Why Every Aspect of Dems' Handling of Wall St. Overhaul Seems Headed for Disaster

[marmar]

AlterNet / By Nomi Prins

Why Every Aspect of Dems' Handling of Wall St. Overhaul Seems Headed for Disaster
It's not just Dodd's collapse on the Consumer Protection Agency -- it's the whole financial reform enchilada.

March 3, 2010 |


For Senate Banking Committee Chairman Christopher Dodd, D-Conn., retirement probably can't come soon enough. After the latest round of compromises, capitulations and castrations of the Senate financial reform bill, it's looking increasingly clear that Dodd is simply no longer willing to fight for real reform, assuming he ever was to begin with.

Dodd's latest effort at creating a new Consumer Financial Protection Agency would render the regulator utterly powerless, but it's not the only issue Democrats appear willing to sacrifice to Wall Street campaign contributions. Right now, just about every other major element of the so-called Wall Street overhaul seems headed for disaster.

The drama currently swirling around the creation of a new Consumer Financial Protection Agency has captured the most public attention. With passionate support from progressives and widespread approval among the general public, the establishment of some kind of new consumer agency has been certain since President Barack Obama proposed it in June 2009. But the bank lobby and Republicans are fiercely opposed to creating a new agency that goes to bat for consumers, not bankers. Since June, we've been waiting to see whether Democrats had the spine to make sure the final agency would actually do something, or quietly gut reform with a barrage of loopholes.

What we need is a prominent, independent agency with its own budget and the ability to both write and enforce strong rules. In essence, Congress needs to take every consumer protection power the Federal Reserve currently wields, and give it to a new agency that won't ignore abuses in the name of bank profits. Sadly, in a misguided effort at bipartisan hand-holding, Dodd appears to have abandoned this vision. ..........(more)

The complete piece is at: http://www.alternet.org/news/145862/why_every_aspect_of_dems%27_handling_of_wall_st._overhaul_seems_headed_for_disaster

[asdjrocky]

1. Wall Street owns the House,the Senate and the White House-

of course it's going to fail.

[ShortnFiery]

2. Hopefully these jokers liquidate before they rob us of our pensions and Social Security.

That's the only DAMN reason that I will always vote for a democrat (even a ConservaDem) for President. I still have a sliver of FAITH that a democrat is at least smart enough to know that you can't redistribute ALL THE USA's WEALTH to the upper 1% and maintain a viable Nation State. :(

[Double T]

3. k street and our own congress will see to it that this reform bill has no teeth or substance.

chris dodd is an enemy of the people; credit card reform wes a do nothing, not so funny joke. wall street and corporate reform will be nothing and do nothing.

[dkf]

4. What is funny is that consumer protection doesn't begin to address the biggest scam of all

Which is these jokers gambling backed by the American taxpayer. That is the big rip off. Too big to fail still exists and will blackmail our government into bailouts to save us all from pouring cash into the FDIC.

[Demeter]

5. "We Must Think of a Test

that looks fair, and sounds fair, and seems fair, AND ISN'T FAIR!"

Queen Agravain, "Once Upon a Mattress"