Financial reform passes Senate hurdle

Another bite taken from the pockets of us taxpayers, this time under the misleading title "financial reform".

And promoted by the Democrats at The Swamp in their usual manner, by presenting only the Democrat's point of view and quoting no Republicans.

The Financial Bill that is being passed by the Senate today goes well beyond dealing with the financial crisis. In addition to putting more controls over financial institutions, some which were probably needed, it has provisions that cater to long standing agendas of labor unions and other Democratic interest groups. One of the principal measures is to make it more easier for unions, environmental groups and other activist organizations that hold stock shares to put their representatives on the Boards of Directors of every corporation in the United States. That is why there was strong opposition to this bill. It is not surprising that business and new job hiring are not picking up with an anti-business Administration in Power in Washington.

Congrats to the Democrats and Pres Obama!

Just like with Big Oil, the Republicans voted against the American People and for the Wall Street robber barons. I don't know how they think this is going to help their electoral prospects this fall.

"That is why there was strong opposition to this bill" Oh come on, stop swallowing Republican rhetoric...they had EIGHT YEARS, or at least Bush's first 6, to do something different; they don't want to, they want to maximize short term profits without any oversight even if that means a Casino economy to maximize short term profit, and even if it creates catastrophes for the economy, for the public, and even hurts long-term profits: who cares, let's have an "anything goes" Casino and keep saying "markets are always best unregulated" no matter how many disasters show the need for oversight.

It's not a union or Democrat issue, it's a Joe Taxper (and Janet Taxpayer too, sorry if that makes me sound 'liberal' or 'PC' to recognize the other half of America) it's an issue for the ordinary taxpayer and ordinary consumer to not have FRAUD and not have fraud's close cousin either: deliberately deceptive clauses, wording, and contracts, and investment products that only Insiders understand. That goes for the consumer side too like credit card agreements with "gotcha" clauses and legalese at the expense of the 'little people' namely of Americans. Bush had two terms, and Republicans weren't interested. Just the usual fear-mongering, Republicans should have created a pro-consumer agency themselves, but they're not interested, because if deliberately deceptive and misleading products can help increase short term profits, at the expense of ordinary Americans, Republicans are for that. Same with "gotcha" clauses in health insurance that allow them to take your hard-earned money in premiums year after year, then you get a life-threatening disease, and they say: Gotcha! WE're not paying for your heart or cancer treatment, sorry, drop dead! Why? We found some unintentionally tiny mistake in your application where you didn't' mention you had acne once, it took our lawyers and bean-counters a lot of time and cost us money to twist the wording of the contract to do this, but now we have an excuse not to pay money for what you paid us health insurance premiums all these years" Repubs were happy to let that go on year after year. That will end. So will 'pre-existing conditions' so our fellow Americans or neighbors get screwed just when they are sickest and need coverage the most..all to make a few more bucks. Shameful and Unamerican and outright criminal to craft with lawyers to deceive, lure in, trick, and use the American public to make a buck not by competing for best care, but for competing for which company can deny the most care, that's how they compete, which company can out-legalese the others. Shameful. That's mafia-type capitalism, not actual competition by quality.

Make every senator get a salary of 75k or LESS, at most, and make them take the SAME insurance the public has, and you'd see them turn around. but they don't have to, they make money, they can hire lawyers, to protect themselves from the depredations of these corporate hucksters...they get a public option on their menu of insurance they can buy as Senators and then have the GALL to say it's socialist horrible to allow Americans to have what these hypocritical Republican Senators have had, each and every one of them as Senators. Right-wing corporate-power-at-public-expense Democrats are just as bad, it's just not as close to 100% "Wall street over Main street" there as it is with Republicans, who make it into a religion, and would make Adam Smith spin in his grave, he was for labor rights and against businesses conspiring against the public interest, read what he actually said. Republicans would allow poison arsenic in baby food if they could find a company to make profits and fund them, doing it. Then they'd RAIL against "you can't have a nanny state tell you what to put in baby food, maybe some consumers WANT arsenic, in their baby food, ti's socialist to oppose that" and other drivel. Disgusting.

Posted by: Equal time | July 15, 2010 12:51 PM
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Equal Time,
So how exactly is passing Wall Street reform: "Another bite taken from the pockets of us taxpayers"?

Really, I think we'd all like to hear you expand on your given bs right wing talking points here.....waiting.....waiting..still waiting.

This bill, (while not as strong as it could have been thanks to the obstructionist Repugs who are in the back pockets of the Wall Street greedheads), is a first step towards preventing Wall Street from acting like compulsive gamblers and then running to the American people to help bail them out after they melt down our economy - kind of like the way they did so under the rule of the Bushco Republicans in 2008.

Better pull out some of your sock-puppets to help you dig your way out this one, Biff (Equal Time, Just sayin', worsethanbefore, Libtard etc etc) because you've just been busted again..

More bad news for the Teabagger goons (the Republican base).

Americans Really Don’t Miss Republican President Bush

"In recent months, not only have conservatives continued to ramp up their anti-Obama rhetoric, but they have also begun invoking nostalgia for the good ol’ days of President Bush. In April, College Republicans at Western Kentucky University created a “W” Day to show support for Bush, and there have been billboards with the question “Miss Me Yet?” and a picture of Bush popping up around the country."

– 71 percent blame the Bush Republicans for the “balky economy,” while 27 percent blame President Obama.

http://thinkprogress.org/2010/07/15/bush-miss-poll/

The bill doesn't contain any controls on the Federal Reserve Bank, and it imposes no regulations on entities like Fannie Mae and Freddie Mac. To the contrary, the bill actually gives the FRB MORE power than it had before. Whatever this bill does, it is certain that it will not prevent another meltdown because it leaves all of the main players free to screw up again. In fact, it basically guarantees that we will have another financial meltdown because everyone is going to believe the problem is solved and that the fix doesn't need fixing.

Oops, Chris & Bawney - you forgot to address that little issue of Freddie & Fannie, but then again you knew that didn't you? This is another 2,000+ pile of crap that will benefit no one but unions and I hope it fails miserably.

Democrat Chicanery: When Is a Banking Bill Not a Banking Bill?

Deceptive practices have become as commonplace in this Congress and White House as President Obama’s best friend, his trusty teleprompter without which he can’t string 3 sentences together without fouling them up.

The latest congressional outrage came today with Senate passage of the “banking bill” which is as much about payback to special interests as it is about banking. The latest White House outrage came last week with the recess appointment of Dr. Donald Berwick as Obama’s Obamacare Czar.

Question: When Is a Banking Bill Not a Banking Bill? Answer: When it becomes a Social Welfare Reform Bill.

Cobbled together over a year under the direction of Democrat Sen. Chris Dodd and Democrat Rep. Barney Frank, the 2300 or 2400 page–no one seems to have counted the pages or read the thing–”monstrosity” was largely crafted by those two principals who also happen to be two of the prime unindicted criminals in the near-collapse of the banking system.

With no new regulation or oversight of Fannie Mae and Freddie Mac, the 2 quasi-governmental bodies most responsible for that near-collapse, the bill squeaked through on a 60-39 vote thanks to the abdication of three Senate RINOs, Brown, Collins, and Snowe.

Obama is sure to sign the bill in short order . . .
(Read more at http://www.genelalor.com/blog1/?p=1787)

John W Bircher,
Yeah, to bad we couldn't convince any of your beloved Repubs to actually, you know, Work For The American People and Not The Wall Street Greedheads, and make the bill stronger.

What's up with that, Biff?

Rob = HHH = JohnEE = Janet = DrainYou = Former Republican = etc...etc...etc...

http://www.youtube.com/watch?v=_MGT_cSi7Rs

Pres. Obama and the Dems need a PR manager, desperaely! For example, The gulf-oil spill is not the Dems/Obama administraion's fault! Pres. Obama/Dems have done many monumental things to put us back on track and receives no credit for it. Accomplishments have been drowned out by Republican spin and lies. This should not be allowed to continue. You have to fight "fire with fire." Many of our deep-seated problems go back to the Reagan era, then Daddy Bush and on to George Bush...., the GOP has plundered and squandered our assets; People need to know and understand this and be informed that to go back to GOP rule would be to completely make the U.S. a third-world country.

Since The DNC Swamp won't give both points of view, a reader like me has to.
Forbes Magazine has an article criticizing the 2,319 page bill nobody who voted for it actually read, pointing out it will cost $30 billion and only create jobs for government bureaucrats. See http://www.forbes.com/2010/07/15/dodd-frank-failure-regulation-opinions-contributors-james-henry-laurence-kotlikoff-wall-street.html?boxes=opinionschannellighttop

* * * * *
Posted by: Rob | July 15, 2010 6:08 PM
.
JohnEEE-Boy (aka Rob, HHH, Huh?, Hulk Smash, janet, Drain You, etc.),
.
1. I am still not a Bircher. I’ll tell you if and when I become one. But that’s not likely to ever occur.
.
2. I don’t have any “beloved Repugs.” I left the Republican Party because they got stuck on social issues that have no place in federal politics or politics in general, they failed to live up to their billing as fiscal and institutional conservatives, they showed about as much contempt for the Constitution as Democrats routinely do, and they endorsed the Democrat concept of militant Wilsonianism by engaging in a war that had nothing to do with protecting the United States. They have a lot of changing to do before I ever come back, if ever.
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3. Democrats opposed efforts to impose controls on Fannie, Freddie and the Federal Reserve Bank in this financial reform bill. Democrats also included provisions in the bill that give the Federal Reserve Bank even more power without requiring any further accountability or transparency. Thus, unlike you, I do not believe Republicans should carry the entire blame for not including the kinds of controls needed to prevent another financial meltdown. Furthermore, the financial reform bill, as written, has a lot of stuff in it that has nothing to do with controlling bad banking and securities practices, and everything to do with saddling businesses with ridiculous burdens. It’s a Democrat’s wet dream for which the Dems are entirely responsible.
.
4. What’s with this “Biff” stuff? Did you just step out of the play “Death of a Salesman”? In any event, my name isn’t Biff, Boof.

Posted by: Always Remember, Never Forget | July 15, 2010 9:47 PM

Sounds like: Equal Time = Just sayin' = Libtard = worsethanbefore = Lost in Space Donny from Planfield = Always Rember, Never Forget... is off her meds...again.

Posted by: Equal time | July 16, 2010 10:34 AM
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Troll,
Gee, I'm shocked that the doughy white, Conservative rich guys at Forbes Magazine would be putting out anti-Wall Street reform propaganda......NOT!

Here is how financial reform will impact consumers:

http://helpsavemydollars.com/2010/06/5-ways-financial-reform-will-impact-consumers/

Why don't the three (Rino's} just change parties. Its amazing all of them are from the elitist East Coast. Its obvious that all the loons are not restricted to California.

As stated in the WSJ this week, this 2300 page law will require at a minimum of 243 new formal rule makings by11 different federal agencies.

Do you think all of these new regulations will be a job creator for the economy (with th exception of lobbyists and regulators)?

Neo-Democrats in Action

Oh, where oh where have real Dems gone. Oh where oh where can they be?

Beats me!

At one time not so very long ago, the Democratic Party was an outstanding American political institution, proud, patriotic and true, honorable and loyal.

What happened?

People disagreed with FDR, HST, JFK, and LBJ but, deep down, the loyal opposition respected those Democrats even if they were very wrong in what they believed and more wrong in the policies and programs they instituted and implemented.

There was rarely any question that Democrats of old were loyal and true Americans who respected and adhered to the Constitution and to American values and beliefs.

That’s not nearly as true anymore as the current breed of Dems has trampled on the Constitution and the Bill of Rights and have collectively turned their backs on the most basic principles that Americans hold dear and which made our nation great.

They are in process of turning a middle-of-the-road nation into an ultra-liberal, far left entity that draws its inspiration from the likes of Saul Alinsky, Noam Chomsky, George Soros, and Bill Ayers instead of from Jefferson, Washington, Adams, and Madison. . .
(Read more at http://www.genelalor.com/blog1/?p=1789)

I'M PROUD OF YOU LABOR!. Keep standing up. The lives and health of all the American people and the World are in serious jeopardy.

Further, unemployment healthcare benefits are critically needed. But they should be provided through the Medicare program at cost, less the 65% government premium subsidy provided now to private for profit health insurance.

Congress should stop wasting hundreds of millions of dollars of taxpayer money on private for profit health insurance subsidies. Subsidies that cost the taxpayer 10x as much or more than Medicare does. Private for profit health insurance plans cost more. But provide dangerous and poorer quality patient care.

It's over. Tell congress to get the healthcare Merchants of death and injury out of the American peoples lives for good. 2010 is about THE PUBLIC OPTION!

And that CORRUPT! UNDEMOCRATIC! filibuster must GO! NOW!

Alan Grayson Honors The Dead http://www.youtube.com/watch?v=TV9TRoYMtjs&feature=player_embedded

Alan Grayson on Healthcare http://www.youtube.com/watch?v=oPpQ2MNaSDo&feature=player_embedded

Ron Sparks HealthCareReform http://youtu.be/kqlBFRJh4Cw

John Garamendi - The Public Option http://www.youtube.com/watch?v=EyBTEke68aQ&feature=player_embedded

I want to commend all of you for working so hard and being so strong at helping the whitehouse and congress begin to address our U.S. and Global healthcare crisis. You have been AWESOME! my fellow Americans and peoples of the World. America and the World is better and safer for it. My greatest pride is the knowledge that I am one of you. And that you really get it. You really understand the importance of it all.

There are some potentially very good things in the healthcare legislation. Especially with the reconciliation fix’s. The Democrats, Bernie Sanders and the Whitehouse did a GREAT! job of fighting to produce the best healthcare legislation that they could. They have earned all our strong support. And we should give it to them.

But it was your relentless pressure and hard work that made the difference. Whatever good comes from this healthcare legislation, America and the peoples of the World will have each of you to thank. You were smart, creative, courageous and relentless. You fought together for the best legislation possible. And when you had to, you fought alone. No matter who stumbled and fell you continued to push and forge ahead. Fighting for the lives and health of the American people and the World. YOU SHOULD BE PROUD OF YOUR-SELVES :-)

It may come to pass that future generations will look back on us and say that we were ALL Americas Greatest Generations. And that healthcare reform was our finest hour. You should be proud of our leaders President Obama, Speaker Pelosi, Majority Leader Reid and the many other Democratic and independent fighters for the people in congress. They proved them-self worthy of the leadership of a GREAT! PEOPLE.

But we are not done yet. This was just the beginning of healthcare reform, not the end. WE THE PEOPLE OF THE UNITED STATES, ARE NOT! divided on healthcare legislation. The vast majority of you have been consistently crystal clear that this legislation does not go far enough. You want a strong Government-run Public Option CHOICE!! available to everyone on day one. And you want it NOW!

YOU MUST NOT ALLOW AN INDIVIDUAL MANDATE TO STAND WITHOUT A STRONG GOVERNMENT-RUN PUBLIC OPTION CHOICE! AVAILABLE TO EVERYONE.

WE THE PEOPLE have been crystal clear that we want an end to dependence on for-profit healthcare and the for-profit proxies called private for non-profit healthcare. The American people want the CHOICE! of a strong Government-run Public Option to replace their need or dependence on healthcare providers whose primary motivation is profit. Rather than providing the highest quality, easiest accessible and most affordable medically necessary healthcare possible. This is what the rest of the developed World has. And the American people want it too. They want healthcare ASSURANCE! Not, for-profit health insurance. And they want it NOW!

Now is the time to continue the push for a strong Government-run Public Option CHOICE! available to everyone that wants it on day one. Rationally it’s clear what we have to do to get this done. SUPPORT THE DEMOCRATS that supported you with a Public Option choice, and REMOVE as many republicans as you can. Not one republican in congress was willing to step across the isle to support a strong Government-run Public Option CHOICE!! available to everyone on day one. NOT ONE! Let no candidate prevail this November that does not support a Strong Government-run Public Option.

47,000 AMERICANS die each year from lack of healthcare. 120,000 die from treatable illness that don’t die in other developed countries. Hundreds of thousands of you are dieing from medical accidents in a rush to profit. And Millions of you are injured. Millions more are driven into bankruptcy. All for the privilege of paying two to three times as much as any other people in the developed world for healthcare. HOGWASH!

Additionally, tens of thousands of you and your children were killed and millions sickened and injured from a terror attack with H1N1 (swine flu). Released on the American people and the World by the for-profit healthcare industry. All in an attempt to panic and frighten you into accepting the oxymoronic criminal enterprise of private for-profit healthcare (The most costly, deadly, dangerous, and disgraceful product sold in America). H1N1 is still sickening people and killing them. Especially children, the young and the middle aged. And there will be a third wave. These are the terrorist you need to worry about the most. Even the so-called international terrorist would not do something so INSANE! But greed driven medical profiteers would and did.

Apparently as far as republicans in GOVERNMENT are concerned, YOU! my fellow Americans – CAN JUST DROP DEAD! Including their own family members. Fools!... Hundreds of thousands of you, and possibly millions of you will die from the long-term effects of your infection and poisoning with H1N1.

So my fellow Human Beings. Rest-up, Take good care of the basics (Balanced nutrition, hydration, exercise, rest and POSITIVE emotional supports). Then wade back into the FIGHT! for a strong Government-run Public Option CHOICE! available to everyone on day one. Drug re-importation, Abolishment or strong restrictions on patents for biologic and prescription drugs. And government controlled and negotiated drug and medical cost. You must take back control of your healthcare system from the Medical Industrial Complex. You MUST do it NOW! This is a matter of National and Global security. There can be NO MORE EXCUSES.

God Bless You My Fellow Human Beings. I’m glad to know of you. And proud to be one of you.

See you on the battle field.

Sincerely

jacksmith – WorkingClass :-)

Now that this bill has passed we can find out what's in it. Will it be like Obama care which we have come to find out is a total budget buster and a scam pulled on the American taxpayer by this liberal administration and their comrades in the mainstream media. We already know that the Federal Reserve, Fannie Mae, and Freddie Mac were not included in this bill. And seeing how Fannie Mae and Freddie Mac have turned into a blackhole for taxpayer dollars you would thank they would have been looked at. But as we know that will not happen as long as liberals control the Congress.