Obama signs sweeping Wall Street overhaul into law

[Scurrilous]

<snip>

"President Barack Obama on Wednesday signed into law the most comprehensive financial regulatory overhaul since the Great Depression and vowed there will be no more taxpayer-funded bailouts for Wall Street.

"Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes," Obama said at a signing ceremony for the legislation approved by the U.S. Congress last week.

The bill targets the kind of Wall Street risk-taking that helped to trigger a global financial meltdown and also aims to strengthen consumer protections.

Obama, who has drawn fire from Americans for bank bailouts that began under Republican President George W. Bush and continued by Obama, said the legislation's provisions make clear that no firm is protected because it is deemed "too big to fail" like AIG during the financial meltdown.

"There will be no more taxpayer-funded bailouts. Period," he said. "If a large financial institution should ever fail, this reform gives us the ability to wind it down without endangering the broader economy."

more

[Hawkowl]

1. Sweeping!

As in: "sweeping TBTF, TARP and all the dirt on my friends at Goldman under the rug!"

Gag.

[Tansy_Gold]

2. TTWROOMFT

took the words right out of my finger tips.

I'll see your gag and raise you a :puke:



TG, NTY

[Whisp]

7. I see your

:puke:

and think you should clean it up.

[tridim]

3. Consumer protection is BAD!

BAD BAD BAD!

Hawkowl has spoken.

[Hawkowl]

5. Bulletproof vests made of cellophane-BAD

Consumer protection my ass.

[tridim]

11. Just like HC, you're quite welcome to opt-out of the reforms..

and lend your full support to poor wittle Wall Street.

[Hawkowl]

12. Do you have a clue beyond eighth grade?

Seriously? Do you understand the difference between a derivative, a greek spread, or a beta coefficient and naked shorting? Do you understand that this bill REINFORCES free reign among the handful, MEANING LESS THAN SIX, of Wall Street firms that deliberately engineer bubbles in synthetic cdo's, commodities, and equities?

No probably not. So when your surrogate daddy hands you a cup of warm milk and tells you it will make your cancer go away, you can thank your daddy when you're in the hospital next year trying not to end up in the morgue.

Widdy biddy fucking moron.

[Xenotime]

4. Good! Farewell Reganonmics. Don't let the door hit you in the ass

[Subdivisions]

8. Please explain. Thanks. n/t

[Radical Activist]

9. Changing the trajectory of American politics.

Obama is undermining the entire conservative approach to government. It's a change in course that could last for decades to come. It's bizarre that so few people are pointing that out and celebrating.

[Subdivisions]

6. HISTORIC!

A HISTORIC slap on the wrist!

[ProSense]

10. FinReg Becomes Law of the Land

FinReg Becomes Law of the Land

by Bryce Covert

President Obama, using multiple pens, just signed the financial reform bill into law. After long months of work, the most sweeping overhaul of the financial sector has become reality. Before the signing, ND20 contributor and consumer advocate Elizabeth Warren had this to say today:

“Today, the President will sign into law the strongest set of financial reforms in three generations. It was a hard fight, but the leadership of the President, Chairman Frank, Chairman Dodd, and so many tireless, hard-working advocates for reform has paid off. For the first time, families will have a tough, independent cop in Washington to help clear out the tricks and traps hidden in consumer credit agreements.”

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