enough to disprove their claims? Or because they're a conservative think tank?

Oh you agree with some of what they say, so their head is what? Halfway up their ass?

 

[Old Rocks]

Since the Republicans took a stand of blind opposition to regulations that would prevent another meltdown, why should we defend the current bill?

Just let you fellows keep talking and November will judge what the voting citizen thinks of your talking points.

And now that realization of how well the voters have been recieving their message, the Republicans have 'caved'. They had to. However, the three votes established the image in the American voters mind concerning Wall Street, the Banks, and the Republicans relationship.

And, before they can claim that they want better regulation, the inevitable results of "Drill, baby, Drill" has bit them in the ass.

The Republican chicken counting for November definately started a bit early.

 

[Big Fitz]

Well hell, why don't we all just throw out the bill of rights while we're at it? We're all gonna be slaves to the state bank after this shit passes.

Glenn Beck's right though, it's not about content, it's about structure, and this structure will kill us all in the wrong hands, which is pretty much any hands.

 

[The T]

Well hell, why don't we all just throw out the bill of rights while we're at it? We're all gonna be slaves to the state bank after this shit passes.

Glenn Beck's right though, it's not about content, it's about structure, and this structure will kill us all in the wrong hands, which is pretty much any hands.

Yep. One word 'Control'. Liberty is a tired concept to these people.

 

[The T]

I find the combination of #1, 2 and 11 to be pretty horrifying. They allow the Executive Branch to target any company in any industry as being a systemic failure - with the government able to seize control and assets without any due process.

It's a Banana Republic for Dummies bill.

Very true.
I can't stand Dodd, and he helped get us into this mess, along with Chris Cox, and Bawney Fwanks.

And it's real convenient that Dodd is 'retiring' isn't it? One last hole to make in the ship that used to be a mighty Republic.

 

[The T]

What's Hidden in the Dodd Bill

[SNIP]


"It would create the innocuously named Office of Financial Research as a central repository for transaction-related records held by financial companies. According to proponents, 'decision-makers' like Mr. Geithner need up-to-the-minute information to act in order to prevent what they refer to as another Wall Street meltdown.

The proposed agency would also provide statistical analysis and research, purportedly to monitor systemic risk to the financial system. The idea raises a number of red flags, not least of which is the plan's fundamentally flawed premise that a central committee of unelected bureaucrats would be qualified to judge what's right and what's wrong for the economy. ...

Yet the details of the proposal show that this new agency's mission is not meant to be limited to improving the quality of financial data. Mr. Dodd's legislation would grant the agency director the coercive power of subpoena to obtain records and rulemaking authority to force private-sector firms to maintain their internal financial records in a format acceptable to the government. The legislation also grants sweeping authority to maintain a data center that would collect and maintain 'all data necessary' to carry out the director's wishes."

[/SNIP]

________________________
Yep. Another agency that adds to Government control, largesse at our expense.
And there isn't anything to stop these unelected bureaucrats from looking further
into those records say...at an individual...?
An editorial worth noting:

[snip]

"The next time you make a withdrawal from an automated teller machine, Treasury Secretary Timothy F. Geithner might be watching over your shoulder. Boosted by the sweeping, 1,400-page financial regulatory proposal currently making its way through the Senate, Mr. Geithner would have unprecedented, real-time access to a wealth of personal and corporate financial data - all in the name of protecting the public. "

[/snip]


• Washington Times: Big Brother Loves 'Financial Reform'

 

[California Girl]

I'm interested to know what will happen when they try to regulate.... and the banks say 'fuck you' and take their business outside the US.