In all seriousness, is there a chance of meaningful financial regulatory reform

[Juche]

As an opener, let me say I am asking a serious question about an important issue, not looking for a bunch of knee jerk 'nope' replies. Does anyone have any idea on anything in the works, or if there is a serious chance of it getting passed?

This issue bothers me. Lack of regulation in the US economy almost drove the entire world into a depression. We are in a global recession which means billions of humans are suffering more than we would have, and rates of mental illness, starvation and deprivation are going up all over the world.

I had a decent job and when the collapse happened my hours were cut and I was let go. I'm having mental health problems because of it. My story is being repeated by endless millions all over the world. If this country is so deep in plutocracy that nothing is going to be done to prevent this from happening in the future, it is going to change my view on the US on a very fundamental level.

Is there a realistic chance we will get regulations to change this in all seriousness? If not is it truly because both parties are desperate for wall street funds or what exactly?

Why would politicians cost the US and global economy trillions in losses to earn millions in campaign contributions? I do not get that, if that actually is the motive.

Will the rest of the world do anything in retaliation if we do not act? If the US is a plutocracy that is able and willing to destroy the global economy rather than stand up to wealthy powerful people (which we are) can we realistically expect the rest of the world to sit by and let that happen? Why would western Europe or China put up with the negative consequences of our plutocracy? We almost collapsed the global economy with our deregulation. Countries all over the world are seeing higher unemployment and debt due to our plutocracy. Why would they put up with that passively?





On another note, is it possible that Obama and the dems chose to make health care their opening reform (they have been working on health care non-stop for the last 8 months) in order to distract us from financial reform? ie, were they worried about the political fallout of not taking on our plutocracy, so they distracted us with healthcare and hoped we'd forget?

[rwheeler31]

1. We will get a little bit.

[Juche]

3. That is my fear

Token reform. If you look at health reform, we basically gave the house over to the plutocrats. Insurance companies said they didn't want to compete with a public option, so the public option was stripped. Pharma companies said they didn't want to compete with reimportations or pay negotiated rates on drugs, so that was stripped.

We may have 'health reform', but only reform that empowers the same companies that helped screw the system up so badly that we needed reform in the first place. Reform enacted by cutting the plutocrat's competition and forcing people to buy their products.

I worry wall street reform may be the same. Another 'clear skies initiative' type of thing. Sad part is this is very serious. The global economy almost collapsed recently.

[Edweird]

7. It sounds like you already know the answer to your question.

[yourout]

2. Not with the Foxes as landlords to the henhouse.

[pissedoff01]

4. Yeah. The Wall Street Profit Enhancement and Protection Act of 2010

[dflprincess]

9. +1

It will be a nice compliment to the credit card and insurance "reform" bills they've already passed.

[rgbecker]

5. House passes bill Dec 12th. Time to write your senators. link

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/11/AR2009121102754.html

Could it be better? Could the Health Care Reform bill be better? I'm sure the GOP will not be giving you anything better, so take what you can get.

[Better Believe It]

6. Not so long as Wall Street controls Congress and the federal government

[jtuck004]

8. Why would China be upset?

The World Bank upgraded it's prediction of their economic growth to 8.4 percent or better this year. With the rise in other economies we are becoming less relevant all the time. People here tell me that from our perspective they are not doing too badly. You mention retaliation - we are winding down a war in Iraq, and China just bought rights to a huge amount of oil, from the limited information I can get. They are going to own part of our petroleum-based future

You asked the question "Why would politicians cost the US and global economy trillions in losses to earn millions in campaign contributions?" Most (not all) of these people seem to change with the wind - you know a few million in their pocket is a great motivator. Especially as they see their seat being blown this way and that by voters - why wouldn't they get theirs while they can?

Respectfully, I don't see the pressure to change. Our current government continued, and continues, a policy of supporting many of the corps that put us in this hole.

It's interesting that you call for laws that regulate. There were laws that barred the very activities that led us down this ruinous road (banks and finance firms becoming one, for example). Repealed, and we were off and running.

The people who were in power will remain in power. We could change this by starting our own banks, figuring out how to restart manufacturing, etc. Without that all we may see are some cosmetic and ceremonial changes.

I am sorry for your current troubles, and, as you noted, you are not alone. I do wonder what it would take to get all those people together to make life better for themselves, because that is the only way you\we will have any power.

[FormerDittoHead]

10. Please tell me you're kidding.

Let me see. A WIDE majority of Americans wanted single payer or public option or medicare buy-in. Cross index all of those who said yes to any of those and you'll get a WIDE MARGIN.

Health insurance costs consumers a lot of money, and it concerns life and death. We pay more than any other country in the world.

Obama campaigned on and was elected with a CLEAR mandate for REAL, MEANINGFUL REFORM *INCLUDING* a public gov't run option for the goal of reducing costs and curbing the excesses of the insurance companies...

And you saw where THAT went. AT BEST, it's a deeply flawed bill that's better than no bill at all. That doesn't count a great many well informed progressives who don't think it's even that good. Conservatives, of course, would oppose any bill, good or bad.

At the passing of the bill in the Senate, insurance stocks soared above the general market indices 52 week performance, indicating a major victory for the very industries which this bill was supposed to curb.

Now WHAT do you EXPECT is going to happen with this????

AT THIS POINT, the only thing I would expect from Obama is for him to come through with some deeply symbolic progressive act come the Summer of 2012...

[inna]

11. Not to be overly cynical, but... here's an interesting read:

http://jessescrossroadscafe.blogspot.com/2010/01/is-us-goverment-preparing-lifeboats-for.html

[jtuck004]

12. Oh, where is George Bailey when we need him? n/t