General Discussion
In reply to the discussion: And the hits just keep coming.... Bernie Sanders: The Model of the Democratic Party Is Failing [View all]SunSeeker
(53,152 posts)How did you expect Obama to get a stronger law than Dodd-Frank? Dodd-Frank is NOT a "failure." It is an amazing success, especially considering the GOP opposition to it. It gave us the Volcker Rule, which banned proprietary trading by commercial banks, whereby deposits are used to trade on the bank's own accounts, the sort of speculative investing that helped fuel the financial crisis. Dodd-Frank also gave us the Consumer Financial Protection Bureau, the nations first federal agency with a mission of focusing solely on consumer financial protection. As the CFPB reported, "During FY 2016, the Bureaus supervisory actions resulted in financial institutions providing more than $58 million in redress to over 516,000 consumers, and the Bureau has also announced orders through enforcement efforts for approximately $247 million in total relief for consumers who fell victim to various violations of consumer financial protection laws, along with over $83.7 million in civil money penalties. The Bureau has also continued to develop and refine its nationwide supervisory program for depository and nondepository financial
institutions, through which those institutions are examined for compliance with Federal consumer financial protection law."
https://www.consumerfinance.gov/data-research/research-reports/report-consumer-financial-protection-bureau-pursuant-section-1017e4-dodd-frank-act-2016/
The financial collapse of 2008 was not caused by the repeal of Glass-Steagall. It was caused by fraud. Banks gave out "liar loans" to people they knew had no way of repaying them. Then they sold off the loans as mortgage backed securities aided and abetted by unscrupulous ratings agencies Moody's and Standards & Poors who fraudulently gave the worthless securities A+ ratings. The entitles holding those worthless mortgage backed securities then collapsed, causing a domino effect. As mad as we were at the banks, we had to bail them out or we would have had another Great Recession and world financial collapse, which would have hurt the middle class and poor the most.
Your animosity to Obama, and Dems in general, is not justified by the facts.