Congress OKs Wall St. crackdown, consumer guards
Congress on Thursday passed the stiffest restrictions on banks and Wall Street since the Great Depression, clamping down on lending practices and expanding consumer protections…. ( and blah blah blah ~ Wild Thing )
At a whopping 2,300 pages, the legislation is designed to rein in big banks and protect consumers in hopes of averting a repeat of the 2008 financial crisis. Its ultimate impact, however, will depend on the government regulators assigned to implement it.
It now goes to the White House for President Barack Obama’s signature, expected as early as Wednesday.
The law will give the government new powers to break up companies that threaten the economy, create a new agency to guard consumers in their financial transactions and shine a light into shadow financial markets that escaped the oversight of regulators. The vote came on the same day that Goldman Sachs & Co. agreed to pay a record $550 million to settle charges that it misled buyers of mortgage-related investments.
From storefront payday lenders to the biggest banking and investment houses on Wall Street, few players in the financial world are immune to the bill’s reach. Consumer and investor transactions, whether simple debit card swipes or the most complex securities trades, face new safeguards or restrictions.
A powerful council of regulators would be on the lookout for risks across the finance system. Large, failing financial institutions would be liquidated and the costs assessed on their surviving peers. The Federal Reserve is getting new powers while falling under greater congressional scrutiny.
“I’m about to sign Wall Street reform into law, to protect consumers and lay the foundation for a stronger and safer financial system, one that is innovative, creative, competitive and far less prone to panic and collapse,” Obama said.
“Unless your business model depends on cutting corners or bilking your customers, you have nothing to fear.”
Republicans said the bill is a vast federal overreach that will drive financial-sector jobs overseas. Before the final vote was even cast, House Republican leader John Boehner called for its repeal.
Wild Thing’s comment……..
“The law will give the government new powers to break up companies that threaten the economy”
BUT the thing is OBAMA IS THE FREAK that is threatening the economy and business and the AMERICAN DREAM.
At a whopping 2,300 pages, the legislation is designed to rein in big banks and protect consumers in hopes of averting a repeat of the 2008 financial crisis. Its ultimate impact, however, will depend on the government regulators assigned to implement it.
Another monster, phone book-sized bill we “needed to pass to see what’s in it” and “how it works.” This bill has DISASTER written all over it. Two Thousand Three Hundred Pages. Passed in a matter of days. More clowerd/piven.
Stock Markets were in free fall after the vote.
And of course the banks will pass along every single cent to customers, bye bye free checking,bye bye sign up bonuses,bye bye a bunch of tellers (more unemployment)…just what the witch doctor obama ordered.
We are getting Communism via regulation. It’s two steps forward, and another step forward. When these creeps are done, China will be a freer place to live.
And the two rinos this time that voted AGAINST AMERICA……..Scott Brown and Snowe.
Brown can take his pickup and drive off a short pier. And he can spare us the bullshit about reading the bill, blah blah, working together, blah blah, compromise, independent, blah blah.
Hey Scott, you were elected for one reason and one reason only. To be the swing vote to STOP ALL Obama legislation. You are epic fail!
This monster bill will not only effect our stock market but also the European markets, and the major East Asian markets.
Obama is KILLING our country!
….Thank you Mark for sending this to me.
Mark
3rd Mar.Div. 1st Battalion 9th Marine Regiment
1/9 Marines aka The Walking Dead
VN 66-67
Anyone who makes a profit will be taken over by the government– no fair making more than anyone else! (Only folk who’ve never worked an honest day– or even a dishonest one– would think like that and imagine it would work.)
The phase “buddy can you spare a dime” under FDR would have to be “can you spare a sawbuck” today to be worth the same money. Ten years of Obama’s regulation and it will have to be “buddy can you spare a million.”
That will buy you a sandwich and coffee.
Another 2000+ page bill. This time the banking industry takes another hit. That means the consumer takes the hit. Probably every transaction at banks will be regulated, restricted and costly.
Yes, Brown has already learned the political art of selling his soul for a vote. Why does the two faced bastard even show his traitorous face. He is no better than Franken.
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The market dropped 261 points today that should give you some indication how much Wall Street thinks of this new piece of Liberty smashing POS the democrats just hocked up. Snow, Collins and Scot Rino Brown are all responsible for this piece of crap.