US House passes historic Wall Street overhaul

[ProSense]

Source: AFP

WASHINGTON (AFP) – The US House of Representatives gave its final approval Wednesday to the biggest overhaul of Wall Street rules since the Great Depression of the 1930s, leaving the landmark bill in the Senate's hands.

Lawmakers voted 237-192, largely along party lines, for the compromise legislation that President Barack Obama has made his top domestic priority -- and a weapon for bludgeoning his Republican foes ahead of November elections.

The US Senate was expected to take up the measure after the week-long July 4 recess, amid an 11th-hour hunt for the 60 votes needed to ensure passage over any Republican parliamentary delaying tactics.

"The party is over, no longer again will recklessness on Wall Street cause joblessness on Main Street," Democratic House Speaker Nancy Pelosi said shortly before the vote.


Read more: http://news.yahoo.com/s/afp/20100630/bs_afp/usfinanceeconomypoliticsregulatecongresspass_20100630230622

[arcane1]

1. Potentially stupid question:

What's the fucking point of "compromise legislation" if the vote is going to be "largely along party lines"? Aside from letting the "no" voters get what they want, while still being able to tell their constituents they voted "no", of course.

[GOPNotForMe]

3. My guess

Is that it's a compromise between more aggressive reform supported by progressives and liberals and more bank- and corporate-friendly reform supported by "moderates", conservadems, and Blue Dogs, etc. In other words, the usual two factions of the Democratic Party.

[ProSense]

6. Here is the

Roll call

Three Republicans voted for the bill. Kucinich voted for the bill. In fact, except for Lynn Woolsey, who didn't vote, and Marcy Kaptur, who did, the entire Progressive Caucus voted for the bill]. The no votes among Democrats were from mostly blue dogs.

[GOPNotForMe]

2. Self-delete

Posted wrong. Oops.

[Angry Dragon]

4. The democrats need to start drawing lines in the sand

They seem afraid of the republicans.............

[bemildred]

5. Repealing Glass-Steagal was the biggest overhaul since the depression.

This is more like moving the deck chairs around on the Titanic.

[ProSense]

7. Actually,

to quote Biden. This is a BFD.


Consumers Win With New Financial Reform Bill

[bemildred]

8. So you agree that repealing Glass-Steagal was a big deal?

And this just reinstates it, among other things?

Do you think that we are out of the woods yet, economically speaking, or just closing the barn door after the horses have run off?

[FarLeftFist]

9. Compromise is when neither side gets what they want.

[Tarheel_Dem]

10. "The party is over"......Thank you Nancy.

:kick:

[Cal Carpenter]

11. 'Historic', my ass

This fucking divide-and-conquer dog and pony show is getting real tired.