Thread: GOP fighting hard to kill financial reform

So under the subsection "Liquidation", in the section Update, McConnell's speech can you clarify exactly what that says for me? Because while it looks good on the surface all I see is more congressional rhetoric. They have a plan, but the Fed and Treasury have to okay liquidation first? So, this whole not being responsible for the failing banks rests with one of the men largely responsible? This is the guy along Henry Paulson who came up with so many of those bank bail outs in the first place right? So why should we then trust Wall Street to him again?

There could very well be a lot here I'm missing but it doesn't make sense to me. I'm all for dismantling and liquidating failing institutions, it's a logical approach and I hope to see something progressive happen. As far as the "Bailouts" section is concerned, I don't know what to think. It sounds like government owning banks as well now. If a bank starts failing, the government takes our money (because 90% comes from the Fed anyways) or they simply print money (which then drops the value of our dollar even more) and buy off the bad assets to bail the bank out...okay...doesn't seem much different than before. Except this time it doesn't seem outright criminal. At least they're telling us.

Danny...with all due respect...if you saw a herd of pigs running off a cliff, would you follow them?
We don't even know what's in this friggin' thing enough to jump on board with it and ridicule anyone who speaks out against it.
This whole black/white nonsense is killing any REAL reform, this "a vote against HC reform is a vote for status quo" nonsense!!
And now here we go again with this one, now it is - "Oh - if you don't like this bill, you are for corporate greed" - that is a load of BS.

Just because it is called financial "reform" does not mean that it is reform. As is true with so many things (especially when related to government) the devil is in the details.

No one knows enough about the bill yet to be a stong supporter or detractor.....

McConnell seems to be included. At this point, he's spitting out Frank Luntz's talking points and Luntz knows even less about the bill.

Saying that the bill institutionalizes bank bailouts is pretty much the same kind of rhetoric about the HC bill pulling the plug on grandma.

Once again, the Republicans are getting out in front of the Dems on defining the bill to the public. They can certainly create a lot of disinformation like they did on the HC bill........same tactics....but I would guess they're hoping for a better result.

Originally Posted by TheLastBoyScout

No one knows enough about the bill yet to be a stong supporter or detractor.....

McConnell seems to be included. At this point, he's spitting out Frank Luntz's talking points and Luntz knows even less about the bill.

Saying that the bill institutionalizes bank bailouts is pretty much the same kind of rhetoric about the HC bill pulling the plug on grandma.

Once again, the Republicans are getting out in front of the Dems on defining the bill to the public. They can certainly create a lot of disinformation like they did on the HC bill........same tactics....but I would guess they're hoping for a better result.

then I guess the dems can redefine the bill to the publics satisfaction like they did with the HC bill....?

Peter J. Wallison and David Skeel: The Dodd Bill Means Bailouts Forever - WSJ.com

The Dodd Status Quo - WSJ.com

I don't know much about the bill either but I am oppossed to almost anything Senator Chris "Countrywide" Dodd favors. I don't trust any politicians in Washington but that man is unbelievable.

I do appreciate his "agree with me or we won't play anymore" rhetoric.

Originally Posted by Danny

McConnell Attacks Financial Reform Bill - Swampland - TIME.com

Why is McConnell fighting so hard for the Wall Street scoundrels that caused the financial train wreck a year ago? He is literally repeating Frank Lutz's talking points on how to kill reform and doing so after meeting with 25 big Wall Street execs who no doubt urged him to kill reform. His antics received a scathing rebuke from Dodd on the floor today. McConnel is playing a very dangerous game in continuing to oppose any progress the country might make under an Obama adminsitration because unlike Health care reform, people pretty much all hate companies like AIG, Goldman, BofA for just milking the country and getting away with it. With many Republicans actually working with the admin on financial reform, McConnell risks looking like an idiot but also adding a label of the party of Wall Street to the GOP's image too.

He knows who butters his bread.

Originally Posted by TheLastBoyScout

Once again, the Republicans are getting out in front of the Dems on defining the bill to the public. They can certainly create a lot of disinformation like they did on the HC bill........same tactics....but I would guess they're hoping for a better result.

We'll find out in November if it was a better result or not. Simply passing a bill and signing into law doesn't make it "better."

From Webster's

in·san·i·ty (n-sn-t)
n. pl. in·san·i·ties
1. Witnessing the Wall Street bailout of 2008 and still believing that either party has any intention of allowing real financial reform to take place.

Originally Posted by timj219

From Webster's

in·san·i·ty (n-sn-t)
n. pl. in·san·i·ties
1. Witnessing the Wall Street bailout of 2008 and still believing that either party has any intention of allowing real financial reform to take place.

Well said

Originally Posted by Danny

McConnell Attacks Financial Reform Bill - Swampland - TIME.com

Why is McConnell fighting so hard for the Wall Street scoundrels that caused the financial train wreck a year ago? He is literally repeating Frank Lutz's talking points on how to kill reform and doing so after meeting with 25 big Wall Street execs who no doubt urged him to kill reform. His antics received a scathing rebuke from Dodd on the floor today. McConnel is playing a very dangerous game in continuing to oppose any progress the country might make under an Obama adminsitration because unlike Health care reform, people pretty much all hate companies like AIG, Goldman, BofA for just milking the country and getting away with it. With many Republicans actually working with the admin on financial reform, McConnell risks looking like an idiot but also adding a label of the party of Wall Street to the GOP's image too.

Finacial reform means government regulation on top of what is already being heavily regulated which will lead to more job losses and a further deterioration of the economy. Why is it that liberals just can't understand that wealth = jobs = prosperity and when you fuck with that it leads to less wealth, less jobs and less prosperity. It's really as simple as that. And no it wasn't wall street that cause the ecconomic colapse. It was the mortgage industry providing mortgages to people who had no bussiness buying a house they couldn't afford. Of course a lot of that was due to government coercion.

Originally Posted by sinebar

Finacial reform means government regulation on top of what is already being heavily regulated which will lead to more job losses and a further deterioration of the economy. Why is it that liberals just can't understand that wealth = jobs = prosperity and when you fuck with that it leads to less wealth, less jobs and less prosperity. It's really as simple as that. And no it wasn't wall street that cause the ecconomic colapse. It was the mortgage industry providing mortgages to people who had no bussiness buying a house they couldn't afford. Of course a lot of that was due to government coercion.

It's not just that, it's gov't intervention, subsidizes, price controls, and regulation that fucked up the housing and financial sectors in the first place. Simply creating yet more regulation, without regard for the possible unintended consequences, while calling it "Financial Reform" isn't necessarily indicative of actual reform. It'll just cause yet another "bubble" down the road that the gov't will then need to save us from yet again with - more regulation. You want real financial reform, how about get rid of the Fed.

Originally Posted by sinebar

wealth = jobs = prosperity

Conservatives seem to tout this ridiculous statement a lot. A healthy middle class = prosperity. Trickle down wealth doesn't work at all. I know because you just tried it with Republican lead deregulation in the 90s. Big bonuses don't = prosperity. It is the biggest conservative fallacy that if they make the rich richer, then the middle class will do better. They don't. Ask Mexico or any African country. Lots of rich people and losts of poor people. Very few middle class people. Wealth has been consistently moving toward the top in a system that is rigged for the wealthy and the disaster you see today is a direct result of the policy you want to repeat.

Originally Posted by sinebar

it wasn't wall street that cause the ecconomic colapse. It was the mortgage industry

Who do you think trades the mortgage backed securities?