May 5th, 2010
11:10 AM ET
8 years ago

What's missing from Wall Street reform

Washington ( - Senators are expected to start voting Wednesday on changes to a Wall Street reform bill that has been more than a year in the making.

But even with all that time and effort, there are some key areas considered critical to the financial crisis that have been left out - either because they're too complicated, politically controversial or transitional to be dealt with this go-round.

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Filed under: Financial Reform • Senate • Wall Street
soundoff (16 Responses)
  1. johnnyhouse

    The government should be missing. Their programs put it where it is now, Fannie Mae and Freddie Mac .Who was suppose to be watching the watchers? We should be questioning the wisdom of the voters who keep putting two of the problems back in office who were the ramrods of the two losers that started this recession.

    May 5, 2010 11:17 am at 11:17 am |
  2. Chessnutz of Liverpool NY

    What is missing? Where are the arrests? Why are these criminals not being prosecuted? 8 trillions dollars stolen from the American economy and no one did anything wrong?
    Stop treating us like second class servants and hold those responsible for this melt down accountable with Asset forfeitures, Criminal convictions, and PRISON time!
    What happened to all those stories in 2008 of hundreds of FBI investigations into the insider trading and fraud?

    May 5, 2010 11:24 am at 11:24 am |
  3. Anonymous

    They cannot put enough regulations on the crooks or wall street to make much difference. The wall street crowd owns the republican party, no they are the republican party and they will protect themselves with money and more money.

    May 5, 2010 11:36 am at 11:36 am |
  4. all the news that's fit to omit

    As Joe Biden would say, i'll give you FOUR words as to what is missing from this "reform", Fannie and Freddie.........

    Number one recipient of F and F money is the WRITER of this garbage, Chris Dodd.....................................

    Number two is the pusher of this garbage – Barry H Owebama....

    Nuff said.

    Barry is also the NUMBER ONE recipient of money from BP.

    Barry is also the NUMBER ONE recipient of money from Goldman Sachs......

    Barry you are on a roll and the media, will ignore ALL of these facts as you were "selected, elected and are now protected" by the LSM.

    May 5, 2010 11:46 am at 11:46 am |
  5. Randolph Carter, I'm no expert but...

    "But even with all that time and effort, there are some key areas considered critical to the financial crisis that have been left out – either because they're too complicated, politically controversial or transitional to be dealt with this go-round."

    It's not so much that as it is the fact that our congress critters haven't gotten the approval of their corporate masters yet. Have a nice day!

    May 5, 2010 11:47 am at 11:47 am |
  6. Bob in PA

    Actual reform is missing.

    What we see in this bill is just more spending and the creation of more bureaucracies in the form of the Consumer Finance Protection Agency, the Office of Financial Literacy, Office of Credit Rating Agency,
    Financial Stability Oversight Council, Office of National Insurance:

    And one that is hidden in the bill that no one seems to want to talk about. It has something to do with consumers, finance and spending research. An agency that would have subpoena power to look at any companies or individuals spending, loan, and credit card history. I am aching to see what this draconian agency is all about..

    May 5, 2010 11:47 am at 11:47 am |
  7. Bob in PA

    Ah, here it is "The Office of Financial Research"
    Read up on this little "big brother" agency.
    It's wrong and it's downright scary stuff that this Congress and Obama's minions are trying to implement.

    May 5, 2010 11:54 am at 11:54 am |
  8. Rick McDaniel

    Actually, because the Congress doesn't want to bite the hand that feeds them........their own wealth comes through Wall St.

    May 5, 2010 12:07 pm at 12:07 pm |
  9. S Callahan

    What's missing? truth be told....GOD!

    May 5, 2010 12:07 pm at 12:07 pm |
  10. mike

    the party of no lets face it the republicans are going to do what ever wall street wants them to do and then they will blame the democrats for the
    problem its just like the oil spill if the republicans were in charge they
    would be drilling tomorrow and the voters would not have a say in the matter

    May 5, 2010 12:12 pm at 12:12 pm |
  11. Former Republican, now an Independent

    Wall Street Reform is not rocket science. Just reverse all of the de-regulation that began under President Reagan and continued until the current mess we're in. The republican controlled congress and Reagan should have never listened to then Senator Phil Gramm who was the author of this mess. Gramm then went on to become John McCain's Economic Advisor. It's not hard to see where the country was headed if McCain had been elected.

    May 5, 2010 12:17 pm at 12:17 pm |
  12. Bottom Line

    Capitalism requires that people that take risks get the rewards. THEY MUST ALSO SUFFER THE FAILURES.

    There must be a Ma-Bell-style breakup of banks and Wall Street firms so that the economy can withstand the complete failure of 1 out of 5 and not miss a beat.

    May 5, 2010 12:17 pm at 12:17 pm |
  13. Bill1234

    The big banks and mortgage companues need to broken up. This way if the bank of Utha goes down this will not affect the rest of the nation.

    May 5, 2010 12:21 pm at 12:21 pm |
  14. I'm 24 years old, am a certified/professional helper. And people come to me for advice because I'm certified. Are you a professional person?

    I don't think this reform bill is gonna make a difference, the SEC already has a job. And it is intrusive, why not let the free market right out? Individual freedom doesn't have to come at a price, many stockholders invest their money long term longevity, not short term solutions. And the economy is doing well, it'll be understood if it was still struggling but that's how Capitalism works. I think we should let the markets ride out and the Dow has been doing good as of late. Running on a 8 game winning streak until it snapped.

    May 5, 2010 12:23 pm at 12:23 pm |
  15. abe

    What is missing is for the one's that let this happen pay the consequences and pay back all they stole and give it back to the people they stole from. These companies are fat and are getting fatter at the expense of the hard working people of our country and we need to put the breaks on and stop them from bleeding us again. Shame on them to live a luxurious/ lavish life at our expense and have no remorse for the lives they have ruined.

    May 5, 2010 12:34 pm at 12:34 pm |
  16. Dave

    Why is Wall Street being blamed for the housing crisis the democratic Congress created?

    May 5, 2010 12:36 pm at 12:36 pm |