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Wall Street Reform Looks to be a Go
Posted: Thu May 20, 2010 1:28 pm
by GannonFan
Pretty decent bill, assuming that it stays close to its present form.
http://blogs.abcnews.com/thenote/2010/0 ... enate.html
I'm skeptical that it really does anything to prevent another downturn/collapse, but the consumer protection stuff, if handled well, is good stuff.
Re: Wall Street Reform Looks to be a Go
Posted: Thu May 20, 2010 1:41 pm
by AZGrizFan
Consumer protection. From the US government. Now THERE'S an oxymoron. We need protection FROM the US government, not BY the US government...
Interchange "reform" will be the final nail in the coffin for many credit card lenders. You may see a wholesale "non-availability" of unsecured credit in this country going forward. Interchange reform combined with the credit card reform passed last year will be the deathknell for many, many credit card issuers. Either that, or the profitability model will change dramatically and the consumer will take it in the shorts a different way.
And if consumers truly believe that the large retailers that got interchange reform through congress are REALLY going to reduce prices because their expenses just went down slightly, I've got a bridge in Brooklyn I'm trying to unload.
Re: Wall Street Reform Looks to be a Go
Posted: Thu May 20, 2010 1:48 pm
by GannonFan
I don't doubt that credit availability will be a problem - on the contrary, I'd expect that. But in the long run, I don't have a huge problem with that - just means that a whole bunch of people that shouldn't have had credit in the first place won't get it now. No sense being able to give people credit if they can't use it properly anyway.
Re: Wall Street Reform Looks to be a Go
Posted: Thu May 20, 2010 2:06 pm
by AZGrizFan
GannonFan wrote:I don't doubt that credit availability will be a problem - on the contrary, I'd expect that. But in the long run, I don't have a huge problem with that - just means that a whole bunch of people that shouldn't have had credit in the first place won't get it now. No sense being able to give people credit if they can't use it properly anyway.
That "protectionism" unfortunately, isn't limited to just those that shouldn't have gotten credit anyways.
It's big brother at work, GF....the building of a Nanny State continues at breakneck speed.
Re: Wall Street Reform Looks to be a Go
Posted: Thu May 20, 2010 2:10 pm
by Ivytalk
Harry Reid somehow got Scott Brown to vote for cloture today, after he voted the other way yesterday. Wonder what Brown's price was?