Senate Bank Reform Bill One Vote Short

I'm not an economist and I don't pretend to have a clue how the economy operates. But I do have pretty good instincts.

CONSUMER PROTECTION
A - Sounds pretty solid to me. I've seen the "warnings" on my credit card statements already. I don't necessarily need them now, but the 20 somethings do.

ENDING THE CASINO
B - Credit default swaps and collaterized debt obligations? Who understands these things?

TO BIG TO FAIL
F - I'm pessimistic on this one. The optimist in me hopes this one failed because its inclusion would hinder the country's economic recovery. The pessimist says that the $3.5B spent lobbying Congress wasn't spent to ensure my wealth and wellbeing.

Again the Blue Dog Democrats (or those congressmen who are truly corporate lobbyists as opposed to supporting the people) AND the obstructionist Republicans watered this Bill down so significantly that we will NOT see reform. Instead, we will see a lot more gambling on derivatives (due to a greatly weakened Volcker Rule)and we WILL SEE another housing bubble burst into massive foreclosures. The concept of the G8 (or G20) Commission is bad, bad, bad for the world economy and Obama listening to Rahm emanual vs. Dick Durbin is appalling! The G8 requires world financial leaders to NOT help their fellow countrymen unless their fellow countrymen are in the top 2% of the richest in their country because all rational worldwide economists tell us we need more stimulus to get jobs going in America via manufacturing and credits or subsidies to small businesses (at least let the small businesses acquire loans much more easily)--but G8 stated we need to STOP all stimulus and pay down our debts which is impossible for America with ALL the tax breaks for corporates and the ubba rich along with funding three wars plus! There's NOTHING in this legislation to help small business and generate jobs AND there remains the "too-big-to-fail" "gangsta bankstas" who rip off Americans at every opportunity to serve the greed of these financial monopolies and the ubba rich. Wall Street is protected in their predatory behavior on America's middle class in an effort to continue funneling monies to the ubba rich as the top 10% of Americans--the ubba rich--own over 90% of all stock.

I rate the whole bill an "F"
Barney Frank and newly placed Brown have opened several important loopholes for their own financial constituencies that defeat the whole premise of "reform"
Whenever any government agency, politico or other representatives utter the word "reform" I know it's going to be a total mess and the common folk will always loose.
Courage from both major parties has fled the capitol.
Our country is just being set up for more speculation and money swindling.
Too bad Brooksley Born wasn't able to boot the likes of Greenspan, Rubin and others in the groin back in the nineties!

We will have no real reform until the Federal Reserve's immense power is checked, its books are audited and it is held accountable for its actions, which are at the center of our financial crisis. Having it house and fund the CFPB is PLAYING RIGHT INTO ITS HAND. So, in my opinion, this current reform bill is laughable because it does not create real change and merely continues catering to the Federal Reserve and giving it all the power.

Thanks Mary for all you do to help us. This watered down bill is no more reform than me telling my kids by phone to quiet down. Maybe when the demmos get a backbone this would be a time to get real reform.

1. Consumer Protection - "B" - Though I have very measured expectations, I look forward to seeing what Elizabeth Warren will bring forward.

2. Derivatives Trading - "C-" - Without including all derivatives, it's very weak and unlikely that this will be fixed short
of an another or worse financial disaster. Regulation always lags so badly behind the never -ending creativity of humanity's
worse characteristics - greed and false power.

3. TBTF - "F------" Between the supreme court decision to give corporations carte blanche to hi-jack (openly and blatantly) our election process, the legislative branch has proven their unwillingness to bring corporations back into scale for the betterment of our country. I can't think of any other events, with the exception of bush v gore election, that have given me more despair that the trajectory of this country is ever downward. I heard that Exxon/Mobile is pursuing the take-over to BP - "and the beat goes on".

Thank you for all your efforts. Success is in the pursuit of what you believe in, not in the outcome of your efforts.

You can't be serious! This bureau will protect the consumer the same way the securities and exchange commission protected us from Wall Street or the way the FCC protects us from the media thieves, specifically not at all. Indeed it will become a protection agency FOR the banks against any consumer involvement just like all the other phoney government protection administrations. Grade: "A" if you are a bankster or stock holder- "F" if you are a consumer

This part of the bill really tells the story of congress! "Weapons of mass destruction" are not made illegal as they should be, but rather the unscrupulous immoral act of manipulation for profit will require the despotic thieves to spin off a separate entity to carry out these dastardly activities which will now have "rules" and requirements such as actual "real money" in order to dominate. If anybody thinks this is reform they get an "F" Vulture capitalists and their investors will give it an "A"

Too big to fail is COMMUNISM at its' best. Anti-capitalistic, anti-free market, and un-American. How anyone in the United States could be sold on this bull is amazing. Actually the public was not, but democratic politicians oddly were. Of course if you are a stock holder and stand to profit from the stealing of public funds you probably like the idea. The federal reserve must be exposed to public scrutiny before being terminated. Why does the congress think that removing the regulations implemented as the lessons learned from the worst investment/banking disaster is a good idea? And having removed them caused an even bigger world wide financial disaster why are they not restoring these regulations which worked so well for 70 years? I suppose if you are a Timothy Geithner or a rich member of congress you would give this an "A". However any ordinary hard working American or other victim of this scam would see through this "reform" and give it the "F" in deserves.

This is just more proof that the entire congress as well as the white house is serving the thieves who have stolen democracy itself from the people of the United States. The republicans and their brazen display of conserving the status quo for themselves and their culture of open theft and christian sponsored immorality are apparently still in control of government obviated by the fact that democrats can't even pass a bill which entrenches the banksters responsible for the worst financial disaster ever conceived. Oh unless you happened to profit from it. This is theater at its' best.

Consumer Finance Protection Bureau - F
Not only does it fail to cover auto dealers, it also does not regulate community banks, where a very high proportion of Americans borrow money. CFPB is a tragic lie.

Casino - C-
I'm probably being generous here. Wall Street wrote the regulation, so it's gotta be bad. Brooksly Born's opinion swayed me to give this part a higher grade than it probably deserves.

TBTF - F
TBTF is a sick joke. A couple of years ago, we had 18 or 19 major banks; now we have what? Six? One limited audit of the Federal Reserve, when We The People should be taking the Fed back from the private banksters. No restoration of Glass-Steagall.

The worst part is that this awful, awful bill will pass, and people will be lulled into thinking the banks have been regulated. Until the next disaster.

For a better way, go to www.steadystate.org and sign on to the Position Statement of the Center for the Advancement of a Steady State Economy.

This financial reform bill is Washington theatrics at its worse. It completely ignores the root causes of the 2008 financial crises - the supposed reason for the legislation. But Washington insiders have an agenda, and the could care less that more regulations will only exacerbate the moral hazards and credit misallocations that produced the last financial crisis and lay the foundation for an even larger one in the future.

And to make matters worse, this bill gives the Fed even more power to inflict harm on our economy! Government created monstrosities like Fannie and Freddie are left unchecked, and to add insult to injury this bill enshrines mechanisms for future bailouts.

NO ON THE FINANCIAL 'REFORM' BILL.

Wasn't this bill supposed to 'reform' something? I challenge you to show me where it does that?

Ms. Bottari:

Is this where we respond to the Bank Reform Bill survey?

If so, after reading yesterday's NYT's article on Paul Volcker and reading your very concise synopsis, I would rate it, overall, as a "B," perhaps, if we're lucky, a "B+."

CONSUMER PROTECTION:
Elizabeth Warren: YES! ("A-")

END THE CASINO:
Brooksley Born: YES! (A-")

TOO BIG TO FAIL:
Timothy Geithner: NO! NO! NO! (weak "C-")
[It needs a restoration of Glass Steagall. It's still too easy for the "TOO-BIGS" to steal.] Geithner is clearly too big an ally of the TOO-BIGS

OVERALL RATING: " B"

The Bill is very complicated and will require determination by regulators---characteristically and historically easily cowed and neutered by the "TOO BIGs" and the endemic corruption by the TOO-BIGS of Congress. That probably will continue!

"BANKSTER" Is WONDERFUL!! Keep at it. Your work is so important!

George Puchta

This bill is an absolute joke,it does nothing protect the taxpayer with real reform. The senate bill has had all the regulations and amendments that could stop the big banks from gambling with our tax dollars removed by the bankster Senators.
I think most of Congress Democrat or Republican, most of the Administration Democrat or Republican, are completely bought and paid for by the financial and other powerful lobbies.
Anything that the House Committee on Financial Services, the Senate Committee on Banking, Housing, & Urban Affairs, introduce and pass that Obama doesn’t veto has already been approved by the special interests. That the Financial Sector Banks and Wall Street object strongly to proposed legislation is camouflage to make it seem like the politicians are actually doing their job for the American People. They are actually doing their higher paid job for the financial lobbies. The end result should be called the Consumer Financial Destruction Act because that is a better description of what will be accomplished.
I think both parties are conning us worse than Madoff conned his victims. The Demlocans and the Republicrats are feeding the middle class to the sharks on Wall Street. It's Time to vote them all out and keep doing it every election till we get a government for the people.

It'll be (un)just(ly) ANOTHER lying DEM renege on behalf of the BERNANKSTERS, Wall Street-walkers and their Gasoline Alley Grease-gun molls of the ruling US, MIC junta!

Another website tracks what the Labor Unions along with Obama and Pelosi are sneakily trying to do.
It says that the Unions have added to the Finance Bill a provision for them to gain control over all "first responders" requiring them to join unions and causing problems to town governments all over.

I give it a big fat F. Too little, too late and pretty much all talk, no teeth. The most important thing, breaking up the banks, did not happen. Without this, the bill really isn't going to make much difference. Any consumer protection agency under the Fed roof will be hand cuffed. Ole Timmy boy should be in jail, not in charge. The corporations/banksters own the country and taking it back will be akin to an act of war. I'm so frustrated with letter writing, email sending, phone calls, etc. which generally have little and sometimes no affect. We get crumbs for our efforts when we need the whole sandwich. We can't demonstrate or do much protesting for fear of criminal prosecution. The rich keep getting richer and the rest of us are getting poorer. The way it's going, pretty soon manor houses with serfs cleaning the pools and houses and serving the meals will dot the country side. This is not the future I envision for my children/grandchildren. Like a lot of other people, I got sucked into Obama's "hope and change" rhetoric. I see now that Obumma isn't much different than any other politician. They won't fix the financial mess because the wealthy like it just the way it is. I guess we're just going to have to find a more effective way to reclaim our country.

Parts 1 and 2 above get a B+ or an A- while Part 3 gets a C and needs work: NO MORE BAILOUTS, establish a PREPAID Failure Fund; and REGULATE THE HEDGE FUNDS.

http://credoaction.change.org/petitions/view/end_the_obstruction_vote_in...

It's time to end the obstruction of the will of the majority by the right wing.

i give the bill a grade of F
it fails to prevent another economic disaster by allowing greed to prevail!

Consumer Protection Bureau--Could be a good thing but under the Federal Reserve it will be worthless.
Anything that Geithner would be pleased with, I would vote against. The man should be in jail.
There are too many loopholes in the bill. Frankly, I don't think the bill will make a big difference. The corporations and banks already own the government

The reform bill does not go far enough in any respect, but especially egregious is the lacking found in the TBTF category. I'd give all 3 sections a D grade.

Any reform regulated by and within the government is bound to compromise and failure. It needs an independent, public review board to have any teeth. Once again, an example of the fox guarding the henhouse. When will we ever learn? Answer....never...it is far past too late.

Well if they make two small changes in the bill I have your one vote. As Feingold said this morning this bill is akin to needing heart surgery with a remedy that fixes your foot. Single go back to 1999 rules and break up the banks that are "too big to fail".

Every single one of the Rs in the Senate need to be booted out. They have not voted for one thing that would help and protect the taxpayers. They are so busy trying to make Obama's Presidency a failure that the people of America are nothing but collateral damage to them. Just look at their voting records since Obama took office and see what they have done to play their "screw You" politics to the voters. If we want to get anything passed, especially the over 300 Bills that the Rs have blocks on in the Senate, we need to put MORE Dems in the Senate. If you want the country even worse than what Bush did to it, that's what the Rs have to offer. So people better wake up and get MORE DEMS in the Senate so we can have all the protections and legislature that is waiting in the wings, having already been passed thru the House, some languishing in the Senate for 2 years, just one is the Ethics Bill. Apparently the Rs don't want their ethics corrected. If there is not 60 votes a Bill cannot pass; and that is caused by the dirty tactics played by Rs, and their filibusters and if a Bill even makes it to the floor over all their hurdles, they vote NO on it. Get out and VOTE, VOTE for Dems if you want to get the Bush and Gang damage repaired. VOTE VOTE VOTE