Wall Street Reform Advances In Senate=finally

[babylonsister]

I don't know if this is good or bad; I appreciate Cantwell and Feingold sticking to their principles, but hope there's something beneficial in this.


http://www.washingtonmonthly.com/archives/individual/2010_05/023902.php

WALL STREET REFORM ADVANCES IN SENATE.... The third time was the charm on ending debate on Wall Street reform.

The Senate voted on Thursday afternoon to close debate on a far-reaching financial regulatory bill, putting Congress on a glide path to approving a broad expansion of government oversight of the increasingly complex financial markets that is intended to prevent a repeat of the 2008 economic crisis.

The vote was 60 to 40, with three Republicans joining the Democratic majority in favor of ending the debate. Two Democrats voted with 38 Republicans in opposition to finalizing the bill.

"We have made great progress," the majority leader, Harry Reid of Nevada, said after the vote. "It has been hard to get to this point."

Ain't that the truth. Even today wasn't easy -- not only did the 60-vote majority leave no margin for error, Reid needed three Republican votes (Snowe, Collins, and Brown) to overcome the defection of two Democrats (Cantwell and Feingold) who supported the GOP filibuster.

The successful vote on cloture means a final vote can take place within 30 hours, sooner if members unanimously agree to waive the delay.

The bill is expected to pass, at which point it will need to be reconciled with a House version passed late last year. The goal, according to Democratic sources, is to have the final bill signed into law by July 4.

—Steve Benen

[global1]

1. We'll Have A Bill - But It Doesn't Achieve What Needs To Be Done......

we need to urge Obama to veto anything that comes to his desk and send it back until it is strong and addresses the derivative issue and reinstates Glass-Steagal.

It's sad that these politicians in D.C. don't represent the people. Then they wonder why incumbents are in trouble at the ballot box.

[zipplewrath]

2. Hate to sound like a 'Pub

But Feingold wanted to allow some votes on amendments (including his). Not sure what the rush was.

[Hippo_Tron]

3. They wanted to get home for Memorial Day

I'm pretty pissed that they didn't vote on the amendments Feingold and Cantwell wanted.

[ChiciB1]

5. They Want To Get For Memorial Day!! Bottom Line... End Of Story!!

Had to turn off my TV, couldn't listen to this stuff anymore! I've heard RUMORS about something BIG happening in 2012... I'm not sure at this point in time that 2012 WILL EVER GET HERE!

After I saw the OIL SPILL Fiasco from Plaquemines Parrish I got physically sick! Bile actually rose in my throat!!

I just had to turn IT OFF, don't know WHAT to say or do anymore!! Mostly I'm hearing SIT DOWN, SHUT UP... We GOT YOUR BACK!!

LIKE HELL YOU DO!!!!
:nuke: :grr:

[damntexdem]

7. Actually, since the bill became stronger with each new amendment, ...

that may explain why enough GOPers crossed over to get it through cloture now.

[zipplewrath]

9. The question is why did DEMOCRATS vot to shut it down.

Feingold, amongst some others, had some good amendments to offer.

[TheKentuckian]

4. To the detriment of the people and the intent of the legislation

but I guess as long as we can notch a "win" then it doesn't matter if the shenanigans continue and we're right back here but a lot poorer down the line.

Incremental ism is not a magic bullet and in this scenario if we leave this anything like as is then we have failed and the economy is still in just as much danger as it is today.

So far we have a semi-toothless consumer protection system, a partial audit, and some desperately needed improvements to ratings agencies. This is not close to enough to prevent another meltdown so it is the responsibility of the Congress and the Administration to stay on this until something substantive is put into effect.

Once again we're looking at a fake solution to a very real and present danger.

[Cha]

6. Can it not be added to like the HRC

to make it stronger?

[zipplewrath]

8. What's been added to HCR?

I hadn't heard that they added anything.