Gutting The Dodd Frank Financial Reform Bill
by Wall Street fouled up the whole country with crappy loans in terms nobody could understand, not even the SEC could fully comprehend it. And yet, not one of the CEO’s who committed fraud on the country and it’s people have been prosecuted. In 2010 the Obama Administration pushed the Dodd Frank Financial Reform Bill through Congress to clean up the mess and Republicans are gutting the bill.
Gutting The Dodd Frank Financial Reform Bill
The Republicans don’t want people to know they let Wall Street off the hook. They hide behind the budget which shows they are embarrassed, as well they should be. Not one person has gone to jail after massive fraud on Wall Street. In 2010 the Obama administration pushed through Congress the Dodd Frank financial reform bill, designed to put cops onto Wall Street fraud, but now the Republicans are quietly gutting the bill by crying “budget” They have taken away the funds to prosecute after the largest looting in the history of the United States. That is ridiculous. We put people in prison for much lesser crimes every day, than for stealing the country blind.
Image by Leader Nancy Pelosi via Flickr
Wall Street mislead the people intensionally, even the Securities and Exchange Commission couldn’t make head or tales of their repackaged crappy loans. When the loans couldn’t be repaid the whole economy went down the drain. Wall Street filled their pockets with hundreds of millions of dollars. And who picked up the tab? Why the American taxpayers, of course.
The Dodd Frank Bill wasn’t perfect by any means, but it did boost the power of SEC and CFTC to regulate trading and set up a new agency to protect consumers from the crooks peddling unsavory mortgages, outrageous credit card rates and payday cashing shops. Now the Republicans have stripped that money from the federal budget. Representative Barney Frank said, “Unlike health care or Environmental regulations, the Republicans didn’t try a frontal assault. They hid behind the budget.” and the damage is just as real. Maybe the Democrats can restore the funding and maybe not. Wall Street has some reliable Democratic defenders with high visibility. The fight will go on.
Image via Wikipedia
Elisabeth Warren is a Harvard Law Professor. She invented the idea of the Consumer Financial Protection Bureau and should be it’s first director. The banks are scared to death of her. “She speaks in clear simple sentences, and that terrifies them,” said Illinois Senator Dick Durbin. If she is appointed, which she should be, we can look for a clean sweep and a strong voice for the people.
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Post Commentpattiann
On March 24, 2011 at 9:58 am
Excellent, intelligent article. You are a great writer and are very smart.
hammadkhan
On March 24, 2011 at 10:11 am
nice work keep it up
galore
On March 24, 2011 at 10:16 am
nice article
CHIPMUNK
On March 24, 2011 at 11:12 am
Good write up thanks
alfabeta
On March 24, 2011 at 12:58 pm
The Consumer Financial Protection Bureau is a good initiative.
gvgatchalian
On March 24, 2011 at 3:03 pm
Great write up, intelligently-done. Hope Elisabeth Warren gets the post.
Atanacio
On March 24, 2011 at 3:14 pm
well I ll call it a very well written news feed
Atanacio
On March 24, 2011 at 3:14 pm
well I ll call it a very well written news feed
SharifaMcFarlane
On March 24, 2011 at 3:33 pm
White collar crime many times goes unpunished.
Noisy Cricket
On March 24, 2011 at 6:17 pm
Great article. I totally agree without having to defend my position as a democrat. I agree as someone who believes this reform would have been beneficial to consumers no matter their political affliation. Thank you for posting.
Mark Gordon Brown
On March 24, 2011 at 7:01 pm
Its all just a part of the Plutocracy’s plan, both sides actually IMO. All just a leading up and leading into Corperate Governments. They are all just playing their parts.
hammadkhan
On March 24, 2011 at 8:09 pm
nice work and nice one
lapasan
On March 24, 2011 at 8:24 pm
It\’s a wonder why no CEO who committed fraud in the USA has been prosecuted. It\’s a question that needs to be answered.
GameLive
On March 24, 2011 at 9:16 pm
The Dodd Frank Bill wasn’t perfect by any means, but it did boost the power of SEC and CFTC to regulate trading and set up a new agency to protect consumers from the crooks peddling unsavory mortgages, outrageous credit card rates and payday cashing shops
wowwwwwwww
clay hurtubise
On March 24, 2011 at 9:18 pm
Good piece.
I swear, I’m loosing all faith in our government to be fair.
Clay
LCM Linda
On March 24, 2011 at 10:14 pm
Interesting topic. Hope Elisabeth Warren can do something to improve the circumstance.
scrawny viking
On March 24, 2011 at 10:21 pm
good story
Eunice Tan
On March 24, 2011 at 11:31 pm
You share the great thing.
LewSethics
On March 25, 2011 at 10:28 am
Ruby, you are my source of information about the things we need to know about the realities of government and finance.
Keep up the great work, while I go vote me some republicans out of office.
Daisy Peasblossom
On March 26, 2011 at 9:01 am
We vote the rascals out, and just get new rascals in…alas, we usually sort the statesmen from the politicians in retrospect.
Tulan
On March 28, 2011 at 10:42 pm
I believe I am of the same opinion as Daisy and Clay, I’m losing all confidence.
yes me
On March 29, 2011 at 5:45 pm
They should all be brought to book or is that boot? hmm liked this one Ruby even though I’m a Scot great info here cheers