Chances of meaningful reform of financial system?
FROM CNN's Jack Cafferty:
With some wind at their backs coming off their health care victory, Democrats may use their "mojo" to target financial reform next.
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It's hard to believe that a year and half after our financial system almost collapsed... we're still operating under the same regulations, or lack thereof.
On second thought, it's not hard to believe at all.
Now, the Senate Banking Committee has sent a massive Wall Street regulation bill to the full chamber - on a strictly party line vote.
Once again, not a single Republican supported it... although some top Republicans sound optimistic that the final bill would get bipartisan support.
The bill would give the government unprecedented powers to split up companies that are considered a threat to the economy - the so-called, "too big to fail."
It would also create a council of regulators to watch for risks along with an independent consumer watchdog.
The American Bankers Association was quick to come out against it - no surprise there. The House already passed a version of the bill last year. But with midterm elections around the corner - unless the Democrats act fast and President Obama gives it everything he's got - passage this year could be a long shot.
Meanwhile a new CNN/Opinion Research Corporation poll shows 53 percent of Americans favor greater government regulation of financial institutions... 43 percent oppose it.
Support for regulation is highest among upper-income people... probably because they have more to lose.
Democrats are also much more likely than Republicans to support reform.
Interested to know which ones made it on air?
Michael in Tampa, Florida writes:
You slay me. The time for reform came and went. The federal government gave banks billions after their collusion to create worthless derivatives based on highly creative mortgages. Timothy Geithner and others should have immediately proposed broad and sweeping changes last year, BEFORE all the bailouts. The financial and banking system is just one area where lobbyists have total control of Congress.
Larry writes:
Two words, Jack: "Ruling Class". It doesn't matter if they're Dems or Neo-cons, red or blue...Green is the color of "Control" and it's a drug very hard to kick.
Richard in Shreveport, Louisiana writes:
If Obama gets behind it like he did in the last days before the health care vote, it will pass.
Mark writes:
About as much as meaningful health care reform, Comrade.
Dave in South Carolina writes:
Only one piece of major legislation per administration, Jack. If you fix everything, you spend the rest of your time repairing your own work. And that's not good politics.
Charlie in New Mexico writes:
Given the amount of influence held by Wall Street over Congress, the Fed and other the regulatory agencies, I have serious doubts that any truly meaningful financial reforms will ever see the light of day.
Jason in Schenectady, New York writes:
After seeing what the Democrats just accomplished, I am now pretty much convinced we can do anything and I have renewed hope once again. I am willing to bet Obama attacks this as feverishly as he attacked health insurance reform.
Geoff in Virginia writes:
Jack, I think Sarah Palin will join Mensa before financial reform is truly enacted.
@jackcafferty on Twitter
Forget chances. This is essential.
Think your first heart attack. Doctor says meds, exercise, lifestyle change. There are no options.
We need at least to get the FDR regulations back. Work from there. Wall Street and the bankers can destroy this country. Next time we may not be able to pay it.
You want a depression? Who would buy the ads to keep CNN on the air?
We have no manufacturing. We'd be screwed. Big time.
Slim to none! Our country has been infected with a social cancer that starts in the our local public schools, government, and churches and will continue to eat us inside out until people demand that all local, state, and federal government budgets be posted on the internet in a real time accounting software! Until then lobbyist will continue to rape this countries people of every ounce of equity that they can get their filthy hands on!
First, start out with the premise the republican's are against any reform of any type. (They don't say anything if they don't say NO.) Then add some thinking and we'll see what happens.
Jack, There's not a chance in hell for any meaningful reform of our financial system as long as we have a congress full of pandering, feckless, self serving criminals. Talk about the fox watching the hen house. The fat cats are getting fatter.
Since the government isn't going to return us to the free market system, the question is pointless. Reform constructed by politicians is just more crony-capitalism, and no more effective than all the current regulations. How many times does one have to blow the whistle on Madoff before regulators catch on? In fact, that leads us to a good joke: how many regulators does it take to catch a Madoff? All of them...
What are the chances? Somewhere between slim and none, and Slim just left town.
Without intense and constant government oversight, America's financial industry will continue to line its own pockets at the taxpayer's expense, all the while complaining about the dangers of government intervention and how Wall Street's hands are tied and the destruction of the free market economy is eminent unless they are allowed to function free of any restrictions or deadlines.
America's Health Care Bill is the largest deficit reduction law ever mandated into law, saving 1 Trillion taxpayer dollars or more over the next two decades.
With all the Republican bluster over the need for deficit reduction, not a single Republican was present for the Signing Ceremony today at the White House!
Vote more Democratic lawmakers into public offices this November for a working Government and a brighter future for America.
If Congressional Democrats can push Health Care reform past the medical lobby, they can certainly pass Finance Reform, too.
This time last week, I'd have said slim to none, but if the Progressives strike while the iron is hot and the GOP still has it's collective thumb up its butt, it just might happen. Democrats – you have the momentum, use it!
Susan
Tuscaloosa AL
Jack, any meaningful reform must include not being LIED TO by liberals fueling the flame of "anger" that would not exist if people thought about what they are being told, rather than merely blindly believing what they are told. Instead, we get a lot of anger built up against highly paid CEOs, while at the same time any number of "pro" sports players sign lucrative contracts that make what a CEO makes look like pocket change! The government should step away from "solving" a problem that doesn't exist, and stand by to deal with any violation of existing laws. In other words, do ONLY what the United States Constitution says that they can do!!
Zero...America is governed by the dollar not by the people and for the people and all that stuff. What was most of the arguing on health care about? Money, the almighty dollar is in charge and that means the financial system will always do what it wants to in America.
If President Obama puts regulations the GOP and media will say he is stepping on your freedoms of some other crap like that. If he does nothing he will be accused of just that, but at least the wheels will still turn on Wall St.
So I don't see any meaningful improvements coming. You guys like to leave a fox in charge of the hen house.
Hopefully it won't turn out like the restrictions put on the credit card companies............now we are paying close to 30% interest and are being charged a yearly fee for the credit card. Things were better before the government stuck their restrictions on them.
Repulicans' allegiance is to financial lobbyists, not to the American people. Vote the Republican obstructionists out of office and we'll a chance for real reform!
Sue
Springfield, MO
The chances are great. Once the dollar finally crumbles within the next few years due to our outrageous deficit and corrupt central banking system, we will have no choice but to start from scratch.
Good! I never thought I would see Healthcare Reform, so now I have full faith we can have meaningful reform of the financial system!
They are going to have to do a LOT BETTER at that, than they did with health care!
Does the term slim and none ring a bell. We can only hope that something changes in this area and soon but it seems that any reform won't go into effect for many years and by then it will be too late, we'll be broke.
After this healthcare battle, there is no way they can ramrod another massive game-changing bill thru. how many times can Obama and Pelosi twist these people's arms?
This, not healthcare reform, is the true test of the Obama presidency. With 80% of the public supporting reform, we'll see if the Democrats have the guts to take on the big dogs – the banks and Wall Street. Now that healthcare reform has passed, I feel more optimistic!
According to Sen. McCain, the Republicans are "done cooperating for the rest of the year". So again, any meaningful reform will be partisan and difficult. I hope Congress will adopt the financial reform bill reported out of committee. Regulate the financial instutitions, and give the citizens the help from a consumer protection agency. We must not let the financial industry bring down the economy again like they did in 2008. Americans must not forget who caused this debacle. It wasn't the political system, it was wall street. Marlene in Mich
When the twelth of never arrives.
Where does the GOP go now? They go down - to the nether world of yelling children and intellectual irrelevancy.
Slim and none.
The financial system not unlike the health care system is broken. Meaningful reform is needed to keep unfair practices out of the the system for all to benefit ALL meaning not only the people but the financial companies as well taking unusual risk is the DANGER the entire worldwide financial system.
Tom Trapani, Quito, Ecuador
The issue isn't really one of reform but more of keeping hands out of the till. A perfect example of this is Rep. Barney Frank pushing for expanded powers for Fannie Mae and Freddie Mac without adequate controls over their activiity. The result was the collapse of the financial system. The system works when our leaders are strong enough not to give in to those who would exploit the system for thr short-term political goals. In other word, blame Barney Frank for the mess we're in.
Jack: Yes, if people will come together in Congress. I mean the Democrats come together. The selling of deriviaties, or the bundling of bad investments caused the down fall of the market from 12,000 points to 6500 points, and FDIC has had to take over almost 100 banks. People are boiling mad, and they want something done, yesterday.
There's more chance of a meaningful reform of my bank account by my
cat, Jack.
Very poor. The government will continue to bail out financia groups instead of private citizens. Meaningful reform will only come about when Congress stops letting the businesses regulate themselves and starts sending the greedy, shelfish, smarmy bastards to jail where they belong.
It is a rare sight to see a bill like universal Health Care passed. Some might even say it was a miracle. Especially after the fight against its passage from special interest groups and all the lies that were spread about it contents. To see two miracles like passing a financial reform bill, preventing Wall Street greed leading us over a cliff is almost impossible to imagine. Wall Street has a lot of powerful people and lobbyist and this fight might be even more intense. Seeing backbones actually being grown in Congress means we might still have a chance from preventing companies so large that when one fails they all fail. The odds are against a financial reform bill being passed. But what the hell, might as well roll the dice one more time.
Anything is possible Jack. However since the end of the 60s, Americas children have not lived up to the legacy of their forefathers who are solely responsible for the greatness that America has obtained. At the moment Jack I am a bit cynical about reform on this issue.
Last week I caught Senator Bernie Saunders speaking on this issue. He suggested that the behavior of the bank executives was equivalent to a felon who rops a liquor store. The latter often will face many years in jail ... so should the bankers from Leman etc.
He outlined a "scam" wherein the Bush team would lend them billions at 1/2 of one percent for recovery and then they'd turn around and invest in TBills at 31/2 percent.
How could this have been allowed .. who is repsonsible for oversight ??
I am from New York state and I'd recommend that Obama hire our ex-Governor Mr Spitzer to replace the juvenile that he has running treasury. Spitzer know them and how they operate and is anxious to redemm himself .. so let him loose on them.
Zero Chances Jack..... The 2 Parties Have Been Totally Corrupted by the Financial System..... Add in the Fact That the 2 Parties are at War With Each Other & Gridlock is the Law of the Land..... Vote Them All Out. Lets Start Over With a New Set of Liars.
Jack politicians know little or nothing about managing money. If you doubt me look at the federal deficit right now. If the government attempts to regulate companies by imposing rules and hardships on them they will take their business abroad where they do not have such regulations. That in a nut shell is why we are where we are at today with a failing economy. Businesses took their jobs overseas. Quite frankly there is no reason to do business in America anymore. It costs so much for health insurance which the government is now mandating for all employees, minimum wage mandates and the cost of FICA, workman's compensation and a whole hand full of other fees and incidentals an employer MUST provide for each employee. It makes it next to impossible to make a profit hiring American workers.
When pigs fly, and not until!
Too much vested interest. We have seen nothing done yet to rein in the banks and Wall Street. Yet, we step up and bailed them out? Shame on us.
With this bunch in control............None!
As long as Senators and Representatives take contributions (bribes) from special interest groups, not a chance in hell!
Meaningful reform is an oxymoron Jack.
They can come up with all kinds of sanstions, reforms, statutes whtever – but I dare say that over time those Wall Streeters would find a way to scam any system. Too much money involved
And whose to say that our law makers aren't resigned to that fact while they are building a reform pacakge. This is cynical but they might be saying behind closed doors. "This is a waste of time but we have to do something to make it look like we are trying".
It depends on how many Senators are already bought off, Jack. I think the prospects are not bad. Eventually, the system will have to right itself before people start creating alternatives to it.
Jack,
In my opinion,I think it's great the healthcare bill passed, having said that, I still feel like both the Rep. and the Demo. are mostly just self serving idiots. At this point both would still sell the American people down the river if given the chance. Right at this moment, i'am very anti-politician. The definition of a politician is a person who can lie, cheat or steal the most from the American people.
Although it's crucial to prevent another financial melt down, the chances of passing meaningful reform are not very good. After what we've just witnessed, I think the Republicans will filibuster 100% of everything, except a pay raise for themselves.
Ed
Texas
Yes We Can!
I don't know how much can be accomplished, but hopefully, a great deal. This country deserves better, and if the Republicans would just "get over" their MAGNIFICENT defeat, and put the necessities of all Americans first... we could accomplish quite a bit in the next three years. Do I think the Republicans WILL cooperate for our good? Sadly, I sincerely doubt it. They're like wounded bulls with tunnel vision – long-suffering and unforgiving. But, hey! They CAN always do the right things, and surprise us all, which would go a long way to STOP the hate speeches and the fear mongering.
We see how the Republicans have acted towards health care reform. I would expect the same tactics when it comes to finance reform. They represent the status quo. I would assume they as strongly influenced by the banking lobbyists as they are by the health care lobbyists.
Bob,
Novato, California
There needs to be something done, however Dodd's proposals are no more than what we have on the books now. Where are the Derrivative regulations?
They can't attach this to any budget issues, therefore those goofy Dems will have a terrible time – they'll be busy fighting lawsuits for about a year.
Joanne B
Mn
Slim and none, Jack, and Slim just left town.
Not much under this administration.
The love of money is the ROOT of all evil. This was true 3000 years ago, it's true today, and it always will be true. However laws or regulations are devised, man will find ways to cheat, bribe, distort, and steal what rightfully belongs to others.
All else is just song and dance to cover up the deeds.
Corporate America will always run this country. Meaningful reform will not happen – ever.
NONE, Jack
way TOO much lobbyist money going to BOTH Republicans AND Democrates for anything other than "smoke and mirrors" to happen.
About the same chances that I will win the Powerball next drawing!
Next to nothing. There's too much money to be made in politics.
I don't know what 'meaningful reform' means in this case.And few people do. That's why it may not happen at all. The financial institutions run on smoke and mirrors and it's pretty hard to hit a moving target like that. That's going to be a battle that if taken on by this adminstration, better happen soon, because of so many other battles that are ahead.
Maria
Brunswick,MD
The Republications would do well to remember that insults, anger and bigotry are not tenants of the constitution they hold so dear. Instead, they should lead even their most vocally abusive followers to town hall meetings where they can calmly express concerns and ideals, not yell slogans and fearful expletives that the Tea Party has come so well-known for.
What an oxymoron – meaningful reform.
It depends on how dependent and afraid the members of Congress are of the lobbyists. Just a clue for the Congress members – you maybe should be more afraid of disappointing the people who actually vote for them.
Meaningful reform of the financial system? You mean an improved way of shifting any wealth from the middle class?
Jack, politics seems to always follow the money, and the banks have an unlimited supply of it (ours). We need an independent and powerful consumer protection commission, and it will take an outcry from the population to force Congress to enact one. On the heels of healthcare reform, this is the best chance we have.
Jack,
I'm not holding my breath.
Given to amount of infuence held by "Wall Street" over congress, the Fed and other the regulatory agencies, I have serious doubts that any truely meaningful financial reforms will ever see the light of day.....
The chances of meaningful financial system reform is exactly the same as the chance that congress will stop spending money that doesn't exist. In other words... ZERO chance.
I didn't have much hope, Jack, but Pelosi and the Dems have shown they have the smarts and courage to get it done. Go, Nancy!
Shelby, NC
If by "meaningful" you mean that the system will be further gamed to benefit and profit the richest and most well-connected people in American society, I'd say chances are excellent, as always.
Meaningful? Just about zero.
The Republicans will do their best to defend the big Wall Street banks and hedge funds and protect them from regulation.
And the Democrats will negotiate with themselves and water down the package in hopes of getting Republican support, so they can call the bill "bipartisan."
But they'll never get any Republican support anyway. They'll just end up with a weak bill.
We saw this play out the same way with health insurance reform.
More unlikely than likely but there will be regulation restored and this is an improvemnet. Amazing that they are still trading derivetives without any validation.
Jack
"""NO A CHANCE""""" its all about the lobby and re election
David
I wouldn't put much stock in the likelihood of meaningful financial reform. No pun intended.
North Beach, MD
Jack,
The best that Congress can do is to mandate that financial firms create a reserve fund that would be used to bail themselves out without any federal assistance.
Meaningful reform will have to come from consumers, when we stop buying financial products that we could never hope to comprehend. No more CMO's, CBO's or CDO's. The only thing we end up collaterizing are Wall Street bonuses.
The chances are significant if the Republicans decide to work collaboratively with the Democrats to place the interest of the American people before their own personal interest and if the Republicans party finally accepts the fact that they were on the losing end of the 2008 elections.
If Greed has it way, NO! When we as consumers stop acting like those we have come to despise, and start returning to the CASH Transaction instead of the Credit Cards Junk....maybe people will purchase only what they NEED and get back on their feet. Experience has taught my family, that CASH RULES! We have been out of debt for nearly ten years, and purchase only what we NEED! It has been a HEAVENLY experience!
Returning to our own real values without debt, has made our lives better.
I know the Banks and Credit Card Companies are still mailing us applications forms and wanting to lend us money, all the time but we decline: guess they do not really like us?
Jack;
There's no chance at all of significant change in regulating the empire called Wall Street, and the Central Banks! Money, is the route of all evil "original sin", and always wins discussion and talking points.
Our elected representatives have been sodimized by the big money lobbys that are running this country.
At this point, anyone fond of their money would be betting on Obama. He's the guy who wins the game at the buzzer from half court.
The Health insurance companies had 8 lobbyists for every Congress person. They spent more than a million dollars a day trying to confuse the public. They fund many more campaigns than just the Senator's from Aetna. Yet, the scoreboard shows America won.
Bet on Obama restoring the same safeguards that FDR established after the Great Depression's financial collapse. If you like your money.
How can you have reform when the same chumps are running the show in Washington. Washington isn't broken, it's filled with crooks.
Denis
Upper Saint Clair, Pa.
Louis in Richmond,Va.
Slim to none. Money talks. The majority in this democratic system has changed. If you think the prior majority went "Rambo" when the playing field of health was somewhat leveled, what do you think they will do if the playing field of the financial system were leveled?
The same chances that the congress will "fix" the health insurer giveaway the pres. just signed.
Jack, NONE! The Dems are running around pounding their chests, declaring victory all over the place, and the Repubs WILL say NO to anything this bunch of socialists want from now until the Nov elections. At least that is what I would do, if I had a say!! OOOPS, I forgot, I'm the wrong party, and the fact that 70% of Americans want or don't want something, means nothing to the Dems.
What is harder to believe Jack, is the republicans deregulated the financial markets so much that it caused the meltdown. It's like taking candy away from a baby, it's always a lot easier to not give it than it is to take away.
I expect you'll see another knock down fight with the party of NO being against any reform and Obama pushing it through as another huge win like Obamacare.
Thiis is a real conundrum Jack. Most os us want fewer government regulations and less government involved in our lives. But we believe that the financial institutions need to be regulated to avoid the type of transactions that have occured over the last few years. If we had more regulations would they be inforced?
The chances of Health Care Reform was slim to none. But there are some thing that just need to be done. If Republicans oppose reform of the financial system, how will they keep their supporters who already believe that Wall Street buys politicians so that they can take advantage of the average American?
If they choose to oppose reform of the financial system, we may have to put them on the endangered species list.
The republicans have no shame, for the passed eight years they have brought the us and the world down to its feet, causing millions out of a job, loosing thir house and the list goes on, they should be happy the democrats are here trying to fix their mess. i don't understan why any one would listen to them.
Ayelee
Toronto Canada
Hi Jack,
As far as I can tell Obama and the Dems have nothing to lose now... time to regulate the heck out of the OTC Derivative market and put in place watch dog with serious teeth and up the fines to 10 billion dollars... because what is the use of fines that can be paid off by a CEO's pocket change or bonous package.
Jesse J
Vancouver Canada
Sadly, until there is meaningful campaign finance reform, there is not much chance of real financial regulatory reform. The initial foray into stricter reguations was rejected by the Republicans because they said it might put U.S. banks at a disadvantage globally. I am more concerned about protecting the peoples' assets, rather than the banks' dodgy approach to turning a profit.
The financial system needs to be regulated so that their abusive practices can no longer hurt the American people and push us into another fiscal maelstrom. Banks especially need more controls.
Jack,
This issue is a real disappointment. Sen. Dodd, who sponsored the legislation, has made clear that next year will be his last in the Senate. One does not need to agree with his every position, but let's give him credit for sincerity and give his legislation the honest scrutiny it deserves.
Rick,
Medina, OH
will we ever go back to the gold standard, their is not enought gold in the world to back all the dollars this country has printed
The Dodd bill comes far short of what is needed to reign in the Financial sector. Everybody is still "pussy-footing" around what needs to be done. I am looking towards President Obama to continue his latent leadership to once again save the day.
The Republicans do what they have done since Obama was elected–conjure up more lies in an attempt to discredit the President and keep the American public confused and scared.
Jack those dog gone Republicans will block this as well, they will never support anything the President try to do.
David
Martinsburg,WV
Jack,
I would like to believe the American people are smart enough to promote financial system reform; however, when I see how the people who are hurt the most continue to vote for politicians who favor big business I believe we will have another blood bath as the party of no will continue to block meaningful reform. Sad, but true.
Joe , Binghamton, NY
Definitely need to do something about all these "crooks"! WE helped them out and when the dust settled they started the same old ways as if nothing happened! A STIFF jail sentence MIGHT stop some of it.
If a bill to defuse the greed of Wall Street can't get bipartisan support and useful input and pass with flying colors, I hope that the Democrats use the same method to get something for the president to sign. I find it hard to think that the Republicans won't support, and have some good input to a bill like this, but they've surprised me before with their "Obama Waterloo" mentality.
Allen
Hartwell, GA
Jack,There is an excellent chance for financial reform as long as there are no Republicans involved.After all they stand with big business,so how cloud they be serious about regulating the very kinds of business they support????
We really need the bill but with the republican party saying no to everything, what can be done. I wish the republican party would grow up and think about the real people in this country instead of the business that have bought them off they don;t realize that there is more power in the people, and they are smarter than they give them credit for.
Very little if the worthless republicans can help it, they will not do anything that will stop the lobbyist from stuffing their pockets with money to promote their interest. Lobbyist and the money they give to members of congress will one day be the straw that ruins the United States. It is getting to the point that the person with the most money has the best chance of getting the things in congress done that will benefit him.
They are lemings - they will follow each other right over the cliff, shouting 'no' loudly, all of the way!
Jack
If they reform finance the way they did healthcare expect your currency to double in size. Making the money appear more valuable
More regulations are not the answer! When is this government going to stop trying to manipulate the financial system and just let the free market work?
High. I hope. Health care got through despite the best efforts of one party, so since they parties seem to agree that there needs to be some reform and some work in committee work is involving bipartisan ideas maybe they can act like adults and get this done before greedy men in office towers kill the global economy again.
Did you expect republican support ? This is the same party who give tax breaks to guys making millions with my money and say it will
trickle back to me. Well that last 5,000 I donated to them I've seen 75 dollars of it back since 1980. Wish that trickle was at least a drip.
The chance of financial reform is not very good, if the republicans and TV pundits can not get past health care reform. The health care bill is now the law of the land and it is time to take on the many other issues pressing our country. Financial reform is a must, jobs are a must, energy needs are a must, reducing the deficit is a must. Come on, lets move on.
None. Look at what the CEO's of the companies we bailed out are getting. I thought their bonuses were to be regulated.
I say, reform the system. Otherwise, America will continue borrowing money from China. It's funny how Republicans call Obama names like socialist and communist. Little did they realize that Communist China is funding America's capitalism as we speak. Shame on the Grand Obstructionist Party for their ignorance!
I believe the chances are extremely high this Congress will continue to do what is right, now that they are beginning on a roll, and will remove the foxes from the hen house that Ronald Regan, Phil Gramm, and other Republicans let run amok over the last three decades.
Meaningful reform will only happen if Congress has the courage to stand up to the powerful financial sector lobbyists .It worked (sort of) to effect health care reform. Let's hope our lawmakers do it again .
Hey Jack,
It is not a choice, after the latest debacle regarding the collapse of the financial system, they have to do something. Both the democrats and republicans need to make a statement and pass regulatory reform. I am more confident now the the democrats stood together. I was afraid they were going to fold like a cheap tent, but they did not.
I am disgusted at the republican tactics of insulted and demoning of anyone who opposes them. The american people need to grow up and stop voting for them it is getting uglier and uglier and it needs to stop before someone gets hurt.
Jack, its going to be a bloody fight to impose new regulations on Banks and Wall Street! The Party of NO will be on their side, the Dems on the side of We, the People. Buckle your seat belts, folks, the fight continues!
It can happen but it will take a people that are willing to say I will not do business with your large bank. If they make mistakes as mine has move to a credit union. This is the time for change. Check for facts on all the propaganda coming over the Internet. If you receive lies you can check them. Most everything I get is false. I'm at the point now if we don't press on our children will have it seven times harder. Question every thing and hound your representatives. Demand answers and actions. We need reform in our financial system and a new tax structure. If we want to believe in America it's up to us to take it back from "corporate America", They are robbing us blind.
Hey Jack,
Don't people know that if you poll 100 people you can get the numbers you want. Example say 40 people out of 100 are in favor of something, you get a 40% favorable rating and a 60% unfavorable rating. Hows that for slick math. We are soooo gullable.
The best way to poll would be for someone to create a way to show that only one person is counted in the poll by tracking the ISP address of the respondent. They should exclude ISP address from business, schools, churches, government agencies, politicians, political organizations, idiots and crazy people on Faceboork, YouTube, and MySpace. This would eliminate a person from entering too many opinions whether favorable or opposing views. This website would probably create a lot of jobs and make the creator a "ZILLIONAIRE!". What do ya think?
About as much chance as there was for meaningful health care reform. This bill will also be watered down by Republican demands based on what their campaign contributors want to avoid. We have the best government corporate money can buy, but that is OK with the Supreme Court.
What are the chances of meaningful reform of the financial system?
If Democrats will ignore the GOP then there is an excellent chance.
We've all seen what the GOP has done to our financial system and what that resulted in.. A nation in near collapse!
Jenna
Roseville CA
Meaningful reform. Slim to None. The rich will get richer, the poor will get poorer, and slowly but surely the middle class will disapear. As long as Wall Street get theirs they will find a way around any reform.
Considering the value system associated with capitalism and our democracy, one would think that only success and productivity should be rewarded rather than failure and setback.
How on earth could our tax money have been used to reward the wrecklessness of those Wall Street failures? And how is it that we still don't seem to know how to or have control over those greedy people who are still wallowing in riches from the tax payer money they are using to continue paying themselves? UNBELIEVABLE!!!
Depends what they complain about next.
A better question, Jack, is what are the odds of winning a $100 million lottery three times in a row?
Joe in Delray Beach, Florida
Not a chance as long as there is a puppet in the white house. There is to much money flowing to the hands of the powerful few.
Donn, Las Vegas, NV
If Obama gets behind it like he in the last days before the health care vote it will pass
Two words jack "Ruling Class" don't matter Dems or Neo-con's Red or blue...Green is the color of "Control" and it's a drug very hard to kick.
Unless they reinstitute the regulations and oversight from the 1930’s on, that have been repealed since the Regan administration and break up the “to big to fail” financial conglomerates into smaller more manageable pieces and institute an independent consumer protection system it isn’t going to happen. We know all the lockstep Republicans will say NO to it, but hopefully the Blue Dogs will support it and get it done properly. It’s just another good reason to vote Republicans out in the mid-terms.
If the Healthcare debate is any indicator the Republicans will be in open rebellion before this even hits the Senate floor.
Exactly where do you find these 43% of people against regulation? Have they been living under a rock the last 30 years? Do they not see what has happened to our country? Seriously, were 43 percent of the people polled living on Mars?
I can't understand how uneducated 43% of this country appears to be!
There is parity between money and power. There is parity between energy and power. The more energy, the more it needs to be contained. Think about it.
With a culture of greed and instant gratification (that we are all responsible, aren't we?) the chances of real reform are probably nil. We need an even bigger wake-up call than this recession to start looking for real solutions and not patches. God help us all!
Jack:
Wow ! After the change in public poll on the healthcare bill debacle thingy angry before and well accepting after... ! the chance for meaningful finance reform is well, blowin in the wind !
Meaningful reform? Not going to happen. There will be something passed, but between the lobbyists, the fear mongers and the Republican obstructionists, it will be pure pablum. Besides, Congress is pure incompetence - anything they do will probably be done for the sound bite, not for a sound economy.
Just who are the 43% who you say oppose greater government regulation of financial institutions? I knew we had a lot of stupid people in this country, but to be against your own survival and self-interest is beyond stupid, it's idiotic. Unless you are a banker or a multimillionaire, you are going to suffer from continued lack of regulation of the institutions that got us into the Great Recession. Wake up, losers!
Jack there is not one thing that the government has ever tried to manage that that was not mismanaged. What makes you think they might ever be successful at regulating banks? Giving the government control of banks is like giving a weasel the key to the hen house. They will pillage it clean and then restock it with assets that they take from you and me. If you doubt that look at the last round of bail outs.
Very Good. Time to Put Up or Shutup!
Raleigh, NC
Louisville, KY
Very nice to hear someone from CNN making sense. I may become a fan. I'm 58 and a life long registered Democrat. I'll never vote for another one. I'll work for and contribute to anyone running against John Yarmouth
We better get the regulation done now, because if the Republicans have anything to do with it they will never pass it.
Between financial Instutions, Wall Street and Insurance Company's, that is who lines the Republicans pockets.
The Democratic congress needs to get this done soon, we need it.
Jack,
Given what those Wall Street Bozos did to us, I'm sure keeping my fingers crossed. Wall Street CEOs are not elected officials (at least, not elected by the whole country). They should NOT have the power to inflict this kind of damage on the American public. I say keep 'em small and watch 'em like hawks.
Jim
If you expect the Party of NO to be a part of it; zero! The Republicans have made it clear that they will oppose anything that Obama or the Democrats propose. Doesn't make any difference it it's good for the country or not. The country can be going to hell and they will not do anything to fix it if Obama supports the fix. Oh wait, that's already happened with health care, financial reform and soon immigration reform. McCain has already said they will oppose everything which means not a lot is going to get done. Of course, it's the American people who suffer as a result but the Republicans don't care; just ask them.
Jack,
The chances are about the same as the health care system being "reformed" by this legislation. Until we have a system of public financing of elections, there is no chance.
Seth
South Carolina
Only one piece of major legislation per administration Jack. If you fix everything you spend the rest of your time repairing your own work – and that's not good politics.
Jack, after the house just passed this Health Care Reform, any other type of reform seems like pie
After seeing what the Democrats just accomplished, I am now pretty much convinced we can do anything and I have renewed hope once again. I am willing to bet Obama attacks this as feverishly as he attacked health insurance reform.
Schenectady, NY
This can be sold quickly as a national security requirement. If a company can fail and significantly impact the national economy then it is too big and a risk to the nation.
Slim. So long as lobbyists and special interest groups patrol Washington nothing meaningful will ever come from that place. Goldman Sachs runs the Treasury, and everything else dealing with money in Washington. I do believe Senator Dodd has crafted the reform bill...he was a recipient of lucrative mortgage deals before the mess in 2008, the same deals they want to regulate. Nuff said.
Jack the health bill went from dead to passed in a few weeks Obama went from being a hilarious long shot to president. It seems like even in DC anything is possible.
This is the time to pass it!
Let's see...
::timeline::
"It's unlikely Obama will win the primary". ... and the winner is.
"Obama will never win the presidency. .." Obama wins in landslide.
"I hope he fails!" "You Lie!" ...Nobel Prize
"If they pass this healthcare bill I'm moving out of the country."
Congress passes Healthcare Bill today, film at 11.
I'd say we currently have a 70% chance of meaningful reform, that's if the republican talking heads don't start fear-mongering. If so, 100%
I'm sure there will be a lot of self aggrandizing and the usual yadda, yadda, yadda. The taxpayers will get thrown some kind of bone, but we all know the paper pushers in Washington do what the special interests tell them.
This seems pretty slim happening this year, but not out of the question as long as Obama is in office. Expect top banks banks to fight tooth and nail just like the Health Care bill.
Jack,
With the Government recently taking an unprecedented role in HealthCare do the PEOPLE really want them to take on the Financial Systems as well?
This country has thrived because of free market principles with limited government intrusions. Yes, there are down times but you can't have to great times without them. Recessions are only here to check markets that needed to be cleaned up. Markets correct themselves over time when rational private citizens find efficient, profitable solutions to do so.
This Regulation should not pass and give the government even more power over the lives and decisions of the PEOPLE.
Jack if we got the health care done, I believe the Dems. Can get it done while they're still fired-up...even if it means leaving the party of "NO" behind.
Jama Ali
Greensboro,NC
We saw how less meaningful health care reform was thanks to the hundreds of millions of dollars the insurance companies spent to fight it. Can you just imagine what Wall Street can do?
Jack,
The chances are about the same as the elimination of Wall Street's mega-bonuses – it won't happen. There is just too much $$$$$ at stake for those at the very top not to spend millions bribing, I mean lobbying, Congress to keep the status quo. Clearly let us eat cake.
Jeff
Lewes, Delaware
Chances of meaningful regulation of the banking industry:
Slim to None (Although most Americvans, including me, are in favor of such reform)..
Jack
Some Bank regulation and reform is good. Too much regulation can be bad. We don't need a replay of the recent bank meltdown in my lifetime. Which is worse a crack dealer selling crack to your kids on the street or a bank that repossess your home while you have fallen on hard times thanks to the recession. The banks gets your home and the equity you had in it.
John
Little rock
Jack,
I believe President Obama and the Democratic Congress have learned their lesson with Health Care Reform.
Step 1...President sends his wish list to Congress. Asks them to sit down as a bi partisan group to come up with a bill, and gives them a month or two to do it.
Step 2....Get out on the campaign trail to shake off all the Republican lies AS THEY DEVELOP with the facts that are true.
Step 3...If the Republicans have added nothing to the conversation or the bill....pass it as is.
Period…End.
If the Republicans vote what's good for the country, it should pass. If they vote like they have been – what's good for the GOP, the hell with the country – it will be another partisan battle.
Jack, the only chance of bringing meaningful reform to the financial system is to remove all the thieves...
GO Pres.Obama and the Democrats.We are used to them saying no.
Maybe after the next big crash they can save whats left. I bought gold and guns and dug a bunker in my backyard.
Absolutely none ! These guys are the puppet masters, who have our lawmakers on the end of their string, advancing a little green when needed to keep a smile on the puppets faces. For us, it is just more financial bondage, to keep us in check, with the blessing of our reps.
Jack:
i think that, if nobody at present is enforcing the Sherman Anti-Trust Act and the RICOH (Racketeering) laws that are on the books,that might've prevented this mess in the first place by breaking up these monopolies because that's what AIG and company are.. Establishing a government agency to hold these people accountable now is like closing the door after the horse has left the barn.
As long as former bankers and Wall Street brokers are running the Federal Reserve System, heading the congressional committees on finance and banking, and giant lobbying organizations like the ABA, the chances of meaningful change are equal to the amount they pay on savings accounts, near zero.
Good, but send it straight to reconciliation.
They may reform it, but unless they control corporate profits like the health care reform bill is supposed to do, it is unlikely the reform will do much good.
Jack,
don't hold your breath Jack. The only way we will have reform is if the democrats show the same political will that they did in passing the Health Care Bill. That is with no, no republican support. The GOP has already demonstrated their unwillingness to fix this mess in not supporting the bill, lock step out of committee. They will never vote for anything that takes money from them or their fat-cat-constituents. In the mean time, those that caused this financial disaster are still in control, and taking home millions in bonuses. What a joke.
The only way the reformation will be affective is to start putting the white shirts in jail when they screw up. A CEO HAS to know what is going on in his company and therefore assume the responsibility to stay within the law. As the billions and billions are being paid to snot nose kids just out of college, we see nothing from these "To big to fail" companies in respect to community involvement or respect to anyone outside of their circle. They act like republicans. If they are so generous in their doling out billions of dollars in bonuses, then throwing a billion or two toward the American taxpayer shouldn't hurt too bad. Maybe they should be made to "walk a mile" in someone's shoes who only makes twenty thousand a year and supports three kids. They should find some humility before it finds them.
As long as the richest 1% of our Nation stay that way, the chances are pretty good. The biggest roosters always allow the smaller ones to be swept out of the pen.
tighter regulations will upset some because they will no longer be free to make those bogus deals of the past. maybe reform will rid aall street of the Bernard Madoff's of the world
As we just saw re the passage of HC legislation, there will be useful financial reform passed this year regulating banks, investment firms and the real estate industry ONLY if the President personally leads Congress to get it done and make it work to protect the people from ripoffs. Not only is that why we hired him, but he and Congress will get the benefit if they push this through. In this case, a much bigger majority of voters know it was the LACK of regulations and oversight that caused our financial catastrophe.
The banking lobby is simply too strong. Democrats just defeated the health insurance lobby and are going to suffer severe political punishment. There is no way the Democrats have the stamina, or political capital for another big fight.
Trevor, Lodi CA
Dumb question, Jack. Does anyone think, for a minute, that our political sub-culture would support any measure that would put limits on their Gravy Train? No way!
There is absolutely no chance of meaningful. The majority of these legislators work their politics like a mom and pop shop. They've been at it for years and their methodology will not change.
Furthermore all the presidential candidates promised change prior to election. At the time many were senators, so why didn't they work on that change prior to running for president? It sets them up for a worthless track record. The same people are still there, so you can expect to see exactly that. The same. Promises of change are simply lies to sell a rather expensive idea that won't be delivered.
60%/40%. However, you can bet on another sweeping Republican "No" vote, Jack
I think its about time to start policing the wall street dogs and crooked bankers. The government has no problem policng the citizens with fines and jail time oh yeah less we forget the tasers they so adore these days. I just wonder if they can find a to work religion and abortion into this bill. hmm separation between church and state really!
Chances are small. Republicans are too busy waging war on Democrats, hoping to win seats this year. Democrats are busy defending health care reform. With elections on the horizon, both parties will be playing it safe now.
It should be easy, but as long as the Republican party is doing everything they possibly can to show just how much they hate the American People and President Obama, and as long as we need one or two of them to keep the Companies and Corporations from destroying our country, it will never happen, but it will make it plain to the American people who they really work for, so that we can vote them out of office!
With John Boehner out there telling Wall Street that they need to fight reform, I guess we know where the Republicans stand – just where they always have – on the side of the rich, even when it hurts the rest of the country. We almost lost this country – truly. Imagine if we had fallen into the great depression that would have occurred had we not bailed out the banks? Do people not realize that that would seriously hinder our national security?
Who ARE these 43% of idiots? We really do need a better public education system.
tighter regulations will upset some because they will no longer be free to make those bogus deals of the past. maybe reform will rid wall street of the Bernard Madoff's of the world
There is "ZERO" CHANCE that what SHOULD happen, i.e. about 5,000 financiers should go to jail for 10 years and fines totalling the three trillion in bailout monies. Then, regulation of the financial industry and banks should entail strict limits on Credit default swaps, deriviatives and ALL non-public transactions in stocks, bonds, insurance, etc. There is "zero" chance that "margins" would be abolished, which should be done immediately.
In reality, the thieves of Wall Street and the banking industry will continue stealing and "Shylocking" and the public will become poorer and poorer!
I think that once the public actually feels the effects of the Health reform package, they will realize how good it is. It wil be impossible for the Republicans to not only change any part of the package, but they will have trouble holding on to their jobs, and expaining why they tried to stop its passage. The people who voted against this plan should have their health plan cancelled and struggle like the average person. That would be a great tax cut for the public, and one I could support. Isn't that what the Republicans complained about, the high cost. Lets cut out the high cost of health care to Congress.
Stan/Combined Locks, Wisconsin
Jack,
The operative word here is "meaningful". Everyone wants financial reform but we would also like to see existing laws enforced, that is the biggest problem.
Meaningful reform would also include the opening of the books of the Federal Reserve,
Anything less is just moving the shells around the table once again.
Now let me get this straight.
We’re supposed to believe republicans sat “idly” by while Wall Street Banks lobbied to get Glass Steagall repealed so they could create financial weapons of mass destruction and “three card monte” millions of Americans out of their wealth? What these banks did was akin to selling America a $95 cup of coffee with no cup. How is it possible that the bond rating agencies who were giving AAA ratings to junk CDOs are still in business? Then these same banks had the audacity to stick their hand out for more from the same taxpayers they just robbed?
Key word, "meaningful". We'll see.
Even though the reform is already watered down, I don't think there will be much support from the GOP. The party of "No" are overwhelmingly aligned against anything coming from across the aisle. Boehner and Co. have already pledged to Wall St. and the Banking Industry to stall the reform legislation package as long as possible... McCain went so far as to announce that the Republicans would NOT cooperate with the Dems for the rest of the year since HCR passed. Bi-partisanship is only possible on the GOP's terms apparently. They have absolutely no interest in working with anyone to govern. Compromise is not in their vocabulary. They subsist of and are wholly owned by the corporate and financial elite. You saw this during HCR... The GOP does not care about average people.
Apart from stop reading talking points they need to get rid of those leaders, Senate Minority Leader and House Minority Leader and Whip. They are the worst public speakers. I don't want to call them names but look at those three especially and tell me what pet you would match them with. They are so disingenous and so fake. I cannot listen to his voice, none of those three. It is so sad. They are terrible for the party and I am not one of them. Sad!!!!
Come on Jack, "meaningful reform"? Of course it's reality, it's the entry right there above "military intelligence" in the dictionary of oxymorons.
There is a good chance financial regulatory reform will pass this year; regardless of Republican obstructionism. There's no way they can run against the populist anger Americans feel towards Wall Street. Essentially, they would have to be on the other side of the issue of averting the next Great Depression. Financial regulatory reform the Democrats' ball to drop. Although, we all know they've got a horrible case of the butter fingers.
Cicero, Il
Chances are good, if we can get all the republican senators on national television and dare them to vote against a consumer protection agency. Doing so will expose them for who they are and let the world know that being a republican is nothing more than a coperation disguise as a human being.
there is not much chance becuase of all the political tactics the republicans can use, but some regulations would be good.
There's chance for SOME reform if you go ahead without the GOP. Their mantra has been "deregulation" for decades... They are overwhelmingly responsible for the mess the county's in right now! Not to mention that McCain said there will be no cooperation with the Dems for the rest of the year because of Health Care Reform. The GOP wants the status quo to remain intact -or at least the white guys with the money part of it!
"Too big to fail" will be changed to just "Too Big".
Break them up, just like we did with Standard Oil!
After that, if they take foolish risks they go bankrupt.
I'll bet they clean up their act then.
With so many things on the to-do list, I would hope that Financial Reform would be on the top of the list......we still do not have any rules in place to keep the Greedy financial institutions from finishing us off.....
Jack,
What does it say when you insight a mob and promote hate for money for your political campaign? When you sell yourself for money there is a word for that isn't there? How shameful these so call people are that are in high profile positions and refuse to fairly work together to move this country forward. Shame on Them.....
I dont know if financial reform will be done anytime soon, but it needs to be. I am one who is not in favor of big government, but it seems that the people who control our finacial sector are for the most part not honest and have no sense of right and wrong,and don't care what happens to others who's money they invest ! Since the deregulation of Wall Street the rich have gotten filthy rich and those of us who are working poor, or even working middle class have been taken advantage of by those who control the money in this country. We work harder, have to work more overtime and have a harder time making ends meet. Its time to send a message to the "to big to fail" banks that they are not above the law and will suffer heavey penalties and jail time for illegal and immoral actions they take with others money
Remember, it is President Obama. Never count him out that easily. He allows people to posture and scream but in the end, he always wins....
Jack, at the end of the day, chances are high depending who you ask. Devil is in the details! What Americans hate is "dishonesty".such as taking huge, reckless risks in pursuit of quick profits and massive bonuses, using loopholes that invites risky products like credit defaults swaps without oversight, gambling with tax payer dollar, banks getting 0% loans and then they dont lend.Crack that down!!!But then again Gov is too bureaucratic! Ex, why the hell have i not recieved my 2009 State tax refund thus far? so we are stuck!
I have learned not to bet against President Obama. If the GOP keeps up their losing stategy then I say Yes, we can–reform the financial system.
There's probably some chance, since the pain is still fresh in voters minds and pocket books. However, once the bailout money transfers into campaign coffers, all will be forgiven.
It must be meaningful, otherwise we all run the continued risk of big bonus payouts and nothing in return.
If you thought fighting the healthcare lobby and Republicans was hard, try to imagine the banking lobby and Republicans. They’re thick as thieves, Jack! Thick as thieves! How much does the Banking Industry spend per US citizen on lobbying the government? Find out and tell the American People how much! It's absolutely sickening!
Healthcare Reform – YES WE DID!
The President should be proud and emboldened.
NEXT?
Financial Reform – YES WE CAN!
Immigration Reform – YES WE CAN!
Education Reform – YES WE CAN!