Lets discuss Dodd-Frank and how awesome it is! (thanks Dems!)

[banned from Kos]

http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act

That is 30 minute read on Wiki so I will just bullet it! (what it does)



1- KILLS any Too Big Too Fail (bank or insurance) company IF their capital falls below new standards.

2- Puts derivatives onto an OPEN MARKET in sight of regulators!

3- Makes Ratings Agencies LIABLE (lawsuit) for the first time ever!

4- makes Commodity traders put up FULL capital and low Margins (Oil Speculation)

5- Creates a CONSUMER PROTECTION bureau (love Ms. Warren!)

6- Limits PROP trading to 3% of TCE (don't ask) a New Glass Steagall!

7- Reforms mortgage law to prevent PREDATORY lending!





OKay - there is more - but attention span is limited......

[UrbScotty]

1. K&R

[TheWraith]

2. Kicked and recommended.

But some here claim it's "toothless" and "a gift to Wall Street." Presumably the same people who think that anything other than having every employee of every bank shot in the street is a "gift to Wall Street." :)

[valerief]

3. But will the fascist Congress fund enforcement of it? nt

[Luminous Animal]

4. The Shameful Murder of Dodd-Frank

http://robertreich.org/post/7843866058

As Business Takes Aim at Dodd-Frank, Battle Shifts to Courts
http://online.wsj.com/article/SB10001424053111904772304576470313933175814.html

From Dodd-Frank to Dud: How Financial Reform May Be Going Wrong
http://www.propublica.org/article/from-dodd-frank-to-dud/single

Killing Dodd-Frank Softly
http://prospect.org/cs/articles?article=free_the_banks

[scheming daemons]

5. Dodd-Frank is landmark PROGRESSIVE legislation... but that gets ignores by the you-know-whos

And as the GOP tries to defund and dismantle its provisions, we need to fight for it.

[banned from Kos]

6. Agreed! (as with Luminous) above. All of Dodd-Frank's burdens

fall on the same ASSHOLES who killed the economy! And the GOP wants to whitewash this!

[Luminous Animal]

7. If Dodd-Frank hadn't left writing the actual regulations to the foxes in the henhouses,

we may have had actual progressive legislation.

[leftstreet]

8. So cool. Any Dem congresspersons working on a WPA style Jobs Bill?

:shrug:

[jefferson_dem]

9. "Romney would repeal Dodd-Frank law"

Evidence enough that this is good law --> http://www.boston.com/Boston/politicalintelligence/2011/08/romney-would-repeal-dodd-frank-law/FrxSh5Jqsdveyjy5tgKzxK/index.html

[Scurrilous]

10. K & R

:thumbsup:

[tblue]

11. Well Robert Reich says:

"The law as written included loopholes big enough to drive bankers’ Lamborghini’s through — which they’re now doing."

Robertreich.org July 20, 2011

Sorry. Not convinced yet.