April 29th, 2010
03:22 PM ET
5 years ago

Wall Street reform odyssey begins in Senate

Washington (CNNMoney.com) - The Senate began work Thursday on a bill that aims to prevent the next financial crisis.

But don't expect a final vote on a bill anytime soon.

Lawmakers started making opening speeches Thursday, talking in general about the bill. They're not expected to start debating the details of possible changes to the bill until next Tuesday.

The amendment process and debate could take several weeks, since Republicans and some Democrats have deep reservations about parts of the bill and plan to offer changes rewriting it. Republicans have the ability to filibuster amendments, and they can also filibuster the final vote on the bill.

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Filed under: Senate • Wall Street
soundoff (32 Responses)
  1. REG in AZ

    We hear excited calls for the need to check Obama’s actions and claims that he will be stopped with the 2010 elections and even other screaming, all of it ringing of heightened emotion and with questionable reasoning. There is a whole lot of effort going on from those not being very responsible, who are highly biased and have a ‘tongue in check’ honesty, who just want to block/obstruct any change/reform and who are aggressively trying to excite people’s emotions and manipulate public opinion. To ignore their self-focused motivation is a real and costly mistake. The ideal would be to have responsible, conscientious and honest bipartisan cooperation to develop and fine tune solutions to our very serious and real problems but that is not available as those who put their political ambitions above all else seek to gain their way with an ‘all or nothing’ mentality. They seek to serve their Special Interests and influential, powerful and extremely wealthy supporters while they arrogantly attempt to deceive and use the majority; they simply seek to return to ‘more of the same’ that contributed so heavily to our problems. While they use their scare tactics and appeals to people’s fears it should be understood that if they can actually stop reform, then there is no likelihood that any change would ever be implemented and we would literally be stuck with ‘more of the same’, which greatly favors the few (90%). Not only is the faulting of Obama more emotional than logical but doing nothing and returning to ‘more of the same’ is the absolute worst scenario.

    April 29, 2010 03:30 pm at 3:30 pm |
  2. REG in AZ

    Did it again!!! That is ridiculous!!!

    April 29, 2010 03:38 pm at 3:38 pm |
  3. Dutch/Bad Newz, VA

    You've taken the first step Congress, now get us some meaningful reform with teeth. If republicans threaten to filibuster, BREAK OUT THE COTS.

    April 29, 2010 03:38 pm at 3:38 pm |
  4. GI Joe

    Republicans have the ability to filibuster amendments, and they can also filibuster the final vote on the bill.

    ---

    And WE can vote them out of office if they continue to appear as obstructionists just to bring Obama down.

    WE are mad, and we don't make fools of ourselves. We work 40+ hours a week instead of travelling the country to show our ignorance. WE vote.

    April 29, 2010 03:44 pm at 3:44 pm |
  5. Rickster

    Once again, democrats showing how much they hate success and capitalism. I really don't understand why they don't just change the name of their party to the Socialist Party and get it over with. Every time Obama opens his big mouth about the economy it's obvious how much he hates capitalism.....except for his own profits, of course.

    April 29, 2010 03:57 pm at 3:57 pm |
  6. katiec

    The republicans will play their political games until the public goes into such an outroar that they will have no choice but to do the right thing. This latest fiasco has proven to the American people that the rep s will support their Wall St, regardless of us and our country.

    April 29, 2010 04:00 pm at 4:00 pm |
  7. Obama the liar

    thank you GOP for trying to slow this marxist regime until we can replace them in November.

    April 29, 2010 04:06 pm at 4:06 pm |
  8. Obama the liar

    Obama–Wall Streets biggest donor....return the money liar-in-chief.

    April 29, 2010 04:09 pm at 4:09 pm |
  9. stevegee

    Wake up people! The Democrats created the environment that caused the Great Recession.

    Dodd, Frank, Pres. Bill Clinton, and all the liberals ramped up the Community Reinvestment Act, and coddled their pet projects Fannie Mae and Freddie Mac. The result was subprime mortgages handed out to millions of people who had no chance of ever paying them off.

    So what was Wall Street to do? They packaged up the loser loans with good mortgages and sold them as Mortgage Backed Securities, then they hedged their bets because they knew eventually the investments would go belly up.

    This Wall Street inquisition is just political theater. The Democrats are nothing but a bunch of two-faced liars!

    April 29, 2010 04:12 pm at 4:12 pm |
  10. TCM

    it's easy. To end the possibility of another financial crisis, get rid of the ones that caused it;

    Obama, Pelosi, Reid, Dodd, Frank....and other liberal boobs in this administration and Congress. If the libs hadn't forced the hands of lenders in 2006 to "give," loans to illegals, minorities who couldn't possibly pay, and other irresponsible parties...then the housing market would not have gone crazy and inflated. It's the libs fault, plain and simple, and they're trying to cover their tracks with some nonsense bill...

    April 29, 2010 04:13 pm at 4:13 pm |
  11. D. Bunker

    "Once again, democrats showing how much they hate success and capitalism."

    Whenever I see such utter nonsense, I know I'm dealing with a GOPbagger who is either ignorant or deliberately lying to further the GOP's corporatist agenda. Thanks to the Dems, the DOW is doing much better and the economy is starting to turn up again. That's hardly the result you'd see if the Dems truly "hate success and capitalism."

    April 29, 2010 04:13 pm at 4:13 pm |
  12. TCM

    Reg in AZ 0- blaming Obama, and his socialist cronies isn't the least bit emotional; it's logical because it's the way it played out...he's a manipulative player...a street thug activiist with no leadership ability, and it's shown....after all, why trust "financial responsibility and reform," to the incompetent who has increased our debt by 2 trillion since they handed him the keys to the White House?

    April 29, 2010 04:17 pm at 4:17 pm |
  13. Four and The Door

    In addition, Sen. Edward Kaufman, D-Del., and Sen. Sherrod Brown, D-Ohio, have filed an amendment that caps bank size.
    ______________________________________________________
    ...and what school of economics did these wizards go to? I guess in their world it's okay to be successful but not too successful?

    Come on Republicans, stand up to this silliness! These guys have no idea what they are doing.

    April 29, 2010 04:18 pm at 4:18 pm |
  14. Randolph Carter, I'm no expert but...

    TCM April 29th, 2010 4:13 pm ET
    "it's easy. To end the possibility of another financial crisis, get rid of the ones that caused it;
    Obama, Pelosi, Reid, Dodd, Frank....and other liberal boobs in this administration and Congress. If the libs hadn't forced the hands of lenders in 2006 to "give," loans to illegals, minorities who couldn't possibly pay, and other irresponsible parties...then the housing market would not have gone crazy and inflated. It's the libs fault, plain and simple, and they're trying to cover their tracks with some nonsense bill..."

    Hmmm... That's a pretty simplistic way of looking at it. Yes it was stupid to let people with little ability to pay buy homes that they couldn't afford. If that was all there was to it, all we'd have is a bunch of forclosures and a bunch of sorry banks. But that wasn't the whole story. What nearly brought down the entire world economy was a bunch of Wall Street types who should have known better bundling said shady mortgages into collateralized debt obligations without having the reserved capital to back them. Then these rocket surgeons started betting against them for short term gains as they collapsed. Meanwhile, the guys who rate investments and supposedly regulate the financial markets (who went to the same schools and came up through the same firms as the aforementioned rocket surgeons) were surfin' for porn when they should have been doing their jobs. Unregulated capitalism at its finest. If, after all of this, you still believe that the "free market" is truly free and not constantly manipulated by the wealthy elite for their own personal gain, then you're not paying attention. Have a nice day!

    April 29, 2010 04:19 pm at 4:19 pm |
  15. April

    Tell the Americans about the Tea Party and what they represent we are being mislead by the "old prophets". We want to see the new ones 1980's baby coming at you!!!

    April 29, 2010 04:21 pm at 4:21 pm |
  16. Chris

    Hopefully, they will put in regulations. It does not matter which party is responsible for this disaster, let's not have it happen again.

    April 29, 2010 04:21 pm at 4:21 pm |
  17. GI Joe

    Wake up people! The Democrats created the environment that caused the Great Recession.

    -----------

    I'd say wake up OK. I think it was McCain and the Keating 5 that started this whole mess LONG before Fannie and Freddie.

    Look up Keating 5 people, and check the folks that went to prison over that one.

    April 29, 2010 04:22 pm at 4:22 pm |
  18. hall for Obama

    Rickster
    You are one more uneducated person. I'll be willing to bet my last dollars you don't work any where. Tell the true You hate black people? It has nothing to do with socialist you just hate President Obama just because he is black. If he was white you would be all over him like white on rice.

    April 29, 2010 04:26 pm at 4:26 pm |
  19. Joseph Rodgers

    It baffles me to see some of the garbage I see spilling from some of these post. It lets me know you have been drinking someones koolaid. Half of you can't truly define socialist but you use it every day spoutung trash on subjects you really know nothing about.

    April 29, 2010 04:29 pm at 4:29 pm |
  20. smarterthanyou

    why is the agrument against improvement boiled down to Obama is a socialist" or crap like "the democrats need to change their party to the Socialist party". EDUCATE YOURSELVES!!!!!!! your ignorance is showing, quit spewing the hate and lies that you are fed by the "conservitives". research what they are trying to do to help. look at what socialism and marxism really is and see what the american democratic party really is before you decide you are completely against it.

    April 29, 2010 04:31 pm at 4:31 pm |
  21. Joseph Rodgers

    TCM April 29th, 2010 4:17 pm ET

    Reg in AZ 0- blaming Obama, and his socialist cronies isn't the least bit emotional; it's logical because it's the way it played out...he's a manipulative player...a street thug activiist with no leadership ability, and it's shown....after all, why trust "financial responsibility and reform," to the incompetent who has increased our debt by 2 trillion since they handed him the keys to the White House?
    _____________________________________________________

    where were you when bush was spending us into oblivion?

    April 29, 2010 04:31 pm at 4:31 pm |
  22. Wisconsinite

    Rickster April 29th, 2010 3:57 pm ET

    Once again, democrats showing how much they hate success and capitalism

    You can NOT be serious! Do you have the memory of a gnat??? Do you remember that a short 16 months or so ago the country was on the verge of economic disaster because of Wall Street's "success" and "capitalism"?? If you really believe 1/2 the garbage you spew on this site, you sir, are an idiot!

    April 29, 2010 04:32 pm at 4:32 pm |
  23. Ken in NC

    I read of so many talking about getting Obama out of office because he caused the economic depression we have gone through. They are saying he has done nothing to end it. Most of you people are to young to remember the last mini depression we suffered back in the 60's or the "Run Away Inflation" of the 80's but to give you some insight, it took 4 or 5 years to recover from both. The economy started to turn around but it took time to recover and this depression isno different. You will not wake up tomorrow and all jobs are back as before the fall of our economy. IT TAKES TIME. As far as President Obama is concerned, he has taken some steps to turn the economy around and they are working. It is much better to have slow and continued groth rather than rapid growth. Rapid growth tends to create bubbles and that is where we run into problems.

    Take a deep breath people and give it time to work. Let nature take it's course. If you will do that then you will wait because you cannot rush Mother Nature.

    April 29, 2010 04:32 pm at 4:32 pm |
  24. Larry

    The Republicans are going to do everything they can to block this bill, knowing that without reform we could have another financial collapse.

    Time to vote those clowns out of office.

    April 29, 2010 04:34 pm at 4:34 pm |
  25. Joseph Rodgers

    Four and The Door April 29th, 2010 4:18 pm ET

    In addition, Sen. Edward Kaufman, D-Del., and Sen. Sherrod Brown, D-Ohio, have filed an amendment that caps bank size.
    ______________________________________________________
    ...and what school of economics did these wizards go to? I guess in their world it's okay to be successful but not too successful?

    Come on Republicans, stand up to this silliness! These guys have no idea what they are doing.
    ______________________________________________________

    And the republicans do? Tax breaks for the rich who didn't invest it back in to the creation of jobs was a great idea. We gave them tax breaks so they can ship jobs overseas for cheap labor. Yeah republicans have been great to this nation. Don't get me wrong democrats are just as flawed but don't for one second think that republicans fair any better in getting things done for anyone other than themselves.

    April 29, 2010 04:35 pm at 4:35 pm |
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