Thursday, July 15, 2010

FinReg bill set to pass but does anyone know what's in it?

http://tinyurl.com/28newwj
Senate clears sweeping bank bill for final passage By JIM KUHNHENN, Associated Press
WASHINGTON – A sweeping crackdown on banking and high-finance broke through a Senate Republican blockade Thursday, setting the stage for Congress to send the massive regulation overhaul to President Barack Obama.
The vote to end debate was 60-38, the minimum needed to overcome a filibuster. But that ensured that the bill has the votes for final passage, which could come later Thursday.
At a thud-inducing 2,300 pages, the legislation is designed to rein in big banks and protect consumers, with the aim of averting a repeat of the 2008 financial crisis. Its ultimate impact, however, will depend on the government regulators assigned to implement it...
****An analyst, Dick Bove', predicted (among other disastrous consequences) that many Americans would lose access to banking services because their accounts won't be profitable for banks. A defender of the Democrat bill responded that the legislation was too complex for anyone to predict anything about it. A most peculiar defense: again we have Congress passing legislation that, we are told, no-one understands. Likely, it is a pastiche of lobbyist-created pork items catering to the various special interest groups that constitute the "principALS" of the Democratic party. As with much recent legislation passed under Obama, there will be innumerable loopholes and special advantages for the nomenklatura and their beneficiaries but with no-one aware of the overall effect of the totality. We can, of course, reliably predict the producers in society will be disadantaged since "redistribution" is the over-arching principLE of the Obama Administration (and Congress.)****

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