financialreformbill

financialreformbill https://www.dailykos.com/news/financialreformbill News Community Action Copyright 2005 - Steal what you want Mon, 27 Jan 2020 19:37:22 +0000 Mon, 27 Jan 2020 19:37:22 +0000 Daily Kos rss@dailykos.com (Daily Kos) Daily Kos rss@dailykos.com (Daily Kos) Wall Street's Weasels in Heat Ripped the Flesh from Reforms https://www.dailykos.com/story/2010/8/8/891348/-Wall-Street-s-Weasels-in-Heat-Ripped-the-Flesh-from-Reforms Reading Matt Taibbi's damming account of duplicitous backstabbing by the Old Boy network embedded within the Democratic leadership just confirmed my worst suspicions. That we got screwed by our own congressional leadership along with a captive Treasury Department, working against the public's interests. <blockquote> <a href="http://www.rollingstone.com/politics/news/17390/188551?RS_show_page=0">Wall Street's Big Win: Finance reform won't stop the high-risk gambling that wrecked the economy - and Republicans aren't the only ones to blame</a> Throughout the debate over finance reform, Democrats had sold the public on the idea that it was the Republicans who were killing progressive initiatives. In reality, Republican and Democratic leaders were working together with industry insiders and deep-pocketed lobbyists to prevent rogue members like Merkley and Levin from effecting real change. In public, the parties stage a show of bitter bipartisan stalemate. But when the cameras are off, they fuck like crazed weasels in heat. </blockquote> After watching the Democratic Old Boy network reject proposals for fundamental health care reform, in favor of a corporate friendly approach, this came as no surprise. rss@dailykos.com (Lefty Coaster) ChrisDodd ChuckSchumer Corporatocracy financialreformbill TimGeithner wallstreetbanks WhoOwnsCongress _891348 Sun, 08 Aug 2010 23:46:33 +0000 Auto Industry Exemptions in Financial Reform - Brownback Amendment https://www.dailykos.com/story/2010/5/22/868902/-Auto-Industry-Exemptions-in-Financial-Reform-Brownback-Amendment There's a reason car dealerships and their sales people have a certain and sometimes unsaid reputation in the consumer world. Many are notorious for various dubious tactics used to close a deal at almost any cost. Many view the consumer as prey when they walk onto the lot and the game is on... Congress needs to step up to the plate against these guys and back the consumer from left to right, back to front and top to bottom. Entertaining the Brownback Amendment in conference is ludicrous and it's unfortunate protections were not even part of the House version. Not only is the Auto Industry at the vary least needed to be included in the Financial Reform Act, further protections including the Arbitration Fairness Act HR: 1020 is long overdue. rss@dailykos.com (JPerz) arbitration ArbitrationFairnessAct Brownback cardealers Cars cfpa Consumerprotection financialreformbill finreform finreg floodcar mossy mossytoyota SanDiego Toyota UsedCars _868902 Sat, 22 May 2010 17:01:22 +0000 Banks win again - Financial reform Bill does not have Volcker Rule https://www.dailykos.com/story/2010/5/21/868535/-Banks-win-again-Financial-reform-Bill-does-not-have-Volcker-Rule The Financial reform bill passed by senate does not contain the Volcker rule- banning the too big to fail banks from prop trading using tax-payer backed money. rss@dailykos.com (roger25) financialreformbill _868535 Fri, 21 May 2010 15:19:01 +0000 NY Times reports on shortcomings in Financial Reform Bill https://www.dailykos.com/story/2010/5/3/863012/-NY-Times-reports-on-shortcomings-in-Financial-Reform-Bill As the Senate is about to start debate on the long anticipated Financial Reform Bill the New York Times is reporting on shortcomings that remain in the Bill that could leave the financial system vulnerable to a future crisis that could result in another disastrous disruption of the larger economy.   <blockquote> <a href="http://dealbook.blogs.nytimes.com/2010/05/03/senate-financial-bill-misguided-some-academics-say/?src=busln">Senate Financial Bill Misguided, Some Academics Say</a> Some point to specific issues left largely untouched, like the instability of capital markets that provide money for lenders, or the government’s role in the housing market </blockquote> The Dodd Bill leaves capital markets to their own devices. <blockquote> A diverse group of critics, however, say the legislation focuses on the precipitators of the recent crisis, like abusive mortgage lending, rather than the mechanisms by which the crisis spread. Gary B. Gorton, a finance professor at Yale, said the financial system would remain vulnerable to panics because the legislation would not improve the reliability of the markets where lenders get money, by issuing short-term debt called commercial paper or loans called repurchase agreements or "repos.". </blockquote> rss@dailykos.com (Lefty Coaster) financialreformbill New York Times NewYorkTimes _863012 Mon, 03 May 2010 09:11:12 +0000 Massive Lobbying Attack on Financial Reforms Intensifies https://www.dailykos.com/story/2010/5/2/862631/-Massive-Lobbying-Attack-on-Financial-Reforms-Intensifies A swarm of 2,600 lobbyists for the financial industry have launched an all out offensive attacking elements of financial Reform Bill that aim to water down many of provisions of the Bill on behalf of a whole array of special interests, as amendments are offered. <blockquote> <a href="http://www.washingtonpost.com/wp-dyn/content/article/2010/04/29/AR2010042904698.html">Big business pleads for loopholes in financial regulatory reform</a> By Steven Pearlstein Now, however, as we close in on the endgame for financial regulatory reform legislation, special interests are crawling out of the political woodwork demanding loopholes and exemptions. And if you strip away their end-of-the-world-as-we-know-it rhetoric, their basic complaint is that the reform bill would make credit and other financial risks more expensive and harder to get -- in other words, the bill is doing exactly what it is supposed to. </blockquote> With the proposed reforms in place things would be a little less lucrative for Wall Street Banks as higher risks becomes less lucrative, while at the same time things would get less volatile for the rest of the country.   rss@dailykos.com (Lefty Coaster) financialreformbill Lobbyists _862631 Sun, 02 May 2010 15:18:39 +0000 "Tight Lips" having second thoughts.....updated https://www.dailykos.com/story/2010/4/20/859115/--Tight-Lips-having-second-thoughts-updated   <a href="http://www.dailykos.com/comments/2010/4/19/134523/224/15#c15">Old tight lips of suppression</a>  seems to have changed his mind on  whether we can work out this Financial Reform deal. (Thanks Slinkerwink for the "tight lips" name.) MAJJOR UPDATE:  I was wrong (sigh), it was <a href="http://www.dailykos.com/user/uid:177536">Colorado is the Shiznit</a> who named Mitchy "Tight Lips". (Hangs head in shame) rss@dailykos.com (Julie Gulden) ChrisDodd financialreformbill MitchMcConnell _859115 Tue, 20 Apr 2010 20:31:27 +0000 Distrust of Government -- An Issue of Leadership? https://www.dailykos.com/story/2010/4/19/858810/-Distrust-of-Government-An-Issue-of-Leadership Trust of the government is near an all time low.  The obvious reasons include the financial meltdown, the election of a new, "change" administration which appears unable or unwilling to control the banks in their bonuses, their lobbying or their refusal to support mortgage adjustments.   The anger and distrust also reflect a failure of the Obama Administration to differentiate itself from its failed predecessor, and to lay out a clearly different program to resolve the nation’s problems.  Most importantly, the administration has not taken a clear leadership role on the financial bill now coming to the floor of the Senate.  It has taken varying positions and the bill as now presented does not include important safeguards which the President sought. The speaking tour to support the bill is late.  We hope the bill will be improved and passed, but it is late to effectively educate the country on what is needed and earn their trust. rss@dailykos.com (dlperry42) bankingreform Banks Bernanke ChrisDodd distrustofgovernment financialreformbill Geithner Glass-SteagallAct Leadership MitchMcConnell Obama TedKaufman volckerrules _858810 Mon, 19 Apr 2010 21:48:37 +0000 Financial Reform likely to include robust Consumer Agency https://www.dailykos.com/story/2010/4/5/854548/-Financial-Reform-likely-to-include-robust-Consumer-Agency Progress is likely for Financial Reform as Republicans and their banking allies have realized the they can't afford a high profile defense of letting Big Banks avoid transparency. <blockquote> <a href="http://www.tnr.com/article/politics/street-fight?page=0,0&%24Version=0&%24Path=%2F&%24Domain=.tnr.com">Street Fight</a> Obama can get everything he wants on financial reform--if only he gets tough. Shelby’s recent outreach seems to reflect the new reality in the battle to tame the banks: Both sides recognize that the reformers have the momentum, given the way last month’s health care victory has unified Senate Democrats, and given the political peril for Republicans in appearing to do Wall Street’s bidding. But both sides also recognize that, p.r.-wise, the consumer agency tends to overwhelm other elements of the reform effort. In light of this, Republicans seem to be settling on a strategy: Give the Democrats much of what they want on the consumer agency and bet that Democrats won’t be too picky about the rest. If the bet pans out, the industry and its GOP allies would, in effect, be trading a robust consumer agency for a chance to scale back a number of highly consequential but below-the-radar reforms. But will it? </blockquote> rss@dailykos.com (Lefty Coaster) Derivatives FinancialConsumerAgency financialreformbill _854548 Tue, 06 Apr 2010 06:20:18 +0000 The $90 Billion Rip-Off https://www.dailykos.com/story/2010/1/15/824946/-The-90-Billion-Rip-Off The Democrats have announced a plan for a $90 billion tax on banks over 10 years. There have not been many complaints from the banks!  Bank stocks are breaking out to new highs.  However, behind the scene there is a quiet quid-pro-quo - we tax you now and we will institutionalize the concept of "too-big-too fail". This is a very bad trade-off for US citizens.  The most needed part of the Financial Reform legislation was to permit the Fed or super-regulator to cram down the value of bond values in the event of a near-bankruptcy situation - Lehman, Merrill, AIG, and Wachovia. From the banks perspective, a $9 billion per year tax is cheap insurance for a trillion dollar bondholder guarantee. rss@dailykos.com (scott45) Banks FederalReserve financialreformbill TooBigToFail _824946 Fri, 15 Jan 2010 13:51:15 +0000