Wall Street Reform Signed Into Law

Hurray! Let the unintended consequences of the latest 2000-page bill begin.

YES !

Already the 3 main credit bond writers have said with this bill makes our bond ratings worthless because of this bill.

This bill is going to solve everything !!! LOL Does every politian thing that everyone is dumb ? I am so tired of this , this is why I dont watch the news n e more, I stick to silly websites like peopleofthemta . HAs anyone been on it , HYSTERICAL !!

Wall street already has ways around these new regulations. This is just a show pony.

The 2008 financial crisis was a clear indication the financial sector is under-regulated. The fact that partisan politics can create such an argument over whether anything should be done or not just proves that too many Americans are pawns of the political propaganda machines.

By completely ignoring the affects that Fannie Mae and Freddie Mac had on the current recession, this legislation has completely missed it’s target. It adds layers and layers of complexity and regulations on business without really doing anything to prevent the next financial disaster. Like every other piece of legislation from this Congress, it is an overblown, over reaching intrusion into our everyday lives with no real benefits.

I haven’t had time to read the bill or that much about it so will reserve judgement for now.
Let’s hope it doesn’t have any hidden got’chas like the health insurance reform monstrosity.
I know… but I can dream.

“If you unwittingly spend all the money in your checking account, you get hit with overdraft fees.”
However, banks had become very crafty about manipulating order of payment in order to maximize overdraft fees. Two years ago, I made an error in my balance register. The bank was presented with a $900 check and six debit transactions that totaled less than 100 dollars (gas, groceries, small stuff, etc.). All but one of the debit transactions appeared before the check. However, at midnight, when it came time to post transactions, the bank paid the check first which allowed them to then charge overdraft fees on 5 of the 6 debit transactions to the tune of $175. If they had paid the transactions in the order they were presented, all of the debit transactions would have been paid, and they would have returned the check with a $35 overdraft charge. This is the tactics that banks and financial institutions had stooped to in order to make money.

In one of the most highly regulated industries in the world – Reform. Bravo Obama! Bravo to the repubs that saw the importance of the bill, not their position in the next election if they voted for it.

Tell me how does it help people like the lady from Maryland the credit card company increased her rate? The gov’t gave these companies ample time to do what they wanted with your credit cards.

He better enjoy this crap while he can. November may bring some discomfort to this marxist administration. Why would the free people want a government to control in any fashion a free market and free society? Are the free people so stupid to continue doing business with corporations who fail to self regulate? Apparently they are. We want to keep the failing businesses, we want a society controlled by the government, and we want freedom while dominating the world?

New Quinnipiac poll out…… Obama loses to ALL Republicans…. even an “unnamed” Republican…. ouch!!!!!

“It’s a refreshing change that government is finally passing legislation that benefits citizens rather than corporations.”
LOL!

Another nail in our coffin. We can only hope Obama’s hammer breaks before he’s voted out of office in a little more than 2 years. Lord knows we will never fix this mess he is creating.

that is great about overdraft fees but the 300 trillion in derivatives that are in play that they left out of the mix bothers me a little more.

Love the comments bashing Obama’s ‘mess’ from people who apparently were in a coma during the Bush years. Give it a rest, already. Your guy and his brain-dead Republican Congress killed the economy and bankrupted the country. When you have all the answers for how to fix what he did then feel free to criticize efforts to undo his disaster. Until then, please know that the majority recognize your comments for what they are–ignorant attempts to distract from the real problem. Also would help if you all would do a little light reading on the banking industry before pinning blame on consumers for the outrageous and excessive fees (which our founding fathers–you know, the guys you all like to claim as your own–would have squashed like the criminal activity it is). Ideology is not the same as information. We all already know what your side ‘thinks’ because we have to hear it ad nauseum whether we want to or not. It would be nice change if you could actually provide some justification for these thoughts.

Nice picture of the Marxist in Chief, surrounded by the very crooks (Dodd, Frank) who helped bring the entire housing market and economy down, by pushing banks to make high risk loans to the masses, regardless of income, credit, or common sense. What does this financial reform bill do about Fannie and Freddie, and the crooks (Waters, Raines) who scoffed at regulators and ran that government agency into the ground, and it still has us trillions in the hole today?

Obama Rocks!

Thank god he has puts some limits on what greed can drive some entities to do. The parents are finally home to provide some supervision and naturally some entitled people are gonna howl like scolded infants who can’t have a cookie without earning it honestly.

rightbehind..it is funny isn’t it..yeah..lol..kinda like one dog peeing on another dog’s bed…yeah, very funny indeed except that both dogs live in our house and we will be the ones cleaning up the stinky mess.

TheLoyalOpposition | Jul 21, 2010 2:43:34 PM Are you acually quoting Quinnipiac and expecting us to take you seriously?? Why not for news? Or the rassmusin report? If you poll only republicans in a republican poll of a republican news organization you are going to get the republican view and are supprized for some reason?? Real Clear Politics is not at ALL clear they simply add a republican pollster everytime Obamas numbers go into the plus side. He went plus 1.7 and they added Gallup a negative 1 so his numbers would go back down. I saw the polls all this week and gallup wasnt on any of them intell today when Obamas numbers when up. Bloomberg has Obama at Plus 8. If you cant see that the numbers are being manipulated then you deserve to be lied to. Suppose you belived Breitbart and Fox News when they OUT AND OUT LIED TO THE AMERICAN PEOPLE when they attempted to smear Shirley Sherrod and the USDA.

It’s about time the government re-regulated the banksters and cutthroats who run our so-called economy. Wall Street was regulated after the crash of 1929 to prevent another disaster. The de-regulation of our times produced just that “another disaster”. We must now work to re-regulate many of our industries.

waah, waah, waah, boo, hoo…..get on with it. It’s not the first reform, and it won’t be the last. Just different incumbents, same politics, right? Stay above the mess, folks.

Republican politicians – and those who they suck from – dug the hole we’re in. My, my, they sure do claim to be virtuous now. Harry Truman was correct in saying that “Republicans are God Damn liars…”, but wrong in saying “…and the people know it.” The problem with this country isn’t thieving conservatives, but ignorance in voting. THAT, the Republicans know too well. How else could they get away with telling the unemployed t.s.? How else could they bankrupt the country and betrayed the military with their lies and still have followers? Some day, people will be judged by their lack of ignorance.

It’s interesting to note that the health care bill supposedly contains a tax on gold sales. gold sales, in a health care bill. So it will be equally interesting to find out what sneaky snarky things this bill will contain. And, we will all pay the price.

“By completely ignoring the affects that Fannie Mae and Freddie Mac had on the current recession, this legislation has completely missed it’s target.”
Excluding Fannie and Freddie was by design. Those companies were also excluded from Sarbanes-Oxley. The massive accounting fraud uncovered there dwarfed the fraud at Enron/WorldCom (where the perps went to prison). Barney Frank and Chris Dodd were responsible for oversight at Fannie/Freddie, yet nobody went to prison. And their buddies Frank Raines, Jim Johnson, and other cronies walked off with millions. Fannie/Freddie is the gift that keeps on giving…to Democrats. The rest of us have a $1 TRILLION bailout bill to pay.

CBA- just seeing Mr.”friend of Angelo’s” smiling face in that photo gives me the chills.. I was so sure Dodd would be well into his first year of jail by now…

Posted by: Mary | Jul 21, 2010 3:18:47 PM Acually AIG and the Banks had much more to do with it than fredy and fanny. When AIG started sprinkling there tripple A rating on all the banks simply because they insured them. Then the banks loan out HUGE amounts of money to people that they shouldnt have well that as they say is a recipe for disaster.

SORRY about that my browser stuck or something

Otto —- So typical —- attack and demonize those that question the administration!! —- Why don’t you bring your own facts and figures to the table and debate the facts… instead of just calling everyone who disagrees with you “ignorant”??(Used 5 times in your post) —- Makes you look bad, bro!!

Mike…. just quoting a poll… it sounds like you disagree with it…. but thats what we’re here for!! :)

Posted by: Otto | Jul 21, 2010 3:24:31 PM
Ignorance? You mean like those who believed meaningless rhetoric like “Hope and Change” and “Yes We Can”?

Posted by: Mary | Jul 21, 2010 3:56:32 PM Im sorry but are you telling me you have no hope or that there isnt hope so we should strive to change the things that are wrong with this country? If you have given up ok but I havent yet.

In 2005, John McCain stated:
“The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.”
His request was blocked by Democrats.
It was the federal government that pushed banks to relax lending standards for minorities. To sweeten the deal, Fannie and Freddie promised to back the subprime and Alt-A loans. Jim Johnson received a bonus when the portfolio hit $1 TRILLION in subprime loans.
Democrats who were responsible for Congressional oversight as part of the Financial Services Committee assured us that regulation was sufficient at Fannie/Freddie and that their financial situation was solid.
As Barney Frank stated, “These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
If a Republican had said that given all that has happened since, he’d likely be in prison. Oddly, NOBODY at Fannie/Freddie went to prison, despite a $10.6 BILLION accounting scandal that eclipsed Enron and WorldCom (which resulted in prison sentences for their execs).
Taxpayers are currently on the hook for up to an estimated $1 TRILLION in bailout costs through 2019.
And yet, despite a long history of corruption, fraud, and cronyism, Fannie Mae and Freddie Mac were EXEMPTED from Sarbanes-Oxley and they are EXEMPTED from this “reform” bill.
Ask yourself why Frank and Dodd would allow that.

Also quoting John McCains understanding of the economy isnt exacally good math.

Love the comments bashing Obama’s ‘mess’ from people who apparently were in a coma during the Bush years. Give it a rest, already. Your guy and his brain-dead Republican Congress killed the economy and bankrupted the country.
Posted by: Pongo | Jul 21, 2010 3:01:52 PM
Yes, Pongo, and we should all be thankful that no one out here in America overcharged their credit cards, overdrew their checking accounts, wiped out their savings…
But, hey, they’ve got that big screen TV, iphone, video system, surround sound, nice car, too-expensive house… you get the point. And don’t tell me that’s not the case, because you see it everywhere. Did Wall St. have alot to do with the economic collapse? Of course. Did the Republicans go against the grain and spend too much? You bet. But is it entirely the fault of those two entities for failure? No way. There is such a thing as personal responsibility, and the sooner that fact is learned, the better off people will be. It’s not that hard-if you don’t have the funds, don’t buy the ‘stuff’. Bargain shop for your groceries, clothes, necessities. Shop around for good rates on credit cards, savings accounts, loans, etc. Use your head.

“But, hey, they’ve got that big screen TV, iphone, video system, surround sound, nice car, too-expensive house… you get the point. And don’t tell me that’s not the case, because you see it everywhere. Did Wall St. have alot to do with the economic collapse? Of course. Did the Republicans go against the grain and spend too much? You bet. But is it entirely the fault of those two entities for failure? No way.”
ROFLMAO!
Right wingers decries materialist consumer culture that capitalism depends upon!

“Honestly they agitate me when that say that and the fact that any thing this administraton does will send jobs overseas.”
What do you mean “will send”? Nearly all green jobs produced under Obama have gone overseas, primarily to India, China, South Korea, and a few European countries. That’s the reality.

Love the comments bashing Obama’s ‘mess’ from people who apparently were in a coma during the Bush years. Give it a rest, already. Your guy and his brain-dead Republican Congress killed the economy and bankrupted the country.
Posted by: Pongo | Jul 21, 2010 3:01:52 PM
so that makes it right to continue to spend the United States into oblivion?? to saddle our children and grandchildren with the enormous deficit?? I personally was doing much better during the Bush years than I am now. Everytime I turn around I see another lie from this administration. Do you all have your Obama Tax Hike Exemption Card? You are going to need it?

I’m going to simplify the future outcome of this type of legislation.. The rich will get richer and the poor will get poorer. It’s classic Americana.. not fundametally different from the lame attempts to throttle the robberbarons and monopolists of our past.

The_Mike: “The other thing is that if McConnell is so worried about what the American People want, where is his bill to lower the cost of American Prescriptions – we pay 50% more than any other nation on earth for the same meds, many order them from Canada and obviously “the American people want..”"
Um, you’re not paying attention. Obama and his fellow Democrats were the ones who sold out to Big Pharma. Blame them.
From Politifact (April 8, 2010):
During the presidential campaign, Barack Obama promised to “allow Americans to buy their medicines from other developed countries if the drugs are safe and prices are lower outside the U.S.” But such a provision was not included in the final health care law that passed both chambers of Congress and was signed by the president.
The motivation for the promise came from an existing trend of Americans crossing the Canadian border to buy cheaper prescription drugs. Yet for the most part, it remains illegal for Americans to buy prescription drugs there — for safety reasons, the Food and Drug Administration says.
But in the wake of negotiations with the prescription drug industry — one of the first big health industry players to support the White House’s health care reform effort — Obama’s drug importation promise faded into the background. Now, with passage, it’s officially off the table.

99.8 percent of all of you have no idea about what is real and what is not.
You all argue about nothing. You all know something is wrong, but don’t know what IT IS. Your world around you is not real.
Freedom, real Freedom, or slavery, real slavery.
This is not new. Our country has been bought and sold since the days of Andrew Jackson. Now ask yourselves, why did he just say that? Now find out for yourselves.
AGENDA 21
WAKE UP
There is no left or right.
Tyranny is upon us. It is here, now.
INFOWARS