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.
Asked by Anonymous at 10:24 AM on Oct. 28, 2009 in Politics & Current Events
Answer by Anonymous at 10:28 AM on Oct. 28, 2009
Answer by Anonymous at 10:40 AM on Oct. 28, 2009
Answer by mustbeGRACE at 10:50 AM on Oct. 28, 2009
Answer by WhoCares224 at 11:04 AM on Oct. 28, 2009
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
Answer by Anonymous at 11:13 AM on Oct. 28, 2009
Answer by mustbeGRACE at 11:55 AM on Oct. 28, 2009
Answer by Anonymous at 12:26 PM on Oct. 28, 2009
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.
Answer by jesse123456 at 6:50 PM on Oct. 28, 2009
Next question overall
Well I got some interesting answers but here is another one.