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The Dodd-Frank Wall Street Reform Act was the most comprehensive financial reform since the Glass-Steagall Act. Like Glass-Steagall, it sought to regulate the financial markets and make another economic crisis less likely. Banks were deregulated in 1999 by the Gramm-Leach-Bliley Act, which repealed Glass-Steagall.
What Is the Dodd Frank Wall Street Reform Act ~~~ What The Hell Is Glass-Steagall?
Seeded on Sun Feb 19, 2012 9:46 AM EST
Article Source: About.comNews & IssuesUS Economy
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The Government Accountability Office(GAO) was allowed to audit the Fed's emergency loans during the financial crisis. It can review future emergency loans, when needed. The Fed cannot make an emergency loan to a single entity, like Bear Stearns or AIG, without Treasury Department approval. (Although the Fed did work closely with Treasury during the crisis.) The Fed must make public the names of banks that received these loans or TARP funds.
No the bill's not prefect. The real problem is that Dodd-Frank can't hold a candle to Kim Kardashian. Until We the People take the time to educate ourselves all is lost.
- 5 votes
#1 - Sun Feb 19, 2012 9:53 AM ESTSane people would realize the folly of their ways and repeal Gramm-Leach-Bliley Act, which repealed Glass-Steagall. This single act was the biggest blow to the middle class and opened the door to greed and corruption. It is a bill that had devastating effects to the public but was pro business greed.
- 4 votes
#2 - Sun Feb 19, 2012 10:09 AM ESTI couldn't agree more but how do we get the voters to pay attention. I admit to being a "news" junky.
I also watch The Daily Show and The Colbert Report. I even go so low as to watch ID crime shows and even The World's Dumbest but I also try to understand what's behind the primary rhetoric. I don't want to vote because I'm angry. I want to vote because it will effect our Nation's future.
By no means am I exemplary. I just hope the negative ads won't elect our next government officers including the President. If the ads win, the candidates are funded by wealth and the vote is limited, no change is possible.
- 3 votes
The trouble is, there are those who don't WANT to know - who don't WANT to educate themselves on what Dodd-Frank is, or even what Glass-Steagall was. All they want or need to know is what they've seen on TV or heard on the radio - that both or either is an "affront to freedom."
I admit to being ignorant of Glass-Steagall and Dodd-Frank, but that took a few days last year to cure. The problem is that what I've done is what others refuse to do, and being dependent on "news" organizations such as Fox "news," and Rush Limbaugh, they will NEVER know.
Even the ones who have an understanding of both who are right-of-the-aisle in belief still think of them as detrimental, even though the direct results of G-S being repealed is why we are in the economic mess we're in now. The most pathetic thing is, those who were most directly affected STILL think G-S being repealed was a good thing!
I think the question to be asked is a mental health one: Why do some people in this country still cling to beliefs that are in direct contravention to their own economic interests?
- 4 votes
I have to say this is a massively depressing of understanding of what our nation is about.
- 1 vote
Then a seed on Glass-Steagall and Dodd-Frank would be pertinent.
Not many righties are commenting these days, what with the embarrassment of this clowncar primary of theirs, but it wouldn't hurt.
And addendum on how Barney Frank helped this country avert a depression by dealing with Bernanke and the Fed would also be in order.
- 2 votes
I wish it would but it ain't gonna happen. Frank is marrying a guy and so he's an idiot who is godless. I mean only the right knows about money. That's their god. Right?
- 1 vote
What Frank's sexual orientation has to do with him helping this country not fall into depression, I'm not sure, but that, too, is for another seed.
- 2 votes
Acutally I mean to focus on the financial reform but at the moment it seems as if we're reliving the era of The Scarlett Letter. A religious war against sexual expression. Those claiming sanctity against the "godless."
- 1 vote
Oh, so sorry, then!
I mistook your last as a jab against Frank.
It does seem strange why the focus on women and reproductive rights. Could be they (the GOP) have no answer for the economy?
- 2 votes
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