Financial Overhaul Raises Questions

[placton]

Source: wsj

Obama administration officials are debating whether to pare some of their more ambitious ideas to revamp oversight of financial markets, in a nod to the political difficulties of pushing through sweeping changes, people familiar with the process say.

http://online.wsj.com/article/SB124355895071464943.html#mod=rss_whats_news_us



Read more: http://online.wsj.com/article/SB124355895071464943.html#mod=rss_whats_news_us

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another retreat cuz it's "too hard"?

[pattmarty]

1. Well, that's change I DON'T believe in. For Christ sake, at least..............

...........put BACK the protections of 1933, at the very least.

[placton]

2. now now

Geieger and Obama believe in the free (read GOP) markets!

[nc4bo]

3. Jesus H. Christ.

Warning, I'm a but a simple American. Perhaps if I were a politician I'd have no problem with any of this garbage.

At issue is whether officials want to reorganize the basic structure of oversight, or whether they will settle for new rules at existing agencies that would accomplish the same goal.

What is the problem here? The bottom line should be to make sure that the cause of the economic mess we're in, never EVER happens again. There were already new rules and laws (after the GD) in place to prevent catastrophe but these were removed.

Among the ideas being actively discussed are a new agency to oversee banks, as well as a merger of the Securities and Exchange Commission and Commodity Futures Trading Commission. House Financial Services Committee Chairman Barney Frank (D., Mass.) has already said he doesn't think such consolidation will happen, and his support would be integral to any major policy shift.

It doesn't matter how many or how few agencies there are to oversea banks. If corruption has infested any of these agencies and the corruption goes unchecked and misdeeds go unpunished than who is/was responsible for what doesn't make one bit of difference.

Other areas are more ticklish. Treasury officials want the Federal Reserve to become a financial-market supercop with powers to oversee broader risks to the economy. Some top lawmakers have suggested that this would be a tough sell politically, because it would centralize too much power in the Fed.

:wtf:

On Capitol Hill, Rep. Frank has clashed with Rep. Collin Peterson (D., Minn.), chairman of the House Agriculture Committee, over which of the agencies should regulate credit-default swaps. The agriculture committees in Congress traditionally oversee the CFTC and fiercely guard that authority.

Our economy is in shambles, our government is controlled by the very same corporate interests that got us into this fine hella mess we're in and we want fight over powerplays?

Listen up President Obama and Congress, the American people voted for change. We were promised there would be a fundamental change in how things are done in Washington. What's going on now seems more like petty political bickering for the sake of making a bunch of screeching noise.

CHANGE it!