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House-Senate panel approves Wall Street reform bill

By Reuters
June 25, 2010

(Reuters)

A Senate-House of Representatives conference panel approved a landmark bill on Friday to overhaul financial regulations, working through the night on the thorniest provisions.

The legislation next heads to the full Senate and House where it is expected to win final approval and President Barack Obama could sign it into law before July 4.

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2 Responses to House-Senate panel approves Wall Street reform bill

  1. AustinRanter - AKA Gregg

    June 25, 2010 at 10:37 am

    The effects of the proposed bill is a slide-of-hand, fill congress’ pockets, scam the people, and very distressfully, this bill allows banks, wall street, and insurance companies to engage in many of the same behaviors that almost collapsed our national financial and economic stability.

    We’ve been screwed so much that KY Jelly Co. is no longer able to meet the demands. The next round of screwing will be dry and rough. So just bend over and grit your teeth.

  2. griff

    June 27, 2010 at 11:32 am

    Road to Serfdom

    Excerpt:

    Hayek’s insights were remarkable, and remain so to this day. He understood and explained the power of ideas: European fascism could never have been adopted without a 25-year propaganda campaign against individualism (basic respect for the individual), classical liberalism, and free-market economics. He pointed out the “fatal conceit” of believing that government bureaucrats could “plan” an entire society. He explained why socialism — including its fascist variant — meant little more than “equality in restraint and servitude.” “Marxism has led to Fascism and National Socialism,” he wrote, “because, in all its essentials, it is Fascism and National Socialism [i.e., Nazism].”

    “The worst” always rise to the top of the political heap under a regime of government planning, Hayek explained, for they are the ones with the least qualms about brutalizing their fellow citizens and depriving them of their liberties. All of this can only be sustained by what Hayek called “The End of Truth,” or the effects of massive government propaganda that demonizes the civil society, individualism, and the system of peaceful voluntary exchange and private property (capitalism), while glorifying all aspects of the state.