Dems Making Refrom Wall St, GOP Nightmare

[SpartanDem]

I gotta say it's been fun watching the GOP scum just cave.


The Wall Street reform bill is taking that rarest of paths through the Senate — actually gaining tougher provisions against the industry as it proceeds, not being watered down to win votes as health care reform was.

And that’s put Republicans in a difficult spot. They like the bill less with each passing day but know they risk looking like they’re siding with Wall Street if they vote no.

.....
Democrats know public opinion is on their side and keep pressing their advantage. The latest example came Thursday, when the Senate voted, 64-33, to pass an amendment by Sen. Dick Durbin (D-Ill.) that would allow the government to oversee debit card transaction fees.

Consumer advocates loved it. The industry hated it, because the small fees on millions of card swipes add up to big revenue for ailing banks.


“It’s getting worse,” one Wall Street official said. “And it was made much worse by the Durbin vote.”

......
On credit-ratings agencies, the Wall Street establishment watched with horror as senators voted, 64-35, to upend the traditional way of doing business. Under the old model, firms issuing bonds would pay the ratings agencies to grade the offers — which critics called a conflict of interest.


The new plan would establish a credit-ratings board that would stand between issuers and raters, determining which agency issues the ratings for certain bonds



Read more: http://www.politico.com/news/stories/0510/37318.html#ixzz0oHrtA3gC

[NJmaverick]

1. It's issues like these that are going to ruin the GOP's plans for November

[Sheepshank]

3. Personally I think

the Reps will just try and take credit for it all in November.

They can make the case (spin) that HCR was not in the best interest of the USA but financial reform is, so they went at it with full gusto and made sure to hold Dems feet to the fire on this one :crazy:

If there is one thing he Reps do is that they know how to take credit for others' hard work.

[NJmaverick]

5. It wouldn't surprise me in the least if they try and pull that one off

with their own full time propaganda station they can sell just about anything.

[still_one]

2. If the Democrats really want reform they would get rid of the computer and flash trading

It has NO basis in the value of a company, and its only purpose is to enrich wall street firms with quick trades

I have no doubt they will do NOTHING about it, and the market will continue to be a casino

[harun]

9. Exacltly, they need to make the market about investing, not gambling.

Buying a stock, holding it for 12 thousands of a second and selling it for a fraction of a penny gain is not investing. It is gambling.

I don't see the political will to change that either. Funny thing is, if they did change that, it would most help Wall St. because people would regain confidence in the system. Obama should save them from themselves, it won't happen though.

[impik]

4. Heee. This is fun indeed

[Tarheel_Dem]

6. It is indeed a beautiful thing to watch. (nt)

[ShortnFiery]

7. Smoke and Mirrors that, in the end, leaves their buddies in Goldman Sachs ...

and the other Bankster Corporate Predators in control of the keys to the Kingdom. :thumbsdown:

[Dr Morbius]

8. Ladies and gentlemen, let's hear it for the senior Senator from my state.

To Dick Durbin: may he remain hale and able to keep fighting the good fight!

Thanks again, Senator.

[Tippy]

10. I kind wished Durbin had backed Burris to keep him in the Senate

[Dr Morbius]

11. Burris can't win. He's too tied up with Blagojevich.

I like Burris, and voted for him when he ran for governor back in the day. But he can't win, and he's like 70 anyway. Burris has been a pretty reliable vote for the Democrats since taking office, though.

[Tippy]

12. Burris was at one time an honest man....is there more that I don't know?

[Cha]

13. KR

[ShortnFiery]

14. By handing over the POWER to Goldman Sachs, et. al., to acquire smaller banks and credit unions?

Stop! You're killing me! :rofl: