Financial Reform Gets Over Hurdle – Another Win For President Obama!
Here is the New York Times story about the success. I’m sure all the “nothing is good enough” crowd will pick it apart, both sides will whine and cry and their will be “poutrage” from some on the left. The Huffington Post, which I refuse to link to, has a blazing headline “REFORMED BUT NOT TRANSFORMED“. They wouldn’t want to actually give credit where credit is do now would they? I haven’t been tracking on it too much, so I can’t speak to the details but I’m sure that since it took 3 Republicans to pass it, it probably is watered down pretty good. But considering the way our dysfunctional democracy works, it’s better than nothin’!
July 15, 2010 - Posted by ExtremeLiberal | Accomplishments, Financial Reform, Politics, President Barack Obama
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Huffington Post should really point out that their was no way to get it passed without some bipartisan support. More work needs to be done on financial reform and its not necessary an end all sweeping bill but its more than any prior administration has been able to do. For that matter its a big accomplishment considering with Congress and Senate being at odds so much.
Doubtless the young turks/turds will waste little time in bashing it. I’m optimistic though and am glad that things are getting better. Progress is being made despite pundit spin and lies.
It is not perfect, but no bill is. The wording will make it tighter and tougher to get a mortgage, which is a great thing if it is followed through on. Maybe we can go back to the conventional/VHA/FHA loan system where you have to have skin in the game to buy a house.
Ending the days of the no doc loans makes this a bill worth passing and those rupukeicans should be ashamed for not supporting it. I read that the “rich” are the largest segment of foreclosures and just walk from houses because they are upside down on a loan. Hope this stops that as well.
Agreed Ralph, you nailed it on the head.
Actually getting 3 Republicans votes did not water down the bill. The Senate version was much better than the House and in conference the overall bill got stronger.
If they had taken out the consumer protection agency, the Franken Amendment and a few other things I would agree but that didn’t happen.
Add to that the Franken amendment which was huge since a lot of the blame for the fallout was due to these credit rating agencies. Lot of good stuff in this bill.
Good to know Woody, like I said, I haven’t been tracking it very much. Why are there only 3 Republicans who think this is important?
Biggest problem with the Franken amendment is the regulators appoint the watch dog. Goes back to appointing friends on a board of directors, independence takes a back seat to protecting your friends.
This bill has some good things for those who don’t need to borrow money. If you need a loan or mortgage it will make it much more cumbersome, not a bad thing but it will hurt marginally qualified people and businesses.