The law subjects more financial companies to yada yada, regulates many doodads and and creates a panel to detect things as well as a problem-solving regulator. A number of the details have been left for regulators to work out, because the White House staff was reallllly just trying to squeeze this baby in before mid-term elections and didn't have time to proof-read it... or hammer out every detail... or address every issue... or close all the loopholes. But the White House says they are "confident that this bill will make people feel slightly more comfortable trusting their money to proven thieves."
Despite the vagueness of the bill, Obama did have this to say to the American people:
“...because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes... There will be no more taxpayer-funded bailouts. Period.”Though this may be difficult for the American people to believe (due to the litany of promises Obama has yet to deliver upon), Obama tried dearly to give hope to the more incredulous among us, by what other method than the good ole presidential standby - relating to the Average Joe:
“If you’ve ever applied for a credit card, a student loan, or a mortgage, you know the feeling of signing your name to pages of barely understandable fine print - well folks, that's kind of how I feel right now."
When questioned on the bill's thoroughness, Vice President Joe Biden responded, "Why the hell are you asking me?"
