So what's the general consensus on the Financial Reform bill for which we now seem to have the votes

[Stinky The Clown]

Everybody happy?

Everybody not so happy?

Skeptical?

Angry?

What?

[DCBob]

1. The general consensus is there is no general consensus..

that's my consensus.

[DJ13]

2. Window dressing instead of doing what they know would work

But what would work (depression era Glass/Steagall Act) would impede the gravy train of big campaign donors, so thats out.

[doc03]

3. I suppose it's like the HCR bill, the best we can expect

considering the state of politics in this country.

[Birthmark]

4. I suspect it will be the equal of HC"R"

But I may be overly optimistic.

[harun]

5. Never expected any reform to pass and it isn't. This is a blank sheet of paper titled "reform".

[branders seine]

6. it has a nice name, which will allow much campaign chest thumping,

but changes virtually nothing, and leaves the most egregious practices in place.

it's almos tpurely symbolic, and a tiny incremental "improvement" (maybe a 2 on a scale of 1 to 100).

[Bitwit1234]

7. Wonder what Yankee fans will say about that.

[tkmorris]

8. Short answer: I need to study it a bit more

I've been doing that this afternoon and really wanted to respond to your post but found midway into posting that I still need read some more. It wouldn't be fair to kneejerk an opinion until I am certain what I am talking about. My initial appraisal was essentially that there is some good here but I am not sure it is enough. Not happy about the exception to auto dealers on loan reform. Blatant sellout there I think. Concerned that some of the things being "regulated" aren't actually being regulated, Congress is just granting various parties the power to regulate without being specific about what those regulations should be. Still getting my head around some of the rest.

[JackRiddler]

9. It lacks the key measures that might prevent a new crash...

such as a limit on total assets for any one bank, a re-separation of commercial from investment banks, an end to naked derivatives, an empowered and expanded SEC (as opposed to the empowered banking lobby in the guise of the Federal Reserve), a public exchange for ALL derivatives - let alone any move whatsoever toward banking as public utility.

There are some good aspects, like the new consumer credit agency even if under the Fed, assuming it's to be run by Elizabeth Warren.

But it is being advertised as preventing future crashes, which is both bullshit and politically deluded.

In short, hope that the next crash doesn't come before the election, because it will be blamed entirely on the Democrats.

[JackRiddler]

17. The best outcome would be Feingold getting a couple of others to stop it...

When the next crash comes, as it will regardless of whether this ineffective mish-mash passes, the blame will be on the Republicans who killed it, instead of the Democrats who falsely claimed it will stop the next crash.

[Lesleymo]

10. If we have the votes, it probably sucks.

If it was good, there's no way it would pass. Tell me again why we're the greatest democracy in the world?

(ps - say hi to Sparkly for me while you're at it!)

:hi:

[Stinky The Clown]

11. Hehehe

She says "Hi D!" back atcha!

[KG]

12. the financial industry isn't squealing like a stuck pig. tells me all i need to know

about this bill.

[Dinger]

13. Pretty Much (nt)

[JoePhilly]

14. Lots of negative responses ... so far not one with any specifics ... big surprise there.

They claim this bill is worse than what existed a few days ago ... but can they back that up??

I think not. Or they would have done so.

They have their meme ... Obama is the same as Bush ... and nothing can divert it.

They might as well join the Tea Party ... same memes, slightly different framing.

[sendero]

15. You're kidding...

.. right? This bill doesn't do the simple single basic thing that HAS to be done, it does not prevent banks backstopped with FDIC money from gambling.

Everyone knows we need a FULL REIMPLEMENTATION OF GLASS-STEGALL and we are instead getting more byzantine bullshit more geared towards baffling the electorate with bullshit rather than dazzling them with brilliance.

[alsame]

20. +1. Without Glass Stegall there is no real long term protection. nt

[Greyhound]

16. It's another set-up for yet another "nobody could've predicted" moment.

The only question I have is whether it is too weak to make any difference or if it will be worse than nothing.

But in the end it will be the liberals fault.

[Hosnon]

18. There's one person I trust on this: Elizabeth Warren.

This crap is complicated so I'm glad we have her to act as a guidepost. Everything I've seen about her seems to indicate that she is generally supportive of the bill.

[inna]

19. Another wasted opportunity. Another financial crisis is virtually inevitable now,

the only question is not if, but when, it's going to hit.


Maybe we should start a thread and bet on the date. :P My bet is late 2012.