Another horrible example of BIG Government trying to step in everywhere they can. Mark my words – this reform bill WILL do more harm then HELP. With more regulation comes more costs which are going to be directly passed down to you all and myself.
Since when did we become a country were individuals don’t take responsibility for their own problems. Everything is somehow cause by some other factor other than our own decisions. Unbelievable…
If you think the banks on Wall Street are just going to eat these costs and NOT find a way to make money – you are so sadly wrong. Time once again to call your representatives. This financial disaster will get worse…
Under the agreement banks would only spin off their riskiest derivatives trades. Banks to keep some of their lucrative business based on trades in derivatives related to interest rates, foreign changes, gold and silver. They could even arrange credit default swaps, the notorious instruments blamed for the meltdown, as long as they were traded through clearing houses. Banks also would be allowed to trade in derivatives with their own money to hedge against market fluctuations.
The legislation next heads to the full Senate and House where it is expected to win final approval and President Barack Obama could sign it into law before July 4.
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