The Financial Bill passed 60-39 and has been lauded by many as a responsible piece of legislation, and touted by others as imcomplete. Deregulation and laissez-faire economics have seen and done enough damage for the government to enact its first step towards economic socialism. I’m sure that phrasing made many of you shudder, but what else would you call it?

Republicans voted against the bill, obviously, but even Democrats are unsure as to whether the Bill will prevent future damages. The ability to invest in hedge funds, hold derivatives, and charge for debit interactions will change up front. The Financial Stability Oversight Council is a new department in charge of monitoring flashpoints in the economy, breaking up firms that pose a risk to the economy, and other regulatory procedures.

Republicans argue that this will prevent small and medium sized businesses from obtaining credit, and will force jobs overseas. To other more capitalistic countries? HA! The lack of attention to Freddie Mac and Fannie Mae is one of the larger issues that remains, as is the definition of “too big to fail,” but again, the bill is still up for review and is on the way to becoming complete, so Dems say.