July 15th, 2010
12:35 PM ET
8 years ago

Feingold: Financial regulatory bill 'falls short'

Sen. Russ Feingold, D-Wisconsin, issued the following statement Thursday about the financial regulatory bill currently before the Senate:

“At the outset of the debate over the financial regulatory reform bill, I made clear that my test for this bill would be whether it prevents another economic crisis. Unfortunately, this bill falls short. The reckless practices of Wall Street sent our economy reeling, triggered the worst recession since the Great Depression, and left millions of Americans to foot the bill. Despite these cataclysmic events, Washington once again caved to Wall Street on key issues and produced a bill that fails to protect the American people from the pain of another economic disaster. I will not support a bill that fails to adequately protect the people of Wisconsin from the recklessness of Wall Street.”

Filed under: Financial Reform • Russ Feingold • Senate • Wall Street
soundoff (54 Responses)
  1. p.h

    it looks like wall st. money is doing a lot of talking because eveyone is runnig scare. wall st. was free to do everything in their power to make money off of the little guys. think about 1% int rate what a big scam

    July 15, 2010 01:22 pm at 1:22 pm |
  2. Ben

    T – "The reason why this is happening is because the color of the President skin, and am so ashame..........because he is doing a good job if you really look at it y6ou will see too."

    More racism crap from Liberals. You people are such hypocrites.

    July 15, 2010 01:22 pm at 1:22 pm |
  3. thor

    This financial reform bil is the same type of legislation that was in place that was in place when the wheels came off. It's just more of the same.And it doesn't include Freddie and Fannie .But it will make politicans feel like they've actually done something about a problem that they are the ones that have created with their so-called remedies.

    July 15, 2010 01:24 pm at 1:24 pm |
  4. David in Houston

    I'm sorry Russ but I must disagree with you on this one. Yes, this bill may not go as far as we would like but that is no reason to completely oppose it.

    This is comparable to the captain of a sinking ship allowing all of his passengers to drown because there weren't quite enough life jackets for everyone.

    Sometimes something is better than nothing at all...

    July 15, 2010 01:24 pm at 1:24 pm |
  5. vic

    I agree with senator I know how hard to save the house . I am looking for job who can pay a $ more per hour to balance my budget. There is no job

    July 15, 2010 01:24 pm at 1:24 pm |
  6. MsDp

    Like I said before, Rome was not built in A day. Get with the program Russ and maybe you'll be back next year. Don't enabling the GOP !

    July 15, 2010 01:33 pm at 1:33 pm |
  7. Fair_is-Fair

    To the "Truth-Bomb Thrower". What are you smoking? Are you telling me the finantial industry had their arms twisted when they were "forced" to lend money to the people who ended up losing their jobs and make millions? What about all the "financial instruments" they came up that no one else understands? if you can't understand how it work, how do you regulate it? Banker's are the one that who how to cheat. They're like brokers, they make money whether you do or not! Think Man......Think!

    July 15, 2010 01:35 pm at 1:35 pm |
  8. free market capitalism does NOT = democracy

    Man, I really like Feingold. I would have preferred Glass-Steagall back.
    But, a bill any stronger would likely have missed being passed, we needed a few republicans to split from the herd.
    A completely free financial' market system is naive considering today's level of greed and lack of accountability.
    They do need to deal with freddie/fannie straight away but the repubs won't be working on that because they will busy with repealing this regulation.
    I'd love to see Boehner and the herd to start working with the dems on jobs; the green energy sector seems like an obvious choice since we send $1 billion every day to the middle east for oil.

    July 15, 2010 01:36 pm at 1:36 pm |
  9. Dan

    Apple sucks and anybody who hammers them is my friend.

    July 15, 2010 01:37 pm at 1:37 pm |
  10. mis-informed thrower

    regulation could have very well have helped

    as could have an administration with our its head up its a$$

    wall street cannot govern themselves

    THEY NEED GOVT intervention... they have proved it

    July 15, 2010 01:39 pm at 1:39 pm |
  11. Laverne

    People say they want our President to stick up for the people, but when he does that whether it's healthcare reform or financial reform, the people cowardly cave in to the lies and deceit of the republican party. It is a shame how this country is treating this president and there is no way I will ever believe it is all about his policies. There is definitely something a lot deeper going on here and Americans should be a shame of themselves.

    July 15, 2010 01:47 pm at 1:47 pm |
  12. KO

    I simply can't understand how people become apologists for Wall Street, it obvious that Wall Street needs to be regulated. Yes the bill doesn't go far enough but we have to start some where.
    Greed was the real reason for the financial meltdown, and we need something to help curtail those who put their own greed above doing what is right.

    July 15, 2010 01:57 pm at 1:57 pm |
  13. Wisconsinite - the GObP Loves Big Oil, But Hates Suffering Americans

    I agree completely with every word in your post, Lisa P.

    July 15, 2010 01:58 pm at 1:58 pm |
  14. John

    "I know to many people that can get a job and will not due to recieving unemployment checks. Now what do we do...?"

    Yeah, they're living the high life on an average unemployment check of $300 a week, $1200 a month, $15,600 a year, well under the federal poverty level. I pay more a month on my mortgage than $1200. I'll bet those people aren't living the high life.

    Anybody criticizing people on unemployment has never been on unemployment. But hey, let's pay trillions for war and to protect corporate thieves, right?

    "First of all, the economic collapse was NOT caused by a lack of regulation. It was caused mostly by the federal government sticking it's nose further into the private sector and pressuring lenders to lend to low-income people, regardless of their capacity to pay the money back."

    No, it was caused by a lack of regulation. The "pressure" you talk about was an attempt to keep lenders from discriminating against minorities, which they had been doing for some time. The lenders used this as an excuse to come up with some really clever predatory lending schemes that were designed to fail, then they bundled those bad loans up with good ones in "mortgage backed securities", and bet on those failing too. At every stage of the process, Wall Street corporate greed is wholly to blame for this mess, and anybody who isn't a complete tool and corporate shill knows that.

    July 15, 2010 02:09 pm at 2:09 pm |
  15. Not real reform

    The bill wouldn't protect us from the real cause of the economic downturn. Regulations are already IN PLACE, but weren't followed–mostly by democrats (Frank and Dodd) and Franklin Raines–who should be in jail (his book-cooking is worse than Enron... and almost killed the economy.

    Call your senator and let them know that they shouldn't support this terrible bill–especially Scott Brown....

    July 15, 2010 02:09 pm at 2:09 pm |
  16. GI Joe

    Put the party of NO in their unemployment line this fall. Their buddies in corporations will give them high-paying jobs.

    Get the republicans off the taxpayers payroll.


    July 15, 2010 02:10 pm at 2:10 pm |
  17. Dumbasrocks [R]s

    "First of all, the economic collapse was NOT caused by a lack of regulation. It was caused mostly by the federal government sticking it's nose further into the private sector and pressuring lenders to lend to low-income people, regardless of their capacity to pay the money back."

    Well, the only thing being thrown here is a bomb of a rightwing fairytale. The same one parroted on FuxNews regulary, to deflect from the [R] economic collapse. The economic problems SURELY were the lack of regulation....the collapse was certainly not casued by "low income people". I'm afraid they breeched Thrower's skull when they branded the word 'stupid' on it.

    Blaming the gov't (by the way, a [R] congress was in charge then) for passing the bill to help low income people have a chance at home ownership is like blaming Henry Ford for all the deaths caused by automobiles. We as a society have correctly seen fit to pass traffic laws that help minimize automobile deaths, but the neo-morons are doing their best to keep Wall Street and the banks free of similar common-sense regulation. And these are the same vacuous clowns who like to blame the economic misery they created on low-income citizens?!! What utterly deluded tripe!

    July 15, 2010 02:14 pm at 2:14 pm |
  18. Not real reform

    What in the world is "T" posting about? Racism? Really?

    First of all, Feingold is a democrat. Second, the 'reform' doesn't even mention the true cause of the 'crisis'–government mandated lending and Fannie and Freddie. Third, there already are regualtions in place, just Barney Frank and Chris Dodd didn't do their jobs... and Franklin Raines was able to cook the books to get more money ($90M in bonuses)....

    And Bush did get a lot of opposition from all kinds of crazies. Sure he made mistakes, but not nearly as many as Obama.

    July 15, 2010 02:14 pm at 2:14 pm |
  19. KM

    When everyone has their own agenda, this is the kind of bill that you get. Stop worrying about the next election and where your campaign contributions will be coming from and think about the bigger picture.

    July 15, 2010 02:19 pm at 2:19 pm |
  20. Donald

    @ Jackie, do u even know what freddie and fannie do? they do not orignate mortgage nor sell or buy homes. they refinance existing mortgages. meaning the mortgages they took on were package by a wall street bank. Now asked urself again how did they create the meltdown.

    July 15, 2010 02:20 pm at 2:20 pm |
  21. T'SAH from Virginia

    Wait a minute – the way I understood it – we're NOT bailing anyone out anymore with our TAX dollars???? So let them CRASH if they feel they can find a LOOPHOLE in the bill to cause another CRISIS!!!!

    July 15, 2010 02:21 pm at 2:21 pm |
  22. Anonymous

    I'm sure he wanted a bill that included jail time for Barney and Dodd.

    July 15, 2010 02:24 pm at 2:24 pm |
  23. Sniffit

    "First of all, the economic collapse was NOT caused by a lack of regulation. It was caused mostly by the federal government sticking it's nose further into the private sector and pressuring lenders to lend to low-income people, regardless of their capacity to pay the money back. "

    100% wrong. Had that been all that happened, thousands of foreclosures would have taken place and that would have been that. Banks woul dhave just owned a lot more houses/land, sold it off at public mortgage auctions and perhaps reported some heafty losses. The housing market would've experienced a hiccup, bubble would have burst, values dropped for a while and then stabilized before climbing again.

    No, what caused it was Wall Street bundling those mortgages into securities, paying the 2 (TWO!) ratings companies that exist to under-rate their riskiness, then paying AIG and others to over-insure them based on improper underwriting based on the under-rated risk, then engaging in games of hot potato called credit-default swaps all while encouraging investors to invest in those securities while they themselves also invested in derivatives and hedge funds betting on those securities failing. All a big gambling game of leveraging using a completely false premise (i.e., the purposefully hidden riskiness of those securities) as the fulcrum. And guess what? They did fail...and when they did, companies like AIG couldn't afford to pay the insurance due on the failed securities because they had actually over-insured an incredibly risky product that Wall Street should have never created, let alone misrepresented and gambled with. So, Lehman fails because AIG fails and the dominoes start their tumble, more finance companies fail, credit seizes up, etc.

    What you've done is blame the woodcutter for the arsonist stealing his kindling and running off to start a forest fire that burns down the village. If you understood any of what really happened, you'd share our outrage at people like yourself who repeat things just because it is what they were told to believe by rich loudmouths who are terribly afraid that enough people might wake up and tell them that play time is over.

    July 15, 2010 02:25 pm at 2:25 pm |
  24. pnclaw

    I agree with Jackie, "The bill is a "joke" without Fannie and Freddie in it. They're one of the biggest culprits in the financial meltdown."

    Where is wisdom, where is fairness, where is leadership?

    For Feingold to have made his statement, it is very telling. Good for him.

    July 15, 2010 02:26 pm at 2:26 pm |
  25. Sniffit

    "...I know to many people that can get a job and will not due to recieving unemployment checks. Now what do we do...?"

    Yes, yes, straight out of the GOPer playbook. So...when's the last time you saw polls showing extremely high unemployment rates to be popular? If your asinine lie about human nature is anything close to the truth then people would actually be hoping to lose their jobs so they could hit the "lottery" and live with the glorious shame, embarassment, depression, decreased quality of life and lifestyle, mounting debt, etc., associated with unemployment and attempting to make ends meet with unemployment bennies.

    July 15, 2010 02:31 pm at 2:31 pm |
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