Wall Street Reform At last!!!

Yesterday (when I was first writing this) was a day that just a week ago could not be imagined for a second by the most optimistic of people. When the announcement was made some trembled at the thought of rules and the people rejoiced at the thought of rules. Scott Brown (R) from Massachusetts finally listened and let the people win: he will vote yay on Wall Street Reform. This will be the great event to make us once again have rules for all.

However this bill is not perfect, the bill was lied and slandered at by all the republicans. One instance reminds me of the public option, a fund that would be paid for by Wall Street to make sure the government doesn't have to bailout Wall Street. This was slandered as endless bailouts when the government would not step in. Glass Steagle was not put in which would protect the people’s money from “shadow banks” or investment banks which does loopy stuff like Goldman Sachs. This made Washington Senator Maria Cantewell originally not want to vote for it. The bill was of course watered down to the republicans likening most recently Scott Brown but also both Maine Senators. Russ Feingold is the lone democrat not voting for the bill which makes 57 democrats voting for the bill and 3 republicans to beat the Tarintino (filibuster).

As we are on the verge of the greatest reform of Wall Street since the great depression, we must remember what happened to get us here. In the great depression little if any regulation during the 1920s led to a stock bubble that when was valued correctly crashed: much like 1990s. People lost their savings and money was wiped out like 2008. F.D.R. and the congress of 1933 passed Wall Street Reform. This included Glass Steagle which in the literal sense separated investment banks and deposit banks. This was the first reform which kept us from severe recessions till “the glorious Ronald Reagan” and congress repealed reforms leading to the crash of 1987 and the recession that followed.

point is that we shouldn’t have gotten to this point and the congress and president of the 1981-1989 is responsible for this recession. (also Clinton and republican congress of 2000 repealing Glass Steagle) Thank the democratic congress of 2010 Obama or specifically the Senate today July, 15th 2010 for passing the most comprehensive Wall Street reform since the great depression. The big banks can screw as much as regulated capitalism can provide.