Originally Posted by Hands Sandon
I think he will and it'll be more hugely popular reform.
The American people want Wall Street crooks reigned in and we don't want to bailout these "too big to fail" institutions again. Republican's need to get on board and start supporting the people instead of Wall Street CEO's. If the Republican's get constructively involved, which they may, instead of just being the party of "NO!" then it might even benefit them at the polls too.
Here's Obama in a speech he gave today-
"But I repeat what I said then because it is essential that we learn the lessons of this crisis, so we don't doom ourselves to repeat it. And make no mistake, that is exactly what will happen if we allow this moment to pass an outcome that is unacceptable to me and to the American people," he said.
The sweeping regulation represents the broadest attempt to overhaul the U.S. financial system since the 1930s, and aims to prevent another crisis. Democrats are preparing to bring the Senate version of the bill up for debate, but solid GOP opposition has complicated the effort. Senate negotiators said they had made progress toward a compromise bill that could command support from both sides.
Add Obama's financial reorm to the healthcare reform and we're talking about huge reductions to the defecit too-
" The Democratic Senate financial reform bill would reduce the U.S. budget deficit by $21 billion over the next 10 years, according to a cost estimate by the Congressional Budget Office obtained by Reuters on Wednesday."
If a bunch of thieving kids enter the proverbial candy store when there's nobody watching, nobody is paid to watch, the store keeper's out, and their parents are all buddybuddy with, or *are* the local law enforcement.... would you expect any action to be taken against the kids? Ha! Silly question indeed.
Useful laws and regulations are for counteracting the flaws in human nature which go against the principles of a civilized society, or purely common sense reasons. For example, enforcing safety regulations in potential dangerous working areas, such as coal mines
, or the rule governing that we all drive on the right-hand side of the road.
It is our (flawed) human nature to want more, and "more more", so laws to discourage people from taking other peoples' property (either by force ... or subtly by fraud and deception) has evolved as an essential tool of civilization. The Wall St. and banking shenanigans which culminated in the recent meltdown and collapse have relied on decades of elaborate deceptions, so complex that even experts in the SEC and seasoned FBI fraud investigators have been left scratching their heads. What's legal, what's not, and what is legal, but unethical (scumball behavior). How did the mobsters and fraudsters get away with it for so long? The unfortunate investors into Bernard Madoff's empire of fraud are still asking the same questions... everyone knew on the inside what was going on for years, and as long as they were profiting from it, the status quo was maintained. Same for Enron, and the avalanche of corporate thievery of recent years....
I cannot see any genuine Wall St. reforms going anywhere, not in the current Mafiocracy climate that exists in DC. Obama (a) doesn't have the balls, and (b) knows he won;t get the support. Whatever does get passed will be eviscerated and undermined by parties loyal to the bankster community and will end up being as toothless and unenforced/unenforceable as the current anti-trust (joke) regulations.
Greed is a part of the human condition. It used to be frowned upon almost universally.... but now is regarded in many circles as a positive attribute. Kleptomania is a compulsive condition that's hard to acknowledge, let alone treat. When the kids know what its like to romp free in the candy store and gorge themselves bloated, it''s going take a lot more to stop them than a polite notice on the front door. We're on a hiding to nothing here.