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Young Turks: Should Feingold Vote No On Financial Reform Bill?

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CherylK Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 01:25 AM
Original message
Young Turks: Should Feingold Vote No On Financial Reform Bill?
 
Run time: 07:33
http://www.youtube.com/watch?v=5HCkEtVgnWU
 
Posted on YouTube: June 29, 2010
By YouTube Member: TheYoungTurks
Views on YouTube: 4883
 
Posted on DU: June 30, 2010
By DU Member: CherylK
Views on DU: 543
 
http://www.huffingtonpost.com/miles-mogulescu/sen-feing...
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20score Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 02:12 AM
Response to Original message
1. Feingold rocks!
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Rhiannon12866 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 02:49 AM
Response to Reply #1
2. K&R. Agreed!
If only we had a few dozen more just like him... :( :patriot: :hi:
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 03:53 AM
Response to Original message
3. cross post:
In a letter to Senate majority leader Harry Reid and minority leader Mitch McConnell, luminaries including former SEC Chief Accountant Lynn Turner, former Labor Secretary Robert Reich, hedge fund owner Jim Chanos, former Lehman Brothers Vice Chair Peter Solomon, former S&L investigator Bill Black, former Senate Banking Committee Chief Economist Rob Johnson, economists Dean Baker, Barry Eichengreen and others pointed out that Dodds proposed financial reform legislation wouldnt have prevented the current crisis and wont prevent the next crisis.

Dodd himself has admitted that his bill will not stop the next crisis from coming.

The bill wont break up or reduce the size of too big to fail banks, wont remove the massive government guarantees to the giant banks, and wont even increase liquidity requirements to prevent future meltdowns.

Moreover as Simon Johnson notes the bill intentionally doesnt have much in the way of specifics, but just pushes off on regulators the ability to crack down on Wall Street in the future. As Johnson notes, this is a recipe for continued failure to rein in Wall Street.

more
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