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WASHINGTON (CNNMoney.com) -- After more than a year of work and two weeks of negotiations, lawmakers early Friday finished melding different versions of Wall Street reform.
The final bill won't be ready for a few days, but here's CNNMoney.com's breakdown of key provisions that aim to protect consumers, prevent firms from getting too big to fail and crack down on risky bets that leave taxpayers on the hook.
Well I didn't really see anything that will help us today.
Delays of up to 7 years before banks have to spin off their hedge desks ??
That gives them plenty of time to find a new loophole for trading.
Audit the Fed ?
What a joke..a one time look see at books we can already see ?
The off books balance sheets is still kept secret.
The missing $4 trillion will NOT be found in the public books.
Oh gee..require borrowers to prove they have income ?
Make sure people can see their FICO score ? (yeah..they want MORE lending to happen)
Give money to homeowners who cannot afford the home they are in the ability to stay a little longer ?
What will happen is that these additional checks and balances that the banks have to provide will end up costing us more because you know darn well those banks will not absorb the cost of additional paperwork.
There are some things that make a little sense in there and still a bunch of bologna. They just made it harder to get auto loans now. People give loans to make money. Take that ability away and car dealerships will stop lending. We are really boosting the economy now, aren't we?
WASHINGTON (CNNMoney.com) -- After more than a year of work and two weeks of negotiations, lawmakers early Friday finished melding different versions of Wall Street reform.
The final bill won't be ready for a few days, but here's CNNMoney.com's breakdown of key provisions that aim to protect consumers, prevent firms from getting too big to fail and crack down on risky bets that leave taxpayers on the hook.
I know what is not in it - any regulation of Fannie Mae and Freddy Mac.
Today, the Senate passed legislation to reform the financial sector -- yet the bill will leave the biggest bailout recipients untouched. In fact, Fannie and Freddie are guaranteed to continue siphoning money from American taxpayers.
That's right: The Democrat Majority in Congress has made no attempt to reform these two entities, which have already cost us $145 billion. Moreover, Congress and the administration have been hiding the true cost of Fannie Mae and Freddie Mac from the American public -- while also using these off-the-books institutions to funnel money into special loan-modification programs that are also unaccounted for in the federal budget.
And they created a new layer of committees and offices to regulate the regulators without even fixing the original regulators
How do you fix bad government ? Why add another layer of government to look over them while they don't regulate !
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