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Thread: Congress Passes Financial Reform

  1. #1
    Havakasha is offline

    Congress Passes Financial Reform

    Yet barely any Republicans could find a way to vote for it. What does that tell you about their level of bipartisanship?

    http://www.nytimes.com/2010/07/16/op...16fri1.html?hp

  2. #2
    SiriuslyLong is offline
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    Quote Originally Posted by Havakasha View Post
    Yet barely any Republicans could find a way to vote for it. What does that tell you about their level of bipartisanship?

    http://www.nytimes.com/2010/07/16/op...16fri1.html?hp
    I heard that too. 2319 pages lol.

    http://finance.yahoo.com/banking-bud...l-reform-means

    Barney Frank was one of the creators. Isn't he the one who said Fannie Mae and Freddie Mac are in good shape several years ago? Yeah, he was real non partisan on that issue, and certainly WRONG. So now he gets to write a new bill. Oh boy............................. You know, we always talk about baseball players being successful if they hit the ball 1 out of 3 times, and about weather forecasters can be wrong all the time yet keep their jobs. I think we need to add politicians to this group.

  3. #3
    SiriuslyLong is offline
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    "One of the primary changes brought about the new law is the establishment of .a Consumer Financial Protection Bureau within the Federal Reserve."

    From the link I posted above. It all sounds great until this................ We are paying for this bureaucracy. Yet another tax dollar less effective.

  4. #4
    Havakasha is offline
    I am glad that there is a Consumer financial protection bureau. Sorry you arent.

    Everything you seem t know about Barney Frank is Fannie and Freddie. i love the breadth of your info about him and this bill.

    Once again your page number fixation has resurfaced. Time for you to seek help. LOL.

    So what exactly was it that the Republicans were going to do about this matter?
    Zilch as usual. No ideas and no ability to work on issues. Just beautiful.

    We PAID big time (trillions of dollars) for the lack of regulation and oversight, but when people want to try new ways to correct this fact people like you are only able to criticize while other people work hard to try to correct our problems. DID YOU EVER HEAR OF PAUL VOLCKER?
    Last edited by Havakasha; 07-16-2010 at 10:48 AM.

  5. #5
    SiriuslyLong is offline
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    Quote Originally Posted by Havakasha View Post
    I am glad that there is a Consumer financial protection bureau. Sorry you arent.

    Everything you seem t know about Barney Frank is Fannie and Freddie. i love the breadth of your info about him and this bill.

    Once again your page number fixation has resurfaced. Time for you to seek help. LOL.

    ?
    Did you click on the link I provided? 2319 is right there in the very first paragraph. I saw that and immediately had to share that with you. It's funny; you have to agree?

    You're kind of funny. You bash republicans for being partisan, yet you are clearly partisan yourself. I believe one critical point for the republicans is that there is hardly any "reform" for Fannie Mae and Freddie Mac -- and those two governmental institutions played a HUGE role in this recession . Wouldn't you want reform for a (one) root cause of this recession? Fees(hidden or otherwise) did not cause this recession. Seems obvious to me.

    It's like the government supplying matches, then making legislation, regulations, agencies and huge bureaucracies to tell (not guide) you how to use them. Do you see the analogy? If you do, you'll agree that it's kind of crazy.

    The bill sounds fine except for more government - please acknowledge that as the government gets bigger, each tax dollar becomes less effective. It really doesn't effect me because I'm responsible enough to manage my finances, but I guess there are a lot of people who don't or can't. You have to admit that it is kind of ironic that Barney Frank is an author. Let's hope he's correct this time.

    I've heard of Paul Volcker, but will have to look him up for more detail.

  6. #6
    Havakasha is offline
    Quote Originally Posted by SiriuslyLong View Post
    Did you click on the link I provided? 2319 is right there in the very first paragraph. I saw that and immediately had to share that with you. It's funny; you have to agree?

    You're kind of funny. You bash republicans for being partisan, yet you are clearly partisan yourself. I believe one critical point for the republicans is that there is hardly any "reform" for Fannie Mae and Freddie Mac -- and those two governmental institutions played a HUGE role in this recession . Wouldn't you want reform for a (one) root cause of this recession? Fees(hidden or otherwise) did not cause this recession. Seems obvious to me.

    It's like the government supplying matches, then making legislation, regulations, agencies and huge bureaucracies to tell (not guide) you how to use them. Do you see the analogy? If you do, you'll agree that it's kind of crazy.

    The bill sounds fine except for more government - please acknowledge that as the government gets bigger, each tax dollar becomes less effective. It really doesn't effect me because I'm responsible enough to manage my finances, but I guess there are a lot of people who don't or can't. You have to admit that it is kind of ironic that Barney Frank is an author. Let's hope he's correct this time.

    I've heard of Paul Volcker, but will have to look him up for more detail.
    I bash SUPER partisanship by the Republicans whereby they vote for nothing in the hopes of politically capitalizing on having zero change.You see the difference?
    I obviously support the Democratic agenda but believe there is a consensus to can be achieved on legislation concerning energy, immigration, financial reform etc. As i said before, the Republican leadership is opposed to ANYTHING it seems to me.

    I agree that something has to happen with Fannie and Freddie. From what i understand even Barney Frank has called for them to be eliminated.

    http://online.wsj.com/article/SB1000...391608940.html

    I am not automatically for BIG govt. Anything big tends toward the inefficient i will certainly acknowledge. But in case of consumers where we are constantly being screwed i hope this legislation will help a little to reverse that. Credit card companies have been ripping us off for years.

    Sorry i havent clicked on the link yet.

  7. #7
    SiriuslyLong is offline
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    MN Representative Michele Bachman (R) was on Fox News today. She cited some reasons for Republican disapproval which amongst them was what I had cited and secondly she cited this

    http://en.wikipedia.org/wiki/Community_Reinvestment_Act

    Now I'll be honest, I did not read the entire page. The first sentence was enough for me.

    "The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII of the Housing and Community Development Act of 1977, 91 Stat. 1147, 12 U.S.C. 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods"

    And you blame the big bad greedy banks............................. Remember the match analogy above???

    Interestingly though, when questioned on the subject of partisanship, she noted the republican ideas in committee are shot down repeatedly by none other than.......................... Barney Frank. He is the head of the Finance Comittee, correct? Hmmm, imagine that................. The golden rule = he who has the gold makes the rule.
    Last edited by SiriuslyLong; 07-16-2010 at 04:34 PM.

  8. #8
    Havakasha is offline
    You want me to seriously discuss something said by Michelle Bachman? Forget about it. Google her and see all the INSANE things she has said over the last several years.

  9. #9
    SiriuslyLong is offline
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    Quote Originally Posted by Havakasha View Post
    You want me to seriously discuss something said by Michelle Bachman? Forget about it. Google her and see all the INSANE things she has said over the last several years.
    So because of inflammatory remarks, she cannot witness what goes on during committee?

    Regardless of Bachman, you still fail to see that our government prompts the big bad greedy banks to make loans, then Obama steps up and villiafys them (like yesterday). It is an insult to the American people. Do you understand the concept of root cause? If banks were not incentivized by the government to make loans, they wouldn't. This crisis would NEVER have happened if it were not for Freddie, Fannie and the CRA. PERIOD. So you can pump your party politics all you want; there is only ONE truth.

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