Yeah, the Repuglicans just f***ed up on the rules.
If you believe that one....
"Republicans push plan to overhaul financial industry" by Associated Press | April 4, 2010
WASHINGTON — End the public lifeline for large financial institutions, Republicans demanded yesterday, as they pushed back against Democratic efforts to set new rules for the financial industry.
The GOP is trying to fight many of the changes that President Obama and Democrats want. Legislation would give the government authority to split up big financial companies and force the industry to pay for its most massive failures. Republicans have offered alternative legislation that calls for new bankruptcy proceedings to dismantle failing institutions....
Democratic senators sent a Wall Street regulation bill from the Senate Banking Committee to the full Senate on a party-line vote last month after a temporary retreat by Republicans that left the bill’s chances for bipartisan passage in doubt.
Despite a conciliatory tone struck by the committee’s Democratic and Republican leaders, the development did nothing to mend the partisan divide over the legislation and adds even more uncertainty to Congress’ ability to pass a sweeping rewrite of financial regulations this year....
I'm so sick of hearing this partisan crap when they both are serving the same interests.
So what is their stinking plan anyway.
"GOP rips banking overhaul bill as a bailout" by Matt Viser, Globe Staff | April 14, 2010
WASHINGTON — Senate Republicans unveiled a fresh attack yesterday against a regulatory revamping of the US banking industry, contending that Democrats’ proposals to curb the reckless practices that contributed to the 2008 economic meltdown would create a “perpetual taxpayer bailout of Wall Street banks.’’
Isn't that why Washington exists?
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The GOP wants to avoid handing President Obama another major victory following last month’s passage of the health care overhaul. At the same time, with polls indicating that voters support tighter Wall Street regulations, Republicans don’t want to leave themselves exposed to allegations that they are defending the investment industry.
The GOP strategy Mitch McConnell, Senate minority leader, rolled out yesterday: attack the new proposals as too soft on troubled institutions and potentially expensive for taxpayers....
Like they ever cared about the taxpayer.
We aren't buying the political bull anymore, guys.
“We cannot allow endless taxpayer-funded bailouts for big Wall Street banks,’’ McConnell said. “The way to solve this problem is to let the people who make the mistakes pay for them. We won’t solve this problem until the biggest banks are allowed to fail.’’
The argument is potentially politically treacherous because many Republicans, including McConnell, voted for the 2008 bailouts....
Yeah, and shit pukes like this act as if we have all forgotten.
Even though the details are complex, Democrats think they will have an easier time selling new Wall Street rules to the public than they did the health insurance overhaul, which will require most Americans to purchase coverage by 2014 and which dominated the debate on Capitol Hill for the better part of a year.
They really are out-of-touch.
It is easier to portray government in a positive role as Wall Street traffic cop, Representative Barney Frank of Newton, said in an interview.
In the health care debate, Frank said, “people thought: It’s my government against my doctor. Now it’s the government against the financial institution, and I think the government becomes more popular.’’
I can only say it is SO SAD that our elected representatives prove to be deaf and delusional.
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After bipartisan negotiations bogged down in the Senate Committee on Banking, Housing & Urban Affairs, the chairman, Chris Dodd, released his own proposal. The committee approved the plan last month without a single Republican vote. Dodd’s staff has been in discussions with Republicans about a compromise. But regardless of the outcome, the Connecticut Democrat told reporters this week, he is planning to move forward....
That's why I didn't really get into "politics" all that much.
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Another reason:
"Brown opposes current financial overhaul bill; Says it would be extra layer of regulation" by Matt Viser, Globe Staff | April 15, 2010
WASHINGTON — Some Republicans yesterday began suggesting the argument was an unhelpful diversion, with Senator Bob Corker of Tennessee saying the rhetoric had gotten “a little overheated.’’
Putting a cork in it, 'eh, Bob?
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Senator John F. Kerry, Democrat of Massachusetts, yesterday called the legislation vital to the country’s economic future. “We’ve got no choice . . . Strong medicine is needed to avoid economic catastrophe.’’
WTF?
We are supposed to be in recovery with the steady Fed hand at the wheel.
WTF is he talking about?
Senator Scott Brown appeared to oppose the creation of a consumer protection agency within the Federal Reserve....
Good! So does the public.
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What has he been up to lately, anyway?
