Tuesday, December 15, 2009, 2:24AM ET - U.S. Markets open in 7 hours and 6 minutes.
Washington is finally getting serious about regulating Wall Street. Senate Banking Committee Chairman Christopher Dodd today unveiled his long anticipated and lengthy (1,136 page!) proposal, he hopes will prevent another financial catastrophe.
Highlights of the plan include:
If approved by Republicans (still very much in question) Dodd says the proposal will create a new regulatory "architecture."
There is some good to come from the the creation of the single bank regulator, Matthew Bishop, The Economist's New York bureau chief, tells Tech Ticker. There's "too many regulators" in the U.S. he says, and we "need to have much more focused regulatory system. A couple of big regulators that have very clear mandates and responsibilities."
While regulatory reform is all well and good, it was not the only cause of the crisis. Bishop believes incompetence by the top brass at our nation's biggest banks played a larger role.
"It seems the people in charge of our financial institutions just didn't understand basic derivatives they were using in some of their transactions, that’s just crazy," he says.
Then there's the issue of how Wall Street garnered influence with many influential policymakers, including Sen. Dodd himself. Bishop is skeptical the current crop of Congressional leaders can be counted on to bring about the "right" reforms, as outlined in his forthcoming book The Road from Ruin.
So, Chris Dodd knows how to stop the next crash. Pass his bill and we'll never ever have another financial crisis. It's amazing how stupid our politicians are. Do the right thing, Connecticut. Elect Schiff. He may be a gold bug, but at least he's not a frigging moron.
Billionaire Fisher Sees S&P 500 Above 1,300 as Economy Recovers Nov. 10 (Bloomberg) -- The Standard & Poor’s 500 Index will probably exceed 1,300 as early as February because the economy continues to rebound from the worst recession since the 1930s, billionaire Kenneth Fisher said.“It’s just a reversal of excessive pessimism,” Fisher, ranked by Forbes magazine as the 289th-richest person in the U.S., said in an interview yesterday. “We still have a lot more bull market to go because we had such a huge bear market.” http://www.bloomberg.com/apps/news?pid=20601087&sid=ak7b2m.b1v7A&pos=7
chris dudd is a self derving scumbag like most on the hill
Chris Dodd and Tom Dashele should have a title in common soon; Former U. S. Senator!
Chris Dudd is corrupt - its like putting US Army Major Hasan in charge of monitoring the military for signs of treasonous behavior. Or putting Barney Frank in charge of regulating medical marijuana.
dodd and lieberman/both scum sucking pigs who rape , pillage and plunder for there own self serving interests. but they have 633 others up there w/them so what to do other then throw them out asap.
This guy Dodd is among the worst of Congress. He's been there for about 30 years and was involved in the cause of this financial crisis. Now he wants to protect us... It's like closing the barn door after the horse already escaped. No Senator should be in office more than 2 terms (12 years) and no Congressmen/women should be in office more than 3 terms (6 years) otherwise they do too much harm to us all. VOTE OUT the INCUMBENTS in 2010.
I guess bringing back Glass-Steagall isn't in that legislation. Dodd is just a haircut. One thing for sure, we Connecticutians are going to do our best to retire this guy ASAP.
The best regulator of any business is an intelligent, well educated consumer, the education system does not breed such a consumer any more, never really did for that matter, so, leave it to the politicans to run your life, see the mess we are in..???
The corrupt are going to regulate the corrupt! I love it!
DOWN WITH ALL THE CROOKS & LIARS ON WALL STREET & PEOPLE LIKE DODD. VOTE ALL OUT, PERM. NO ONE CAN TELL THE TRUTH- NOT ONE.
"Financial Innovation" is BULLSHIT! --------------------------------------------------- Loaning money should be simple and straight forward. That was the problem with this recent crash. No one seemed to understand the degree of leverage banking institutions had created.
Market just turned up, the traders must have heard the gist of Dodd's plan: business as usual.
New Rules: a) Single term only for all of Congress b) Outlaw corporate campaign contributions
Even if his proposed bill is good (haven't read the 1136 pages yet) he should be voted out as he should have introduced this bill 8 years ago. There is also a question of why he got special treatment from Countrywide on his mortgage from Angelo Mazillo. If the bill is good and does pass it will not redeem him for all the past mis-deeds. No Senator should be in office more than 2 terms (12 years) and no Congressmen/women should be in office more than 3 terms (6 years) otherwise they do too much harm to us all. VOTE OUT the INCUMBENTS in 2010.
change has come to america, now americans see what the start of socialism looks like. Look out for 2010, let the government know what is really important.
here's a brilliant idea... put back the regulations in place that existed since the Great Depression... that kept us from having a major catasrophe for 70 years. it amazes me how stupid these legislators are. their repeal of regulations in the late '90's caused this mess, now they want to regulate the regulations that deregulated the regulations. idiots, all of them. if they left it alone in 1999, we probably wouldnt be here right now. just complete morons.
Terry - Tuesday November 10, 2009 03:11PM EST --- "This guy Dodd is among the worst of Congress. He's been there for about 30 years and was involved in the cause of this financial crisis. Now he wants to protect us... It's like closing the barn door after the horse already escaped." ---------------- it's more like closing the barn door after Dodd shot the horse.
Oh. Now he wants to do what's right? What about all the other years? New regulator = Concentrated corruption with more ability to manipulate. Leveling Washington is the only way to be sure the virus is dead. We don't need to do anything though. They will take care of it themselves.
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Terry - Tuesday November 10, 2009 03:06PM EST
Sleazy Politicians at work. Dodd has been in the Senate for about 30 years and now he wants to protect the taxpayers/citizens/voters because he is up for re-election next year??? VOTE Dodd OUT in 2010.