Congress sends Obama sweeping Wall Street bill

[DanielMuffinburg]

From: http://news.yahoo.com/s/ap/20100715/ap_on_bi_ge/us_financial_overhaul

Congress sends Obama sweeping Wall Street bill

– 28 mins ago

WASHINGTON – Congress sent legislation to President Barack Obama Thursday that imposes sweeping new regulations on Wall Street and creates new protections for millions of consumers.

Translation: Congress sent legislation to President Barack Obama Thursday that imposes sweeping new regulations on consumers and creates new protections for Wall Street.

The Senate’s 60-39 vote came nearly two years after a financial crisis knocked the economy to its knees.

Imagine if a private company took this long to make a decision.

At a whopping 2,300 pages,

Translation: It could have been longer but the paper was needed for Federal Reserve Notes. Yes, even the state economizes.

the legislation is designed to rein in big banks and protect consumers in hopes of averting a repeat of the 2008 financial crisis.

Translation: The legislation is designed to rein in consenting acts of capitalism and protect big banks in an insane attempt to avert a repeat of the 2008 financial crisis.

Its ultimate impact, however, will depend on the government regulators assigned to implement it.

Government regulators will implement their God powers according to political will.

The legislation gives the government new powers to break up companies that threaten the economy, creates a new agency to guard consumers in their financial transactions and shines a light into shadow financial markets that have escaped the oversight of regulators.

The legislation gives the government new powers to break up companies that threaten the politically connected, creates a new agency to dictate consumers in their financial transactions and to rob and enslave anyone who escaped prior robberies and enslavement.

Named after Senate Banking Committee Chairman Chris Dodd and House Financial Services Committee Chairman Barney Frank, the legislation ends a trend to ease regulations and clamps down on the financial industry in ways unseen since the Great Depression.

Translation: Narcissistically named after Senate Banking Committee Chairman Chris Dodd and House Financial Services Committee Chairman Barney Frank, the legislation continues a trend to strengthen regulations and clamps down on the non-politically connected financial industry in ways unseen since the Great Depression.

Republicans cast the bill as a vast government overreach, and were betting that voters’ antipathy toward big government and their worries over jobs would trump their anger at Wall Street in the November elections.

Translation: The Repubs are set in place just in case the Dems screw this up for their mutual employers (the politically-connected).

[Snowflake]

Have any of our guns done an analysis of the bill yet? I can’t believe anyone is taking it seriously… deep down people must know that this is just industry protection. Its probably because I’m at college but no one thinks that government is really the faithful guardian of the people.

The corporate ties are so obvious, I’m surprised they’re not hidden better. Then again, for every union of state and firm you see, there’s probably 100 you don’t. All the time I’m finding more and more out about some local union or towing company. /barf

[BrianAnderson]

@ Sieben:

I would say I did a full analysis of the bill, but I did a column (part I, part II - the titles are different, but they go together) a few weeks ago talking about it so that students at my school could learn something.

[Snowflake]

Yeah I read them. Your links are good because they really attack the bill prima facie, but I wanted something to get into the meat of the bill. Like picking out the 3-4 major things it will allow gummint to do, and then (what you did) explaining how they’re probably going to abuse those particular powers to benefit certain companies.

[bloomj31]

Here’s the text of the bill:

http://www.opencongress.org/bill/111-h4173/text

It’s very very long, I think it will take a week or two of serious reading before anyone can really know what this whole thing says exactly. I’ve been focusing on the Titles 1 and 2: Financial Stability and Orderly Liquidation Authority.