Obama plans sweeping financial regulations

[SnoopDog]

We had protections in place. A Senator named Phil Gramm wrote a Bill and a President named Clinton signed it destroying the very regulations that would have prevented the largest theft in all human history - the 'Wall Street/Bank bailout of 2008-2009'.

My point - what good are any Acts, Bills, Regulations, if they can be overturned to reek havoc on America. This is a major flaw in our Constitution. There is no way to 'lock' a regulation.

So, regulate away until another set of thieving historians turn Congressman/Senator/President learn how to rip of America and Americans... Then they will do this again...

...................

Obama plans sweeping financial regulations
Overhaul of Wall Street, bank rules could be biggest changes since 1930s


updated 12:41 p.m. PT, Mon., June 15, 2009
WASHINGTON - The Obama administration wants to overhaul the U.S. financial rule book by giving the Federal Reserve increased powers but, bowing to critics in Congress, is backing away from proposals to consolidate various regulatory agencies.
The administration's overhaul plan would make the Fed a systemic risk regulator to oversee large institutions whose failure could threaten the stability of the entire system.
It also would create a council of regulators with broad coordination responsibility across the financial system, administration officials said.
And the administration plans a stronger framework for investor protection, including increased oversight of consumer products ranging from credit cards to annuities, officials said.
Speaking in New York on Monday, Treasury Secretary Timothy Geithner said the regulatory overhaul will eliminate "gaps" in the financial system that encouraged risky behavior leading up to the meltdown.
<more>
http://www.msnbc.msn.com/id/31354523/ns/business-stocks_and_economy/

[HCE SuiGeneris]

1. Oh, by all means, give the Fed MORE powers. That will cure everything!

:puke:

[PM Martin]

2. Unless the banking monopolies are parted

and these credit derivatives are outlawed, nothing will be cured.

[SnoopDog]

3. Of course I am not against the new regulations....

The repeal of the repeal of Glass-Steagal should have been done on day one...

My point is that our laws can be overturned to detriment of our country.

I guess the framers of the Constitution always thought that there would be Statesmen running our country...

[FrenchieCat]

4. It won't be enough for the constant whiners waiting for their ponies,

I'm afraid.

The Sane folks not into drama will appreciate regulations though.

THanks for the OP!

[PM Martin]

5. kick