From the article: 2010 Bank Reform Bill
Deregulation in the '90's allowed financial companies like AIG, Bear Stearns and Lehman Brothers to use derivatives to inflate the housing market. When prices fell, banks got bailed out while you may have lost your retirement, job or even your home. Will the Bank Reform bill rein in Wall Street enough? Has it gone too far in allowing the Fed to be audited? Should Glass-Steagall never have been repealed? Share your opinion and point of view. Share Your Views
It's a Fools Game, and your a pawn.
- I think we have to understand that no law, regulation, or agency could have prevented the crisis. It is a "Fools Game" to think otherwise. The fact is financial institutions have been one of the most regulated sectors of our economy. Yes, I agree that regulation is necessary and I support the reinstatement of Glass-Stegal. I feel that was a prudent regulation, but Frank Dodd is a Joke and frankly one of the worst pieces of legislation to date. It doesn't address the main cause of the crisis, the Gov't. Republicans and Democratics told American's that everyone should own a home and then pushed the banks to lend to low to mod income borrowers. Imposing restrictions on the bank if they did not comply. I know it is hard to believe but it is the truth. To get these borrower's approved they had to lower qualifying standards on mortgages. Banks purchased derivitives to minimize the risk. Now you have the beginings of a crisis. Frank Dodd does nothing but make us Pawns feel good.
- —Guest TexasMortgagePro
No it doesn't go far enough
- The right with its massive lobbying effort took the teeth out of the Reform Bill.I personally would like to see the Gramm-Bilely-Leach bill repealed and replace it with the Glass-Steagle bill of 1933 which protected us for 75 years hence add on the Volker Rule whcih would break up these "too Big To Fail"corporations some of which are bigger than they were prior to the collapse.With over 600 trillion dollars of CDS floating all over the world we could have a repeat of 2008 all over again.
- —Guest Jon Eric
Banking reforms
- Prevention is better than cure,in banking system most important thing is to secure the loan you are providing, There are differences between bank managers objective and management board and other stake holders. By providing more loans at a higher lending rate manage are able to show a healthy profit growth which allows them to enjoy better compensation package.But Ultimately reckless and risky loans backfire at one stage. Postmortem report only shows the cause of the disaster. So far banking act as the central nerves system of economy it affects all other sectors instantly which eventually leads to economic recession. So if you like to secure banking sector from this kind of disaster you have to set up a strong monitoring body which will restrict providing reckless loan providing to risky sectors. Other countries even countries like Bangladesh have such control over banking sector and don't free style investment in risky sectors like capital market or other unsecured speculative fundin
- —Guest Syed Ejaz Ahsan
Not enough Bank Reform
- the Glass-stegall Act need to be reinacted. There needs to be a fire wall between Bank and Wall Street. Reinsated and never repealed.
- —Guest Ronald L Cheal
True bank regulations
- From a public perspective, the issue is realistic power of governments agencies. Example, did the Office of Thrift Supervision, really enforce the interest of consumers, as indicated on their charter, or if in fact their primary function was to advocate the interests of banks, as also stated on their charter. Whom's interest is really at hand, the public or the banks, realistically whom really has the ability to watch over their interest, the public or the banks. Further, now that the OTS is part of OCC, whom interest is OCC's primary objective, the public or the banks.
- —Guest Schrece Davillier
GO LOCAL
- 10 bid own 80% of 7600 Bank Deposits. 5 own 50%. Transfer Bank wealth back to County level. To Big to Fail is taking Democracy down path of Total Inequality of Wealth.
- —Guest GO LOCAL
a free pass
- regulation is long long overdue. thx 'W'! and i dont see any of those that benefited with inflated derivative bonuses going to jail or their assets seized. and when is Liz Warren going to be installed as chair?
- —TempeAZ
Not nearly enough!
- While consumers must take part of the blame for buying houses they could not afford, the deception among banks to give loans to those who really could not afford them was manipulative, dishonest and unethical. The willingness on the part of banks to take advantage of consumers lack of knowledge should be a crime. The banks quicly sold the loans, the consumers quickly lost their homes, the government quickly gave the banks more money. This makes no sense. When all is said and done, the consumer has been hurt while the banks have been enriched. And all the while the banks were the most at fault. So it is obvious that the new bank reform does not nearly go far enough. When one segment of society has been taken advantage of, corrective procedures should be put in place to ensure the same cannot happen again. I see little evidence that the reform bill efectively does this. The banks have been scolded, not punished. The reform is weak and ineffective. We need stronger reform
- —Guest Reformer
Wolf in the Henhouse
- Market transparency is waaay overdue - as we saw with the 1,000 point drop in the Dow. But placing Credit Default Swaps right back into the hands of the clearinghouses that permitted this mess in the first place is sort of a "wolf guarding the henhouse", dont'cha think? Show me regulations that really deals with transparency, and with holding risk-takers accountable for their actions, and I don't care if that fills 10,000 pages, or 10 pages.
- —Cre8iveForce
