Financial reform bill may not prevent crisis - full of loopholes per press (Congress, Dodd)

[HappyTexan]

Wow..finally some critical analysis of bills in Congress.

New financial rules might not prevent next crisis - Yahoo! News (http://news.yahoo.com/s/ap/20100523/ap_on_bi_ge/us_financial_overhaul_loopholes - broken link)

"Experts say the financial regulatory bill approved by the Senate last week, and a similar bill that passed the House, include loopholes and gaps that weaken their impact. Many provisions depend on the effectiveness of regulatory agencies — the same agencies that failed to foresee the last crisis."

[Swingblade]

You will like this one,poor Blanche was at home defending her seat so Dodd stripped her bill.Her bill was calling for the banks to unwind their derivatives positions.Here is what Dodd did:

Under Dodd's amendment, Lincoln's provision would not be implemented for two years.
In the interim, the provision would be studied by a federal council of regulators, such as the leaders of the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency. Several key members of the council and Geithner, who would have final say under the compromise if he were still in office, have serious reservations about forcing banks to get out of the derivatives business altogether.
Financial regulation bill gets last-minute amendment from Sen. Chris Dodd

Wow I bet when the banksters read that there was wailing and gnashing of teeth.The decision would be made by Geithner who worked for Citi,the IMF and the federal reserve.Let guess who he will side with,the banksters or us.The funny part is we need another gvt study,read the article it is comedy at its best.
Just like a majority in this forum were predicting this reform will mean nothing,and it would not have mattered which party controlled the congress or the WH.Like Durbin said the banksters own the place.