It is the most sweeping overhaul of the financial system since the New Deal! The law immediately gives regulators stronger powers to break up financial companies that have grown too big.
One of the reason we got into this financial mess to begin with was because the Glass-Steagall act of 1933, that prevented some of the derivative speculation wagering that was going on, was repealed by Republicans in 1999! Until Glass-Steagall is fully reinstated there still could continue to be problems. (The next time you hear a RepubliCon blaming the current economic meltdown on liberal mortgage hand-out programs be sure to remind them of deregulation.)
The RepubliCons are already threatening to repeal it if they get more of them elected in November. Unwilling to learn from the mistakes of history, they apparently want to condemn America to another recession just so that their campaign contribution buddies can make more money off of what they believe to be is the American Dream.
Here is what the edited classroom textbooks will not tell you:
It was RepubliCon inspired gluttony and "laissez-faire" deregulation (of the Harding, Coolidge, Hoover administrations) that led to the Great Depression
If it was not for Obama's bailout spending that supported the pillars of the economy, we would have suffered another Depression. Of course the RepubliCons were against the bailout (even though Bush started the bailout payments). That is because -in the words of Rush Limbaugh: they "want him to fail."
At least now it will be a little harder for the corporations to do things like make a buck at the expense of peoples financial lives and the economy.
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