I'm curious about responses to the recent House bill from people in the industry. The summary, as far as I'm aware, is that big firms are hit with fees, restrictions and threats of being broken up while the Fed is stripped of some of its power and Congress will take over consumer-protection auditing.
http://online.wsj.com/article/SB12605572642248766…
Apparently 0 Republicans voted for the bill, and the version currently drafted in the Senate is different in 'many respects'.
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Pelosi should donate 9/10 of her $80 mil net worth if she is so concerned about the little guy. I don't get why they have to attack big business since they have other options on how to deal with this mess. 1) 4% internet tax on goods 2) Consumption tax 3) Add a buck a gallon to the cost per gallon toward gasoline and 4) Flat tax.
They didn't need to provide rebates for new car purchases when they could have used those monies toward health care.
What did you do with Pelosi's first $700 check??? Did it do anything for you? That's what she wants to use this $150 bil for....so that everyone can have one last meal or at least watch a nice TV...before the lights go out.
...as if "main street" can be credited with making the U.S. a global financial leader. Its funny how the ones who complain most about the economy are the ones who contribute the least.
yeah I realize it's based on the usual 'you guys caused all of this', but what do you think the eventual consequences of the bill would be?
Possible closing of the CME and ICE due to lack of volume. Everyone trying to get a green card in other countries.
do you think it'll be the big deal it's played up to be, or is the industry barely going to notice change?
I haven't been following finance for more than a few years at best, but it just seems everyone outside the industry is screaming for a drastic overhaul of regulation, practices, compensation etc. so I'm just very curious how those forces will balance out and how they may fundamentally change the industry in the long run.
The bill in question will be watered down and shouldn't have too much of an impact. At least with the current administration, the Street will be fine. McCain introduced a new bill that would basically reinstate Glass-Stegall, which I wouldn't be completely opposed to because it would get the government off our backs for a while.
Macro is correct but we're seeing a lot of political backlash over this industry. These folks clearly haven't worked a 140 hours a week for 3 months straight!
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