2010-05-07T13:48:07Z opencongress.org tag:opencongress.org,2007:/bill/comments/63789 2010-05-07T13:48:07Z tag:opencongress.org,2010-05-07:/comment/196070 ctraveler_22 Does this bill still allow banks to invest in derivatives from other banks? I think this bill may not go to the root cause of the problem, the reason I say this is because small regional banks that worked like ideal banks, meaning they only borrowed from fed and other banks, they did not resell their loans but kept them in their books, failed. They have failed because the people have also failed and they did not have proper insurance in their book (basic derivatives). Large banks almost went under for investing so much on the derivatives market which can collapse the system. There should be some type of derivatives market that average investors, and banks can invest which would could be used in the event that defaults occur but a market with more liquidity similar to the options market. Such market could help ease lending again allow people to invest in small scale which in term would help everyone borrow, and it can help over all economy more than current stock market. 2010-04-22T05:44:46Z tag:opencongress.org,2010-04-22:/comment/194011 justamick Giving the government the power to break up a company that has become to large is a power that they should not have and it is a direct contradiction to the idea of a "Free Market" and Capitolism. The idea of prosecuting fraudlent acts should be prosecuted as no one.. NO ONE is above the law. Something many people are missing here is that this "Fund" is being funded by the company's themselves... But where do they get that money from? That's right! The consumer! What ever extra taxes that the government will inevitably impose on banks and business to contribute to this fund will ultimately be passed onto the CONSUMER otherwise know as the American Tax Payer! So, remove the fund, and remove the ability for the government to step in and break up a business and then we've got ourselves a bill I would favor. 2010-05-17T06:53:14Z tag:opencongress.org,2010-05-17:/comment/196774 AustinHowe I support the bill, but I still think that a simple reinstatement of the Glass Steagall act could almost singularly solve the problem. 2010-05-17T07:19:45Z tag:opencongress.org,2010-05-17:/comment/196776 AustinHowe You apparently are missing that there is a difference between greed, and running the economy of an entire nation and possibly the world into the ground. It happened. The purpose of this legislation is to prevent such occurences, although again, I maintain that a re-instatement of Glass-Steagall would be just fine. 2010-05-17T16:46:47Z tag:opencongress.org,2010-05-17:/comment/196817 mazdastuff I didn't see anything about fannie or freddie. Hey Dodd, you missed the biggest theft system supported by democrats. anything in there about not allowing government to dictate the lending rules for low income, high risk individuals...nope, did not see that either. 2010-04-27T15:39:02Z tag:opencongress.org,2010-04-27:/comment/194743 nmeagent Ah yes, of course that would be utterly horrible. We'd have individuals privately contracting with one another for mutual benefit without the involvement of government! What a wreck unrestrained economic liberty would do to social justice alone! My my, I'm all at sea; I'd better have a lie down. You've missed my point. Explain to me how you justify implicitly blaming unbridled capitalism for the current financial crisis and the potential loss of your life savings when the government has been heavily screwing around with the financial markets for over a century. 2010-05-20T16:47:18Z tag:opencongress.org,2010-05-20:/comment/197043 vlobato9817 and the federal government grows exponentially with more bureaucracies and red tape. 2010-05-21T04:27:57Z tag:opencongress.org,2010-05-21:/comment/197078 uncleray The bureaucracy did not catch the problem earlier so adding a layer seems pointless. Bring Back Glass Steagall!!! 2010-04-26T19:24:57Z tag:opencongress.org,2010-04-26:/comment/194615 nmeagent "Without some protection, we are at the point where the only safe investments seem to be in mattresses or a hole in the backyard." You don't even have that. No physical location of a reserve note can keep its value from being inflated into oblivion by the Federal Reserve under the direction of your precious government. The funds to pay for this so-called protection will come from the dilution of the entire money supply, including your life savings. "Where will capitalism go when people don’t trust the system enough to capitalize it?" We haven't had anything close to unrestrained capitalism since the 19th century. You need to check your assumptions and perhaps examine the government's many contributions to the wretched state of the economy. 2010-05-24T10:13:47Z tag:opencongress.org,2010-05-24:/comment/197291 dragonflylover In your mind Greed is not a crime, but in the BIBLE that republicans use to convience us that government is a bad thing, it does claim that GREED is a sin! The same as a crime! Right? So when things are intentionally hid from the people that are paying into it, that in your mind is not a sin (crime)? WOW! REPUBLICAN FREEDOMS SUCK! and maybe back in the day free men could be trusted, However with the growing population how can ANYONE claim we don't need OVERSEERS? With all the dope heads, alcoholics, child molesters, racists, common crooks and the list goes on and on and on how can a sane adult still deny we need overseers 2010-05-25T13:06:27Z tag:opencongress.org,2010-05-25:/comment/197399 flower we need the transparency in the FEDERAL reserve, they have been printing money like crazy these past few years and nobody knows where is it all going. What congress is trying to do is to let us know where our tax money is pocketed. 2010-05-29T21:48:08Z tag:opencongress.org,2010-05-29:/comment/197756 dr0b3rts Independent consumer watchdog = good. Ran by the government (controlled by special interests) = bad. 2010-05-21T07:37:00Z tag:opencongress.org,2010-05-21:/comment/197092 btd Glass-Steagall would be fine in my mind. But credit rating agencies are a must. And from what I've read, this doesn't even touch them! We're in a marketing driven economy (push) not a market driven economy (pull). Until people wise up, they are screwed. And LucasFoxx, the gov't legislates ethics all the time (Civil Rights Act, Community Reinvestment Act, Medicare, Social Security, War on Terror, the Dept of Education, Don't Ask Don't Tell... The question is whether it's effective or not. Racists, poor old people, terrorists, and ignorance still abound. 2010-06-08T20:52:27Z tag:opencongress.org,2010-06-08:/comment/198256 LucasFoxx That was my point. As you say, the gov't (tries to) legislate ethics. Yet, as you notice, they can't stop racism, poverty, terrorism, ignorance, nor ...homicide. I liked Glass-Steagall. And I agree: credit ratings need to be addressed. 2010-06-10T05:13:31Z tag:opencongress.org,2010-06-10:/comment/198331 djezell Nay on the Durbin Interchange amendment. Government regulation of interchange rates is not the solution in my opinion, but certainly not in this manner. Big companies like BP get to pocket the money they would normally spend on swipe charges, while the banks get stuck with the bill? Don't be angry when the banks, in turn, slap the fees onto you as a consumer to make up the difference. Curbing people from using cards over cash to begin with doesnt sound good to me. If people use cash more often, then will have to carry more cash on them. More cash in wallets equals less cash in the bank. Less cash in the bank equals higher interest rates or service charges to make up for the difference. The less money the banks have to loan, the more interest rates will be for lending. Supply and demand. 2010-06-10T07:43:38Z tag:opencongress.org,2010-06-10:/comment/198342 djezell S.Amdt. 3932 withdrawn. Win. One less thing to worry about for now. 2010-06-18T14:21:25Z tag:opencongress.org,2010-06-18:/comment/198954 juryrocket The very same people who helped push risky and "affordable" housing, didn't see the bursting bubble coming at all, and have no respect or appreciation for free markets and businesses that operate therein are now going to redesign our financial system? Okay, what's next? Tiger Woods becomes a marriage counselor? The cast of the Jersey Shore start a book club? Keith Olbermann becomes the featured speaker on the anger management tour? Here's the real definitive guide to financial reform: http://www.youtube.com/watch?v=nvabFm-cE9c 2010-04-16T06:38:03Z tag:opencongress.org,2010-04-16:/comment/193335 vlobato9817 What is this transparency everyone is talking about? 2010-04-16T09:01:28Z tag:opencongress.org,2010-04-16:/comment/193364 tduncaneu This has been a long time coming and very important. I urge both of our Senators from Massachusetts to get out in front and support this much needed reform. 2010-04-16T13:29:34Z tag:opencongress.org,2010-04-16:/comment/193460 Marv63095 This bill is a needed reform for consumers. Feel free to check out our analysis at www.defendyourdollars.org or http://www.defendyourdollars.org/2010/04/cus_summary_of_the_consumer_fi.html Speak up for a strong independent Consumer Watchdog.