About the bill: If it was passed by this Congress, it’s a bad bill.

AFY!!theheelotsheepdog!!!

Dodd-Frank is a full-employment act for regulators that addresses everything but the root causes of the financial collapse. It serves up a dog’s breakfast covering proprietary trading, consumer financial protection, derivatives trading, executive pay, credit card fees, whistle-blowers, minority inclusion and Congolese minerals. Dodd-Frank also mandates 68 new studies of carbon markets, Chinese drywalls, and person-to-person lending, and many other irrelevancies.

None of this deals with the central problem–Wall Street’s ability to hide behind claims of proprietary information to facilitate the production and sale of trillions of dollars in securities whose true values are almost impossible for outsiders to determine.

Dodd-Frank is not just a prescription for regulatory sclerosis. It is a bonanza for Wall Street lobbyists and lawyers, who will help determine what this law’s 283,985 words actually mean.

http://www.forbes.com/2010/07/15/dodd-frank-failure-regulation-opinions-contributors-james-henry-laurence-kotlikoff-wall-street.html

AFY!!theheelotsheepdog!!!

And if you listen to Judd Greg, well lo siento, you are what you read….

http://www.huffingtonpost.com/2010/04/15/gop-senator-on-financial_n_538717.html

You have not responded to any of the points or issues in the linked articles.

You have just spewed “..deficiencies…” from the cheap seats, but not enumerated any of your hidden points. Consequently, since I’m not Carnac, I’ll just note that you vote no but the “deficiencies” are in you telling us why…

It takes a 2300+ page bill to go “back to the basics”? huh?

If this bill was basic and focused on addressing some of the causes of the recent financial meltdown maybe some of it’s definicies could be overlooked. As it is, this is bill is way over the top and doesn’t even address some of the core problems from the crisis.

Another good example of the Dems serving out Rahm’s’ mantra of:

You don’t ever want a crisis to go to waste; it’s an opportunity to do important things that you would otherwise avoid

The bill is a disaster because it doesn’t address the fundamental underlining causes of the economic issue, which were real estate and underwriting,”

You’ll basically have a consumer protection agency which decides to go out and in the morning and say, ‘well everybody who’s XYZ should have a loan, even though the local community bank says XYZ shouldn’t have a loan, because if we give them a loan, we know they’re not going to pay back,’” he said. “It’s going to become an agency that defines lending on social justice purposes instead of safety and soundness purposes.”

“You’ve got this Alice in Wonderland tea party atmosphere around derivatives,”

So they will become even less controllable in the sense of having oversight.”

http://www.cnbc.com/id/37314297

AFY!!theheelotsheepdog!!!

http://www2.timesdispatch.com/business/business/2010/jul/15/regugat15-ar-297129/

http://www.businessweek.com/smallbiz/content/jun2010/sb20100629_183643.htm

http://www.mybanktracker.com/bank-news/2010/07/02/financial-reform-bill-could-benefit-small-banks/