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Finally, something right?

The Treasury Department and the House Financial Services Committee chairman Barney Frank (D - Mass.) last night unveiled a sweeping new bill that attempts to rein in "too big to fail" financial institutions. The proposed legislation, its authors argue, would end the era of taxpayer bailouts for failed firms.

In essence, as the blog Volatility put it, the bill would force large banks and other financial firms to contribute to a "financial superfund," so that they, instead of taxpayers, would foot the bill for the failure of immense institutions.

Answer Question
 
Anonymous

Asked by Anonymous at 10:24 AM on Oct. 28, 2009 in Politics & Current Events

Answers (10)
  • Funny Barney Frank 2 years before the banks failed said everything was fine. He said Freddie and Fannie didn't need regulations and him and other Dems blocked any attempt by Bush and McCain and other Republicans to fix both so we didn't have a crisis. I find it comical he is trying to fix anything now when he is one of the reasons we are in the mess we are in. lol
    Anonymous

    Answer by Anonymous at 10:28 AM on Oct. 28, 2009

  • Please show me where Bush / Cheyney tried to reform anything?

    Also, why didn't they do it in the six years they held the majority?
    Anonymous

    Answer by Anonymous at 10:40 AM on Oct. 28, 2009

  • Uuggghhhh, it's all over the internet.

    I'm too busy to look it up for you.

    Just trust me on this one.
    mustbeGRACE

    Answer by mustbeGRACE at 10:50 AM on Oct. 28, 2009

  • Disguisting!!

    Yes death panels for the free marketing systems.

    He isn't trying to fix anything, Another Marxist in the works, working non instututional banking systems.

    Putting Unemployment at a even Higher rate.

    And you think this is finally doing something RIGHT?

    WhoCares224

    Answer by WhoCares224 at 11:04 AM on Oct. 28, 2009

  • Anon there were hearings about Fannie and Freddie. Look through the cspan stuff.

    I think it is a terrible idea. Why on earth would they want to create a superfund to bail them out AGAIN. How about if they run the business into the ground, it FAILS and a new smarter business springs up in its place. This is how capitalism works. There should be no safety net, they should make their own with sound business practice.

    Personally, I wouldn't invest in a business that was part of the superfund. It will only give them free rein to screw up at someone elses expense. Yes, I know they invest in the fund. But, it will still cost their stockholders. You remember the stockholders, they are the ones that get forgotten about when discussing corporations.
    yourspecialkid

    Answer by yourspecialkid at 11:07 AM on Oct. 28, 2009

  • Anon there were hearings about Fannie and Freddie. Look through the cspan stuff.


    For 6 yearsm republicans held everything, so it was they who chose to not fix it

    Anonymous

    Answer by Anonymous at 11:13 AM on Oct. 28, 2009

  • They tried to fix it, but the Dems. voted it down.

    This is pretty simple to understand, so please stop saying it.

    Out voted!!!!

    mustbeGRACE

    Answer by mustbeGRACE at 11:55 AM on Oct. 28, 2009

  • They tried to fix it, but the Dems. voted it down.

    This is pretty simple to understand, so please stop saying it.

    Out voted!!!!

    They couldn't have been out voted for 6 years when they held the majority, apparently there were some for sale republicans
    Anonymous

    Answer by Anonymous at 12:26 PM on Oct. 28, 2009

  • They didn't hold a filibuster proof majority.
    Carpy

    Answer by Carpy at 6:33 PM on Oct. 28, 2009

  • I bet it will eventually involve the nationalization of the industry. Barney Franks is the biggest hack I have ever seen. He ran Fanny and Freddie into the ground and then admitted it was planned. He needs to be fired and then someone needs to teach him how to buy shirts that fit and how to tie a bloody tie.

    jesse123456

    Answer by jesse123456 at 6:50 PM on Oct. 28, 2009

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