We used to have a law – the Glass-Steagall Act – which Bill Clinton signed out of law during his administration. So now we get another law that has a couple of good points but does nothing to solve the real problems.

As for transparency – where was it – all bill were supposed to be posted 5 days before a vote or did I hear wrong from Mr. Obama? Why where they in such a big hurry about doing this – the damage is done and it’s not going to be undone for a long long time since government interference in private industry seems to be the norm lately. We need over-sight of Fannie, Freddie and and audit of the Federal Reserve to find out where our 2 TRILLION in American dollars went.

Bills are writen by staffs, with the staff putting in their biases. Most young staffs are from colleges, 2-4 poly scie students, wet behind the ears, spoiled, eleit brats. Usually the students come from some fag arts colleges, they have not a nat’s ass of real time experiences in life, they act just like their bosses, over trained, over educated dinks. Usually every Congress person has their wish list and gets them written in with the a few goodies for their big donors. Wonder why bills are such a mess and takes a truck load of paper.

Watch out, America. Uncle Sham is pointing fingers but refusing to look in the mirror – again. How can legislation that glorifies Obummer’s gang (in total defiance of reality) reform anything?
Obumer is at it again, re-defining terms and demanding that Americans see his deeds as semi-divine. Historic my aching asterisk. Anyone want to put odds on whether or not Obummer’s puppets read this horse muffin legislation?

U mean Federal Financial takeover, see HC bill as guide for Finances.
NO change, higher fees etc.
Unless banks merge?
But CEOs get parachutes & we the Consumer & shareholder suffer.
Look again.
Tea Party Time again

And now a look at the effect “government reform” has had on our economy. Keep a towel and a bucket handy…

By Dennis Cauchon, USA TODAY
http://www.usatoday.com/money/economy/income/2010-05-24-income-shifts-from-private-sector_N.htm

Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year, a USA TODAY analysis of government data finds.
At the same time, government-provided benefits — from Social Security, unemployment insurance, food stamps and other programs — rose to a record high during the first three months of 2010.

Those records reflect a long-term trend accelerated by the recession and the federal stimulus program to counteract the downturn. The result is a major shift in the source of personal income from private wages to government programs.

The trend is not sustainable, says University of Michigan economist Donald Grimes. Reason: The federal government depends on private wages to generate income taxes to pay for its ever-more-expensive programs. Government-generated income is taxed at lower rates or not at all, he says. “This is really important,” Grimes says.

The recession has erased 8 million private jobs. Even before the downturn, private wages were eroding because of the substitution of health and pension benefits for taxable salaries.

The Bureau of Economic Analysis reports that individuals received income from all sources — wages, investments, food stamps, etc. — at a $12.2 trillion annual rate in the first quarter.

Key shifts in income this year:

• Private wages. A record-low 41.9% of the nation’s personal income came from private wages and salaries in the first quarter, down from 44.6% when the recession began in December 2007.

•Government benefits. Individuals got 17.9% of their income from government programs in the first quarter, up from 14.2% when the recession started. Programs for the elderly, the poor and the unemployed all grew in cost and importance. An additional 9.8% of personal income was paid as wages to government employees.

The shift in income shows that the federal government’s stimulus efforts have been effective, says Paul Van de Water, an economist at the liberal Center on Budget and Policy Priorities.

“It’s the system working as it should,” Van de Water says. Government is stimulating growth and helping people in need, he says. As the economy recovers, private wages will rebound, he says.

Economist Veronique de Rugy of the free-market Mercatus Center at George Mason University says the riots in Greece over cutting benefits to close a huge budget deficit are a warning about unsustainable income programs.

Economist David Henderson of the conservative Hoover Institution says a shift from private wages to government benefits saps the economy of dynamism. “People are paid for being rather than for producing,” he says.

Whew, that was a close vote. Now that this landmark legislation is taken care of let’s get on with some serious business like bailing out the teachers union! We can probably get some of that extra IMF money that’s laying around.

Let it be said the majority of congress is a complete waste of the tax payers time, money and effort to make this a country that fuctions with a purpose…..we are going to have to subject these clowns to audits and public exposure individually on a yearly basis in order to keep them in check.

Weak regulations helped cause the financial meltdown. New rules would seperate a banks derivatives contracts operations. I assume that means a bank won’t collaspe if these shady deals are done outside of a banks control. Then whoever invests in these derivatives will have to take the loss or gain and not the bank.

J.C.; Who’s going to take unscrupulous companies in front of that judge. The government! Surely you don’t expect other companies to go after each other if only one is committing a crime.

This bill excludes Freddie & Fanny. It also has exemptions for others that were contributors to the financial disasters we have recently seen. It will not do what is being promised. What it does do is allow the federal government access to all YOUR banking transactions. It would allow the government to seize a business without due process if they “suspect” financial problems exist. More government control of the citizens and small business – more corruption in the government. There are other “hidden” agendas in the bill and we will only find out later as with health care. But once implemented people will only say “when did that happen?” and “how is that legal?”

They’re not gonna pass anything that doesn’t benefit them and line their pockets.

a lib, there is nothing to check and monitor, freddie and fannie, of course that is a socialist program by another socialist democrat Freakfaces Dipstick Rusovelt, it pisses money away and with other dems Pres forcing banks to make loans to unqualified borrowers. I know that is to hard for a committed socialist communist democrat to swallow. Hope you are watching the stock market drop, a lib, your muslim Prez, looks like his B–l s–t plans are just working like the socialist communist dems all want! they passed socialized health care, tried a sham finanical over haul, and the governemnt own manufacturing, and you socialist dems the EU plan to be like Hilter did!

I agree with the notion that there should be no bail outs of the private sector.
But I think this bill is a two faced bill. It advertises one small aspect of what is a good idea, while sticking the tentacles of government control further into private enterprise.
When will we learn that what is required is not more “regulation” which only stifles the economy. What we need are clear moral rules for business and “zero” government involvement.
If an individual, company or corporation are found to be guilty of
dubious or manipulative practices…put them in front of a judge, not a politician.

While you at it AL, you may as well add “not big enough to grow” This bill does nothing but add another layer of government workers. You know, a bill that takes tax payers money and gives it to a non producing government worker. Someone that will put in the 20 years and then retire with the big retirement package that we can’t afford. While I admit there are a few good things in the bill, most of this bill is a joke.

Great thinking? Not! My understanding of the bill with far reaching aspects from up in Wall Street down to the loans banks can make to small business tells me something. It is not written the bill that I know of and little to do with the bill directly. What it tells me is that we are institutionalizing in our way of living and thinking the idea that there is something as “too big to fail.” Small businesses fail regularly. I think the statistic is somewhere around 95% of new businesses fail within five years. That is high. Do we bail out all these businesses? No, but we bailed out the big ones recently when we feared what would happen if they collapsed. After seeing investors have their money tossed aside for the unions in the bankruptcy of GM, do we give investors protection from the government? No, we give government more control over investors. Since we aren’t finding moderation between government and the financial industry, rather we are giving government more and more control over the finances, then I am inclined to believe that we are not stepping away from “too big to fail” and are instead making it a part of our very government. By the way, when is government “too big to fail?” If I look at Greece, the fall of the Roman Empire, the collapse of the former USSR, I am inclined to believe that government does collapse as it gets “too big to survive.” By the way, the way Rome delayed its collapse? War. Hitler’s Germany? War. So with our government getting so big, what am I inclined to believe is in our future? Take a wild guess….

The majority of Americans favor wallstreet reform…good job Democrats…don’t let the bill be watered down….no more bailouts… No more ” to big to fail “..