Cloture vote on S. 3217 - Financial Stability Act - CLOTURE REACHED!

[Roland99]

Feingold voting No.


my guess is there will be more debate now.



EDIT: 2:54pm

60 Yea votes.

[Roland99]

1. Sen. Reid mentioning a couple of post-cloture amendments germane to the bill.

[ladjf]

2. Briefly, why is Feingold voting not?

[Ruby the Liberal]

3. he wanted more amendments

Namely a return to Glass Stegall.

Cantwell voted no for the same reason

[Donnachaidh]

4. because REFORM is NOT in the bill they are pushing.

Glass Steagall for one.

[bvar22]

5. Because Feingold is one of the few REAL "Democrats" we have left.

The bill, as it currently stands, is NOT a "reform" bill. It makes a few minor adjustments, but leaves the failed system intact, and every bit as out of control as before the failure.
It IS a charade that will allow the Democratic Party to "say" they passed "reform" while still collecting their money from their corporate owners at the Big Wall Street Banks...

And like the Health Care Reform failure, there will be NO "going back and fixing it later."

Feingod and Cantwell showed some integrity to stand up against this fraud.

"“After thirty years of giving in to the wishes of Wall Street lobbyists, Congress needs to finally enact tough reforms to prevent Wall Street from driving our economy into the ditch again. We need to eliminate the risk posed to our economy by ‘too big to fail’ financial firms and to reinstate the protective firewalls between Main Street banks and Wall Street firms. Unfortunately, these key reforms are not included in the bill. The test for this legislation is a simple one - whether it will prevent another financial crisis. As the bill stands, it fails that test. Ending debate on the bill is finishing before the job is done.”

In 1999, Senator Feingold was one of eight senators to vote against legislation tearing down the firewall between Main Street banks and Wall Street investment banks and insurance companies. In 2008, Feingold opposed the Wall Street bailout in part because it failed “to reform the flawed regulatory structure that permitted this crisis to arise in the first place.”---Senator Russ Feingold

"It seems a simple proposition that any bank too big to fail is too big to exist. Yet, this bill leaves intact the big financial institutions that failed so spectacularly in the mortgage collapse and had to be bailed out with taxpayer money."---Chicago Sun Times
http://www.suntimes.com/news/huntley/2191004,CST-EDT-hunt23.article

"The problem with "Financial Reform" is what the president and Congress have so far proposed doesn't fix the problem." Baltimore Sun

Even Chris Dodd admits that his legislation won't prevent another meltdown and taxpayer bailout.

[tkmorris]

6. It's a weak ass bill

There's a reason Feingold voted against it.