WASHINGTON - President Barack Obama declared victory Friday after congressional negotiators reached a dawn agreement on a sweeping overhaul of rules overseeing Wall Street.
Lawmakers shook hands on the compromise legislation at 5:39 a.m. after Obama administration officials helped broker a deal that cracked the last impediment to the bill -- a proposal to force banks to spin off their lucrative derivatives trading business. The legislation touches on an exhaustive range of financial transactions, from a debit card swipe at a supermarket to the most complex securities deals cut in downtown Manhattan.
Not sure about any deal struck at 5:39am.
They say it's the biggest rewrite in rules since the Great Depression. It addresses the problems of "inadequate oversight and insufficient transparency on Wall Street" and Republicans reflexively oppose it. The 2008 crisis has already been cast from their memories. The Republicans are not interested in pro-active measures to protect the people. They prefer to weaken the laws, empower the crooks, f*ck things up and then walk away from the mess and blame everyone else.
Government for the people, by the people. We're getting there.
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