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Sweeping overhaul signed into law, reaction?

WASHINGTON – Reveling over a new milestone in his presidency, a triumphant Barack Obama on Wednesday signed into law the most sweeping overhaul of lending and high-finance rules since the Great Depression, adding safeguards for millions of consumers and aiming to restrain Wall Street excesses that could set off a new recession.

The president's signing ceremony capped nearly two years of intense and partisan debate over how to avoid a recurrence of the 2008 financial meltdown that buckled the U.S. economy and left sharp, lasting imprints on the nation's politics and in Americans' homes.

"Because of this law, the American people will never be asked again to foot the bill for Wall Street's mistakes," Obama said.


Asked by sweet-a-kins at 9:27 PM on Jul. 21, 2010 in Politics & Current Events

Level 34 (67,502 Credits)
This question is closed.
Answers (9)
  • They who are against all things Obama tend to forget the massive bailouts foisted on the American people WITH ABSOLUTELY NO INPUT before his term began. They have the lube due to the massive a** probing they took during the Bush years. This will end that legacy, but that is supposed to be a bad thing...

    Answer by Youngwifey2 at 11:18 PM on Jul. 21, 2010

  • "Most of the new rules won't take effect right away. The Obama administration has a full year, for example, to empower a Bureau of Consumer Financial Protection that is being created. Regulators will take months to study dozens of issues in the 2,300-page law before drafting rules. Among them: Should the government limit the size of banks? How should stockbrokers be held accountable for advice they give to clients? How can credit ratings be made more reliable? All of that means the real-world impact of the law will depend on how it's interpreted by regulators — the same regulators who were blamed for failing to head off the financial crisis."

    If you're happy about it, you're not paying attention


    Answer by NotPanicking at 11:45 PM on Jul. 21, 2010


    THIS is important. THIS tells the truth. C&P.....

    Answer by gertie41 at 10:53 PM on Jul. 21, 2010

  • I won't be happy until they reform Fannie and Freddie, and I do mean reform them. Not just change the rules to add more fees and taxes that will ultimately be passed on to the consumer/taxpayer while putting in a perpetual bail-out just in case...

    Answer by 29again at 12:55 AM on Jul. 22, 2010

  • pass the lube

    Answer by NotPanicking at 9:32 PM on Jul. 21, 2010

  • I hate the bill.

    the lube sounds like more fun than what's in store.

    Answer by lovinangels at 10:48 PM on Jul. 21, 2010

  • Gee, I think it sounds great could you NOT think he is taking a big step in the right direction> Do you not know what Wall Street did to us? Or don't you read?

    Answer by gertie41 at 10:50 PM on Jul. 21, 2010

  • I really don't understand why anyone is happy about a law that allows them to now perpetually bail out banks at the discretion of the Federal Reserve using tax money with a vague assurance that the bailed out banks will have to pay it back some day. This thing, among the multitude of other dysfunctionalities, is a giant honking blank check to the banks.

    Answer by NotPanicking at 1:28 AM on Jul. 22, 2010

  • .... is all i have to say. bleh, i dont know what to think. i know this will be a disaster waiting to happen. :(

    Answer by Fushithedruid at 2:23 AM on Jul. 22, 2010