"Stormin Mormon" wrote in message
...
I have zero confidence that passing more laws will help the
economy in any form.

--
Christopher A. Young
Learn more about Jesus
www.lds.org
.


"F. George McDuffee"
wrote in message
...
The U.S. House of representatives just passed a financial
reform
bill to at least reduce the likely hood and severity of
future
financial contractions.

For text of bill [1279 pages!!] see
http://frwebgate.access.gpo.gov/cgi-...73ih.t xt.pdf

While I have not examined every page, it appears that the
mega
banks are exempted from many of the more restrictive
provisions,
and legitimate users of commodity hedging such as air lines
[fuel] and grain [ADM/Cargill] are exempted from
derivative/futures regulation without limit. FWIW -- I will
be
writing my Senators urging a limit of 5%-10% of total gross
operating revenue at which point the companies become fully
subject to the regulation. The intent of this exemption was
to
allow companies to stabilize their input prices, not engage
in
speculation.

There seems to be very little actual teeth in the bill in
the
form of jail time, fines, asset forfeiture, or revocation of
corporate charter. The only place I could find imprisonment
mentioned was page 1198 and that only for SIPC membership
representation.

Half a loaf is better than none, but still no
Glass-Steagall.


Unka George (George McDuffee)


A good read from that bastion of the Right Wing. . . Rolling Stone.
http://www.rollingstone.com/politics...as_big_sellout