Wall Street banksters brought reform upon themselves

With Senate Democrats itching to begin final debate on Wall Street reform, a floor vote this evening is expected to test Republican solidarity. Are all 41 GOP senators really willing to be seen as obstructing reform on behalf of Goldman Sachs and the rest of the high-flying finance industry? If not, who will break ranks?

So far, Charles Grassley of Iowa and Susan Collins Olympia Snowe of Maine have both expressed support for a controversial proposal to strictly regulate derivatives, a step that the New York Times notes is “certain to anger some of Wall Street’s biggest players.” But that doesn’t mean they’ll vote tonight in favor of moving forward.

Reports the Times:

“Officials said the Democratic plan on derivatives included many tougher provisions put forward by Senator Blanche Lincoln, Democrat of Arkansas and chairwoman of the Agriculture Committee, including one that is fiercely opposed by major banks because it would force them to spin off much of their derivatives business. The rules say any bank dealing in swaps, a popular and lucrative derivative, would be barred from the Federal Reserve’s emergency borrowing window and also from federal deposit insurance.”

I’m sure the folks on Wall Street are rather flabbergasted by all this. Despite their central role in setting off the Great Recession, they have blithely continued to reap record profits while millions are unemployed as a direct result of Wall Street excess. They have continued to pay themselves enormous bonuses while assuring each other they are “doing God’s work,” confident that their money and influence would allow them to fend off meaningful attempts at reform.

I doubt they ever thought that things could come to this, with even their GOP allies reluctant to be seen defending them. (And yes, through the years, a lot of Democrats have also fed at the Wall Street trough, chief among them Chris Dodd of Connecticut, now trying to redeem himself by leading the reform effort.)

In that light, it’s interesting to read this account from Time magazine:

“Through the great banking houses of Manhattan last week ran wild-eyed alarm. Big bankers stared at one another in anger and astonishment. A bill just passed by both houses of Congress would rivet upon their institutions what they considered a monstrous system of guaranteeing bank deposits. Such a system, they felt, would not only rob them of their pride of profession but would reduce all U. S. banking to its lowest level. They saw their deposits which they had spent a lifetime to build up and protect with their good names confiscated by the Government to pay for the mistakes and dishonesty of every smalltown bankster.”

That account comes to us from June 5, 1933, upon passage of the Glass-Steagall Act creating the Federal Deposit Insurance Corporation. The then-conservative Time clearly didn’t think much of this “revolutionary enterprise,” suggesting that such government intervention would surely bring further disaster upon the U.S. economy:

“Bank deposit guarantee schemes have been tried in Nebraska, Oklahoma, Kansas, Mississippi, Texas, North Dakota, South Dakota and Washington. They have invariably ended in failure and loss, if not in outright scandal and default. They have weakened the moral fibre of bankers and served chiefly as a temptation to bad banking. Honest banking has been penalized for dishonest banking.

Despite this evil-smelling State record Congress was determined to clamp a similar system down on all Federal Reserve member banks, make it optional with nonmember State banks. It was this arbitrary method of forcing big banks to stand sponsor for little banks that outraged Manhattan bankers. Big State banks in New York talked covertly of seceding from the Federal Reserve System rather than submit to such a levy. Even big national banks might exchange their Federal charters for State charters to escape from the Reserve. Such a withdrawal on a large scale might well wreck the whole Federal Reserve System and end an era in central bank history. On the other hand friends of the deposit guarantee loudly claimed that it would tend to drive all nonmember State banks into the Federal Reserve and create one national system, as no bank could do business outside the Government’s magic circle of deposit insurance.”

Clearly, the legislation did not produce the dire consequences that the folks at Time predicted 87 years ago. To the contrary, we are in this mess today in part because important restrictions in the Glass-Steagall Act of 1933 were abolished in 1999 in the name of free markets, allowing federally guaranteed banks to venture into high-risk areas where they had no real business.

200 comments Add your comment

Scooter

April 26th, 2010
8:58 am

Scooter

April 26th, 2010
8:58 am

USinUK

April 26th, 2010
8:59 am

“To the contrary, we are in this mess today in part because important restrictions in the Glass-Steagall Act of 1933 were abolished in 1999 in the name of free markets, allowing federally guaranteed banks to venture into high-risk areas where they had no real business.”

unfortunately, if there’s going to be a Glass-Steagall II: The Revenge, it’s going to need to be a GLOBAL agreement among the US, UK and Eurozone countries — banking is not restricted by borders, anymore.

USinUK

April 26th, 2010
8:59 am

G’morning Scooter!!

USinUK

April 26th, 2010
8:59 am

okay … off to my least-favorite monthly conference call …

play nice.

Scooter

April 26th, 2010
9:05 am

Top of the morn to you USinUK! Hurry back. I want to learn more about this banking reform.

Scooter

April 26th, 2010
9:05 am

And good morn to all! :smile:

FinnMcCool

April 26th, 2010
9:07 am

Got to get us some of that there Reform. Let’s slap all kinds of regulations on these greedy bahstads.

Soothsayer

April 26th, 2010
9:12 am

stands for decibels

April 26th, 2010
9:13 am

The then-conservative Time clearly didn’t think much of this “revolutionary enterprise,”

Can’t wait to hear the brain trust here inform Jay that Henry Luce was really a closet Commie.

N-GA

April 26th, 2010
9:14 am

Let’s put a bunch of them in jail first. Then regulate the heck out of those that are left. Funny thing is, the banks that are already playing within reasonable limits of risk tolerance (akin to risk aversion) don’t have any real problem with increased regulation since it won’t affect how they operate. For them it will be business as usual.

Bosch

April 26th, 2010
9:15 am

“banking is not restricted by borders, anymore”

Yes, that’s the boil on the butt of it all. We’ve screwed the pooch on keeping this amongst ourselves, now we have to go along with the rest of the playground loonies.

NowReally

April 26th, 2010
9:17 am

I hope the reform bill doesn’t get watered down and essentially acquire some additional provisions that will guarantee jail time. (Though I don’t think it will)
I don’t think this current bill does anything to the SEC, when they become too overly involve with fraternization of industry big wigs. The bill needs to include a provision that makes sure the SEC does its job and do not allow individual employees to enjoy perks given to them.
Up next Goldman Sachs…….. Tuesday can’t get here fast enough. I’m really going to enjoy listening to their testimony. :) I have a feeling these losers are 100 times more arrogant than WaMu or Lehman Brothers. :)

BillyGee

April 26th, 2010
9:17 am

Wall Streed needs reforming but I sure don’t trust the Obamacrats to do it right. They are just itching for more federal power and more goodies to give away…all funded by me and you.

getalife

April 26th, 2010
9:18 am

Reform this, reform that, lets just call it government reform.

Reforming your donors does not sell well and the libs do not trust them. Finally.

cons just want to blame Obama.

I think we will get a weak bill and go back to business as usual.

It will collapse again and we will bail them out again.

Politics as usual.

Soothsayer

April 26th, 2010
9:20 am

Scooter

April 26th, 2010
9:23 am

I saw an economist on PBS this weekend. He said the reason fraud charges haven’t been brought up against some of the bankers is because lots of the money could be traced back to some of our politicians. ???????

Paul

April 26th, 2010
9:25 am

I asked before why Republicans would oppose financial reform.

Some news reports over the weekend said it was because the proposed legislation didn’t go far enough. Republican (and some Democratic) pressure led Sen Dodd to incorporate stronger rules on derivatives, which was opposed by some Congressional Democrats and the White House. Republicans are still holding out for tough controls on Fannie Mae and Freddie Mac.

from AP:

“California Republican Rep. Darrell Issa maintains 41 “no” votes by Senate Republicans “is a yes vote to more comprehensive reform, more balanced reform.”

Speaking on CBS News’ “The Early Show,” Issa said the bill does not do enough to restrain Fannie Mae and Freddie Mac, the giant lenders that lost billions in bad loans.

And

“On Sunday, Dodd, D-Conn., agreed to toughen his overarching bill with stronger rules on derivatives, including one that had drawn objections from the Obama administration, according to a Democratic official familiar with the negotiations. Dodd entered into a tentative deal with Agriculture Committee Chairwoman Blanche Lincoln, D-Ark., to incorporate her committee’s derivatives provisions into the broader regulatory legislation. At least two Republicans – Sens. Charles Grassley of Iowa and Olympia Snowe of Maine – are on record supporting Lincoln’s derivatives package. “

Normal

April 26th, 2010
9:26 am

Good Monday Morning to you Scooter!

JohnnyReb

April 26th, 2010
9:27 am

“Are all 41 GOP senators really willing to be seen as obstructing reform on behalf of Goldman Sachs and the rest of the high-flying finance industry?”

So, it’s not even remotely possible that Republicans could actually be demanding improvements to the bill?

And, it’s entirely out of the question that the present Democratic bill is exactly what Wall Street wants?

Union

April 26th, 2010
9:28 am

I think Scooter has a point.. does Washington really want reform… or do they want to fix it so it cannot be tracked back to them? (Just as the politicians did here in GA.. get caught going on trips.. call for reform.. reform that specifically excludes the reporting of those trips..) hmmm

Mick

April 26th, 2010
9:28 am

Another manic monday, class warfare continues and we know who the winner will be again and again.

Normal

April 26th, 2010
9:28 am

Soothsayer

April 26th, 2010
9:12 am

So, what’s your point? :D

N-GA

April 26th, 2010
9:29 am

Scooter (9:23)…you would think if that were true then he would provide some facts (proof). In this world it is very hard to keep a secret, so I suspect that someone, somewhere would come forward. And there is always a prosecutor wanting to make a name for him/herself. Saving criminal prosecution, there are always people wanting civil damages.

Paul

April 26th, 2010
9:30 am

One more stereotype down the tubes:

“we are in this mess today in part because important restrictions in the Glass-Steagall Act of 1933 were abolished in 1999 in the name of free markets”

Double Jeopardy question: who was President in 1999?

Bonus question: Who did the President at that time say gave him the advice for this, which he should have rejected? And….. what’s the name of the current President this advisor is now serving?

Bosch

April 26th, 2010
9:33 am

Paul,

“and Olympia Snowe of Maine – are on record supporting Lincoln’s derivatives package. ”

Know why? Because she is the Senate Goddess.

Normal

April 26th, 2010
9:33 am

My tea drinking friend who sent me the “Obama is my favorite President” letter I shared with y’all, told me last night that if the GOP doesn’t support bank reform, he won’t vote for them November. It seems to me that most “normal” people want true, good, regulations. Why don’t they get it in D.C.?

N-GA

April 26th, 2010
9:36 am

Paul,

There are those in the Senate (Mitch McConnell) who are crying that the new bill amounts to a guarantee of future bailouts. If they are so willing to distort the facts of the bill, can we really expect any of them to publicly come clean with what is right/wrong with the bill? IMO they are simply trying to slow things down as much as possible going into the November election. It is all posturing to gain maximum advantage.

Soothsayer

April 26th, 2010
9:37 am

Soothsayer

April 26th, 2010
9:40 am

Outhouse GoKart

April 26th, 2010
9:45 am

This reform will not affect the majority of the poor people who refuse to do any work…that includes most of you on this thread. Enjoy being in the poorhouse surrounded by your denial and bad attitudes.

Paul

April 26th, 2010
9:47 am

Bosch

Always pay homage to the Goddess!

N-GA

I think that’s about spot on with the Republican leadership. I hope what I’m seeing with the rank and file is “okay, leaders, keep up your posturing while we get a few tougher rules in so we can vote for it.”

Golly, I hope that’s not naively optimistic….

danjonglee

April 26th, 2010
9:47 am

This is going to be a windfall for the online porn industry…..with all those eager beaver SEC agents..

The Nerve

April 26th, 2010
9:49 am

“Funny thing is, the banks that are already playing within reasonable limits of risk tolerance (akin to risk aversion) don’t have any real problem with increased regulation since it won’t affect how they operate. For them it will be business as usual.”

I would respectfully disagree N.GA. For those who think that banks need more regulations and oversight, please go visit your local community bank. Not SunTrust, BofA or even someone like Regions. Go to your local bank that serves your community and has just a few branches. Go ask them if they need more regulations and compliance rules. The problem is not that there isn’t enough regulatory oversight. The problem is the agencies that enforce them. The “big” banks are simply too big to be enforced properly.

Jay

April 26th, 2010
9:56 am

Paul, I am not aware of a single issue on which the GOP is pushing for a TOUGHER line on regulation. Not a one. If I’m wrong, I’ll be glad to be corrected on it.

But on every single point of dispute that I’ve seen, the GOP is pushing for weaker regs.

getalife

April 26th, 2010
9:57 am

Normal.

“The law doesn’t apply to us.”

http://tpmmuckraker.talkingpointsmemo.com/2010/04/even_after_law_aimed_at_banning_it_rnc_still_sendi.php?ref=fpblg

The gene that determines right from wrong is missing in their dna.

pat

April 26th, 2010
9:58 am

Yeah we’ve seen what democrat reforms do. You wanted health reform you got it and now health care costs, the number one problem, is going to get worse because of it.
Reform isn’t a generic term, what are these imbeciles in Washington, who do not know how to run a business going to do? So far everything about this admistration has been a thinly veiled power grab. While pretending to “fix” problems, they put more and more of the economy and subsequently our lives under governement control. Anybody notice the “fixes” don’t work, but the governement is in control, so according to the administration, there is no more problem.
Congress is simply trying to grab as much as they can before the November elections. Control is all this is about. Not reform.

Normal

April 26th, 2010
10:02 am

Outhouse GoKart

April 26th, 2010
9:45 am

:lol:

Bosch

April 26th, 2010
10:03 am

“the number one problem, is going to get worse because of it.”

I love it when people use their crystal balls to promote such optimism.

Union

April 26th, 2010
10:07 am

“One senior attorney at SEC headquarters in Washington spent up to eight hours a day accessing Internet porn, according to the report, which has yet to be released. When he filled all the space on his government computer with pornographic images, he downloaded more to CDs and DVDs that accumulated in boxes in his offices.”

Now.. that’s a lot of porn..

jewcowboy

April 26th, 2010
10:11 am

Paul,

“Double Jeopardy question: who was President in 1999?”

Clinton

And what party were the sponsors of the Gramm–Leach–Bliley Act of 1999 affiliated with?

Phill Gramm – R
Jim Leach – R
Thomas J. Bliley, Jr. – R

This is what bi-partisan legislation brings, huh?

.

Normal

April 26th, 2010
10:11 am

Read this, something worth thinking about…

Co-determination has several features, one of which allows workers to elect representatives to corporate boards of directors known as supervisory boards. Supervisory boards then oversee company managers, who handle day-to-day operations. In Germany, the world’s second-largest exporter and fourth-largest national economy, fully half of the boards of directors of the largest corporations–Siemens, BMW, Daimler, Deutsche Telekom and others–are elected by workers. In Sweden, one-third of a company’s directors are worker-elected. To understand the significance of this, imagine if Wal-Mart were legally required to allow its workers to elect a third to half of its board, who would then oversee the CEO. Imagine how much that would change Wal-Mart’s behavior toward its workers and supply chain. It’s hard for Americans even to conceive of such a notion; indeed, when I ask Americans at my lectures how many of them have heard of worker-elected supervisory boards, usually no hands go up. Yet most European nations employ some version of this as a regular feature of their economy.

http://www.thenation.com/doc/20100510/hill

Crenshaw8

April 26th, 2010
10:11 am

The devil is in the details.

It’s not just Reps but Dems that have problems with the FRB. If a company is too big to fail but does, the Reps want the CEO terminated and compensation returned. The Dems just want the CEO fired. The bill does not go far enough, Republicans will push the Dems to make sure it does.

BILL MOYERS: I read an essay last night where you describe what you call a criminogenic environment. What is a criminogenic environment?

WILLIAM K. BLACK A criminogenic environment is a steal from pathology, a pathogenic environment, an environment that spreads disease. In this case, it’s an environment that spreads fraud. And there are two key elements. One we talked about. If you don’t regulate, you create a criminogenic environment because you can get away with the frauds. The second is compensation. And that has two elements. One is the executive compensation that people have talked about that creates the perverse incentives.

http://www.marketoracle.co.uk/Article18937.html

stands for decibels

April 26th, 2010
10:12 am

I love it when people use their crystal balls to promote such optimism.

The Armey of Dick have their talking point, and they must shout it from the rooftops!

USinUK

April 26th, 2010
10:13 am

Paul – “Double Jeopardy question: who was President in 1999?

Bonus question: Who did the President at that time say gave him the advice for this, which he should have rejected?”

hate to say it, but they HAD to due to similar changes in banking regs here in the UK (which goes back to my point at 8:59)

Kamchak

April 26th, 2010
10:14 am

Fannie, Freddie, CRA, ACORN—it’s all their fault.

Just surprised those cards haven’t been played yet.

Paul

April 26th, 2010
10:16 am

Jay

I was referring to Sen Issa’s statement for including Freddie and Fannie as being tougher (encompassing more than the current legislation).

DoggoneGA

April 26th, 2010
10:16 am

“This is what bi-partisan legislation brings, huh?”

Yep, and I thought at the time…and still do…that it was one of the stupidist things Clinton did, signing that legislation. He should have vetoed it and let Congress pass it over his veto…if they could. Then his hands would have been clean.

Union

April 26th, 2010
10:16 am

wow.. if only the democrats would have put forth all this effort for Fannie and Freddie a few years ago.. I still don’t understand why if we are going to do some type of meaningful reform, we don’t add them in? Maybe it’s cause it’s not on the democratic talking point memo that goes out.. or maybe its that dems blocked reform before?

USinUK

April 26th, 2010
10:17 am

“Anybody notice the “fixes” don’t work, but the governement is in control, so according to the administration, there is no more problem.”

yep … “fixes” never work … there isn’t improved access for the handicapped (Americans with Disabilities Act) … there isn’t improved workplace safety (ASSE and OSHA) … there isn’t improved employment for women and other minorities (Civil Rights Act) …

that gummint … they never do ANYthing right …

:roll:

Normal

April 26th, 2010
10:17 am

Paul,
2nd SEAL cleared in Iraqi abuse case… Good news!

Donovan

April 26th, 2010
10:18 am

First off, Jay, I feel so much better having Charles Grassley, Olympia Snowe, and the Wall Street Slimes speaking out in favor of “reform”. By the way, reform has become the clever liberal term for control; just like universal health care morphed into “health care reform”. Always conning the electorate like snake oil salesmen, don’t you think? I have made most of my money from Wall Street and I have also lost money from Wall Street during my long years of trading. My philosophy in life is “buyer beware”. Just like those idiots who couldn’t afford to buy a house in the first place, you shouldn’t expect someone to bail you out if the proposition doesn’t turn out. In a perfect world no one gets hurt. However, Adam and Eve loved apples. Nevertheless, liberalism will always try to find a way to create a perfect world with feel good snake oil. Ronald Reagan once said the most terrifying words ever spoken by the government has been, “we are here to help you”.

Paul

April 26th, 2010
10:18 am

jewcowboy

It was just the point that the ‘free marketers’ at times included Democrats (Pres Clinton). He’s since said he regretted going along, but that’s a good warning that when dealing with economists one is dealing with opinions.

USinUK

April 26th, 2010
10:18 am

Dusty

April 26th, 2010
10:18 am

Ok so what’s new here this morning? Nothing. Bookman tries to shoot flames at the EVIL RICH i.e. the Wall Street Banks. Meanwhile Cynthia Tucker picks up the stick to beat Arizona. She loves illegals. Thinks they are all voting liberals.

In the meantime, I am hoping that Josef’s folks in Yazoo, Miss. are safe. The pictures from there do not look good.

Well, let me get to work. You all save the world while I am gone. France wants to ban facial scarves for women and the Braves lost yesterday. Poor French. Poor Braves. Just thought I would throw in a little extra for the morning crowd. Get out the Taro cards, Bosch. Shake the sensibilities, Paul.

USinUK

April 26th, 2010
10:20 am

Bosch – “Know why? Because she is the Senate Goddess”

I second that emotion

Jay

April 26th, 2010
10:21 am

At some 1,300 pages, this bill is already complicated enough, Paul, and the very real problems with Fannie and Freddie are of a different sort and require a different approach, since they’re basically goverment operations. That’s why they weren’t included.

However, a serious Fannie and Freddie fix is coming, as the GOP knows quite well:

http://www.politico.com/news/stories/0310/34897.html

morning star

April 26th, 2010
10:22 am

(Meanwhile Cynthia Tucker picks up the stick to beat Arizona. She loves illegals. Thinks they are all voting liberals.)

Illegals have voting priviledges? Well, slap my knee! I need to become more edjumicated!

stands for decibels

April 26th, 2010
10:22 am

Kamchak @ 10.14

Fannie, Freddie, CRA, ACORN—it’s all their fault.

Just surprised those cards haven’t been played yet.

two minutes later:

if only the democrats would have put forth all this effort for Fannie and Freddie a few years ago..

Splendid work, Kamchak.

If you could harness troll-energy for something useful, we might be able to wean ourselves off foreign oil. See to it, would you?

Dusty

April 26th, 2010
10:22 am

Ohhh…. good one, Donovan…

USinUK

April 26th, 2010
10:24 am

Union – to respond to your post from downstairs – you missed the point of my pull quote from your article. The economists in question weren’t talking about the impact on the economy OVERALL – they were asked about the impact of the stimulus package on THEIR COMPANY.

big difference.

Paul

April 26th, 2010
10:25 am

Normal 10:17

That IS good news. I was concerned with this trial, as they elected judge alone. Now comes the tough one – the SEAL accused of hitting the prisoner.

Kamchak

April 26th, 2010
10:27 am

USinUK

Yeah, I got to watch that game yesterday. Too bad we couldn’t have scored two of those goals last week, or bank at least four for next weeks game at Liverpool. Was really hoping the Spurs could take care of business this week-end past against Sir Alex and Mr. Potato head.

Bosch

April 26th, 2010
10:27 am

Dusty,

Tarot Cards are awesome if you learn to read them. It’s been a while since I played around with those. I always thought it’d be cool to be like the guy that sits at Jackson Square and makes a killing reading Tarot Cards to gullible tourists.

Kamchak,

You were two minutes too early. Dude, I stopped watching that game because it was just too boring.

pat

April 26th, 2010
10:28 am

Bosche, here’s the Crystal ball you speak of me having….
http://www.msnbc.msn.com/id/36726295/ns/politics-health_care_reform/

Kamchak

April 26th, 2010
10:29 am

dB

It’s as easy as predicting that the sun will rise in the east.

Dusty

April 26th, 2010
10:29 am

Morning Star,

Illegal’s have no privileges in the USA except to return home where they are legal. But they GET PRIVILEGES ANYWAY.. Ever heard of counterfeit? Are you an illegal from Venus?

jewcowboy

April 26th, 2010
10:30 am

Donovan,

“Ronald Reagan once said the most terrifying words ever spoken by the government has been, “we are here to help you”.

The same holds true to bankers and lawyers….

USinUK

April 26th, 2010
10:30 am

Kam – “Was really hoping the Spurs could take care of business this week-end past against Sir Alex and Mr. Potato head”

I know!! “bummed” does not even begin to describe my disappointment … BUT, it was offset by being happy that your guys did so well!! :-)

AND … I was glad to see that Mr. Potatohead should be in fighting condition for South Africa (huzzah! not just for the England team, but for him, personally, since he missed out 4 years ago)

pat

April 26th, 2010
10:31 am

Really USinUK?
What part of this has this congress and this administration done:
“USinUK

April 26th, 2010
10:17 am
“Anybody notice the “fixes” don’t work, but the governement is in control, so according to the administration, there is no more problem.”

yep … “fixes” never work … there isn’t improved access for the handicapped (Americans with Disabilities Act) … there isn’t improved workplace safety (ASSE and OSHA) … there isn’t improved employment for women and other minorities (Civil Rights Act) …

that gummint … they never do ANYthing right …”

Oh right, none of it. Why introduce such a pathetic straw man? Not talking about past administrations, talking about this one….You’d have been better off claiming Bush did it, agian.

USinUK

April 26th, 2010
10:32 am

“Ronald Reagan once said the most terrifying words ever spoken by the government has been, “we are here to help you”

I’ve always found that to be the most offensive of RR’s many offenses … there are a lot of good government workers that help people in crisis — this does nothing but smear the lot of them.

Paul

April 26th, 2010
10:32 am

Jay

Thanks for the clarification. I have more confidence something will be done with Fannie/Freddie, as the criticism is from the White House (in other words, it’s not a ‘trust us’ from the Congressional leadership). Then again, Rep Barney Frank has also called for reforming Fannie/Freddie, using some pretty strong language. So it’s more than placating talk.

I predict more than a couple Republicans will vote for passage – with or without Freddie/Fannie provisions. Opposing any reforms for Wall Street after what we’ve been through (and continue to see) won’t play well with the folks back home. Especially when nearly every one of them who had retirement and other savings saw them go “Poof!”

USinUK

April 26th, 2010
10:33 am

pat … “really pat” ???

since you didn’t SPECIFY this administration, I didn’t limit my response to this administration.

Normal

April 26th, 2010
10:33 am

Dusty

April 26th, 2010
10:34 am

Bosch,

Now I know where you go to work when you leave here. Jackson Square, huh? Where is Jackson Square? I hope it is named after Stonewall Jackson.

Bosch

April 26th, 2010
10:34 am

Funny how the Gipper always criticized the government yet expanded it like a whole lot — and was the government’s main spokesperson. Isn’t that like the CEO of a company saying, “uh, hell, our product sucks….don’t buy it.”

That’s what’s always made me have this reaction :shock: to most anything a GOP person says.

Except, of course, Olympia Snowe, who is the Senate Goddess. If she says it – it’s true.

USinUK

April 26th, 2010
10:36 am

Bosch

April 26th, 2010
10:36 am

Normal

April 26th, 2010
10:37 am

Except, of course, Olympia Snowe, who is the Senate Goddess. If she says it – it’s true.

Anybody named Olympia just has to be a Goddess, I’m sayin’…

Bosch

April 26th, 2010
10:37 am

Wow, that was one long URL – sorry folks.

jewcowboy

April 26th, 2010
10:38 am

USinUK,

“I’ve always found that to be the most offensive of RR’s many offenses … there are a lot of good government workers that help people in crisis — this does nothing but smear the lot of them.”

Damn those people from the government:

http://www.defense.gov/home/features/2005/katrina/images/pi20050903a3.jpg

http://www.msc.navy.mil/sealift/2005/September/graphics/050905-N-8090G-001.jpg

USinUK

April 26th, 2010
10:38 am

Bosch – “Isn’t that like the CEO of a company saying, “uh, hell, our product sucks….don’t buy it.””

yeppers … except that I’d expand that to say it’s like the CEO of a company saying “I don’t know what I’m doing here, our product sucks and, really, you shouldn’t buy our stock” …

RR was the KING of “all sizzle, no steak”

Bosch

April 26th, 2010
10:40 am

Normal,

:-)

One of the reasons I’ve always liked Olympia Snowe is she’s always seemed so practical. She reminds me of my grandmother who – if she told you were being a dumbass, chances are, you were being a dumbass.

USinUK

April 26th, 2010
10:40 am

jewcowboy – I know … those FEMA folks … and CDC folks … and the state department people who helped folks stuck in Europe during the Great Ash Crisis of 2010 … horrible – the lot of them.

USinUK

April 26th, 2010
10:42 am

Bosch – I’m digging your grandma … my grandmother would have done the same, but she would have said it in Italian, so you wouldn’t have understood and probably kept doing what you were doing … ;-)

md

April 26th, 2010
10:42 am

“At some 1,300 pages, this bill is already complicated enough, Paul, and the very real problems with Fannie and Freddie are of a different sort and require a different approach, since they’re basically goverment operations.”

Hmmmm………..”gov’t operations”. Wonder who controls those?

Must be like the 500 billion waste in medicare/caid which took years to address after being “identified”.

Sure wish I could run my house like they run their house and survive to tell about it.

Bosch

April 26th, 2010
10:44 am

Ugh, make that “seems” so practical. Sorry Engrish teachers!

USinUK

April 26th, 2010
10:46 am

md – “Hmmmm………..”gov’t operations”. Wonder who controls those?”

you realize these are GSEs, they’re not the gummint.

Normal

April 26th, 2010
10:46 am

Bosch,
I have to agree about Olympia. She has always been the voice of reason…which makes me wonder why she’s lasted this long in the GOP. She must have pictures…

Bosch

April 26th, 2010
10:46 am

USinUK,

My grandmother was a one hell of a head smacker – I sometimes think that’s what’s wrong with me – but there was no denying what each of her head smacks meant.

I think Olympia Snowe would probably smack heads if she could get away with it – she probably does anyway – “Mitch [whack] your being a dumb ass! Now, shut the hell up.”

Terrence

April 26th, 2010
10:46 am

morning star

April 26th, 2010
10:49 am

Dusty 10:29am
But they GET PRIVILEGES ANYWAY.. Ever heard of counterfeit? Are you an illegal from Venus?

You are correct in that many of EVERY race, sex or national origin will obtain priviledges to which they have no right. That’s why laws are necessary, and why all companies, agencies in the PUBLIC and PRIVATE sector require strict government regulations.

If all was sane and good, we’d have had no need for intervention and implementation of the ADA, ASSE OSHA, CIVIL RIGHTS USinUK mentioned in her 10:17am. Instead of “Take your daughter to work day,” we’d hear “Bring your 12 year old to work, or lose your job!” Read about child labor in this country, and become grossed out for the day.

No, I’m no illegal from Venus. Many of my old grands have been traced back to Virginia, Maryland etc. long before the 13 colonies gained their independence.

USinUK

April 26th, 2010
10:50 am

oh, and Donovan … please learn the difference between universal health care and health care reform. the bill that was passed and signed has NOTHING whatsoever to do with universal health care.

but thanks for playing.

Bosch

April 26th, 2010
10:51 am

Normal,

That’s one of the reasons I do have enourmbus respect for Snowe – she HAS lasted that long in the GOP – she’s a woman of principle, and she sticks with them.

Dusty

April 26th, 2010
10:52 am

Bosch,

Sooo….. you said you react to anything a GOP person has to say. Figures. But let me tell you ONE thing, honey. StoneWall Jackson is NOT Andrew Jackson. .Your “southern” is terrible.. That figures too. I think you are an illegal Southerner.

USinUK

April 26th, 2010
10:53 am

Bosch – 10:46 – I remember my grandma chasing my brother with a broom one day, yelling at him in Italian … he was laughing too hard to be scared. my grandma wasn’t a hitter … although I think a good, swift “thwack” with a wooden spoon upside the head would do some congress critters a world of good …

N-GA

April 26th, 2010
10:54 am

Nerve – I’ve worked in the Georgia banking industry for more than 30 years. Let me point out just 2 things for you to consider:
1. Georgia has had more banks fail in the past 12 months than any other state, and most of those were the small community banks you’ve described.
2. I don’t know of a single community bank that is trading in derivatives.

USinUK

April 26th, 2010
10:54 am

Dusty – 10:52 – you haven’t had his cheesy shrimp grits …

Bosch

April 26th, 2010
10:58 am

Dusty,

Oh, my bad, I thought you asked if that statue was Stonewall. That square has been around wayyyyyyyy before Stonewall’s Days — War of 1812 and all that jazz. But yeah, sometimes I wonder if I’m a true Southerner – it took me a long time to like grits, but as you know, I’m quite the fan now — I’m not Baptist, I hate sweet tea, NASCAR, football, and sweet potato pie (or sweet potatoes in general, I think they were sent up here by Satan himself).

Bosch

April 26th, 2010
10:58 am

Dusty,

Dang, again, I thought you asked if that statue was ANDREW Jackson. Maybe I need some more caffeine.