Sen Ben Nelson says will back Wall St bill

[cal04]

Source: Reuters

U.S. Democratic Senator Ben Nelson said on Tuesday he will back a historic rewrite of financial regulations, likely giving the bill enough votes to win final approval in Congress.

"I will support the Wall Street reform bill to end bailouts, add common sense consumer protections and make sure that Nebraska Main Street businesses are not adversely affected as we rein in recklessness on Wall Street," Nelson said in a prepared statement.



Nelson ensures 60 votes for bank regulation bill
http://news.yahoo.com/s/ap/20100713/ap_on_bi_ge/us_financial_overhaul_19

Read more: http://www.reuters.com/article/idUSWEN690320100713

[DCBob]

1. WOW! I cant believe it.. wonder what changed his mind?

They better not have given that sorry bastard anything.

[Dr.Phool]

4. A woman, who looked suspiciously like Harry Reid,

Was spotted entering Nelsons office, wearing lingerie.

[DCBob]

5. Eeesh!

:)

[davidinalameda]

11. that's just nasty

Harry Reid would make one damn ugly woman

[Iowa]

25. Hilarious!

:rofl:

[RUMMYisFROSTED]

34. The completion of the watering down. nt

[bluestateguy]

2. It's done. It will pass.

You can always count on Ben Nelson to vote for a bill-----once you water it down and take most of the good stuff out of it.

[joeybee12]

3. If anyone needed proof the bill is essentially a gift to Wall Street...

...look no farther.

[katandmoon]

6. Thank you.

[florida08]

7. agreed

[disillusioned73]

8. Looks like the kabuki dance has been completed

[Spazito]

9. I know, I know, the real proof of the gift is that...

the repubs aren't trying to filibuster it....oh, wait a minute....yes they are...damn guess they don't recognize the 'gift' you seem to see.

Oh, and btw, Nelson's vote became irrelevant when West Virginia Governor announced he will appoint Byrd's temporary replacement by Sunday. I suspect that is why he suddenly decided to support the bill, it is typical Nelson.

West Virginia Governor Expects to Fill Byrd Seat by Sunday

CHARLESTON, W.Va. – West Virginia Gov. Joe Manchin says he'll make a temporary appointment to the late Robert C. Byrd's Senate seat by Sunday.

Manchin said Monday he could announce his pick as early as Friday. Once he does that, he'll say whether he plans to run for the seat in November.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=433x372163

[No Elephants]

27. they are just blocking everything; and you know it. thank God people don't

judge a bill by how Republicans do or do not react to it. they're no barometer.

[Spazito]

30. Gosh, you may have a point there...

it is not at all unlike how some on the left spit on any reform bill put forward by the Obama Administration simply because it IS the Obama Administration regardless of the real changes contained in said bills.

Barometers ARE funny things, aren't they!

[harun]

12. Abso-frikken lutely.

[karynnj]

17. Not according to Elizabeth Warren, Sheila Blair, or Booksley Born

Here is Born:

In the 1990’s, Brooksley Born, who chaired the Commodity Futures Trading Commission at the time, tried to warn federal bank regulators, including Federal Reserve Chairman Alan Greenspan, about the www.stanfordalumni.org/news/magazine/2009/marapr/featur... |dangers of over-the-counter derivatives>. To put it mildly, her alarm-sounding did not go over well:

Of course, as we now know, the huge, opaque derivatives market helped to unleash a financial cataclysm, particularly by imploding the insurance giant AIG. “No federal or state public official had any idea what was going on in those markets, so enormous leverage was permitted, enormous borrowing,” Born said. “There was also little or no capital being put up as collateral for the transactions.”

Since Born saw the problems with the derivatives market where so many others didn’t, it’s significant that she has lent her support to the financial regulatory reform package that passed the House this week and is due for a vote in the Senate when the July 4th recess ends. “(The bill) is an important step forward in regulating the over-the counter derivatives market and I very much hope it is enacted into law,” Born said.

Despite the unfortunate watering down of the provision forcing banks to spin their derivatives trading desks into separately capitalized entities, the derivatives title of the Dodd-Frank financial reform bill is quite strong. It places standardized derivatives trades onto public exchanges (like the stock exchange) and forces customized trades to be cleared by clearinghouses (avoiding an AIG-type situation where one party to a trade has insufficient capital on hand to back it up). This is getting lost in the drama surrounding Sen. Scott Brown’s (R-MA) hemming and hawing over the bill, but it’s an important set of reforms that needs to become law.

Far more at the link:
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=433&topic_id=363262

and Elizabeth Warren:

[backscatter712]

22. Indeed. Wall Street is pissed, and switching all their campaign donations to Republicans...

which makes me like the bill! :evilgrin:

[lark]

24. It's better than nothing,

So of course the support it over the alternative. However, it is far short of efffective, still allowing too big to fail. Wall St. of course is going to side with Repugs who always want no real controls on big business at all. It's still a shame that they couldn't just put Glass Stegall back in place and we'd have true effective control - but that's not what they want.

[karynnj]

26. The Volker rule has the same function

The key was to have a wall between riskier speculative trading and banking - at least only 3% of bank funds are allowed to be traded.

[lark]

23. Bingo to you and poster above

:toast:

[Roland99]

10. "historic"? histrionic maybe but hardly historic.

[karynnj]

18. You know more than people like Brooksley Born, Sheila Blair, and Elizabeth Warren?

The fact is it is the biggest, most comprehensive new regulation since FDR.

[Roland99]

19. Big and comprehensive and completely worthless

[karynnj]

20. So you know more than these 3 women?

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4463073&mesg_id=4463286

Funny, you can't tell it from your posts.

[Roland99]

31. I'm not a sellout to Wall St pimps

[karynnj]

32. and they are?

[Roland99]

33. If they think this is a good bill, then yes.

This bill won't do jack squat

[No Elephants]

29. FDR's was better, but this is about 65% of the way there.

[AlinPA]

13. 57 democrats and three republicans-how can this be if Feingold is voting no on cloture?

There are only 57 Democrats.

[DCBob]

14. Lieberman and Sanders will also vote for the bill..

The Dem caucus is 59.

[karynnj]

21. We have 58 - until next week when we are back to 59

So, it's 57 (all but Feingold) and 3

[lib2DaBone]

15. Of course Bill Nelson will vote for it...

He knows it is a toothless, worthless POS Bill that will do nothing to stop his Wall Street Masters.

[DimplesinMI]

16. Agree.....

Ben Nelson is a piece a S**T!

[ProudDad]

28. Nice to see

that they've watered down the bill enough to get this right-wing fucker's vote :sarcasm:

Roast away, everybody!

[Guy Whitey Corngood]

35. So, is it shitty enough for him to vote for now? Great! nt