With These Goldman Sachs Hearings Going On - Is It Too Premature To Pass Financial Reform Now?....

[global1]

I mean I've listened to these hearings all day. This stuff is really complicated. Are we sure that this Financial Reform bill that is on the docket covers all the ills of the system? Do we need to understand better what went wrong before we can put a Financial Reform bill through? Or are there different parts of Financial Reform and a second bill will come up later to cover the problems caused by firms like GS? Just asking?

[DURHAM D]

1. just more lipstick on a pig

Its what Dems do now and call it "reform".

[Ozymanithrax]

2. You have to strike while the iron is hot.

They do it now, or they don't do it at all. Republicans want to slow it down, because they know that the slowe Democrats move the less likely they are to pass anything.

[global1]

4. I Know That This Is The Same Argument Made With HCR.....

but in the rush to get these bills passed because if we don't do it now we'll never do it - do we put together half-assed bills that really don't cut to the meat of the issues.

Again - I listened to this hearing all day. This stuff they are talking about is pretty complicated and unless you have some financial training is hard to comprehend.

It seems like before we even come to a conclusion on GS and figure out how to prevent that from ever happening again - they've already got a Financial Reform bill very close to becoming law. Are we sure that this Reform Bill will address all the ills of the system and correct them or at least keep them in check? If we don't know the bottom line of the fraud that went on at GS - what have they written into this new bill that will prevent that from happening?

[Ozymanithrax]

9. They pass the bills they can.

HCR was weakened because of the length of time it took to pass it.

In any choice between something or nothing, I will take something. The Republican argument to slow down is wone beg shit pile of deceit. They did not want to slow down, they wanted it stopped.

It is the same with regulating the banks and wall street. They say slow down. What they mean is nothing at all.

We do it now or not at all. The longer it takes, the weaker the bill will get.

[Uzybone]

3. A bill that covers ALL the ills of the system?

if we wait for that there will never be a bill.

[global1]

5. I'm Talking About Understanding What Got Us Into This Mess And Taking Care.......

of those 'ills' in this bill. I realize that whatever is passed - that there will always be people/companies trying to game the system and work the loopholes. Are we satisfied that what got us into this mess is addressed in this bill going through the Senate right now?

[Lint Head]

6. It's needed now! If it had been in place we may not have had

a financial meltdown.

[dkf]

7. We already know that the current proposals won't do much to correct the problems.

[iamtechus]

8. The main cause of our national/global financial problems is the ...

Repeal of certain provisions of the Glass-Steagall Act. This law was passed in 1933 to stop the practices which caused the financial problems of that day. It worked well until certain provisions of the act were repealed in 1999.

The Banking Act of 1933 was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation<1>. It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Carter Glass and Henry B. Steagall.

Some provisions of the Act, such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–Bliley Act.

http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act

All that is necessary is to reinstate a good law that worked as intended!

[Mari333]

10. [phone]