propilot83
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President Obama Signs Financial Reform Into Law

Wed Jul 21, 2010 7:21 pm

Yewwww    no more gambling with mortgages or peoples money on Wall Street anymore. No more "too big too fail" and if the banks are in trouble, no more tax payer dollars for bailout, they will just have to sink down into the stinking sewer, check it folks, America has changed baby!

http://www.whitehouse.gov/blog/2010/...-what-wall-street-reform-means-you
 
BAKJet
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RE: President Obama Signs Financial Reform Into Law

Wed Jul 21, 2010 8:33 pm

Quoting propilot83 (Thread starter):
they will just have to sink down into the stinking sewer

Well, actually it's not even that. It's just that they won't be using tax-payer money for bail-outs. (If I understand Correctly)

and Thank God! The kind-of reform is overdue.
 
ALTF4
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RE: President Obama Signs Financial Reform Into Law

Wed Jul 21, 2010 8:42 pm

Quoting BAKJet (Reply 1):
Well, actually it's not even that. It's just that they won't be using tax-payer money for bail-outs. (If I understand Correctly)

Which is good - but AFAIK how they will "regulate" them is by forcing them to split or close parts of their business if they get "too big". Not good.
The above post is my opinion. Don't like it? Don't read it.
 
propilot83
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RE: President Obama Signs Financial Reform Into Law

Wed Jul 21, 2010 8:43 pm

Quoting BAKJet (Reply 1):
Well, actually it's not even that. It's just that they won't be using tax-payer money for bail-outs. (If I understand Correctly)

and Thank God! The kind-of reform is overdue.

Yea I knew the banks would have to start saving their own money so next time during a recession, they cant use tax payer dollars for their bailout, they have to use their own savings, and if they dont have their own savings, then they will sink into the sewer and let them fail. Thats what I meant, I know I had to be more clear on that. Yea I am glad that this kind of reform made its way through too thank God! We cant let things just run around anymore and let them do whatever they like. The days of the Bush Administration and old garbage is over! I love President Obama, he is my man.
 
BAKJet
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RE: President Obama Signs Financial Reform Into Law

Wed Jul 21, 2010 9:11 pm

Quoting propilot83 (Reply 3):
I love President Obama, he is my man.

Yeah, I don't know, I do like him and support what he's doing, but there are other politicians I like better. My biggest problem with him is how much he tried compromised with the republicans at the beginning of his term (on healthcare reform specifically), despite the fact that it was obvious the Republicans would vote no, no mater what. I'm glad that the President and Democrats in congress refused to "compromise" on this important bill.

Quoting ALTF4 (Reply 2):
Which is good - but AFAIK how they will "regulate" them is by forcing them to split or close parts of their business if they get "too big". Not good.

At first thought, I agree that it sounds bad, but thinking about it more I don't see how that is bad. Smaller, more local banks, are more likely to be active in helping the communites they are based in and are more likely to obey law and be ethical. In addition, even if a local bank fails, its affect on the economy will be much less than if it were a big multi-national bank, like the large ones of today.
 
ALTF4
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RE: President Obama Signs Financial Reform Into Law

Wed Jul 21, 2010 9:30 pm

Quoting BAKJet (Reply 4):
At first thought, I agree that it sounds bad, but thinking about it more I don't see how that is bad. Smaller, more local banks, are more likely to be active in helping the communites they are based in and are more likely to obey law and be ethical. In addition, even if a local bank fails, its affect on the economy will be much less than if it were a big multi-national bank, like the large ones of today.

So go join a credit union.

I like banking with one bank, flying to the other end of the country, and seeing the same bank there and being able to use them. Maybe its just me though...

That said, I think the "size" of the bank is more related to what areas of business they are in, not how far geographically spread they are.
The above post is my opinion. Don't like it? Don't read it.
 
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DeltaMD90
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RE: President Obama Signs Financial Reform Into Law

Wed Jul 21, 2010 11:36 pm

Quoting propilot83 (Reply 3):
they cant use tax payer dollars for their bailout,

Pardon me if I'm wrong, but isn't the same party that passed this legislation the same one that actually bailed out the banks with tax payer money? If so... wtf?!
Ironically I have never flown a Delta MD-90 :)
 
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DocLightning
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RE: President Obama Signs Financial Reform Into Law

Wed Jul 21, 2010 11:50 pm

A concern that i have is that the financial system is something that nobody really understands. It might be man-made, but we don't really know how it works.

Banks deal with money and the financial profession tends to attract people who are attracted to money. No shocker there.

So it won't shock me if the banks will find loopholes and other ways to get around this reform. And then, there's always that pesky law of 'unintended consequences."
-Doc Lightning-

"The sky calls to us. If we do not destroy ourselves, we will one day venture to the stars."
-Carl Sagan
 
BAKJet
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RE: President Obama Signs Financial Reform Into Law

Wed Jul 21, 2010 11:55 pm

Quoting DeltaMD90 (Reply 6):
Pardon me if I'm wrong, but isn't the same party that passed this legislation the same one that actually bailed out the banks with tax payer money? If so... wtf?!

Well, kind-of. The bank bailout bill was passed under President Bush ( who, as we all know, was a republican) and received support from Democrats and Republicans, so it wasn't really passed by one party alone. In addition, I think the idea was that the bailout was a one-time-only emergency action to make sure the economy did not completely collapse, and this reform is the long-term solution.
 
propilot83
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RE: President Obama Signs Financial Reform Into Law

Thu Jul 22, 2010 12:41 am

Quoting DeltaMD90 (Reply 6):
Pardon me if I'm wrong, but isn't the same party that passed this legislation the same one that actually bailed out the banks with tax payer money? If so... wtf?!

We had no choice but to use tax payer dollars on the first bailout by Bush known as TARP I and the second bailout by Obama as TARP II. Now after this reform, no more tax payer dollars, if the banks screw up and they dont have reserve savings, then we are just going to let them sink without inflicting anymore pain to main street and the economy. We cant afford this kind of stupidity again, its a shame!
 
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DeltaMD90
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RE: President Obama Signs Financial Reform Into Law

Thu Jul 22, 2010 1:54 am

Quoting propilot83 (Reply 9):
then we are just going to let them sink without inflicting anymore pain to main street and the economy. We cant afford this kind of stupidity again, its a shame!

Well what if the financial situation gets as bad as it did before TARP I & TARP II. You'd be opposed to it in the future, but why not before? I'm not following... (not attacking you either, I just don't get it)
Ironically I have never flown a Delta MD-90 :)
 
dxing
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RE: President Obama Signs Financial Reform Into Law

Thu Jul 22, 2010 2:39 am

Quoting propilot83 (Thread starter):
no more gambling with mortgages or peoples money on Wall Street anymore.

Don't be too sure. There are all sorts of loopholes in the legislation that allow companies to continue to do business as usual.

Quoting propilot83 (Reply 3):
The days of the Bush Administration and old garbage is over! I love President Obama, he is my man.

Then you'll love it when, because of langauage in the legislation, you are no longer able to use your debit card for transactions below a certain amount. And you won't complain when your bank starts to impose fees on things that used to be done for free to make up for the loss. Already BOA and several other banks have done away with most free checking no matter what amount your balance is.

Quoting propilot83 (Reply 9):
We had no choice but to use tax payer dollars on the first bailout by Bush known as TARP I and the second bailout by Obama as TARP II.

Disagree. There are lots of smaller banks that didn't take a dime in TARP or TARP II money that could have easily bought up the remains of the larger banks that failed.

What is left out of this "reform" is any sort of restrictions on Fannie and Freddie, two of the biggest instagators of the problem to begin with. Fully half of this legislation has nothing to do with the what caused the meltdown, the actual meltdown, or the arftermath.
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einsteinboricua
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RE: President Obama Signs Financial Reform Into Law

Thu Jul 22, 2010 2:49 am

I am glad this reform passed. This law is needed to make sure that the taxpayer's money is used only for the good of the people. What good is it to bailout a company (that doesn't even benefit me) so its CEO can have a big, juicy bonus and raise? It's time the people's money (no, not the Yuan/Renminbi) is used for the people, not the corporations.

Quoting ALTF4 (Reply 2):
Which is good - but AFAIK how they will "regulate" them is by forcing them to split or close parts of their business if they get "too big". Not good.

Well, in a way, this is also good too. You know the phrase "the bigger they are, the harder they fall". Would you prefer a little hole or a crater when a bank collapses? This would make sure that it doesn't become a crater if the bank fails.

Quoting BAKJet (Reply 4):
My biggest problem with him is how much he tried compromised with the republicans at the beginning of his term (on healthcare reform specifically), despite the fact that it was obvious the Republicans would vote no, no mater what.

It's not really compromise if the only version they are willing to pass is theirs. They had their chance for nearly 10 years. Let the Democrats step up to the plate. I am really glad some Republican senators are willing to put aside their political party and vote in favor of the people. Seems there is still a glimmer of hope for the GOP.

Quoting DeltaMD90 (Reply 6):
Quoting propilot83 (Reply 3):
they cant use tax payer dollars for their bailout,

Pardon me if I'm wrong, but isn't the same party that passed this legislation the same one that actually bailed out the banks with tax payer money?

Well, you are right...up to a point. See, who asked for the first bailout was Bush (Republican), so the blame does not lie solely with the Democrats. The first bailout I kind of approved. In all honesty, had those companies failed, we would probably be looking at a different US.

What I don't get is why do we wait until something happens and then approve things to regulate it? Take 9/11 for instance. It took a terrorist attack to step up security in airports and screening of all passengers. With all the bombs and all terrorist activities that happened years before that, why did it take four planes, two towers, part of a building, and over 3,000 lives before authorities came to their senses?
"You haven't seen a tree until you've seen its shadow from the sky."
 
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DeltaMD90
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RE: President Obama Signs Financial Reform Into Law

Thu Jul 22, 2010 4:21 am

Quoting einsteinboricua (Reply 12):
Well, you are right...up to a point. See, who asked for the first bailout was Bush (Republican), so the blame does not lie solely with the Democrats. The first bailout I kind of approved. In all honesty, had those companies failed, we would probably be looking at a different US.

Not really blaming anyone, in fact, I wish whichever party is in office does what's right regardless of what the other party did. I was aware Bush started the first bail out. My question is what would happen if (heaven forbid) we get back to the level we were at or worse? Now tax payer money cannot be used? I suppose the other parts of this reform is to prevent it from getting there?

Things that make you go "Hmmm...."
Ironically I have never flown a Delta MD-90 :)
 
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WarRI1
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RE: President Obama Signs Financial Reform Into Law

Thu Jul 22, 2010 4:23 am

Quoting einsteinboricua (Reply 12):
What I don't get is why do we wait until something happens and then approve things to regulate it? Take 9/11 for instance. It took a terrorist attack to step up security in airports and screening of all passengers. With all the bombs and all terrorist activities that happened years before that, why did it take four planes, two towers, part of a building, and over 3,000 lives before authorities came to their senses?

Because of Special Interests, Lobbyists, nothing gets done in a speedy fashion, first the money has to flow into the pockets of the congress by Special Interests, then the partying begins, the deals are made, the money is spent on free vacations, free airfare, you name it, sometimes even sex. It took dam near a new Depression to get this possible bank reform through.  
It is better to die on your feet, than live on your knees.
 
propilot83
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RE: President Obama Signs Financial Reform Into Law

Thu Jul 22, 2010 5:30 am

Fellows fellows, this legislation of Financial Reform wasnt going to be "perfect" anyway. Nothing will ever be perfect, Health Care Reform wasnt perfect when people wanted the "public option." Next time there is a recession, it sure wont be on this type of magnitude that we've seen before. A lot of the small banks did not ask for TARP money, in fact they will be the ones who support financial reform and they will be the ones that will be rescued, not AIG, BOA, Chase, or Freddie or Mac or whatever the hell they are called. The days of leniency and forgiveness is over in this country folks, at the end of the day, the "right" will happen and the evil will never take over.
 
Yellowstone
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RE: President Obama Signs Financial Reform Into Law

Thu Jul 22, 2010 8:24 am

Quoting DeltaMD90 (Reply 10):
Well what if the financial situation gets as bad as it did before TARP I & TARP II. You'd be opposed to it in the future, but why not before? I'm not following... (not attacking you either, I just don't get it)

Theoretically, the provision in the bill that allows the feds to break up banks that grow too large will prevent the financial situation from deteriorating to the point that a bailout is necessary. You only need to bail out a company if it gets so big that its failure would threaten economic stability, so if you cap the size of the companies, you eliminate the need for bailouts.

Quoting dxing (Reply 11):
Already BOA and several other banks have done away with most free checking no matter what amount your balance is.

That's simply not true. I opened up a BOA account about a month ago, and the checking is free if you either open the account online or set up direct deposit into the account, in addition to the usual minimum balance option.
Hydrogen is an odorless, colorless gas which, given enough time, turns into people.
 
dxing
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RE: President Obama Signs Financial Reform Into Law

Thu Jul 22, 2010 9:20 am

Quoting Yellowstone (Reply 16):
That's simply not true. I opened up a BOA account about a month ago, and the checking is free if you either open the account online or set up direct deposit into the account, in addition to the usual minimum balance option.

My mistake I should have said Wells Fargo.

http://www.newsweek.com/2010/07/16/f...l-reform-could-hurt-consumers.html

4. New or higher fees for bank accounts. Banks will lose billions of dollars from this change in interchange fees and they will look for new ways to replace that revenue. It is possible the decrease in interchange fee revenue could mean higher fee payments for consumers with bank accounts. Wells Fargo ended free checking account on July 1, and Bank of America(BAC) is testing new fees to be added by the end of the year. Other banks may follow.

That being said, BOA won't be far behind.
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