A great OpEd about Dodd Frank act…Wall Street Reform act

What the Dodd Frank act is supposed to do

The Dodd-Frank Act implements a large variety of financial reforms, explains CNBC, including the Volcker Rule, regulation of derivatives, creation the Consumer Financial Protection Bureau and creation of the Office of Credit Ratings. The act also includes a large number of other reforms. The act’s authors based these reforms on the causes of the 2008 financial crisis to prevent similar future crises.

The Volcker rule stops banks from owning hedge funds for their own profit, states About.com. Dodd-Frank allows the Securities Exchange Commission the power to regulate risky derivatives, such as credit default swaps, which were partially to blame for the 2008 financial crisis. Dodd-Frank creates the Consumer Financial Protection Bureau to regulate consumer banking products, such as credit cards, payday loans and mortgage rules, in an attempt to stop predatory lending. The new Office of Credit Ratings regulates the credit rating industry, which is accused of providing inflated ratings to bad derivatives before 2008.

Many Wall-Street investors feel that Dodd-Frank hurts economic growth with overly strict new rules, reports CNBC. However, many other commentators feel that the new regulations do not go far enough to stop further financial crises.

The Toothless Dodd Frank act


Observations – on Bernie Sanders.

We all know this is not Bernie, he is for the people, but, here is an excerpt from a speech he gave the National Committee for Independent Political Action in 1989—-“In Vermont, everybody knows that I am a socialist and that many people in our movement, not all, are socialists. And as often as not — and this is an interesting point that is the honest-to-God truth — what people will say is, ‘I don’t really know what socialism is, but if you’re not a Democrat or a Republican, you’re OK with me.’ That’s true. And I think there has been too much of reluctance on the part of progressives and radicals to use the word ‘socialism.”

via Observations.

FACEBOOK getting into the elections? NO!

In the past three years, the company has doubled its political team, according to the Times. New video capabilities on the site and the ability to upload voter files are said to be two of the most important features that the social media giant is providing to the campaigns. What will likely have the biggest impact is how these candidates advertise on the popular platform. Facebook has already made news with its breakdown of data concerning how many people are talking about certain candidates in specific geographical areas, and that’s likely just the beginning.

“They provide something that political campaigns have wanted for, really, as long as there [have] been political campaigns, which is a really precise way to target the people they’re interested in talking to,” Chris Calabrese, the vice president of policy at the Center for Democracy and Technology, told Truthdig.

Facebook collects a massive amount of data from users, and the information candidates can use from that data is extremely valuable to a campaign. Calabrese doesn’t believe Facebook is selling or sharing user information directly, as that data is too valuable to Facebook, but the company is likely having candidates pay to have Facebook show targeted ads based on the data it has collected.http://www.truthdig.com/report/item/facebooks_diving_into_the_presidential_race_yes_you_should_be_worried_201#

FaceBook Elections signs stand in the media area at Quicken Loans Arena in Cleveland, Thursday, Aug. 6, 2015, before the first Republican presidential debate. (AP Photo/John Minchillo)
FaceBook Elections signs stand in the media area at Quicken Loans Arena in Cleveland, Thursday, Aug. 6, 2015, before the first Republican presidential debate. (AP Photo/John Minchillo)