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US financial reform passed by Senate
US financial reform passed by Senate http://news.bbcimg.co.uk/media/images/48376000/jpg/_48376806_009688461-1.jpg The reforms are designed to prevent future financial crises Quote:
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I like how the reform did something about propriety trading. Yeah, for quite some time the banks made big bets, causing the capital to go down quick. Also glad there's an agency overlooking the finanical instruments like derivatives. That's one of the things that caused the financial crisis in the first place. >.>
Kinda bit iffy on the banks don't need to keep reserves until five years later, though. It's kinda a bit too long for me. Then again, it's unclear how the economy will go the next couple of years, so I guess five years should be a good enough time to have the banks get their act together. |
Obama signs sweeping US financial reform into law http://news.bbcimg.co.uk/media/images/48376000/jpg/_48376806_009688461-1.jpg The reforms are designed to prevent future financial crises Quote:
But as we all know, these will be scaled back sometime in the future...as usual. |
Well, we'll see if we really won't ever have to 'foot the bill' for Wall Street's mistakes again. I find that part hard to believe. But, stranger things have happened (reference the War of 1812). The part that really has me worried though (and should have everyone worried) is that now he has the power to essentially break up any company that he considers to be too big (or so large that it's causing economic problems). I can guess a few companies that might be potential targets of this in the future.
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Who is this "He" you are speaking of?
The Federal Reserve, which is independent of the Executive is the one being given the powers that are in line with what the FDIC has. :/ |
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We did not need a new law to reform Wall Street. Congress should of re-instated the Glass Steagall Act. Had this law not been repealed it would of mitigated the damage from the real estate collapse. This bill will set up a permanent system to bail out "too big to fail" companies instead of letting them go into Chapter 7 or 11 bankruptcy. Finally this new law does not touch the Fanni Mae and Freddie Mac bailouts.
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But alas, even reinstatement of Glass-Steagall under the guise of the Volker Rule was watered down significantly by the powers that be. |
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