Wednesday, July 21, 2010

Sweeping Financial Reform Now Law


President Obama has signed into law the biggest overhaul of American financial regulation in decades. The president said the law will ensure "that everyone follows the same set of rules, so that firms compete on price and quality, not tricks and traps".
 The law is a major victory for Mr Obama and the Democrats, who passed it with little Republican support after months of political wrangling. It was vehemently opposed by the financial services industry.


The law tightens mortgage and consumer lending rules, improves disclosure for student borrowers and average investors and establishes a new consumer protection agency, among other provisions.
Almost every Congressional Republican opposed the bill, saying its new regulations would prove burdensome to businesses trying to create jobs.
The bill "fails to address the root causes of the kind of crisis it's meant to prevent", Senate Republican leader Mitch McConnell said last week.


Several provisions are intended to eliminate government bailouts by dealing with an issue known as "too big to fail", where a financial firm cannot be allowed to collapse because of the wider damage it would do.
There are provisions to enable regulators to shut down a failing large firm in an orderly manner and others intended to curtail their size in the first place. These and other measures probably do reduce the risks of bailouts being needed.


For critics, the big omission is the two housing finance companies, known as Fannie Mae and Freddie Mac, which were rescued by the government and which had a definite role in the crisis. The administration plans to reform them later.


But Mr Obama described the bill as a necessary measure to prevent future economic disaster, saying world's current economic troubles were caused in large part by "a breakdown in our financial system" and "a failure of responsibility from certain corners of Wall Street to the halls of power in Washington".
"Our financial system only works - our markets are only free - when there are clear rules and basic safeguards that prevent abuse, that check excess, that ensure that it is more profitable to play by the rules than to game the system," Mr Obama said at the White House.  "Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes."

We certainly hope so Mr President.

76 comments:

  1. Anonymous6:03:00 PM

    PIC...I will meet you here on this post...LUV...PIC

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  2. Yo...PIC...How are ya? Whazzup?

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  3. Anonymous9:40:00 PM

    Hi cutie

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  4. Anonymous9:42:00 PM

    How you doing, I have cool down a little, I been bitching and snorting and nobody is listening to me , so laid down and now I not talking to anyone but you.

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  5. Watcha bitchin about??Inquiring minds want to know.

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  6. Anonymous9:44:00 PM

    How's Nana?? Brian is glad those people are gone and now he can relax.
    It's hotter than an elephant in heat [giggles]

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  7. Anonymous9:47:00 PM

    Blogger as usual...I was going to fill drafts up on SK's only got one on the the blog and one in drafts.
    I got the Hosiptal post in drafts here on FTBB for you to fix and post.

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  8. Anonymous9:51:00 PM

    Dad said he wanted to write you on the half naked girl post he said he got on but it wouldn't move, so I tried and it just stalled...I know it's blogger working . I can still hear Mel ranting and I curse him out because he wasn't as bad as me right then.

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  9. Nana's sweaty and cranky. Brian 's upset. The auditor found some mistakes.
    And Brian's new receptionist seems to be a nutbar.The old one got an offer she couldn't refuse and left. She was terrific. This one has only worked one day and has managed to offend everyone.
    Brian had an angina attack on Sunday, partly due to stress.

    I don't feel too well today.Got a urinary infection and a fever.

    Jakey went to MacMaster to see his hemotologist and his hemoglobin is down a few points.

    Other than that everything is just wonderful and I just finished dancing around the living room and singing a few broadway songs.

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  10. This heat is fracturing everyone's temper. Apparently a few hundred people in the Netherlands have died from heat exhaustion. They are having a heat wave in Europe like they have never had before. My uncle in England is ill from it. Most of them don't have airconditioning. They have nevr neededit.

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  11. Anonymous10:03:00 PM

    I hope the mistakes wasn't major, they have to in account that Brain has been ill and others will not take care of business the way he do.
    I don't know how to deal with stress, tell Brian it will get better...and the heat is no god for him either.
    That's not real bad for Jakey is it? Have they started givng thhe teats?

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  12. Anonymous10:08:00 PM

    I heard they was having a heat wave in England and that's strage for that part of the country..
    We have deaths from heat here that why we have fan drives for seniors.
    Now you know the climate has gone haywire.

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  13. Anonymous10:11:00 PM

    I am not spelling worth a shit[giggles] strange for that part of the country.
    It's always cool in the summer in that part of the country.

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  14. Anonymous10:16:00 PM

    Did you know honey and soda helps to flush the kidneys mixeed with a little lemon juice.
    I tablespoon honey, I teaspoon of soda and juice of halve of lemon.

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  15. They are still testing the new medication from Czechoslovakia. They are not satisfied with the results yet, but working on it.

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  16. I have to drink tons of fluids so I will try your remedy.

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  17. My immune system is low so I often get problems like this.I'm quite used to it.

    I just heard on our news that the temp will be down a bit tomorrow. YAY!

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  18. Look Jakey's illness up and you'll see why we worry about him.
    I will check my mail.

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  19. Anonymous10:28:00 PM

    I just sent you an e-mail.

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  20. Anonymous10:31:00 PM

    I will look it up, just wrote the name down.

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  21. What happened to your post on Haiti?? I saw the photos up and they were very good.

    You never did say what you are pissed about.

    I am just going to quickly check what's wrong with the other blog.

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  22. The comments are now working okay on SH.

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  23. Anonymous10:45:00 PM

    I get yeast infestions about 2 times a year, the doctor say my insulin may be the cause and drink plenty of fluids. Gil asked me once what the doctor said and I told him the doctor said if he KISSED it it would get well.
    He said whoa nellie...tell your doctor to kiss it.
    Incoming mail.

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  24. Anonymous10:49:00 PM

    Look in drafts for Haiti, it got away from me and ended up on the blog...I put it there for you to work your magic...will you check and see if it's there???
    Yes I did tell you what was wrong with me.
    It's the 8th comment down.

    I hope it's there and I don't have to write the thing over.

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  25. Anonymous10:51:00 PM

    I will tell Dad because he wants to write on the Jen post, I told him he could write on any and he said I didn't understand , you put that post up for him, because know he like legs and tit's.

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  26. I just saw I signed my email 'OIC'. I have no idea what that means, my spelling is off tonight too...HA!

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  27. Anonymous10:54:00 PM

    No dear frind you don't worry to much, like you I wish you could do what you want to do about it.

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  28. Anonymous10:58:00 PM

    Maybe I'm rubbing off on you hahaha

    I have a lot of Mel post and Blogger asked a fool, I know they was working but I got mad any way, laid down on the couch and got the shit beat out of me by my little man saying up mama.

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  29. Well honey I have poured all my troubles on you...Thankyou for the shoulder.

    Definitely the insulin level would be the problem. The yeast thrives on sugars. If your blood is high in sugar that will cause the problem. Cut back on your carbs for a while. The medication won't work by itself. The yeast also thrives on dairy and on the glutin in grains. Just cut back on all those things for a few days to kick start the medication.

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  30. Anonymous11:03:00 PM

    i wanted to have someting to put on FTBB , I know you wanted to do some research.
    Will you see if it's in drafts, that the one I want you to work your magic on.
    I also have one on SK's in drafts about Mel.
    Did you see the one of Mel and Robin, a faded love???

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  31. I know how miserable that problem can make you feel. All us girls do.

    I tell you what, the heat doesn't help either. It acts like an incubator for any micro-organisms.

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  32. Men get it too. They just call it jock itch.

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  33. Anonymous11:06:00 PM

    Thankyou sweetie...no problem all my stuff I put on your shoulders.

    Can you check the Haiti post , I would but I may throw it in space...
    If it's not there I will have to rewrite it.

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  34. Anonymous11:12:00 PM

    Mel had brought that bimbo a $14.5 million dollar house, I got it in drafts on SK's , I have a bunch more but Blogger started acting a fool...I will get them there tomorrow.

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  35. You did a great job on the MEl and Robyn story . It was a good read. I was going to leave a comment on it later but I'll tell you now. It was a good story and people will be interested in their background. The marriage seemed to work for a long time. Robyn is a very strong woman. I heard she was very srict too.
    Really good story.

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  36. Anonymous11:15:00 PM

    Lilo's mammy is name Dina and the 'ho' was talking about how she hated to see her presious baby in cuffs, and the daddy had a lot to say..sorry S.O.B.'s just want their 15 minutes of fame, I also heard her say she was not going to help Lilo.

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  37. Anonymous11:18:00 PM

    Thankyou, thankyou
    now can you ckeck the Haiti post and see if it's there, if not I will have to write it again.
    That's the one I want you to edit and post.

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  38. I'll do the Haiti post.

    Mel never put that house in her name. In fact he told her to get out of his house.He was clever, he never put anything in her name, not even a car and he has never given her any money. He would just buy her clothes and things. She has signed an agreement not to demand any money from him except whatever he decides is necessary to care for his daughter. She basically just wants to get away from him because his rages and the violence were getting worse.

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  39. LiLo's parents are sick puppies.They are examples of what not do do parenting-wise.

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  40. Anonymous11:26:00 PM

    You know Mel wants to sell out and go back to Australia...but you guessed it , Australia don't want him....
    We have 2/3 series going.

    I asked Gil about Shapiro and he said the first lawyer didn't sign off legeally and Lilo didn't abide by the rules he laid out to her and when she was partying which is against the rules , he had no other choice, he said they have crossed hair a couple of times.
    But he finds Shaprio a good and fair man and he respects him for offering his help.

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  41. I hope Mel does not get that baby.Now Oksana is saying that Mel was violent with her son too.

    I think that whatever he once was, he is no more. He is losing his mind. It may be the booze or the fact that his dad is a nutcase, but he is crazy.

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  42. LiLo's first lawyer had to represent her in court the day she went to jail because legally she was still her lawyer. Lindsay likes to burn her bridges behind her. What a fool.

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  43. Anonymous11:36:00 PM

    I'm so glad I didn't chunk Haiti into cysber space.
    The mammy "HO" is a bleached blonde and trashy looking.

    Lilo was begging for help, it was not normal for her to do the things they said she did.
    You don't see your grands everyday but you know when there's something out of the normal.
    Even I have been feeling low and in the dumps when I was always upset with my man and you would talk a little and ask me what's wrong honey??
    Lilo's daddy party with her and I bet the mammy "HO" did to..now she's worried abut how it will affect the other daughter...Ali.

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  44. I just tried your remedy (without the honey,I'm allergic to it)
    It doesn't taste too bad.I'll let you know if it helps.

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  45. Anonymous11:43:00 PM

    I read somewhere Oksana wanted to handle his money because Robyn took care of the financial part.

    I don't think this just started with Mel...his brother is also crazy...someone said Robyn Gibson and he said that women is name Robyn Moore.
    The one I have in drafte on SK's is the house he wants to sell.

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  46. Anonymous11:46:00 PM

    I hope it helps the soda is suppose to help flush out the kidneys...

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  47. He is selling the house out from under Oksana. I know she is a goldigger who saw a golden opportunty to seduce a rich older man, but she did not deserve to be beaten or verbally abused.And she was a wife to him for three years.

    He was actually separated from Robyn when he met Oksana.
    Robyn put up with hell for years, drunken rages and so many one night stands I'm sure he lost count.

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  48. Anonymous11:50:00 PM

    I was going over my posts and I told Dad it was a sin that people didn't know how to act when they get a little money [giggles] Dad said don't look at me, I don't have any money I gave all mine away.

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  49. It sounds like I don't like any of them. Oh well, we do spank celebrities.

    Notice we haven't mentioned Obama's amazing new reforms...HA!

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  50. Anonymous11:56:00 PM

    Jeannie
    I will be joining you soon , just getting in James and I was over to our daughter's house I haven't forgot you and surprise old musty butt is not raising hell at everyone.
    Just stop in to say hello long time no see I will talk later Night.
    Nan

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  51. Dad's a good man. He thinks family is everything.
    You're right that money goes to some people's heads.They can get pretty mean about it too.

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  52. Anonymous12:00:00 AM

    Amazing is right n the door and out the window...I still like Obama, but he tries to please everyone and that's not what he's there for...I'm beginning to wonder if he has a mind of his own. Other countries like him and what do he care if most of the U.S. don't just do what's best for us.

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  53. I have seen so many families come to blows over filthy lucre.

    I can't find my remote. Damn that Justin. He comes in here and re-aranges everything.

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  54. I am now drinking a second glass of your remedy.I just hope it's not one of your voodoo potions and in the morning I'll wake up as a man or a zombie.

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  55. Anonymous12:04:00 AM

    I know I haven't runned a country but I think you run all business the same whether it's large or small.
    I was responsible for 150/200 dealers and I had to do the best for the majority and the rest would fall in line.

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  56. Hi, Nan, Nice to hear from you. Old Musty Butt is in fine form tonight. Have a good night...J

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  57. That's a very good business principle. Do the best you can for the majority. That's democracy ain't it??

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  58. Anonymous12:10:00 AM

    If you wake up a man...make sure you keep the tits and the choochie, I don't Brian whipping both Dad and my asses.
    Now that would be a hoot an old man on a scotter and a crazy woman running beside and a really mad Canadian trying to catch then and heat the shit out of them with a newspaper. Hahahaha boy I'm hot tonight.

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  59. That's a funny picture indeed. I'm seeing it in my head right now. Of course he chooses a newspaper as a weapon only because we can't carry guns.

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  60. Anonymous12:15:00 AM

    I think it's fair ain't that's the reason we vote...the majority alwas win , that's what I always believed.
    I really think Obama is going to be a one time president and help us if Palin win.
    Obama don't have a win ...it's damn if he do and damn if he don't.

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  61. I'll bash that Justin on the head with a newspaper for messing up the Hidey Hole.

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  62. Anonymous12:20:00 AM

    No you don't carry guns...but remember my dear The "ROCK" work on cars and he may have a tire jack iron in there and Dad and I will be hauling ass...ya betcha.

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  63. I'll be sorry if Obama is not allowed to run his course.He has a lot of good ideas.He's a good man. He is making decisions that are unpopular with a certain segment of the poulation. Namely big businesses and banks, mortgage companies etc. But he is thinking of the long term and the little guy.

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  64. Anonymous12:24:00 AM

    Justin says he's at home and you love him...hahaha I bet Justin is a lot of fun.

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  65. He was cute though he hung up his towel and made his bed.
    Brian doesn't do that.

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  66. Anonymous12:28:00 AM

    [giggles] Dad and I will be up the creek without a paddle, you know he will have to check his gun at the border.
    Dad couldn't get on the Jen Post so he wrote down what he wanted to tell you so he wouldn't forget.
    He says he has a new hobby sending you a long note each day.

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  67. We understand that Jason who is thousands of miles away at a resort in the Rocky Mountains is doing fine. HE says they are working him too hard.Then I hear he is partying late into the night and getting drunk and can't get up for work in the morning.

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  68. Anonymous12:32:00 AM

    If Brian hung up his towel and made his bed.. you would be taking his temperature I know I would taking this one here.

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  69. Poor dad he would not be comfortable in Canada.He would keep reaching for his gun and just find a rolled up newspaper in the holster.

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  70. Anonymous12:39:00 AM

    The only way things will get fix is in the long run, hell, even I know you can't fix thing over night or even in a few years.
    But our governor I could kick his ass really good.
    I told Gil he's been here long enough to run for governor and he said they would inpeach him within a week because it he has never been a yes man.

    He says not to count Obama out, he still have a few tricks up his sleeve and the few that don't like him don't make a spot on the wall.
    There are more good people on his side that these tea party people/KKK.

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  71. Well I think we should get some rest. I will look after your post.You are doing such good work lately and your photos are really good.You are getting good at this computer stuff.I'm so pleased.

    Get some sleep and keep your health up. So nice to have you back. You have a great night and I'll see you tomorrow....luv....PIC

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  72. Anonymous12:42:00 AM

    Dad says he loves visiting Canada and found the folks was very nice.
    I think Dad had been a lot of places.

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  73. PS: I Hope you are right about more people being on Obama's side than against him. I really think he will get the country out of trouble and maybe the world.
    We really like him. I wonder if he is any good in bed...Hmmm.

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  74. Anonymous12:49:00 AM

    Thankyou sweetie...I have come a long HUH ???
    I show you teach you how to let out pants and you teach me this puter stuff and maye we may end up with about 8/9 blogs [giggles]

    Goodnight and pleasent dreams and hope my voodoo potion helps.

    GOODNITE...HUGS & KISSES...PIC
    Kiss the Rock.
    NITE

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  75. Anonymous12:53:00 AM

    Bad, baddddd girl..
    Well He said he wish women would stop grabbing his ass and Michelle almost shitted a goose.

    NITE...PIC...GO TO BED.

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