December 16, 2011 | 8 comments
December 15, 2011 | 3 comments
December 15, 2011 | 0 comments
December 14, 2011 | 39 comments
December 14, 2011 | 4 comments
The Senate passed the Dodd-Frank financial reform bill this afternoon, and will now go to President Obama for signing. David Indiviglio at the Atlantic has a good round-up of what’s in it (a lot). And also what’s not:
Capital Requirements: Although the legislation urges the new systemic risk council to establish higher capital requirements for banks, a specific new floor is not provided.
Leverage: The House bill would have limited bank leverage to 15 to one. The final bill does not. So unless the systemic risk council decides to impose such a requirement, the culture of high bank leverage will continue.
No Break Ups: Many believe that part of the systemic risk problem was created by allowing financial institutions to grow too large. This bill wouldn’t explicitly require any to be broken up, though the council may be able to do so under certain circumstances.
GSEs: Fannie Mae and Freddie Mac are largely considered a major cause of the housing bubble and are the biggest of bailout recipients. Yet the bill does not create new rules or changes for these firms.
Scott Brown, Olympia Snowe, and Susan Collins voted for the bill. All other Republicans voted against it. Russell Feingold voted against it.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?