More updates or a differnt version of the Finance Reform Bill
June 30th 2010 04:46
Well here is a different version of the Finance Reform Bill I am not exactly sure which version is correct so I have added this version Really Long Link
There is ao many different versions of this bill that one wonders if it was a crap shoot to see how much we the public would keep up or stand without screaming or yelling.
What I know is there has been added a fee on banks and hedge funds to cover the cost of the legislation. What a novel idea, write legislation that is suppose to protect the financial industry in this country and then assess them a fee to pay for protecting them. Isn’t that extortion? Extortion according to Dictionary.com “is the crime of obtaining money or some other thing of value by the abuse of one's office or authority.”
My reading and again I encourage you to read for yourselves, I have an opinion that is shaped by my education, upbringing and life experiences you have ideas and a mind of your own so take the time to understand the legislation and remind your congressmen and Senators that you pay their salaries.
Also I cannot figure out the precise role of the NEW ‘Consumer Financial Protection Bureau’ just what is their function and exactly how are they to monitor mortgages? So does the new Consumer Financial Protection Bureau protect me, the bank or the government> My guess is it is supposed to be an independent organization but with the office to be in the same building as the Federal Reserve then it obligation is to the Federal government.
My next question, isn’t it the responsibility of the U.S. regulatory commission as part of the Securities and Exchange Commission to protect the consumer from Wall Street and the Banking Industry? From what I understand and in getting information from the webpage of the U.S. Regulatory Commission, the agency was established by Congress in 1934 after the Senate Committee on Banking and Currency investigated the New York Stock Exchange’s operations. The commission’s purpose was to restore investor confidence by ending misleading sales practices and stock manipulations that led to the collapse of the stock market in 1929.
And Wasn’t the FDIC created to back the banks so that people didn’t lose their money? Also I believe during the last crisis the House of Representative raised the insured limit. “FDIC stands for Federal Deposit Insurance Corporation. It is an independent agency of the federal government that regulates about 5,300 banks in the United States. In the 1920s and early 1930s, the U.S. banking system was plagued with thousands of failures and many Americans became weary of making deposits. In 1933, Congress passed the Glass-Steagall Act and on 1 January 1934, the FDIC began its operations.”
So with all of this oversight and another government office one other reality needs to be stated, since the members of Congress have re-introduced this legislation and have announced an compromise of both the House and the Senate bills. If those in the stock market felt it was a good thing that the government was again watching out for the consumer’s best interest why has the Dow Jones fallen below 10000. It can’t all be blamed on foreign governments economies, or can it because those governments stepped in and began to regulate and micromanage the banks?
For me I only see one possible positive. It maybe and it is just a maybe that the two stadiums in my home town might have a name that will be around for more than a year.
References:
Really Long Link
Really Long Link
Really Long Link
There is ao many different versions of this bill that one wonders if it was a crap shoot to see how much we the public would keep up or stand without screaming or yelling.
What I know is there has been added a fee on banks and hedge funds to cover the cost of the legislation. What a novel idea, write legislation that is suppose to protect the financial industry in this country and then assess them a fee to pay for protecting them. Isn’t that extortion? Extortion according to Dictionary.com “is the crime of obtaining money or some other thing of value by the abuse of one's office or authority.”
Also I cannot figure out the precise role of the NEW ‘Consumer Financial Protection Bureau’ just what is their function and exactly how are they to monitor mortgages? So does the new Consumer Financial Protection Bureau protect me, the bank or the government> My guess is it is supposed to be an independent organization but with the office to be in the same building as the Federal Reserve then it obligation is to the Federal government.
My next question, isn’t it the responsibility of the U.S. regulatory commission as part of the Securities and Exchange Commission to protect the consumer from Wall Street and the Banking Industry? From what I understand and in getting information from the webpage of the U.S. Regulatory Commission, the agency was established by Congress in 1934 after the Senate Committee on Banking and Currency investigated the New York Stock Exchange’s operations. The commission’s purpose was to restore investor confidence by ending misleading sales practices and stock manipulations that led to the collapse of the stock market in 1929.
So with all of this oversight and another government office one other reality needs to be stated, since the members of Congress have re-introduced this legislation and have announced an compromise of both the House and the Senate bills. If those in the stock market felt it was a good thing that the government was again watching out for the consumer’s best interest why has the Dow Jones fallen below 10000. It can’t all be blamed on foreign governments economies, or can it because those governments stepped in and began to regulate and micromanage the banks?
For me I only see one possible positive. It maybe and it is just a maybe that the two stadiums in my home town might have a name that will be around for more than a year.
References:
Really Long Link
Really Long Link
Really Long Link
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