Finance Reform Is Essentially A DONE DEAL!!! Wins/Losses:

Personally, I believe this is a huge feather in the Dems cap and will be yet another historical accomplishment for Obama. As with most if not all legislation, it ain't perfect, but it's pretty solid.

With credit to "zonk" at TPM:

http://tpmdc.talkingpointsmemo.com/2010/07/reid-rounds-up-60-votes-for-wall-street-reform.php?ref=fpb

- 97% of the so-called "Volcker Rule" (Large banks limited to 3% capital reserves in hedge investments)
- Creation of the Consumer Protection Agency (some progressives will say "But it's in Treasury!"... I personally don't see any better place for it)
- Elimination of Credit Default Swap speculation madness (banks may only engage in CDSs when they hold a positive position in the underlying security... in effect - it forces banks to use CDSs for what they were intended - "insurance" or downside hedges... rather than paper gambling).
- Payday lender oversight (first such federal oversight)
- Additional credit transparency rules and reporting
- Creation of a liquidation fund to avoid new TARPs
- Audit of the Fed

"Losses"
- 3% of the Volcker rule
- Auto lenders were exempted from the new credit and loan rules
- Payday lender oversight was placed under the FTC (debatable whether this is really a loss)
- The initial seeding of the liquidation fund was originally a large bank tax... but was changed to draw from unused TARP funds

When will that happen?

Maybe Friday? Within a week probably.

Or for the hell of it, around Tuesday. Friday and Tuesday seems to be happy voting days for Congress.

He was upset it wasn't strong enough, but the shit wasn't about to get better and then because he wanted to "stand on principle" he inadvertently made the bill weaker. What an asshole, really. These things can be improved upon and records have shown that he's fully aware of rather weak bills that needed to pass---since he wrote one. Ugh...that guy. Thanks for the info Beetwasher, I would have loved the bank tax included.

There's a lot of good stuff in here though. Very solid.

When we oppose Obama on "principle", the media tells the sheep that all who oppose him oppose him for going too far.

The Dems in Congress balk ... and we end up losing even more ground.

We keep doing it ... and we seem to not notice.

a wide margin.

Still a good bill regardless.

It says the "speculation madness" is eliminated by new requirements and regulations.

If the requirement is as stated (I confess I have not read current bill) in the OP that the bank can only do a credit default swap of securities it holds a positive position in that by definition is not a naked swap (unless my jargon is sorely out of date). That would be a hedge.

n/t

I understand these things aren't mutually exclusive but Congress can only limp through one major thing at a time unless it's fluff like to honor so and so for his massive world record baseball collection or something.

No Glass-Steagall, only 3% of Volcker, Derivatives still allowed, Audit the Fed... (Ya.. like that'll ever happen.)

This bill is like putting Wall Street on "Double-Secret Probation".

The Goldman-Sachs Derivative Vampires will be back in business within a week.

You're cynical whining is noted. :eyes:

Has anyone noticed the party of No has decided to get behind this bill? Does that say anything?

Cynical or not.

No, it doesn't bother me. Not at all. It's a smart move for these most moderate Republicans considering their States.

Republicans are not inhuman monsters incapable of ever making the right decision, nor are they paranoid lunatics living on a different planet from us.

If you're going to give up on every bill that gets any Republican support, we might as well just close up Congress.

Regulate them.

Wish granted.