Wall street reform

What does everyone think? Do we need this? Or is everything great as it is and we just need a bit less regulation and everything will be fine?

And how about politically? Is this is a good fight for republicans to pick in an election year? Will they all oppose it like healthcare reform? And will voters see this as standing up to government tyranny or defending powerful wall street interests?

abe23 said:

What does everyone think? Do we need this? Or is everything great as it is and we just need a bit less regulation and everything will be fine?

And how about politically? Is this is a good fight for republicans to pick in an election year? Will they all oppose it like healthcare reform? And will voters see this as standing up to government tyranny or defending powerful wall street interests?

Click to expand...

I can't speak to the details of the bill yet, but I think it's a mistake both politically and for the country for the leadership to be considering this as it's next priority. I think people are more concerned about their own jobs and purchasing power than what happens on wall street. Stopping abuses that may lead to another economic hole won't create jobs or lower the debt. I doubt any plan will make a real difference in it's effect on preventing abuses.
Politically, the republicans will probably win the TEA party's approval for their efforts, which may be critical for election this year. But as before, I'm sure republicans will come up with their own plan, and the democrats will still claim that they don't have a plan, are obstructionist and siding with the banks, regardless of the bills they put forward. Some will be fooled by the democrats message, but most will not. Healthcare and the constant lies have made voters much more sceptical of anything they are doing.
There is plenty of hate towards wall street to draw on, but again, I think they are going against the people's wishes in general just pursuing this, and will hurt them ultimately. You can only deflect the hate from the government for so long.
Ask the people what they want government to work on, and it doesn't match with the democrats agenda.

will wall street reform be another boondoggle like health care reform? will this administration and its lackeys once again ignore the facts and bow to special interests, puffing up their own importance at the expense of the taxpayers and their liberty? will we see more useless government interference, amounting to nothing more than the fettering of the individual in a quest for control of the marketplace? are we going to have to endure another dog and pony show, waiting to see how far down the road to a totalitarian paradise these bastards are going to force us this time? another scapegoat for the political animals to feast on? another blame session to slake the thirst of the vicious mob?

how long before they take aim on mandating the color of our shirts? perhaps brown will do.

Reforming the banks is not going to do much since this mess didn't start there technically (which does actually matter) it was other financial institutions that there was not much regulation in (Like insurance companies (AIG) and non-bank financial institutions like all the mortgage companies you used to see trying to get you a new home loan).

So regulating the banks will only hurt banks, which did not get into trouble until after the other financials got in trouble and people quit paying their bills.

Since the tea party are basically fringe republicans there is no shock that they will be voting for them so the house and senate should balance again (like always).

And as far as any plan the republicans have came up with, since every republican president since Eisenhower has ended up causing a recession in their first term (and GW in the last term too) I wouldn't put much faith into it being much good. Which they may try to use as a spearhead to try to win the panic vote.



Not much of this will matter because all of the dems in office are lawyers and not economists, so they may well develop an equally stupid plan. But at least they listen to their economists and don't try to find economists that will just parrot political ideals and try to bend economics to them (which usually ends up with a recession when they do).