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Will we avoid another financial collapse?

Key House and Senate lawmakers agreed on far-reaching new financial rules early Friday after weeks of division, delay and frantic last-minute deal making. The dawn compromise set up a potential vote in both houses of Congress next week that could send the landmark legislation to President Obama by July 4. Read the full article.

By Jodi Westrick  |  June 25, 2010; 8:33 AM ET  | Category:  National Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati  
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It is (no lie) called the Dodd-Frank bill. Dodd and Frank together are the number 1 CAUSE of the banking and houlsing meltdown... Now they put a bill together to bring the whole economy down. This is just an unconstitutional power grabb by the democrtats while they still have month of power left. We are moveing away from the constitutional small government representive republic and toward an oligarchy

Posted by: markandbeth | June 25, 2010 10:48 AM

Too many literal and fi8urative black swans I'm afraid. But this will be okay because there will come a change in mindsets as charity becomes the only value worthy of mention...

When everything is worthless only then can true values be found. Debt for8iveness will either come by use of a new set of values, or, be forced by the circumstances that made greed a moral virtue, a national disgrace, and, a global shame and tragedy.

Posted by: icurhuman2 | June 25, 2010 10:54 AM

Whom do they think they're fooling with this scam? What an insult to every American this pathetic, impotent, style-over-substance fraud of a "reform" bill is.

This is another apalling sell-out by the political prostitutes masquerading as government leaders in Washington.

Obama, the entire G.O.P., Barney Frank, Dodd, Reid, all of them, wear their corruption openly and shamelessly.

Posted by: toc59 | June 25, 2010 11:04 AM

No way, it's bought and paid for by the Lobbyists all the way and written by the cheif enablers Dodd-Frank...all nicely paid for by Wall Street and the Banks.

We need to THROW EVERY INCUMBENT OUT!! But be careful, don't vote for any Repulicans...WOW are they ever CRAZY!!! koo-koo koo-koo

Posted by: Impeachbush99 | June 25, 2010 11:06 AM

This bill is a gift to the financial industry the same way the "health care reform" was a gift to the insurance industry.

Congress and Obama are the gift that keeps on giving - to FATCATS.

WHO do they think they are fooling with this garbage?

Posted by: solsticebelle | June 25, 2010 11:15 AM

God, a lot of people without a clue commenting here. Anyways it is a pretty good bill overall. Has some holes but so did the the Acts of '33, '34 and '40...that's why we have (had) three major Acts that worked pretty damned for 40-50 years. Anyways I'm glad that in my future license renewal tests I get to study an Act where I actually witnessed the sausage-making. Hey FINRA if you read comments, make the 2010 Act 40% of the tests! ;)

Posted by: LeRiverend | June 25, 2010 11:22 AM

I say this as a fiscally cautious centrist who wanted change from the ruinous non-regulated Fed-fueled crazy markets of the previous 15 years: this is not "change we can believe in". This gutless, bought-and-paid-for, non-reform bill seals our fate. We will now get the double-dip for sure. Worse than 2008. We refuse to grow up and see how dumb it was to let Wall St run our government for 15 years. Now we get to pay. Again.

Good luck to Sen. Dodd at his new Wall St "consulting" job or whatever it is. Hope your millions will make America's pain worthwhile to you.

There goes hope. The Republicans aren't the answer; they got us here, right along with Fannie/Freddie/Rob Rubin. Greenspan, LTCM bailout, Tech Crash, Madoff's SEC, Office of Thrift supervision: hello! So where is help supposed to come from?

Posted by: Hunter | June 25, 2010 11:32 AM

The arrogance of this entire Congress who has been most unwelcome since spying on US Citizens , running hidden history and no majoriot born on the turf people, baiolouts , theft of our SS security, and wealth building and retirement for themselves.
The enmasse move of the voter registrations from these 2 corrupt partys means they are actually represnting no majority, even with both put together.

The people simply want their resignations etal and nothing more.

Posted by: dottydo | June 25, 2010 11:56 AM

BEAR REVOLT was started by Veterans ( Czar nick named terrorists) seeking to empower the active troops with a clear documentation of the majority's will of the people via archival quality hardbound petitions (signatured by all men, women, and children who have No Confidence this 2009 Federal Government).

The signed petitions are being entered into County recordations offices as a "recorded document", then pooled, and placed as a" Document" into the Library of Congress by the people of each State.

The well documented majority with " no confidence" can allow the defenders of the US Constitution the ability to carry out the "will of the majority".

It seeks to void all signatures of the current Fed 2009, and hence can retro from 2010 , 2011, etc. to do it.

This Redress call was named when Pelosi went to THE BEAR REPUBLIC of California , threw imported ACORNS at their heads,
then called them astroturf and walked on their backs with her spikey heels out of the door absolutely refusing to listen to them saying NO.


The REDRESS of the 2009 Federal Government of the United States of America
By the recall of :
The Congress, (all names listed both Partys)
The Hill , ( all names listed both Partys)
The Cabinet, (all names listed)
The Czars, ( all names listed)
Barack Hussein Obama ( all "currently" known names listed: Barack Hussein Soroeto, Barack Hussein Dunham )

Posted by: dottydo | June 25, 2010 11:57 AM

I have yet to understand the details of what is in the bill. But I expect that it does have some positive value in adding some control over the trade in derivatives and in partitioning the financial services industry to at least partially isolate the part that provides needed credit from the rest that will be free to take more risks. Together with the fresh memory of the particular problems that caused the last crisis, the new regulations may help prevent a quick recurrence of exactly the same problems that were most acutely experienced in the fall of 2008. But the reality is that government owns a big share of the responsibility for the problems as do attitudes that deeply permeate our society. The central one is the concept that we can ensure endless economic growth and promote economic health by encouraging people to take risks. Inevitably prudence means the acceptance of less consumption and slower economic growth. Until we can accept that reality we can't take the first step towards facing the economic problems that have characterized the last decade. Another major difficulty is the failure to distinguish between investment, credit, insurance, and gambling. As long as we tolerate a financial serivces industry that is in large part centered on the very profitable role of glorified bookmaker and expect to build our economic future on winnings from the games they manage, we can expect some kind of recurrent financial difficulty.

Posted by: dnjake | June 25, 2010 12:15 PM

This is not going to help Democrats.

I am a registered Democrat and I plan to vote against my congressman in November on this.

I will be holding my nose, and I know the GOP would offer no solutions, but I have had ENOUGH of mamby-pamby, watered-down, non-solutions to this nation's problems.

Posted by: tony_in_Durham_NC | June 25, 2010 12:24 PM

as long as politicians abuse their positions to manipulate the financial institutions for political gain...
nothing can stop another meltdown...
and so far the dems know how to nation destroy...

Posted by: DwightCollins | June 25, 2010 12:41 PM

The problem!

The GOP --- do anything to screw up any Democratic effort. NO MATTER WHAT IT COSTS WORKING CLASS AND POOR FOLKS.

Blue Dog Democrats - - do anything to keep their Bank and Corporate fund providers!

Worse than Republicans who fought Social Security, the WPA and the CCC camps in the first Great Depression.

Posted by: lufrank1 | June 25, 2010 12:45 PM

No it doesn't end to big to fail. We need to break them up so that if they fail they don't threaten the whole economey. In the days of old we had republicans like Teddy now we have the party of NO! It's clear to me that the bill got watered down enough that the banks control congress.

Posted by: jeff83 | June 25, 2010 1:52 PM

They're so full of themselves. Two-thousand pages of horse----! Who knows what the unintended consequences are? Vote all the bums out!

Posted by: logicprevails | June 25, 2010 1:58 PM

If it is a compromise with republicans, then it's not worth the paper it is written on

Posted by: jfern03 | June 25, 2010 2:03 PM

We used to have banks which were limited to the state which chartered them. They had to meet their capital requirements so that they would not fail. They didn't make reckless loans because they depended on collecting the repayment of the loans. Their business was customer deposits and loans---not investments. That is important because commercial banks and the Federal Reserve are our monetary system. The investment banks were seperate from our monetary system. But Chris Dodd and Barney Frank(who know what's best)changed all that. Our monetary system didn't meet their special interest needs---and the rest is history. Now, they say"trust us".

Posted by: allamer1 | June 25, 2010 2:32 PM

It looks like loopholes are available to keep banks under the radar of the rules. For instance, banks have to have $10 billion in assets to be under the rules. So now, a bank will just keep itself from growing past the mark, and I'm sure there's accounting tricks to still grow and not meet that $10 billion hurdle.

The result: More government jobs that do not do what they were intended to do (i.e. more government spending) more accounting and law jobs to work around the hurdles.

The bill produces no value and simply takes away value out of the economy. Net effect, exports will go down, GDP growth will slow, inflation will grow (if you're Keynesian), and there will be no prevention of a future crises. Most likely, when the future crises happens, it will be so complicated to find the cause, there will be no way to establish real guidelines to prevent it.

Posted by: adamcscott | June 25, 2010 9:08 PM

Probably unlike most of the commenter's, I've read through most of the bill. Yes, the entire foot-high stack. There's enough eye-candy in there to once again fool the general public. However, there's little to control the banks. And to publicize that "we now have a law to prevent future bailouts" is the main eye-candy.

Think back to November 2008. Does anyone really think a little thing like being "against the law" would have prevented our lawmakers and the President from bailing out the industry? If you do, I, too, have some of that beach-front property in Arizona which I will let go cheap. All they have to do in the future is do what they've done 5 times in the last century and once already in this one - convince us that Armageddon is upon us if we don't bail them out.

As for the politically blinded, such as several of the commenters on this page, it will always be that way as long as the lawmakers and their PR networks can keep convincing people like you that it's "the other party" that's the cause of all this. The facts are as plain as your open mouth - both party's have played a huge hand in the past, and will in the future. Meantime, you and I are stuck with bills that will still be there when America fails - due to the voters; not the lawmakers.

Posted by: gbush8 | June 26, 2010 8:12 AM

Can the new rules stop future problems? Of course they can.

But the Congress operates by making rules and others pay for ways through them. Like the tax rules.

So, sooner or later, we will have rules with enough holes to let us down.

"Sooner or later" does not mean never.

Posted by: gary4books | June 26, 2010 8:41 AM

The Government has also previously passed laws regarding our country's borders and immigration. Those we have elected had sworn an oath of office that requires enforcing the laws. TO NO AVAIL!

If those we elect can nullify previous laws, why should we believe they cannot ignore the new ones regarding finances and banking?

Posted by: llnstoner | June 26, 2010 9:13 AM

This bill does nothing for the main street but every thing for wall st. ,I keep hearing that the republicans are going to have a good election,as if it matters, they are getting everything big business wants anyway. The democrats keep acting like republicans so we might as well vote for them.

Posted by: jrs6776 | June 26, 2010 11:03 AM

I can't decide if Congress and the White House actually believes in the rubbish being peddled or if they think we are all so dumb that we will simply buy it. Either way, Wall Street has gotten away with murder, again, literally, and these )@#_*(@$ swine and their political allies have set this country, the Western economies, actually, for a calamity that will cost human lives, suffering, wrecked families, and more misrule by the greedy sociopaths that compose Wall Street and their friends in Washington and New York. We are in so much trouble, right now, that the bottom of the looming global depression cannot even be seen. And the idiots, the inbred fools, the human rubbish, that composes our "leadership class" WILL one day pay the piper.

Posted by: mibrooks27 | June 27, 2010 12:00 AM

This reform bill was too watered-down. It does not reinstitute the Glass-Stegal Act; it does not fully regulate derivatives; and it does not reform the credit-rating agencies which are paid by the corporations they are supposed to rate.
Banks are heaving a sigh of relief...that alone should tell us that this bill is not enough to prevent a future finanical collapse. We can thank Republicans and their corporate friends for this weak bill.

Posted by: jantigard | June 27, 2010 3:52 AM

Insanity: "doing the same thing over and over again and expecting different results".
Albert Einstein,Think about that.we are letting two of the main characters who helped plunge us into this economic abyss write this bill!We trusted them once and they screwed us royally,so to use these two again and expect a different result, is that not INSANE??????They should of both been led out in handcuffs.God help us.

Posted by: votingrevolution | June 27, 2010 4:17 AM

NO so-called FIN-REG will mean "CRAP" after being developed, & managed for/by the same Criminal $BANKsters whom caused the Financial CRISIS! - And imagine the Joke of a laughable so-called "Consumer Protection Agency"- placed within a Privately $owned criminal bank conveinently called the 'Federal Reserve'!? HA-HA-HA! - That is ludicrous.- Placing protections for WE Consumers within / under the same Criminal Globalist $BANKster Cartel Thusg whom Caused the CRISIS!!! -- STUPIDITY & TRAITORISM to the MAX!!!

Posted by: jward52 | June 27, 2010 7:39 AM

It is plain idiotic to poll people if they think this bill will prevent another financial disaster or ask people if there is any global warming, or if certain treatment will work for cancer. These questions should only be answered by the experts. Polling will only reflect people's political beliefs. We are trying a great harm by politicizing every thing and not making decision based on facts. Media, cable news, radio talk shows etc are to blame. They are making a mockery of facts.

Posted by: ak1967 | June 27, 2010 8:34 AM

It is idiotic to poll people. Only experts should answer these questions.

Posted by: ak1967 | June 27, 2010 8:56 AM

Restore Glass-Steagall for starters.

Posted by: Davidd1 | June 27, 2010 12:43 PM

dodd and franks need to be held liable and be tried and hopefully convicted for their participation in the crisis...

Posted by: DwightCollins | June 27, 2010 1:16 PM

when civilization falls and anarchy sets in those responsable will be rounded up, put on trial and dealt with...

Posted by: DwightCollins | June 27, 2010 1:23 PM

The bill has been gutted of any teeth, and the banks can still trade derivatives. Of course it won't prevent a collapse. If anything it'll hasten the day.

But, what would you expect? It's a Dodd-Frank bill. In other words, it was written to benefit Wall Street and the bankster crooks.

Posted by: John991 | June 27, 2010 5:22 PM

The financial "reform" bill is similar to the health care bill, weak in some areas, having some reforms, but overall inadequate. Big banks seemed relieved the regulatory reforms apparently will not be stricter. Most banks in this country will hardly be affected.

Asset bubbles in the future are unfortunately inevitable. The Fed and Obama administration arguably are trying to inflate housing prices, which could easily get out of control, leading to a new housing bubble. Housing prices in many areas of country are too high.

Posted by: Aprogressiveindependent | June 27, 2010 5:52 PM

As to whether we will or will not have a financial collapse, this bill is irrelevant.

Posted by: Jihm | June 27, 2010 6:34 PM

The next bubble to come IF Obama is re-elected in 2012, which is not addressed in this reform AT ALL?

What do you think will happen to the government run student loan program where ANYONE can qualify for a loan paid for by the government (taxpayers, the printing press, the surplus in our budget???). What would happen to these billions of dollars to be paid back with NO COLLATORAL or an option for government to bail them out

Posted by: american17 | June 27, 2010 9:14 PM

Part 2: of the next bubble theory...Who benefits MOST fron this governement takeover of the student loan market (cloaked under the health care law, BTW)?

Answer: the new AXIS of EVIL: Obama, Jarrett & Van JOnes (Center of American Progress & their cousin Campus Progress)

Who benefits most from the off-shore drilling moratorium in Louisiana and Gulf area?
Answer: Center of American Progress with their "green" agenda & plans to spend billions of more American dollars to enact their new energy plan!


WAKE UP, America, AND SMELL THE GARBAGE STINK IN THE AIR & get the trash out of our country!

Posted by: american17 | June 27, 2010 9:22 PM

It is a fake bill just to keep American voters happy for now until the next collapse. Who does not know Wall street owns Congress? The rich dictates this country's policies since when that is a shocking new.

Posted by: drkly | June 27, 2010 10:39 PM

As far as I understand the bill, it does not go as far as we would need to go, but it will change some things which contributed to the collapse. It's a good step - but we should be going farther.

Posted by: ravensfan20008 | June 27, 2010 10:42 PM

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