Democrats Push New 2000 Page Bill - Won't Know How It Works Until It Passes

[Patranus]

After more than 20 hours of continuous wrangling, congressional Democrats and White House officials reached agreement on the final shape of legislation that would transform financial regulation, avoiding last-minute defections among New York lawmakers that had threatened to upend the bill.

http://online.wsj.com/article/SB10001424052748703615104575328020013164184.html

In other news....

"It's a great moment. I'm proud to have been here," said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. "No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done."

http://www.washingtonpost.com/wp-dyn/content/article/2010/06/25/AR2010062500675_pf.html

Fool me once, shame on you. Fool me twice.......

Its nice to see the Democrats thinking they know better than the free market in terms of dictating what companies fail and what companies survive. Hey, if government doesn't have the power to do that, why do we have a government?

 

[Gonad the Barbarian]

Its nice to see the Democrats thinking they know better than the free market in terms of dictating what companies fail and what companies survive. Hey, if government doesn't have the power to do that, why do we have a government?

You're doing a heckuva job, free market!

But Dodd is still a moron.

 

[MotF Bane]

"No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done."

So let's just pass it anyways! Can't waste a crisis, right? Goddamn, the entire Congress needs to be kicked out.

 

[mav451]

2000 pages - seriously wtf. I'm not even talking partisan politics here...just wtf.

 

[Lanyap]

"This is about as important as it gets, because it deals with every single aspect of our lives," said Sen. Christopher Dodd (D., Conn.), a chief architect of the compromise.

..

 

[heyheybooboo]

Good luck to the GOP this Fall.

Feel free to explain to your constituents why financial reform is such a boondoggle.

The spin on this one could potentially be monumental --- LOL




--

 

[spidey07]

Good luck to the GOP this Fall.

Feel free to explain to your constituents why financial reform is such a boondoggle.

The spin on this one could potentially be monumental --- LOL




--

Yes, republicans will be able to point out to people that the government is dictating your compensation as specified in this bill. We The People get to decide what we make and how much, not the government. This is a complete disaster of government control on peoples lives. Total bullshit bill and invasion of private industry.

Maybe you would like it if I told you how much you can make and how your compensation will be decided? What industry are you in and I'll tell you how much you can make, mandated by law and no more.

Healthcare, banking, energy, auto being taken over and controlled. When will it be enough? It's already too much government take over. We ARE NOT venezuela no matter how much Obama and congress are trying to turn us into it.

 

[Atreus21]

What do we know about this bill? Anything?

 

[Gonad the Barbarian]

Yes, republicans will be able to point out to people that the government is dictating your compensation as specified in this bill. We The People get to decide what we make and how much, not the government. This is a complete disaster of government control on peoples lives. Total bullshit bill and invasion of private industry.

Maybe you would like it if I told you how much you can make and how your compensation will be decided? What industry are you in and I'll tell you how much you can make, mandated by law and no more.

Healthcare, banking, energy, auto being taken over and controlled. When will it be enough? It's already too much government take over. We ARE NOT venezuela no matter how much Obama and congress are trying to turn us into it.

Government takeover of wages!

 

[nageov3t]

What do we know about this bill? Anything?

NY Times summarized some of the changes and I tried reading them but it made my head hurt.

 

[Babbles]

I don't care what political party you are or if the damn this 2000 pages. These twits need to read their own shit and figure how in the hell this will work out before they just pass things into law.

 

[BoberFett]

A 2000 page bill that our "representatives" don't understand? I'm sure there's no room for shenanigans there...

 

[nonlnear]

Why do partisan hacks on both sides of the finance reform issue keep talking about the free market as if it was ever (or could ever be) anything but a hypothetical construct? There was not a free market in the financial industry prior to any of the current issues (or any prior ones), and there is no free market in any of the proposals from even those who claim to advocate for "free markets". The term is an almost complete non sequitur.

As for the bill and those like it, it indicates that Congress has entirely abdicated its responsibility to (substantially) debate legislation. If this keeps up, it's time to burn it down - figuratively of course! And for those who might accuse me of partisan hackery, this is hardly a Democrat issue but an issue with DC as a whole.

 

[BoberFett]

Good luck to the GOP this Fall.

Feel free to explain to your constituents why financial reform is such a boondoggle.

The spin on this one could potentially be monumental --- LOL




--

How sad that you're proud of your team whose only skill appears to be "Uhhhhh, we don't really know what we're doing."

 

[MotF Bane]

Good luck to the GOP this Fall.

Feel free to explain to your constituents why financial reform is such a boondoggle.

The spin on this one could potentially be monumental --- LOL




--

This bill just made the GOP's job even easier.

 

[heyheybooboo]

The Drama Queens at ATP&N should fix their make-up. We can't put lipstick on the pigs ...

1) Dramatic changes to the regulation of systemically important firms (otherwise known as too big to fail) and provisions for their orderly liquidation outside the Bankruptcy Code;

2) Comprehensive regulation of over-the-counter derivatives transactions, prohibitions on proprietary trading by insured depository institutions (the “Volcker Rule” --- YEA!);

3) New regulation of payment, clearance and settlement systems, changes to broker-dealer regulation and investor protection;

4) Updated executive compensation laws ***;

5) Provisions for private fund registration and regulation and alterations to the regulation of credit rating agencies; and

6) The creation of new regulatory bodies and shakeup of existing ones

*** --- " ... the bill gives shareholders the right to a nonbinding vote on executive pay, excluding golden parachutes. The Senate bill also requires so-called clawback provisions that force executives to repay any earnings based on inaccurate financial statements ... "




--

 

[Patranus]

The Drama Queens at ATP&N should fix their make-up. We can't put lipstick on the pigs ...




*** --- " ... the bill gives shareholders the right to a nonbinding vote on executive pay, excluding golden parachutes. The Senate bill also requires so-called clawback provisions that force executives to repay any earnings based on inaccurate financial statements ... "




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So the legislation should be ~6 pages instead of 2000, got it.

 

[BoberFett]

*snipped boohoo's usual verbal diarrhea*

Maybe you should send that to congress. Clearly they don't understand it.

 

[bfdd]

I don't care what political party you are or if the damn this 2000 pages. These twits need to read their own shit and figure how in the hell this will work out before they just pass things into law.

Seriously right? It can't really be to much to ask that they understand the bill they've wrote and want to pass. IMO any politician who says he doesn't know or understand something and votes to pass it should be immediately removed from office.

 

[woolfe9999]

What do we know about this bill? Anything?

Who is "we?" There is plenty of information out there. Speak for yourself.

- wolf

 

[halik]

Who is "we?" There is plenty of information out there. Speak for yourself.

- wolf

There is a complete lack of educational youtube videos on the topic!

I mean, what do legislators think - that someone will actually read an entire bill that deals with regulation of complex structured instruments and derivative trading policies? It should be 3 pages long with attached you tube summary, so Joe Plumber can make up an opinion on something waay over his comprehension in 3 seconds and stick with it.

 

[khon]

This bill just made the GOP's job even easier.

Their job was always easy. They vote no on every bill and collect as much lobbyist money as they can.

 

[BoberFett]

Their job was always easy. They vote no on every bill and collect as much lobbyist money as they can.

Ah, so that's the difference between Democrats and Republicans. Democrats vote Yes on every bill and collect as much lobbyist money as they can. I guess they truly are different.

 

[wetech]

The Drama Queens at ATP&N should fix their make-up. We can't put lipstick on the pigs ...




*** --- " ... the bill gives shareholders the right to a nonbinding vote on executive pay, excluding golden parachutes. The Senate bill also requires so-called clawback provisions that force executives to repay any earnings based on inaccurate financial statements ... "




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7. Does nothing to address Fannie and Freddie.

After all, according to Frank, they're financially sound.

 

[boomerang]

Dodd and Frank are the two buttheads in DC who are the most culpable for the financial mess we're in now. Nothing I like more than simpletons who got us in trouble, legislating to get us out of trouble.

Fucking disgusting.