WIN WIN WIN: Senate passes Financial Reform Bill

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If you are going to try to correct me, at least use the right words. It is "capital" not "capitol". mmmk?
 
You don't know what's in the bill, yet you think it won't solve anything and why.



REALLY?
 
Do you understand how legal documents are written? Like I said, Congress shouldn't have to dumb down legislation because you're too lazy to get caught up on the subject. As we have seen companies hire lawyers i order to find loopholes in legislation so they can continue defrauding us. 1400 pages may not be enough
 
Because it would basically admit that the Government can't do anything right. Thus making this bill about worthless.
 
It's a collection of sub primes that is divided into tranches and was then given to the ratings agencies and they rated them as if it was a normal MBS. CDO's had the worst of the worst mortgages and the top tranches still got tripple A ratings. That's why Moody's and S&P are in deep shit
 
Considering the fact that the last several articles you posted said the exact opposite of what you implied the article said (because you obviously didn't read them), I think the burden is on you.

Just my opinion though.
 
Do you know how legislation is written?

Companies pay lobbyists to write in exemptions for them in the law, which is why the laws are so long.
 
Why the fuck not? All they are doing is losing fucking money every day and begging for more.
 
You mean those same people who lobbied to have Glass-Stengal overturned? Those same financial experts who could not be bothered asking for a pay stub and a tax return? Those same captains of industry who packaged up and sold loans almost as soon as they were written to investment houses and therefor had no care in the world if the loan defaulted or not?


Yeah... Let's just give them a do over.
 
It's a collection of mortgages.

Where do you get this crazy idea that a CDO is made up of only Sub-Prime mortgages.........
 
The CFPA would consolidate consumer protection authority that is now spread out over seven different agencies, and not the central focus of any of them, into a new agency with independent rule-making authority and a presidential nominee as regulator.
 
http://forums.offtopic.com/showpost.php?p=129808291&postcount=57

These are not reasons why...and you never addressed my post about why it sucks.
 
A council would be established which would contain 'system risk' regulators to monitor the increasing risks in financial system.

Within the Federal Reserve, a new Consumer Protection Division would be created for issuing new rules to keep a control on mortgage lending and credit card issuance.

The Federal Reserve will be given complete right to supervise the largest company with large finance, so that it does not become threat for the government and economy in future.

It regulates previous unregulated derivatives. Also gives the CPA to approve complex financial instruments.

Forces banks to have enough capital on hand in order to cover their losses.
 
No no no. You cannot create garbage investments and tell your investors that they are sound. That's fraud and it's why Goldman is being charged for it.

And their mistake directly resulted in the loss of 8 million jobs in this country. That is so unbelievably wrong.
 
From 2003 to 2006, new issues of CDOs backed by asset-backed and mortgage-backed securities had increasing exposure to subprime mortgage bonds. Mezzanine ABS CDOs are mainly backed by the BBB or lower-rated tranches of mortgage bonds, and in 2006, $200 billion in mezzanine ABS CDOs were issued with an average exposure to subprime bonds of 70%.[citation needed] As delinquencies and defaults on subprime mortgages occur, CDOs backed by significant mezzanine subprime collateral experience severe rating downgrades and possibly future losses.
 
Those are all reasons why it doesn't suck. I'm not going to sit there and spoon feed you why a bank needs enough liquidity in order to cover a CDS and synthetic CDO.

You have to know what those things are in order to debate them...
 
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