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Ear to the Ground

Making Sense of the Financial Reform Bill

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Posted on May 21, 2010
Flickr / epicharmus (CC-BY)

The Senate passed on Thursday what The Wall Street Journal described as “the most extensive overhaul of financial-sector regulation since the 1930s.” The New York Times breaks down what’s in the bill and how it might change when reconciled with the House version. Worth noting: Democrats Russ Feingold and Maria Cantwell voted against the measure. Both have been pressing for tougher regulation than what ended up in the Senate bill.

New York Times:

The Senate on Thursday approved a far-reaching financial regulatory bill, putting Congress on the brink of approving a broad expansion of government oversight of the increasingly complex banking system and financial markets.

The legislation is intended to prevent a repeat of the 2008 crisis, but also reshapes the role of numerous federal agencies and vastly empowers the Federal Reserve in an attempt to predict and contain future debacles.

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By dihey, May 22, 2010 at 4:26 am Link to this comment

Feingold and Cantwell voted no because the Senate version will not prevent another eco-financial meltdown like the one that hit the world in 2008. F & C also understand that the “no bailout” provision will be overridden by Congress in the next eco-financial meltdown.

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By jack, May 22, 2010 at 12:32 am Link to this comment
(Unregistered commenter)

re:   Just charge a nickel a share for transactions.

or a 1% Tobin Tax on all transactions - whatever works to get these bleeding
money grubbers to pay their fair share - tax every transaction - every one - just
like every penny’s worth of tobacco, licquer, petrol, even communications
bandwidth is taxed - and if they whine about it, take ‘em to the wood shed and
spank them till they squeal like the little pigs they are - discipline these little sods

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By SteveL, May 21, 2010 at 8:50 pm Link to this comment

Shares held for 11 seconds.  Just charge a nickel a share for transactions.  Wall Street owes the US for the bailout.

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By FRTothus, May 21, 2010 at 9:09 am Link to this comment

“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
(Thomas Jefferson)

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