Monday, June 28, 2010

Financial Overhaul Bill 2010 Controversy

The Financial overhaul bill 2010 is a big deal this week.  The 2010 financial overhaul bill is something that Obama wants passed before the Senate adjourns for the Fourth of July holiday.  Passage of the bill is now in jeopardy, as Senator Robert Byrd (D-W. Va) passed away.  Democrats need all the votes they can get in order to pass the measure.

We all know that passing the UNEMPLOYMENT EXTENSION BILL is something that likely won't happen this week.  The measure has been voted on twice, and Democrats and Republicans are in a stalemate.

Could the same happen with the Financial Overhaul Bill?

Let's start with the basic premise behind the bill.  The financial system in America is delicate.  The same is true around the world, which is why the G20 SUMMIT DISCUSSED WORLD ECONOMIC POLICY. In the United States, legislation is needed so that taxpayers don't have to keep bailing out big banks.

Law makers could have either shrank financial institutions so that individually no establishment was "too big to fail" or made rules aimed at preventing failure.

Even though we all know that "rules were meant to be broken" our lawmakers chose to try to enact rules.

Chopping up risky financial institutions could have been wiser, but maybe perhaps some legislation is better than no legislation.

The legislation is 2,000 pages, and will touch the entire financial industry from payday lenders to Wall Street's largest banks. It includes provisions on banks having a larger cushion in the event of a failure.  It also limits investments in private equity firms.

It could take years for many of the rules in the legislation to take place.  It's questionable whether or not the bill will pass this week in time for Obama to sign it before the Independence Day holiday.  We will just have to see how the Senate reacts, especially given that the minds of many will be on remembering their late colleague, and also on the unemployment situation impacting their constituents.

17 comments:

  1. ABC, CBS, NBC, FOX, CNN
    ALL OWNED BY SHARE HOLDERS OF THE FEDERAL BANK
    THESE SHARE HOLDERS SPONSER ALMOST ALL ELECTED OFFICIALS
    The Clock is ticking http://www.usdebtclock.org/

    PLEASE HELP
    WAKE UP AMERICA

    http://www.apfn.org/APFN/fed_reserve.htm

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  2. I SUPPOSE THE SENATORS HAVE THIER OWN AGENDAS FOR NOT PASSING THE UNEMPLOYMENT EXTENSION.THESE ARE AGENDAS BASED ON LIES AND GREED BUT PERHAPS THEY SHOULD HAVE CONSIDERED THE CONSEQUENCES OF THIER ACTIONS BEFORE THEY ALLOWED THIER OWN NEEDS TO CONTROL THIER TRAIN OF THOUGHT.WHAT WILL THE SENATORS SAY WHEN IT WILL NOT BE SAFE FOR PEOPLE TO GO TO THE CORNER STORE BECAUSE THERE WILL BE A GREAT CHANCE OF BEING ROBBED OR EVEN KILLED FOR THIER MONEY?THESE DAYS ARE COMING TO AMERICA WHEN YOU WONT BE SAFE ANYWHERE WITH 3 MILLION HOPELESS PEOPLE THROWN OUT ON THE STREETS WITH THIER FAMILYS LIKE TRASH.YOU ARE YOUR OWN KINGS AND QUEENS SENATORS AND THIS IS THE HELL YOU HAVE CREATED FOR YOURSELFS.

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  3. My car payment is 5 days past due and so is my insurance
    My rent is due Thursday
    The Government wants me to pay monthly for taxes on last years unemployment

    My fridge is empty and so are the cabinets
    I only ATE 3 times last week so I could pay my rent this week

    I don't drink, I don't do drugs, and I spent ALL DAY on A SUNDAY looking for work and sending resume's.

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  4. The Unemployed will be a voting force this November...and the next November....and THE NOVEMBER AFTER THAT...ETC ETC ETC ETC..

    ALL YOU INCOMPOTENT, DIRTY, CROOKED ELECTED OFFICIALS ARE DONE!
    ONE ELECTION AT A TIME!

    NO MORE LOBBIESTS!
    NO MORE FEDERAL RESERVE!
    NO MORE DIRTY GOVERNMENT!

    maybe we were all laid off...but..
    YOU'RE ALL FIRED!

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  5. This Is My First Time On Unemployment & After 6 Months There Was A Hold On It. So I Went To The Local Unemployment Office, Waited In Line For An Hour Just For Them To Tell Me That We Are Waiting For Senate To Pass The Bill. This Is Horrible, I lost My Car Last Week, My Home Is In Jepordy, Bills Are Piling Up, We Just Can't Live On My Husbands Income. With 2 Small Children It's Impossible. I've Been Looking For Work, But NO SUCH LUCK. School Is Suppose To Be Starting In The Fall For Me To Become A Nurse (Threw Unemployment), But AGAIN That's On Hold. This Is CRAZY....No Wonder People Are Getting Robbed Everyday, Because Their Are No Jobs Out There & NO ONE IS GETTING THEIR EXTENSIONS.U Don't Live Like This, So U Wouldn't Know.

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  6. YOU HAVENT SEEN ANYTHING YET.THESE SENATORS THINK THAT IN AMERICA PEOPLE WONT ACT OF DUE TO BEING HELPLESSS AND DEPRESSED BUT THEY HAVE A WAKEUP CALL COMING.YOU THINK CRIME IS BAD NOW?WAIT A FEW WEEKS OR MONTHS THEN COME BACK AND SEE HOW BAD CRIME GETS IN AMERICA LOL

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  7. Keep e-mailing your representatives and the president....flood their inboxes...sign every petition out there! We need to be heard!!
    Trillions on war, billions for banks and foreign countries and now they worry about a balanced budget! And let's not forget about their upcoming vacations!
    A stand alone bill MUST be passed NOW with an additional tier of benefits to help the 30 million unemployed Americans of this country!!!!!

    SHAME ON THIS COUNTRY!!!!!!

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  8. America's unemployed need help NOW. The senate needs to get on this before 4th of July break. People are hurting and jobs are NOT available.

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  9. Shame on this country is RIGHT....it makes me SICK what is going on... I'm also on my 1st tier of unemployment, and out of nowhere I find out that its over. I'm 6 1/2 months pregnant, and will NOT be hired by any employer... I have tried! I was trying hard before I became pregnant, and now I have lost all hope. Its not as though I was relying on unemployment through my pregnancy, its that no employer wants to hire someone who is pregnant and has to leave for maternity leave in 3 or 4 months. And no employer wants to hire someone without a degree... I have been going back to school but that doesn't count for much when I'm in the position I'm in now. I thought all of this money was going to help people who need it, like myself, who found GREAT hope that Obama supported the unemployed to further their education, and the additional $25 a week to help out the unemployed. What SCUMBAGS would take these benefits away from us.... what about the war??? Why is this country putting billions and billions into that each year, yet helping out the people in their own country is NOT?? What about the dirty politicans who make over 100k each year and expense luxury dinners and trips? How is that FOR THE PEOPLE? Our founding father's would be DISGUSTED, as am I!

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  10. World War 3 will come to America if they don't pass this bill! I read that 1.5 million people will be affected by this, well guess what. There will be 1.5 million criminals in America if Congress doesn't pass this bill. No one is really hiring, these people will need money to pay bills and feed their children, once they get thrown out of their houses, hell will break loose. People, stores and Banks will start getting robbed EVERY DAY!

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  11. I don't get it. America goes and helps rebuild Iraq but screws the people who actually live in America. This is just wrong. I hate to see what is going to happen when all the millions of people who lost the benefits start getting desperate and start a career of stealing..

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  12. As republican, elected, politicians sit and judge those who may not be as fortunate as they are, the voters will remember them abusing their voting power. We aren't asking for welfare, it's aid to continue a job search. We have families, we have living expenses and accepting a minimum wage job will not fix the problem. Not only are they boycotting the American worker in need... they are not coming up with any solutions... aid or not. This is becoming an epidemic. You just can't flick a switch on an issue this large... it must be done in long term phases. This is abuse of power and it is getting uglier by the day. Come up with a solution NOW!

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  13. The republican’s weren’t worried about the deficit when that big insurance company and their friends the Wall Street execs were giving themselves bonuses with taxpayer money!!! Next election – let Congress feel the sting of the unemployment lines!!! No more raping and pillaging the middle class!!! – How many years have you paid taxes? 30? 40? Your government bails out bankers and Wall Street execs using your tax dollars – but unemployment is allowed to expire? What happened to "by the people" or "for the people"? Or are the big campaign contributors the only "people" who count to congress? They are playing games AGAIN FOR THE THIRD TIME while you are wondering how to feed your kids? Figure it out! Malfeasance – Failure of a public official to perform their duties!!! Next Election MAKE YOURSELF MATTER BY VOTING!!! 10% unemployment carries 10% of the vote! Use it!! Fire them all next election or recall every Congress member NOW for Malfeasance – Failure of a public official to perform their duties!!! Next Election - Lets get people elected who actually represent all the People- this current congress represents only special interest groups!

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  14. I say take the risk of some Al Qaeda blowing up another building in America rather than cutting off the unemployed! Stop the war, help innocent Americans get back on their feet. Either that or fire all Senators and replace them with a band of gypsies who are all about free love

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  15. Ashamed Of AmericaJune 29, 2010 at 9:38 AM

    I have been phoning Senators offices for the past week explaining my situation.
    I was laid off last November, and have just expired my FIRST 6 months of UI.
    I have 3 really good job prospects, one is actually a 6 figure salary, but none of them start until late July or early August.
    But, if this bill doesn't pass, I will not have the money to pay my rent in July.
    I am driving without the legally required car insurance and with expired licence tags.
    So, I would like to propose a few things:
    First, if anybody gets evicted starting July 1st, let's start taking over the Senator's offices....use them to sleep in, send faxes, use the phones and their computers to find work.
    Second, when we do find work, claim 99 exemptions. I REFUSE to pay any more taxes!! Remember the old saying 'No taxation without representation'?? Well, it is VERY obvious that Americans have no representation!! "Taxation without representation is TYRANNY!!"
    Third, if this bill does not pass, let's make sure that this 4th of July is the SECOND one that NO AMERICAN will EVER FORGET!!
    Everybody get your guns ready....and let BLOOD RUN IN THE STREETS!!!
    We can afford to GIVE Pakistan $7.5 BILLION to arm and train Taliban to kill AMERICAN soldiers.....we can afford to GIVE Egypt $7 Billion, we can afford to GIVE Haitian earthquake victims over $2 BILLION dollars, we can afford to GIVE $30 MILLION to Palestinian refugees...
    We CAN AFFORD to keep the Bush tax cuts for the wealthiest 1 percent of the country at a cost of $1.8 TRILLION.
    We CAN AFFORD to bail out Wall Street to the tune of $700 BILLION and buy GM, even though a huge majority told Congress NOT TO!!
    But we CAN'T AFFORD to take care of middle class AMERICANS who have lost their jobs through no fault of their own???
    And this is being decided by people that 'We the People' are paying!!!
    'We the People' are ALLOWING these people to GIVE our tax dollars away to others, but they won't help us??? With OUR OWN MONEY????
    I am absolutely ASHAMED of the Senators and to be called an American!!!
    And Senators.....you should be ASHAMED of YOURSELVES!!!
    Even more so if you consider yourself a 'christian'!!!
    Would jesus ALLOW people to be thrown out of their homes and apartments??
    Would he ALLOW them to go hungry???
    And yet FUND a 9 YEAR war, in which thousands of innocents have been killed??

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  16. Why not split the baby in half. Pay half with stimulu monies and half with emergency monies. Everyone saves face and the people win too.

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  17. Any sympathy for the poor we are trying to go to work for every one that loses there benefits you should offer eac h\one a job to see if they will work it before you call them lazy unemployment is a way to keep the hanks off of you until you pray for a job each day no one wants to get comfortable on unemployment its just a way to pay some of your bills nothing meant to get rich or comfortable on.If the full pocket people could relate to this they would know.

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