"the measure passed without a single Republican vote"
So what happened?
Barney Frank water it down or kill it?
"House OK’s financial overhaul bill; Passes with no GOP support; aims to protect borrowers" by Michael Kranish, Globe Staff | December 12, 2009
WASHINGTON - Republicans charged that the bill was a bureaucratic nightmare that would backfire and kill jobs. Representative Jeb Hensarling, the Texas Republican, charged that Frank and the Democrats wanted to turn the United States into a nation running on federal bailouts. In a theme picked up by many Republicans this week, Hensarling said that Democrats want to use part of the $700 billion TARP bailout fund - which was pushed through Congress last year at the urging of then-President Bush with bipartisan support - for unnecessary programs.
“The American people want more jobs,’’ he said. “They want their money back and their nation back.’’
He is RIGHT about THAT!!!!
Frank, who delivered a steady stream of characteristically barbed and witty remarks on the House floor as he defended the measure over two days of debate, blasted back at Republicans as he strived to keep wavering Democrats in line. Seizing upon suggestions by some Republicans that the worst of the financial crisis had already passed, Frank bristled: “It ain’t over till it’s over on Main Street.’’
Then why have you DONE NOTHING for us?!
See: Frankly Speaking
Nice racket he and the BG have goung, huh?
Democrats also accused Republicans of twisting the truth by portraying the legislation as yet another government bailout. The bill would establish a $150 billion fund to be used to take over firms that pose major risks to the financial system, but it would be funded with fees on the financial industry, not taxpayers....
No more bailouts, period!
A Democratic floor effort to make more companies subject to derivatives regulations and to end abusive-trading rules also failed.
Related: Slow Saturday Special: Banker's Bag of Goodies
Oh, so Barney didn't fix his bill, huh?
When the Obama administration first proposed a package of regulations, it called for regulations of derivatives without any exceptions. But a potent lobbying coalition that included Boeing Co., Caterpillar Inc., General Electric Co., Coca-Cola, and other big companies persuaded lawmakers to dilute the restrictions.
“It’s a weakness in the bill and a win for Wall Street,’’ said Barbara Roper, director of investor protection for the Consumer Federation of America. “Hedge funds and others that are not bona fide hedgers of commercial risk will slip through this language.’’
Yeah, what is touted as a "win" for YOU in the MSM, American people, is really a WIN for WALL STREET -- just as EVERY BILL THROUGH CONGRESS!!
The financial crisis exploded in September 2008 and played a major role in the election of Obama, who promised to overhaul regulation of business. But debate over the legislation has dragged on throughout the first year of his presidency as financial lobbyists worked the halls of Congress and the stock market staged a comeback even as the unemployment rate remained around 10 percent. Along with health care, the effort to impose a new regulatory scheme on financial industries is one of the major unfinished pieces of business of Obama’s first year.
The focus now turns to the Senate, where Finance Committee chairman Christopher Dodd of Connecticut, who is facing a tough reelection campaign, will try to replicate Frank’s success....
Translation: replicate failure and serve those interests that control him.
Unlike in the House, where Democrats can push through legislation with a one-vote margin, Senate bills can be stopped by a filibuster unless Democrats can keep together all 60 Democrats and Independents who caucus with the party.
--more--"I guess Barney had better things to do.
As for Dodd:
"Dodd tacks new course on Senate bank bill; Seeks to bring GOP on board" by Michael Kranish, Globe Staff | December 21, 2009
What, after Barney Frank ripped 'em?
WASHINGTON - Senate Banking Committee chairman Christopher Dodd, who one month ago proposed an overhaul of financial regulations that was hailed by many consumer activists, has all but jettisoned that proposal following Republican objections and has initiated talks for a new approach designed to satisfy some of his fiercest GOP critics.
What, those nasty Repuglicans Barney Frank tongue lashes (oooh, bad choice of words by me)?
Dodd’s strategy has raised concerns among consumer activists who were counting on him to come up with a tougher bill than the one recently passed by the House, and now worry that the entire measure will be weakened...
Dodd is leading the Senate financial overhaul work at a difficult time in his political career. He is down in the polls for his 2010 reelection bid following months of stories about his ties to the financial industry.
Related: Dodd's Done
Dodd's Financial Friends Fly to Campaign's Rescue
I don't think that corrupt cash is going to help.
Just a reminder of whom he really work for.
Of course, that would leave YOU-KNOW-WHO as the SENIOR SENATOR from Connecticut, wouldn't it?
Dodd’s failed 2008 presidential campaign and his Senate races have been heavily funded by the banking, real estate, insurance, and lobbying sectors, according to the nonpartisan Center for Responsive Politics. Dodd was hurt by stories that he received a mortgage as part of a “V.I.P’’ loan program at Countrywide Financial, a company that had many problem loans and was subsequently acquired by
Related: Lying Looters Large and Small: Countrywide Corruption
The Senate Ethics Committee said Dodd’s loan rate was not lower than usual and cleared him.
Oh, his CONFLICT-of-INTEREST FRIENDS CLEARED HIM so everything is fine!
Now, as he tries to show he has recovered from the controversy, Dodd is in need of a clear victory to demonstrate to voters that he still has mastery over his Senate role....
PFFFFFTTT!
The more conciliatory route has also pleased representatives of the financial industry....
Does it PLEASE YOU, Connecticut and American citizens?
--more--"
