Go Scott Brown!!!

[DMX7]

He votes for one of the supplementary stimulus packages and now for the Financial Overhaul Bill. One of just two republicans (not from Maine) to vote for it. Hoorraay Scott Brown! :clap

[Winehole23]

No Volcker rule (i.e., no breaking up TBTFs), no swaps transparency (Cantwell Amendment), no un-repeal of Glass-Stegall, no pre-paid bailout fund. Consumer Protection (CFPA) agency is housed at the Fed and composed of the same regulators who failed to act on the various practices that nearly caused the global system of payment to melt down in 2008. Plus, there's a decent chance the whole thing could be weakened even more in conference.

On the plus side, there are enhanced capital requirements and a defined resolution authority for the next financial panic. With Europe circling the bowl and China likely to follow it down the tubes, that could come sooner than expected.

[DMX7]

In the 6 days before the special election for US senator from Massachusetts, employees of financial companies gave a whopping $450,000 to Scott Brown. The donations came just after President Obama proposed a fee on Wall Street’s biggest players to help pay back lost TARP funds. The influx of cash to the GOP candidate could portend a major push to both kill financial regulation and elect Republicans this fall, the Boston Globe reports.

http://www.newser.com/story/79905/scott-brown-got-late-push-from-wall-street.html

[Winehole23]

The scuttlebutt I've seen on Brown's switched vote is that Reid assured him certain provisions wouldn't apply to Massachusetts.

[angrydude]

This bill is a joke. These changes are basically meaningless. Increased Capital Requirements aren't going to save us. More timid, useless agencies run by the FED aren't going to save us. Institutionalizing TBTF isn't going to save us.

Until the big banks are forced to bear the risk of their actions, it will never be enough. The banking industry as it stands today has to be cannibalized.

[Winehole23]

Until the big banks ......and bank receivers, plus AIG, plus the GSEs...

]...are forced to bear the risk of their actions, it will never be enough. The banking industry as it stands today has to be cannibalized.Just like we did with the shitty S&Ls. Agreed. Bankruptcy was the healthy path.

[boutons_deux]

"Increased Capital Requirements"

... are being fought still. Banks want them delayed 2+ years so they don't have build up capital in a down economy when they should be lending (but still aren't with current capital requirements). What they're really saying is that "we want to keep gambling in the casino for 2+ years" with money we don't have, making bets we can't cover"