Just like health reform, Financial reform is taking heat from both sides….some want less other want more and in the end we will get something that is neither reform or change…the bankers will continue their gambling ways and the government will continue to look the other way while appearing to care what happens to the Main Street gang…all that said….the vote on FinReg is quickly approaching….the debate is raging and of course, it is slowly being watered down but as it stands now, how will the FinReg as it is today effect you?
From an article from the AP:
1. Free credit scores
2. Make FDIC insurance increase permanent
3. Extend fiduciary duty to investment advisers
4. Ban the use of credit checks for employment
5. Exclude non-financial merchants
6. Set rules for payday loans
7. Credit card interest rate caps
These are the proposals in the FinReg bill that will effect the normal person….most are good ideas and should protect the people from the predators on Wall Street….because they are pretty good, they will most likely be either watered down or eliminated in the final version of the bill when it is voted on by the Senate…..
In the meantime, the GOP is working hard to prevent anything from passing that would stop the BS the banks did that caused the massive economic meltdown……and it will effect YOU if this happens again…why? It is YOUR money they are giving away to the banksters (banks + gangsters)……..
Senate Republicans yesterday blocked three amendments Wall Street hates. The first and most controversial, known as Levin-Merkley, would have banned commercial banks from trading for their own benefit with taxpayer money. The second would regulate payday loans, while the third would ban the type of credit default swap linked to the financial crisis, notes the Huffington Post.
You may be a conserv or a liberal…does not matter….we are talking about allowing a group of people to gamble with YOUR money….they keep the profits and stick YOU with the losses…..is that what you want from these reps in Washington? If so, at least make them kiss you will they hump you!
Probably a good post, but I cannot really tell, since I am neither especially an economic expert (or interested in being one), nor American. The terms used in the FinReg list you quote mean almost nothing to me as I assume they refer to how it works specifically in the US and it simply works (or doesn’t) differently in the UK – plus there are even some further alternatives across Europe.
It’s true that FinReg doesn’t directly affect me (for the reasons already stated), but it will have a knock on effect around the world, so I was disappointed not to understand it.
Sorry… 🙁
No prob…it is worded for that reason…the more difficult it is to understand the more they can screw the people….
#1–as it is now….you have to pay to see your credit score.
#2–my money is insured up to 250,000, which was increased during the economic crisis.
#3–is to keep economic advisers from selling a bad product so they can make money….a lemon law, sort of
#4–now your credit score can be used against you in employment
#5–self explanatory
#6–Payday Loan companies charge as much as they like in interest on the loan to be paid on following payday
#7–Make a standardized interest on credit cards
Hope some of that helped, at least a bit…
Thanx – #5 is not self explanatory to me – exclude form what, when, why?
#6 we simply don’t to my knowledge have “payday loans” why would you want such things?
#7 – if competition is healthy, such problems simply don’t exist. If you want to take the trouble and think it out carefully, in the uK you CAN fairly easily pay nothing at all in interest on a maxed credit card!
It seems to me that the REAL problem in the US is that corporations are often protected from competition from each other and not enough is done to prevent Cartells.
#6–is a huge business in the US…it is a way to steal even more money from people in financial trouble
#7–the prob is that they work together as it is now and pretty much set the interest rates……there needs to be a set amount they can charge
#5–this would be any Mom and Pop store that does not cater to the Visas and such…..
And you are right, as usual, generate REALLY competition…..
I have to state, you chose your words well. The ideas you wrote on your encounters are well placed. This ..