Dodd-Frank Update

  • Aired:  07/28/11
  •  | Views: 145,012

The Dodd-Frank Wall Street Reform & Consumer Protection Act sings about having its ass f**ked raw for a year. (5:37)

FEATURE EXTRA EVER.

NOW WITH THE STANDOFF IN OUR

NATION'S CAPITOL OVER THE

DEBT CEILING SHOWING US

NOTHING BUT BITTER STALEMATE,

IT'S EASY TO FORGET THAT IT

WAS JUST ONE YEAR AGO THAT

WASHINGTON ACTUALLY GOT

SOMETHING DONE, THE DODD

FRANK ACT, A COMPLETE

OVERHAUL OF THE REGULATIONS

GOVERNING OUR FINANCIAL

SYSTEM INTENDED TO ENSURE

THAT WE WOULD NEVER AGAIN

SUFFER ANOTHER 2008-STYLE

MELTDOWN.

>> THESE REFORMS REPRESENT

THE STRONGEST CONSUMER

FINANCIAL PROTECTIONS IN

HISTORY.

AND THESE PROTECTIONS WILL

BE ENFORCED BY A NEW

CONSUMER WATCHDOG WITH JUST

ONE JOB, LOOKING OUT FOR

PEOPLE, NOT BIG BANKS, NOT

LENDERS, NOT INVESTMENT

HOUSES, LOOKING OUT FOR

PEOPLE-- .

>> Jon: WHAT, WAIT, WHO?

WHO ARE WE LOOKING OUT FOR

BEFORE?

(LAUGHTER)

ANYWAY, THE DODD FRANK ACT

IS NOW ONE YEAR OLD.

AND HERE TO DISCUSS THE

EFFECT IT'S HAVING IN

REFORMING A DAMAGED

FINANCIAL SYSTEM, WE'RE VERY

LUCKY TO HAVE WITH US

TONIGHT, HR 4127-- 4173.

THE DODD FRANK ACT,

EVERYBODY.

(CHEERS AND APPLAUSE)

♪ I'M ALONE ♪

♪ A 2000 PAGE LONG ♪

♪ CONGRESS PASSED ME WITHOUT

VOICING ♪

♪ I MAKE SURE ♪ WALL STREET

PLAYS BY THE NEW

REGULATION ♪

♪ PROTECTING YOUR

INVESTMENTS ACROSS THE

NATION ♪

♪-- .

>> Jon: HANG ON THERE JUST

ONE SECOND.

>> WHAT.

>> Jon: I'M SORRY DODD

FRANK.

>> UH-HUH.

>> Jon: WHAT THE HELL

HAPPENED TO YOU?

>> WHAT DOW MEAN?

>> Jon: I DON'T WANT TO SAY

IT BUT YOU LOOK LIKE [BLEEP].

>> OH, EASY, WASHINGTON'S A

TOUGH TOWN, JON.

SINCE GETTING PASSED YEAH

I'VE TAKEN A FEW SHOTS BUT

I'M STILL STANDING.

YES, YES, YES, I'M STILL

STANDING.

I'M STILL HERE.

(CHEERS AND APPLAUSE)

>> IN FACT, JUST LAST WEEK

MY ALL NEW CONSUMER

FINANCIAL PROTECTION BOARD

OPENED FOR BUSINESS.

AS SOON AS IT GETS A

DIRECTOR WE'LL BE OFF TO THE

RACES.

>> Jon: SO WAIT, THERE'S NO

DIRECTOR?

>> NO, NOT JUST YET.

>> Jon: IT'S BEEN A YEAR.

>> COME ON.

>> Jon: WHAT ABOUT ELIZABETH

WARNER, WASN'T SHE SUPPOSED

TO BE THE DIRECTOR, WHAT

HAPPENED THERE?

♪ CONFIRMATION ♪ IN THE

SENATE ♪

♪ THERE'S NO MOTION ♪

♪-- TO GIVE HER THE JOB

WITHOUT HER VOTE ♪

♪ BUT HE DIDN'T DO ♪

♪ BECAUSE HIS FEELING

WEREN'T THAT STRONG ♪

♪.

>> Jon: WOW, YEAH.

(CHEERS AND APPLAUSE)

>> BUT YOU KNOW WHAT, JON T

DOESN'T MATTER.

I'VE STILL GOT 400 TOUGH NEW

RULES TO FIX OUR BROKEN AND

CORRUPT FINANCIAL SYSTEM.

>> Jon: HOW ARE THOSE NEW

400 RULES WORKING?

>>.

>> THEY'RE WORKING GREAT.

THE ONES THAT ARE WRITTEN

ARE WORKING GREAT.

>> Jon: THE ONES THAT

ARE-- HOW MANY OF THE 400

NEW RULES HAVE BEEN WRITTEN?

♪ 38, IT'S A MAGIC NUMBER ♪

♪ YES IT IS ♪

♪ IT'S A MAGIC NUMBER ♪

♪ IT MIGHT NOT BE 400 ♪ OR

150 OR 77 ♪

♪ BUT IT'S 38 ♪

♪ AND THAT'S A MAGIC

NUMBER ♪

♪ LET'S DO THIS.

RED SOX PITCHER CURT

SCHILLING ♪

♪ L.A. CLIPPERS FORWARD DAVE

WILKINSON.

TAIL BACK RICHIE WORE 38 ♪

♪ IT'S A MAGIC NUMBER ♪

♪ WHOA, WHOA.

>> Jon: I'M SORRY, 38 IS A

MAGIC NUMBER BECAUSE DALE

WILKINSON MAKES IT A MAGIC

NUMBER.

>> YEAH, YOU'VE HEARD OF

DALE WILKINSON.

>> Jon: NO, I HAVE NOT, THE

CLIPPERS GUY UNTIL YOU

MENTIONED HIM RIGHT NOW.

>> YOU JUST HAD TO TAKE MY

WORD FOR HIM HE DEFINITELY

EXISTS.

>> Jon: WHY WEREN'T THE

RULES WRITTEN, JON?

♪ LOBBY, LOBBY, LOBBY ♪

♪ GET YOUR ACCESS HERE ♪

♪ LOBBY, LOBBY, LOBBY ♪

♪ LOBBY, LOBBY ♪

♪ STOP IT, STOP T STOP IT.

I CAN'T DO THIS.

BLAMING LOBBYISTS IS A COP

OUT, JON.

HERE IS WHAT IS GOING DOWN.

THIS WHOLE FINANCIAL REFORM

THING IS A SHAM!

THE ONLY WAY CONGRESS WOULD

PASS ME IS IF THE DETAILS IN

MY RULES AND REGULATIONS

WERE LEFT UNSPECIFIED GIVING

LOBBYISTS ALL THE TIME THEY

WOULD NEED TO WATER ME DOWN

POST PASSAGE.

AND YOU KNOW WHAT, EXACTLY,

BOO, EXACTLY.

>> BOO!

>> THANK YOU, BOYS AND GIRLS,

THANK YOU.

AND DO YOU KNOW WHAT, IF ANY

ACTUAL TOUGH RULE MANAGED TO

SQUEEZE THROUGH, CONGRESS

PEOPLE CUT THE BUDGET OF THE

AGENCY RESPONSIBLE FOR

ENFORCING IT.

THE WHOLE THING IS A GIANT

PUNT.

I'M NO LAW.

I'M NO LAW, JON.

I'M JUST AN UNDEFINED,

IMPOTENT 20-- 2,300 PIECE OF

LEGISLATIVE [BLEEP].

YOU SEE THIS?

YOU SEE THIS HERE, JON?

I STOLE THIS OFF THE VOTING

RIGHTS ACT OF 1965.

(CHEERS AND APPLAUSE)

>> Jon: I'M SORRY.

>> THIS IS ISN'T EVEN MINE.

>> Jon: HI NO IDEA, LAW.

I HAD NO IDEA, DODD FRANK,

THAT YOU HAVE BEEN THROUGH

SOME OF.

>> YOU DON'T KNOW WHAT

YOU'RE TALKING ABOUT.

YOU HAVEN'T SEEN THE THINGS

I'VE SEEN.

>> Jon: I KNOW.

>> ♪ I'M JUST A LAW ♪

♪ BUT MY ASS [BLEEP] AND MY

BALLS PUT THROUGH A CIRCULAR

SAW ♪

♪ AND EVERY ONE ♪

♪ WHO SWORE UP AND DOWN TO

SUPPORT ME ♪

♪ NOW THEY WALK ♪

♪ LATE TERM ABORT ME ♪

♪ LAST NIGHT I GOT HIT BY A

CAR ♪

♪ IT'S GONE TOO FAR ♪

♪ FOR THIS LAW ♪

♪ DID YOU I MENTION MY ASS

WAS AT [BLEEP] ♪

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