Once battlefield switches to bank reform, GOP in trouble

Congressional Republicans had two goals in mind when they decided to string out the health-care fight as long as possible: They wanted the public to become sick and tired of the process, and they hoped the Democrats would eventually give up and walk away. While they’ve been successful to a degree, ultimate victory will depend on what happens over the next few days.

However, the strategy also produced a third important benefit for the GOP: It has diverted public attention from topics in which the GOP faces a significant political disadvantage.

One way or the other, that’s about to change.

Take, for example, the issue of Wall Street and the banks, which represent Ground Zero in the collapse of the American economy.

For the past few months, the Obama administration and congressional Democrats have been crafting legislation to tighten banking oversight. Among other proposals, they want to put the financial burden on the banking industry, not on taxpayers, for bailing out institutions that in the future might be deemed “too big to fail.” No more TARP, in other words. Another provision would give corporate stockholders — the actual owners of the company — a greater voice in selection of boards of directors.

Senate Republicans have been fighting those efforts tooth and nail. In an echo of the health-care debate, repeated efforts at compromise by Senate Banking Chairman Chris Dodd have been rejected by Republicans who refuse to give the legislation bipartisan support. They want another fight, or at least they think they do.

In an speech Wednesday to the American Bankers Association, House Minority Leader John Boehner rallied those poor downtrodden bankers, encouraging them not to “let those little punk staffers take advantage of you and stand up for yourselves.” According to MarketWatch, “ABA President Edward Yingling told bankers that the longer that Senate lawmakers can’t come to an agreement on the bank-reform bill, the more leverage Sen. Richard Shelby, R-Ala., the banking committee’s ranking member, has to prompt concessions.”

I think that’s a gross misreading of both the timing and the politics of the situation. In fact, I’d bet the Democrats would be quite pleased to see this particular fight out drag out for months in Congress. That way, when voters go to the polls in November, the image freshest in their minds will be that of Republicans filibustering on behalf of the banksters, not of Democrats bickering over a health care issue that was resolved nine months earlier.

In the months to come, it will also be interesting to watch the Republicans try to justify their stalwart defense of Wall Street to their Tea Party contingent, which isn’t exactly thrilled with those pinstriped bonus babies.

Nor are most of their fellow Americans. While the most recent numbers I could find on the issue date back to February, I doubt the sentiment has changed much.

Pew Research asked: “… do you think it is a good idea or a bad idea for the government to more strictly regulate the way major financial companies do business?”

Fifty-nine percent said it was a good idea; just 33 percent thought it was a bad idea.

A Washington Post/ABC News poll produced equally compelling numbers. Asked “do you support or oppose stricter federal regulations on the way banks and other financial institutions conduct their business?”, 62 percent supported tougher regulation; just 34 percent opposed it.

The Democrats seem to sense their opportunity. In a speech Thursday at the National Press Club, White House economic adviser Larry Summers responded directly to Boehner’s comment.

“I do not think of the people who work on this project as ‘little punk staffers’,” Summers said. “I do not think that those who want to address these issues are ‘little punk staffers’ who need to be stood up to. And at a time when industry has hired – has spent $1 million on lobbyists per member of Congress, at a moment when there are four lobbyists per member of the House and Senate working on this issue, we in the administration do not believe that the prominent issue is allowing bankers to stand up for themselves.”

When even Larry Summers, a former Harvard president, can come off sounding like a man of the people, you know you’ve got something.

In his own appearance before the bankers association, House Majority Leader Steny Hoyer told the group that he and his fellow Democrats had made bank reform a priority and expected to have a bank bill passed by October.

October? Hmmm. Interesting schedule there.

Isn’t that the month just before November?

432 comments Add your comment

TnGelding

March 19th, 2010
9:43 am

They’re in trouble on health care, too, but just don’t know it for sure yet.

I hope they don’t go too far on banking reform. Wall Street and the economy are on the verge of exploding. Might even add those 9 million jobs back by 2012.

Drain The Swamp (NIF)

March 19th, 2010
9:48 am

Hell yes. Bring it on

Let’s see the dims convince the American pub;lic that it wasn’t Pelosi and Reid that is responsible for the banking mess.

America is awake, thanks to the fascist in the White House. They listen to NBC anymore.

The dims are done, Pal. deal with it.

jewcowboy

March 19th, 2010
9:48 am

Great article in the NY Times:

“Greenspan Concedes That the Fed Failed to Gauge the Bubble”
http://www.nytimes.com/2010/03/19/business/economy/19fed.html?ref=business

“He argues that regulators should enforce collateral and capital requirements, limit or ban certain kinds of concentrated bank lending, and even compel financial companies to develop “living wills” that specify how they are to be liquidated in an orderly way.

And he acknowledged shortcomings in regulation — an area on which the central bank has placed far greater emphasis under Mr. Greenspan’s successor, Ben S. Bernanke.”

Drain The Swamp (NIF)

March 19th, 2010
9:49 am

TnGeilding

Count on it exploding, starting in November of this year.

jewcowboy

March 19th, 2010
9:50 am

“To be sure, the senior officers of Bear Stearns and Lehman Brothers lost hundreds of millions of dollars from the collapse of their stocks,” he wrote. “But none to my knowledge filed for personal bankruptcy and their remaining wealth allowed them to maintain much of their previous standards of living.”

Bingo!

Outhouse GoKart

March 19th, 2010
9:52 am

“Congressional Republicans had two goals in mind when they decided to string out the health-care fight as long as possible:”

LOL…You mean the Dems with their majorities strung it out and have yet to get it done.

Jess

March 19th, 2010
9:52 am

Is there even a remote possibility that this President and Congress could just fix a problem rather than “Reform” everything they touch.

jewcowboy

March 19th, 2010
9:52 am

So if one of the biggest names in laissez-faire mindset of banking regulation is calling for more banking regulation…what does that say?

Outhouse GoKart

March 19th, 2010
9:52 am

My sources tell me its time to go pass along some second hand smoke.

stands for decibels

March 19th, 2010
9:53 am

The dims are done, Pal. deal with it.

NIF and Dick Morris: Separated at birth?

http://www.salon.com/news/opinion/joe_conason/2010/03/18/morris/

TnGelding

March 19th, 2010
9:53 am

Drain The Swamp (NIF)

March 19th, 2010
9:49 am

The S&P 500 will be 1,400 well before then. The economy gushes up. It doesn’t trickle down. Capital becomes unproductive when the wealthy become concerned about preserving their easily gained spoils.

Jay

March 19th, 2010
9:53 am

and yes, sfd, I confess I did.

NowReally

March 19th, 2010
9:54 am

Banks are starting to change their old habits, Wachovia and Bank of America will NO LONGER allow overdrafts by way of debit cards. You can continue to use your savings account to protect you from overdrafts. This is all GOOD.

Wachovia use to be in the money laundering business, go figure. And Bank of America is begging for business, I think they have me on speed dial. Why would I want my life insurance from a bank or buy an appliance repair program?

In the banking reform bill, they need to require that banks “stick to what they know” and that is banking.

Drain The Swamp (NIF)

March 19th, 2010
9:54 am

Gokart

Pathetic, isn’t it.

They have complete control, they have absolutely sucked and they are trying to blame it on the Republicans.

At least they are admitting how bad it is. Now if they start to grow a set and take responsibility for what they have done over the past three years, maybe they can begin to save face.

jewcowboy

March 19th, 2010
9:54 am

The link to Alan Greenspans paper appears broken in the NY Times article. For those who wish to read it, here you go:

http://www.brookings.edu/~/media/Files/Programs/ES/BPEA/2010_spring_bpea_papers/spring2010_greenspan.pdf

FinnMcCool

March 19th, 2010
9:56 am

The tea partiers should be behind this but it will be confusing to them when they see “Dems” and “reforming a corrupt banking system” in the same paragraph.

TnGelding

March 19th, 2010
9:57 am

NowReally

March 19th, 2010
9:54 am

I always thought if you didn’t have sufficient funds available any purchase with a debit card would be rejected. Stupid me.

Drain The Swamp (NIF)

March 19th, 2010
9:57 am

TnGielding

**The economy gushes up. It doesn’t trickle down.**

Oh sure. Poor people have always decided the actions of rich people. And I have never worked for a rich person, they have all ben homeless, living under a bridge.

You know, Bazaaro World is only in the comic books.

And this is why most libs are liberal arts majors.

WyldByllHyltnyr

March 19th, 2010
9:58 am

Jay, one thing for certain on your blog, a true centrist like me has to withstand wither criticism from all sides.

Look here’s how the Republican leadership will handle this – the Obama reforms are really stupid and won’t address the thingsthat which caused the financial melt-down. All Obama is doing is social engineering that props up the irresponsible underclass and makes it more costly and harder to do business. That reduces the number of jobs and makes it harder for small business to get creidt, which, in turn, further reduces the number of jobs .

The finacial meltdown was caused by incompetent regulators and what we need to do is hire competent regulators and streamline the regulatory process, not junk it up even further with Obama’s ridiculuos proposals.

Outhouse GoKart

March 19th, 2010
9:58 am

“You can continue to use your savings account to protect you from overdrafts”

Uh…Ive been doint that with BOA for years.

NowReally

March 19th, 2010
9:59 am

TnGelding

March 19th, 2010
9:57 am

Stop thinking, because in the real world you would be stupid.

TnGelding

March 19th, 2010
10:00 am

Drain The Swamp (NIF)

March 19th, 2010
9:57 am

You can’t argue with historical results. Money has to keep circulating; not sitting in an offshore tax haven or Ponzi scheme.

Drain The Swamp (NIF)

March 19th, 2010
10:00 am

Finn

**The tea partiers should be behind this but it will be confusing to them **

LOL!! And this is from someone who supports bat eyed, half witted, Pelosi, and the morons in the White House.

Where dims get that their ilk are smarter than Republicans is a result of some serious indoctrination.

Doggone/GA

March 19th, 2010
10:00 am

“Uh…Ive been doint that with BOA for years”

What part of “continue” didn’t you understand?

Peadawg

March 19th, 2010
10:01 am

“LOL…You mean the Dems with their majorities strung it out and have yet to get it done.”

That’s the 1st though that came to mind. I think the public is tired of everyone blaming Republicans for this health care reform not passing. Pelosi is having to bribe HER OWN PARTY to get the votes.

Outhouse GoKart

March 19th, 2010
10:01 am

The fun part with this banking reform BS is that if you are overdrawn at “time of checkout” you will be denied purchase. LOL. Will be entertaining watching the ensuing fiasco…

Drain The Swamp (NIF)

March 19th, 2010
10:02 am

TnGielding

Yep, and all Republican businessmen are engaged in Ponzi schemes and off shore accounts.

If you are really that indoctrinated, then run along and drool some more.

TnGelding

March 19th, 2010
10:03 am

NowReally

March 19th, 2010
9:59 am

Thanks, coming from you I’ll take that as a compliment! Just kidding. I’m not that familiar with your comments. Don’t spend as much time here as I’d like.

But seriously, wouldn’t that be a way to prevent over withdrawals?

Mallory

March 19th, 2010
10:04 am

With Friends Like (Dodd’s) Friend, Who Needs (Dodd’s) Financial Reform?

http://www.dailyfinance.com/story/with-friends-like-friend-who-needs-financial-reform/19404975/

Mr. Right

March 19th, 2010
10:05 am

All the Dems want is more Gov Control. It looks like they will be getting it on health care and they will not stop there! Come quickly Nov 2010!

TnGelding

March 19th, 2010
10:05 am

Drain The Swamp (NIF)

March 19th, 2010
10:02 am

Like there aren’t any wealthy Democrats? You people are pathetic. Not to mention selfish and self-centered.

Outhouse GoKart

March 19th, 2010
10:06 am

“Im sorry Ma’am but your account has NSF to complete this transaction.
NAW…now naw I have the money in my account. Im sorry Ma’am but our computer system, which btw links directly to your banking account, advises us your account has NSF to complete this transaction.

AW HELL NAW…You call my bank for me right now. This problem is between you and the bank. I need my groceries and Ive already filled up my cart. I need milk and diapers for my baby. Now please can we move this along. Im sorry Ma’am but your account has NSF to complete this transaction…”

LMAO!!

AmVet

March 19th, 2010
10:07 am

Corporations are now viewed by Americans LESS favorably than even Congress!

Nearly 80% of Americans think corporations have too much control in this nation.

Yes the crime-loving Republiconned can try like hell to paint them as the good guys and the victims, and the feds as the causation of the implosion, but it would appear that at LONG last we the people have opened our eyes to the coddled criminals on Wall Street and their paid off co-conspirators in government.

The CORPORATE destruction of capitalism was caused by an” orgy of excess and reckless behavior.”

And the head criminal-coddler, GWB, lied about “cleaning up Wall Street” in his 2000 campaign, as one of his very first acts as POTUS was to DECREASE the raises for the SEC to police the decades long and growing corporate crime wave.

But the casino capitalists and gangster banksters can only hide under the GOP skirts for so long.

And shamefully, BHO said he wanted to “look forward” and used that as an excuse to once again ignore basic social and economic justice. (I am SO shocked!)

Many of these Titans of malfeasance should be in an 8 X 12…

TnGelding

March 19th, 2010
10:08 am

Mr. Right

March 19th, 2010
10:05 am

Not true. If they ALL did they wouldn’t be having so much trouble overcoming the GOP obstruction.

NowReally

March 19th, 2010
10:08 am

Outhouse,

If it wasn’t a problem? Why do you think they announced the change? Obviously, they new it was a problem and people were complaining. That’s why they have both sent out letters to their customer in the last few weeks.

TnGelding

March 19th, 2010
10:09 am

Outhouse GoKart

March 19th, 2010
10:06 am

In that case, I just go up and swipe my own card and wish them a nice day.

Outhouse GoKart

March 19th, 2010
10:10 am

“…Honey…Im down here trying to get us some groceries and they say my account is NSF, whatever that is, and they wont gimme my groceries. Will you please bring some cash.

Aw hell naw beyotch. I told you that debit card had no money on it and Im in the middle of a pool tournatment. What you wanna go acting the fool when you know that card is no good. Dayum!! I need milk and diapers for the baby.

What baby? We aint got no damn baby!!

Drain The Swamp (NIF)

March 19th, 2010
10:10 am

Enjoy the weekend folks. This will probably be the last weekend that we live in America, the free. From now on, the government is in charge of our lives.

I hope you are happy, Libs. I also hope you are rich, because everybody i know that has a little money is making plans to ex-pat. Pay for your own mess.

retiredds

March 19th, 2010
10:11 am

Drain the Swamp: I remember, not too long ago, that the so-called “pundits” were talking about the demise of the Republican Party. So be smug and believe that one bill, health care, will doom the Democratic Party. I always enjoy those that are such adept at “crystal balling” scrambling for cover sooner or later.

Outhouse GoKart

March 19th, 2010
10:12 am

The problem/complaint was nsf charges. Idiots were crying foul on nsf’s when they knew they had no funds to begin with. Ya know the ole mantra “Everyone is a victim”? This is a prime example.

Drain The Swamp (NIF)

March 19th, 2010
10:14 am

AmVet

**Nearly 80% of Americans think corporations have too much control in this nation.**

So your alternative is to allow power hungry. iill educated politicians to be in charge.

Yep. That’s always worked so well in the past.

Save your money AMvet.

You are now going to pay for your own healthcare and a lot of Obama supporter’s health care. I hope you are happy.

NowReally

March 19th, 2010
10:14 am

Naw Naw Mr. Grocery Store clerk. My total is $25.35 and I only have $22.42 in my account, so I have a choice. I have decided to put back those candy bars, I picked up in your line and I don’t want that magazine. I can’t afford to take a $35.00 hit, because I don’t get paid until next week.

Thanks But No Thanks

retiredds

March 19th, 2010
10:14 am

Mr. Right: you say all that the “dems” want is more government control. Have you read the Patriot Act passed under the Bush administration. If you would read it and then comment on its contents, specifically government control, I, for one, would be interested in what you would have to say.

Outhouse GoKart

March 19th, 2010
10:15 am

All the whiners, scammers think financial institutions are their to provide freebies cuz they are so big and they can afford it and I cant and waaaaahhhh!!

Drain The Swamp (NIF)

March 19th, 2010
10:15 am

retiredds

One bill that will force government control over everyone and take over 1′6th of our economy.

I don’t care. The country is just too stupid to live in anymore.

Outhouse GoKart

March 19th, 2010
10:16 am

NowReally

March 19th, 2010
10:14 am

They always had that choice.

FinnMcCool

March 19th, 2010
10:16 am

NIF belongs to the birds from Saving Nemo

Mine, mine, mine, mine, mine……mine

Russ555

March 19th, 2010
10:16 am

Sen. Dodd has a good bill that should be passed, but is not strongh as it should be.
Bring back the Glass-Steagall act.

Drain The Swamp (NIF)

March 19th, 2010
10:17 am

retiredds

**Mr. Right: you say all that the “dems” want is more government control. Have you read the Patriot Act passed under the Bush administration.**

You mean the vill that Obama just extended? And how did wiretapping our enemies affect you, personally?

AmVet

March 19th, 2010
10:17 am

NiF, why do love criminals so much?

Drain The Swamp (NIF)

March 19th, 2010
10:18 am

Finn

I’ll bet you a thousand dollars I give multiples of what you give to charity, big mouth. If you give anything.

Jay

March 19th, 2010
10:19 am

Love it or leave it, Swamper.

Drain The Swamp (NIF)

March 19th, 2010
10:19 am

AmVet

Oh Bullsh** Grow a clue.

Drain The Swamp (NIF)

March 19th, 2010
10:20 am

Jay

I am a lot of other people are working on it. Will I move, I know that I will make money off other people moving and that will be a thriving market.

So what are you doing with your last weekend of freedom, Jay?

FinnMcCool

March 19th, 2010
10:21 am

NIF, don’t trip over the words “union” as in “more perfect union”. Also, don’t let these slow you down:

society
fraternity
country
group
nation

How about the preamble to the US Constitution:

We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

promote the general welfare!

TaxPayer

March 19th, 2010
10:22 am

I’m with you on this, Jay. Let the conservative, fambly-valued movement try to lay it all on Clinton, for example, for signing certain legislation if they think that will woo voters. Let’s rumble. While we’re at it, let’s give the GOP a chance to praise those tax cuts for the way-over-250k crowd. We’re not talkin’ 6-digits, folks, in case some of you have conveniently forgotten that little fact. U B Sure of what U B Sayin’ now, ya hear.

md

March 19th, 2010
10:22 am

So, Barry helps bail out Wall St – with few strings attached – and the GOP has a problem?

Spin, ain’t it wonderful. All the misfits had their hands in the cookie jar and now you want to tell us only the republicans ate the cookies.

Please………..

Drain The Swamp (NIF)

March 19th, 2010
10:23 am

Finn

Hey lib. Don’t preach to me about freedom twit.

You have no idea what any of those words mean.

FinnMcCool

March 19th, 2010
10:23 am

NIF, we don’t give christmas presents to each other anymore. We donate to charities in the name of whomever we are gifting.

Only the chillins get presents.

Hef

March 19th, 2010
10:24 am

The Gutless,Weakminded fools that approve this disaster of a bill come sunday will feel the wrath of the american voter come Nov and beyond.This bs about making history appears to be the central theme instead of doing whats right.Screw unto others as you would want to be screwed yourself should have been the Dems rally cry. This used to be a Great country,sad to see what its become.

TaxPayer

March 19th, 2010
10:24 am

Keerful there, Swampy. Else you might choke on one of them hyperbolic lines of yours. :roll:

AmVet

March 19th, 2010
10:25 am

Grow a clue?

Is that like buy a vowel?

When did the GOP become the Anti-Law & Order Party?

Drain The Swamp (NIF)

March 19th, 2010
10:25 am

Finn

**NIF, we don’t give christmas presents to each other anymore.**

So what? $300 a year? You owe me a thousand dollars.

Brad Steel

March 19th, 2010
10:25 am

Pew Research asked: “… do you think it is a good idea or a bad idea for the government to more strictly regulate the way major financial companies do business?”

Fifty-nine percent said it was a good idea; just 33 percent thought it was a bad idea.

It seems impossible to escape polls quotes that gauge the fickle sentiment of the public. But the public sentiment is a poor measure for designing legislation for policy that is complex as banking regulation and healthcare. We need smart leaders to craft a legitimate message and actually lead.

The devil's in the details

March 19th, 2010
10:25 am

Jay. “live it or leave it”? Was that the commonly held view during the Bush years?

Drain The Swamp (NIF)

March 19th, 2010
10:25 am

AmVet

When did the democrats?

Normal

March 19th, 2010
10:25 am

Yes, I’m happy, oh so happy…

Drain The Swamp (NIF)

March 19th, 2010
10:26 am

The devil’s in the details

The difference is that Republicans can afford to leave.

NowReally

March 19th, 2010
10:26 am

Outhouse,

They were not being notified at the time of purchase. The purchases were allowed to go through and the bank didn’t care, because it meant an increase to their bottom line.

You are confusing this situation with people who knowingly go into a store with a zero balance. They have found that most accounts had a positive balance, but not quite enough. If you had $50.00 in your account and the purchase was $50.99, it would go through and you would still owe the bank $35.00.

Now Outhouse, most people wouldn’t mine paying $1.50 on .99 cents. However, most would draw the line way before $35.00.

FinnMcCool

March 19th, 2010
10:27 am

NIF, I’m not preaching to you about freedom, I’m preaching to you about the shared responsibility of living in a country under a set of common laws.

brotherhood
fraternity
union

I guess you are the one who doesn’t know the meaning of those words since you think they mean freedom.

jewcowboy

March 19th, 2010
10:27 am

md,

“So, Barry helps bail out Wall St – with few strings attached – and the GOP has a problem?”

That would be TARP passed by a Democrat Congress under Bush. Obama, though supporting it, was not President at the time. He did, however, vote for it as a Senator I believe.

Drain The Swamp (NIF)

March 19th, 2010
10:27 am

Taxpayer

So what are you going to do with your last weekend living in a free country?

Jess

March 19th, 2010
10:27 am

There was one easy solution to the “banks too big to fail” problem which was to bust up the banks. This was what any reasonable person would do. Obama has opted for a different route, however which involves taxing the entire industryto pay for possible failures in the future. Solution #1, no taxes required. Solution #2 Big taxes required. Bet a lot of these tax dollars find their way into the general fund.

TaxPayer

March 19th, 2010
10:27 am

When did the GOP become the Anti-Law & Order Party?

Actually, that answer pre-dates Reagan.

The devil's in the details

March 19th, 2010
10:28 am

Brad. “We need smart leaders to craft a legitimate message and actually lead”

You just defeated yourself. Where are the “smart leaders”? I don’t see them on either side of the aisle.

Drain The Swamp (NIF)

March 19th, 2010
10:28 am

Finn

Do you want to compare what we both pay in taxes?

Haywood Jablome

March 19th, 2010
10:29 am

**promote the general welfare!**

with the military’s generous pension plans, it is shameful that generals can get welfare!!!

welfare should be restricted to those who can be marginalized and mock for being welfare queens!!!

JohnnyReb

March 19th, 2010
10:29 am

Jay, nothing the Obama administration spews is actual. Those paying attention know not to believe anything stated, instead watch what happens. He is one lie or decption after another. A new NBC/WSJ poll shows public confidence in Congress at the lowest ever recorded. Why?Just as they put student loans in the healthcare bill, they will put something like immigraiton reform or some payola in the banking bill. Do you really think the country can withstand another big Obama initiative like immigration reform on top of the healthcare bill? Immigraiton almost tore us apart under Bush. How can you continue to support Obama with all honesty and maintain your integrity? Obama and his cronies seem bent on destroying the country. Is that what you want?

Normal

March 19th, 2010
10:29 am

“Everything free in America…for a small fee, in America”

West Side Story

cranky old man

March 19th, 2010
10:29 am

I just refinanced my house Monday. I got rid of a loan that had me paying 6.5% to Citi Bank, and gave the business to my credit union at 4.37%. Saved a bunch of money and screwed the bank in the process. A real win-win. I suppose I should feel guilty that I didn’t do it sooner, because my “good” loan (we paid on time, and never missed a payment) was probably bundled with a bunch of “bad” loans to make them look less risky. Funny thing, though, was Citi Bank must have found out somehow that I was planning to refinance, because days after I applied, they sent me an offer in the mail to refinance with them at a better rate. I’m laughing all the way (as far away as possible) from the bank.

The fundamental problem with our economic system is that most people would be content to work 30-40 years and retire to a reasonable standard of living. But there are always some who want to make a quick buck and retire as millionaires at 45. The problem is that many of them achieve their goal by risking other people’s money in the Wall Street casino. Others become senior corporate executives who run up the stock price by shoddy means, either by cooking the books or by making decisions that look good in the short term but set the company up for failure in the long run. Either way, they figure, they’ll cash in their stock options and leave long before the house of cards come crashing down.

USinUK

March 19th, 2010
10:30 am

“There was one easy solution to the “banks too big to fail” problem which was to bust up the banks”

okay. so, instead of a dozen banks holding toxic assets and not lending to each other because they could all go belly-up at any moment, we’ll have 3 dozen banks holding toxic assets and not lending to each other because they could all go belly-up at any moment.

:roll:

Drain The Swamp (NIF)

March 19th, 2010
10:31 am

Have fun with your last weekend. everybody.

I’ll check back and watch the drooling, later.

Hiel Obama. Heil Obama. All Praise to the master. Obama is wise, and we are but mortals.

USinUK

March 19th, 2010
10:31 am

“When did the GOP become the Anti-Law & Order Party?”

well, there was that guy who said that, if the president did it, it wasn’t against the law … now … who was that again??? :evil:

Outhouse GoKart

March 19th, 2010
10:31 am

“They were not being notified at the time of purchase. The purchases were allowed to go through and the bank didn’t care, because it meant an increase to their bottom line.”

That BS and laziness is called indivduals not keeping track of their previous purchases then crying foul. But thats ok. Obama has straightened it all out now. Like I said the ensuing fiascos will be entertaining and I cant wait to stand back and chuckle.

Jay

March 19th, 2010
10:32 am

Yes it was, Detailed Devil. I have little patience with people on either side who whine about taking their ball and leaving. Either you love the country enough to stay here and fight to make it better — whatever “better” might be in your eyes — or you don’t.

Outhouse GoKart

March 19th, 2010
10:32 am

“When did the GOP become the Anti-Law & Order Party?”

When the Bush Crime Syndicate hijacked the GOP…thats when.

Normal

March 19th, 2010
10:33 am

That’s right…”America, love her when she’s right, fix her when she’s wrong.”

Paul

March 19th, 2010
10:33 am

[[industry has hired – has spent $1 million on lobbyists per member of Congress]]

That’s half a trillion, folks. There is a direct relationship between perceived threat to profits and lobbying dollars spent.

Dems may finally have a winner of an issue. Reps may have valid points but they will get lost with the ‘win at all costs’ mindset. I don’t think the proposed legislation goes far enough:

http://thehill.com/homenews/senate/79429-dodd-bank-fee-proposal-threaten-financial-reform

and I would not mind at all if the Democrats adopted an idea put forth by Nader:

“Let’s begin with the dominant news of the week and probably beyond that. You’ve been opposed to the financial rescue package passed by Congress. What would you do?

Well, this is an entirely preventable economic calamity. It was produced by extraordinary risk taking and the development of very abstract financial instruments that bet on a bet, on a bet, on a bet. So first, what we should do and should have done in this package was to have re-regulation to give power to shareholders to control their company and their bosses, to criminally prosecute the culprits and to make the speculators pay for their own bailout by a one-tenth of 1 percent tax on $500 trillion of security derivative transactions this year. ”

http://www.npr.org/templates/story/story.php?storyId=95633572

But say ‘good idea!’ to Nader? There are some bipartisanship roads even Democrats won’t travel.

TaxPayer

March 19th, 2010
10:34 am

So what are you going to do with your last weekend living in a free country?

TOGA! TOGA! TOGA!

USinUK

March 19th, 2010
10:34 am

TaxPayer – was it over when the Germans bombed Pearl Harbor?

md

March 19th, 2010
10:35 am

“If you had $50.00 in your account and the purchase was $50.99,”

If you had $50 in the bank, why would you spend $50.99?

There in lies the problem.

AmVet

March 19th, 2010
10:35 am

“When did the democrats?”

As always, they followed their GOP “betters”…

Newsflash!

The Chicken Little Corporation has forecast that the USA will become a freedom-free zone starting this weekend.

Start stockpiling necessities and stay tuned for further alerts…

Paul

March 19th, 2010
10:36 am

Jay 10:32

Bumper sticker from Vietnam era: “America Love it or Leave it”

Counterculture bumper sticker: “America: Love it and Change it”

jewcowboy

March 19th, 2010
10:37 am

It is interesting to see how many on here equate the Credit Card Accountability Responsibility and Disclosure Act of 2009 with overall banking regulation reform…

If the confusion exists on this blog…it must be even greater in the general populace.

The devil's in the details

March 19th, 2010
10:37 am

USinUK. You mean the guy who was subpoeaned and said “I did not have sex with that woman……Miss Lewinsky”.

USinUK

March 19th, 2010
10:38 am

Devil – learn a little history – last time I checked, Nixon predated Clinton by a handful of years …

FinnMcCool

March 19th, 2010
10:39 am

lol, taxpayer

Jess

March 19th, 2010
10:40 am

USinUK,

Yes you have more banks, but the same number of toxic assets. In the future if one fails they do not have to be bailed out because of the “too big to fail” philosophy. And no new taxes, which will ultimately be paid by consumers anyway.

Outhouse GoKart

March 19th, 2010
10:41 am

Amvet. Im stockpiling guns, ammo, liquor, hookers and drugs.

TaxPayer

March 19th, 2010
10:41 am

USinUK,

Hell No!