Dodd Hails Senate Passage of the Wall Street Reform Bill

[ProSense]

Dodd Hails Senate Passage of the Wall Street Reform Bill

Senate Banking Committee Chairman Chris Dodd (D-CT) tonight hailed Senate passage of the bill to bring accountability to Wall Street.

“With passage of the Wall Street Reform bill we have taken a major step towards creating a sound economic foundation for the American people we represent. This is their victory.”

• “For the first time ever we will have a Consumer Financial Protection Bureau to watch out for the average citizen in our country when they are abused by a financial market place that takes advantage of them on home mortgages and credit cards.”
  
  
• “For the first time ever, we will have transparency and accountability for derivatives with mandatory clearing and exchange trading.”
  
  
• “For the first time ever, we will have a system in place, so that when a giant company fails, it fails, its management is fired, its shareholders and creditors are wiped out, and never again will taxpayers be forced to bail them out.”
  
  
• “For the first time ever, we will have an advance warning system, so somebody is on the lookout for the next big problem in the economy before it’s too late to do anything about it.”

“The debate we have had, covering four weeks and considering close to 60 amendments from members of both parties, represents the Senate at its best. I look forward to working with my colleagues in the House to produce a strong bill that will protect consumers, protect our economy, and hold Wall Street accountable.”

[David__77]

1. This may play out well.

Details aren't important - "Wall Street reform" is. GOP standing with Wall Street is key. We need to develop a left populist narrative now!

[TheKentuckian]

4. How are detail unimportant when its only those details between us and another crash?

This is about much more than "scoring points on da pubbies", it is about our national (and even global) financial security and opportunity for prosperity.

[ej510]

5. +1!

[David__77]

13. Without political power, it's not relevant.

The right will definitely destroy things. At all costs, power must be grasped.

[ej510]

2. Fuck Dodd he tried to weaken it and was successful.

[TheKentuckian]

3. That's what I'm saying. What a fucking scammer! Good riddance to bad rubbish

That guy had me fooled over the years. Fuckin blind.

[ProSense]

7. No, he wasn't.

He dropped it.

[backscatter712]

15. We the people can claim responsibility for that.

Dodd, Lincoln & co. were orchestrating a cave-in for the derivatives regulation, but had to stop when Lincoln didn't clinch the nomination on Tuesday. Now with Halter rightfully nipping at her heels and on the verge of beating her, she and Dodd were forced to let the derivatives amendment stand and pretend to be progressive until the runoff...

[TheKentuckian]

16. I think they already gutted the enforcement so its just a guide more than anything now

[depakid]

6. Let's look at Dodd's behavior here:

Via Dylan Ratigan (in situ links at the referenced article below)

Thankfully, once forced to vote, politicians can no longer merely pretend to working for the People as they do the bidding of the Banksters. So once you look beyond all of the well-documented behind-the-scenes work by Dodd to weaken financial reform, we also have his on-the-record votes on a few of the meaningful attempts at real reform:

* No on the Kaufman-Brown SAFE act to actually stop Too Big To Fail with actual laws.

* No on the Franken Amendment to finally end the horrendous scam that is the current credit ratings system.

* No on the Vitter Audit the Fed Amendment that would give true transparency to a shadowy organization that has helped destroy our economy.

And just so you don't think he can't say yes to anything...

* Yes on the Carper Amendment to actively prevent state Attorney Generals from fighting for your rights, because apparently the one lesson Senator Dodd learned from this mess is that our country will be much better off if he can just keep the next Eliot Spitzer from protecting citizens.

More: http://www.huffingtonpost.com/dylan-ratigan/who-will-your-senator-sta_b_583937.html

[ej510]

8. Dodd can go to hell.

He's just as bad as Liberman.

[depakid]

9. He won't be in the Senate next year- though it will be interesting to see where he lands

[ej510]

11. Lobbying Firm!

[ProSense]

10. Upset that financial reform passed? n/t

[TheKentuckian]

12. Are you upset that the Clean Skies Initiative passed? How about the Patriot Act?

Or No Child Left Behind?

Just cause a bill has an appealing title doesn't mean it does as advertised.

[ProSense]

14. "Just cause a bill has an appealing title doesn't mean it does as advertised." Title?

Who said anything about a title?

As I said elsewhere: If the bill does more good than standing around complaining that more can be done, then I'm all for it.