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GOP's Scott Brown, Snowe back Wall Street reform bill

Discussion in 'Political Discussion' started by DisgruntledTunaFan, Jul 12, 2010.

  1. DisgruntledTunaFan

    DisgruntledTunaFan Rookie

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    GOP's Snowe, Brown back Wall Street overhaul bill - Yahoo! News

    WASHINGTON – Sens. Olympia Snowe and Scott Brown pushed sweeping financial legislation to the edge of final passage Monday, both announcing they intend to support the regulatory overhaul despite initial misgivings.

    Snowe of Maine and Brown of Massachusetts join Susan Collins of Maine as three crucial Republican votes for the legislation.

    "While not perfect, the legislation takes necessary steps to implement meaningful regulatory reforms, create strong consumer protections and restore confidence in the American financial system," Snowe said in a statement Monday evening.

    In breaking with the rest of the Republican Party, the three lawmakers appeared to give Democratic leaders the 60 votes needed to overcome procedural hurdles facing the legislation.

    read more
  2. Patriot_in_NY

    Patriot_in_NY Rookie

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    I guess that 19B in new taxes wasn't such a big problem after all :rolleyes:
  3. Real World

    Real World Moderator Staff Member

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    I heard him on the radio last week mention that the sticking point for him, was the taxes. It's why he supported it, then withdrew his support. Apparently they came back with the taxes, and he said no. I'm curious to see if the taxes are in there this time.
  4. JackBauer

    JackBauer On the Roster

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    I bet you must love Sen. Kyl.

    Bush-era deficit busting tax cuts for the wealthy = good
    Unemployment insurance = bad
  5. efin98

    efin98 Rookie

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    buuuuuuuuuuuuusssssssssssssssshhhhhhhhhhhhhhhhhhh!!!!!!!!!!!!!!!!!!!!
  6. JackBauer

    JackBauer On the Roster

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    I know, it's certainly an inconvenient legacy.
  7. efin98

    efin98 Rookie

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    Brown will back financial overhaul - The Boston Globe

  8. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    I really like what Brown is doing to the Republicans. While the bill isn't as good as it could have been, that was already true when the Dems were negotiating among themselves. As is, it is quite good and is expected to affect the bottom line of banks by forcing them to be more honest and upfront with the consumer. Hopefully it's a building block for further reform, but a broad selection of liberal economists seem to think it's a good first step. Yet, another victory for Obama and the Democrats.
  9. wistahpatsfan

    wistahpatsfan Rookie

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    #75 Jersey

    This is a hollw shell of a bill. Banks and financial houses will not feel one bit of this as any intrusion on their bottom line will be passed on th the consumer. Banks will continue to scream "THE END IS NEAR!" whenever the government intrudes into their gaming. This bill does nothing to reign in the practices of Wall Street that brought down the economy in the first place. They can still run their casinos as before. Hedge funds will be unchanged. The mega-rich will continue to get richer without doing any work or making anything useful while gambling with our country's future.

    If you think this recession is bad, wait until the next one this winter. And nothing will change because there are enough lemmings in this country who can't remember the days when banks and investment houses had regulation by the government and made money and STILL weren't happy. There are always enough fools carrying the golf clubs for the ultra rich who pose as America's job creators and the Daddy Warbucks to the Little People.
  10. Ilikehappyppl

    Ilikehappyppl Rookie

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    Pretty much this,

    Fool me once shame on you, fool me twice shame on me.
  11. Real World

    Real World Moderator Staff Member

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    What he said. This bill leaves a lot to be desired. What else is new. I could only imagine the things we'll find out about it, once it's passed, and people actually read it. I'm still trying to figure out why a "friend of Angelo" was allowed to write this bill.

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