Thursday
Jul152010
Senate passes 'sweeping' reform, everything will be different now...
Thursday, July 15, 2010 at 12:14PM So after a lot of horse trading, head banging, foot stamping, political posturing, and media fawning, the "biggest, most massive, sweeping, humongous, gigantic, enormous, stupendous, financial overhaul/reform bill passed the Senate today 60-39. President Obama is now set to sign it into law, declaring it a great victory for his party, Main Street over Wall Street, and possibly all humankind next week. So, let me ask you this: how many of you think that Wall Street is really quivering with fear over this seismic interruption to its status quo?
Reader Comments (3)
Don't expect this bill to rank up there with Glass-Steagall as a 60 year reform measurem I expect another "reform" bill within five years. Fannie Mae and Freddy Mac are exempted, for starters. Why not just reinstate Glass-Steagall?
The exemptions in general in the bill far outweigh its content. And yes, reinstating Glass-Steagall would have shown a desire for true structural reform. This bill doesn't. The last 'sweeping' reform act was the Sarbanes-Oxley Act in 2002, it was supposed to transform the way banks did business.
Excellent point on Sarbanes-Oxley. That was to mean "No more Enrons". Thank you. Nomi, for educating the public on this issue.