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.
“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.
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200 comments Add your comment
md
April 26th, 2010
10:59 am
“you realize these are GSEs, they’re not the gummint.”
May want to direct your post to Jay, those were his words.
And, the gov’t put those into conservatorship in 2008, so in the real world, they are gov’t operations.
Dusty
April 26th, 2010
11:00 am
Morning Star,
If you want COMPLETE GOVERNMENT REGULATION you are in the wrong country. The USA declared a long time ago they wanted INDEPENDENCE. We have a Constitution that guards that independence. Some people forget. You seem to be one of them. You do not have freedom when the government is runnning EVERYTHING.
Bosch
April 26th, 2010
11:01 am
N-GA,
“I don’t know of a single community bank that is trading in derivatives.”
I’m glad you made that distinction – I read Nerve’s statement and thought — apples and oranges.
danjonglee
April 26th, 2010
11:01 am
Obama’s National Security Advisor Tells Joke Depicting Jews as Greedy Merchants –
Now that is the real problem with Wall Street as interpreted by team Obama – I wonder what regulatory fix this requires……
USinUK
April 26th, 2010
11:02 am
md – mmmmm … considering the gummint hasn’t explicitly guaranteed their debt, they’re still in a grey area …
I apologize for the other part – I just saw your comment and didn’t see what Jay said …
md
April 26th, 2010
11:04 am
“the bill that was passed and signed has NOTHING whatsoever to do with universal health care.”
Has nothing to do with reform either. Gave control to the insurance industry and added to an already unsustainable deficit. To top it off, the new numbers coming out (who didn’t know they were coming) indicate it will not save what it claimed it will.
USinUK
April 26th, 2010
11:04 am
Dan – speaking of people who need to feel the “thwack” of a wooden spoon upside the head …
although, did you see where he TOLD the joke? a pro-Israel think tank
http://rawstory.com/rs/2010/0426/national-security-adviser-tells-greedy-jewish-joke-jewish-crowd/
jewcowboy
April 26th, 2010
11:05 am
And the banks still don’t get it:
“JPMorgan Chase & Co. has taken an out-of-the-ordinary approach to encourage customers to use their signature rather than their PIN when making debit card purchases.
There’s no cash-back incentive or promise of a big-screen television or travel reward. Instead, JPMorgan Chase is appealing to a more basic human desire: safety.
The problem, security experts said, is that PIN debit transactions are actually much more secure than signature debit purchases.
Signature debit is considerably more lucrative for a debit card issuer, however.”
http://www.americanbanker.com/issues/175_75/debit-1017958-1.html
This is the exactly the type of thing that made me move all my financial transactions to a credit union.
md
April 26th, 2010
11:07 am
“md – mmmmm … considering the gummint hasn’t explicitly guaranteed their debt, they’re still in a grey area … ”
When in conservatorship, gov’t has control. Treasury is pulling the strings.
Bosch
April 26th, 2010
11:07 am
jewcowboy,
“This is the exactly the type of thing that made me move all my financial transactions to a credit union.”
You Democrat Union thug……
USinUK
April 26th, 2010
11:08 am
md – “Has nothing to do with reform either”
hey, I’d loved to have seen it go a helluva lot farther, so you’re preaching to the choir, there …
(although that’s probably not what you meant)
jewcowboy
April 26th, 2010
11:10 am
Bosch,
“You Democrat Union thug……”
that’s me…bringing down the system, one CD at a time
Rich Tanenbaum
April 26th, 2010
11:11 am
Is Obama selling reform using the same practices mortgage bankers used to sell bad loans? Check out http://www.savvysoft.com/dastardly.htm
Bosch
April 26th, 2010
11:12 am
md,
“Has nothing to do with reform either.”
Yeah, I’m a member of that choir too.
But going back to those “numbers” – I’m always iffy about people shouting out “numbers” concerning something that hasn’t even been implemented. So, we’ll see.
Union
April 26th, 2010
11:12 am
USinUK..
Yeah.. but the good thing about reform is that premiums are gonna cost less.. and we won’t have to pay for it with new taxes.. and if anyone says that we are.. they are liars!
USinUK
April 26th, 2010
11:12 am
jewcowboy – ooooo … hey … if you’re burning CDs, feel free to start with that 1980’s horror story, Spandeau Ballet!!
Dusty
April 26th, 2010
11:13 am
USinUK
.I have not eaten Bosch’s cheesy shrimp grits. As EVERBODY knows, country ham is the only true adornment for grits.
Kamchak
April 26th, 2010
11:14 am
A smoking gun?
WASHINGTON — In an internal e-mail released Saturday, Goldman Sachs chief executive Lloyd Blankfein wrote in November 2007 that the firm “didn’t dodge the mortgage mess,” but “made more than we lost” by betting against the U.S. housing market.
Blankfein’s e-mail, which a Senate investigations panel released with three other subpoenaed company documents, appears to contradict Goldman’s denials that it profited from the subprime mortgage meltdown by secretly betting that housing prices would fall. At the same time, Goldman was selling tens of billions of dollars in risky mortgage securities.
jewcowboy
April 26th, 2010
11:15 am
USinUK @ 11.12,
True
USinUK
April 26th, 2010
11:16 am
Dusty – was born and raised in the shadow of the Big Chicken, but I hate ham
does that mean my southern-ness is revoked?
pat
April 26th, 2010
11:19 am
Yes, I did specify this administration USinUK, you must have just misread.
mm
April 26th, 2010
11:19 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.”
You couldn’t carry my wallet, loser.
“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.”
Don’t you folks need to come up with some reality based putdowns.
md
April 26th, 2010
11:19 am
“A smoking gun?”
Not really, as what they were doing was not illegal. Not ethical – probably.
As long as shorting is legal, there will always be those betting on the short. No different than betting red and black.
TCHT2010-12
April 26th, 2010
11:20 am
Caterpillar: The Rest Of The World Is Coming Back Fast, But Boy, America Is Horrible
Read more: http://www.businessinsider.com/caterpillar-the-rest-of-the-world-is-coming-back-fast-but-boy-america-is-horrible-2010-4#ixzz0mEPVfrS8
Goober
April 26th, 2010
11:21 am
Try sugar on your grits. It’s a northern trick but it’s good.
md
April 26th, 2010
11:24 am
“Try sugar on your grits. It’s a northern trick but it’s good.”
That’s mashed “kettle korn”.
Grits need lots of unhealthy butter and pepper.
Kamchak
April 26th, 2010
11:25 am
Not really, as what they were doing was not illegal.
Didn’t say it was. Goldman denied that it made profits from betting that home prices would fall. This e-mail says that they lied.
Bosch
April 26th, 2010
11:26 am
“country ham is the only true adornment for grits.”
Big, giant, “pshaw”
~~~~~~~~~~~~~~
USinUK,
I heard this major loser of a song this morning:
http://www.youtube.com/watch?v=W6NXyxEtCR8&feature=PlayList&p=508FBC0FFCC358D7&playnext_from=PL&playnext=1&index=8
But, I couldn’t help it – during the “four, three, two one…” I automatically held up my fingers to count down” — my kids were so embarrassed for me.
USinUK
April 26th, 2010
11:27 am
TCHT – did you actually READ their comparison??? criminey, they’re comparing Asia/Pac to the US … hell, China’s GDP for all of last year was 8.7% … the US was -2.4%. if Caterpiller DIDN’T have big sales in Asia/Pac, that’d be surprising.
Bosch
April 26th, 2010
11:28 am
“Try sugar on your grits. It’s a northern trick but it’s good.”
No, that’s just wrong.
That’s what Cream of Wheat is for (as I make a gagging noise).
Union
April 26th, 2010
11:28 am
Reform Away…
“On Nov. 21, 2008, Goldman Sachs shares closed at a little more than $53. The bailouts and the pending bill have been very good for the company. Last week, the shares closed at almost $160.
Even looking at recent events, the Goldman share price has done nothing to suggest that the government action will harm the firm.
On Dec. 11, 2009, the House passed its version of the financial overhaul bill, and the share price of Goldman closed at $166. On April 14th, with the Dodd bill steamrolling toward the finish line, the share price peaked at about $185.”
USinUK
April 26th, 2010
11:29 am
md – “That’s mashed “kettle korn”.”
I was exiled to CT for 2 and a half years … I never understood the appeal of kettle korn. blech.
bosch … dammit, man … FIREWALL
jewcowboy
April 26th, 2010
11:29 am
I don’t normally listen to Ben Stein on politics, but this time we agree:
“Now, President Obama is trying to get Congress to do some modest reforms that will rein in the frat boys and keep us from coming as close to financial Armageddon as we did in 2007 and 2008. The legislation is not perfect, but it is a big step in the right direction.
The Wild West, ‘anything goes,’ casino mentality of modern Wall Street is an insult to the decency of the ordinary American taxpayer.
I rarely carry water for President Obama. But he is so right on this one it’s not even close.”
http://www.youtube.com/watch?v=1PErkPrKv48
Bosch
April 26th, 2010
11:31 am
USinUK,
Arrrgh! Sorry! It was that doofasaurus song, Major Tom – not he Bowie one, but the Peter Schilling one. You know what I’m talking about.
md
April 26th, 2010
11:32 am
“firm “didn’t dodge the mortgage mess,” but “made more than we lost” by betting against the U.S. housing market.”
I see 2 quotes, neither says they made “profits” from betting that home prices would fall. The second quote could very well mean they made profits company wide, not necessarily all off the mortgage mess.
I’m not defending their actions, just the intent behind words. Context of the e-mail is questionable.
USinUK
April 26th, 2010
11:32 am
md – I was exiled to CT for 2.5 years – during that time I never understood (much less developed a liking for) kettle korn. blech.
bosch – dammit, man … FIREWALL
Union
April 26th, 2010
11:33 am
Politico quoted a Goldman lobbyist Monday saying, “We’re not against regulation. We’re for regulation. We partner with regulators.” At least three times in Goldman’s conference call Tuesday, spokesmen trumpeted the firm’s support for more federal control.
… Goldman’s annual report explicitly endorsed stricter federal capital and liquidity requirements. Goldman reported on the conference call that it holds 15 percent “Tier 1 capital,” meaning it is very liquid and not very risky. Goldman can play it safe, you see, without needing a regulation. But regulations prevent smaller competitors from taking the risks needed to compete with Goldman (and every competitor is smaller).
USinUK
April 26th, 2010
11:35 am
sorry for the double post … computer gremlins.
Bosch – eaaarrrrth below uuuus … driiiiiftiiing faaaalliinnngg … floooaaaating weeeeeiiiightless … caaaalllling caaallling hooooommmmeee ..
nope. don’t know what song you’re refering to.
(and you’re a weiner for putting that song in my head)
DoggoneGA
April 26th, 2010
11:43 am
“(and you’re a weiner for putting that song in my head) ”
Be glad you’re not on this side of the pond then. Some car company is using it as the background song to their ad. I hear it 10 times a day.
USinUK
April 26th, 2010
11:44 am
and this just in …
About two-thirds of Americans support stricter regulations on the way banks and other financial institutions conduct their business, according to a new Washington Post-ABC News poll.
Majorities also back two main components of legislation congressional Democrats plan to bring to a vote in the Senate this week: greater federal oversight of consumer loans and a company-paid fund that would cover the costs of dismantling failed firms that put the broader economy at risk.
A third pillar of the reform effort draws a more even split: 43 percent support federal regulation of the derivatives market; 41 percent are opposed. Nearly one in five – 17 percent – express no opinion on this complicated topic.
http://voices.washingtonpost.com/behind-the-numbers/2010/04/most_back_stricter_financial_r.html?hpid=topnews
USinUK
April 26th, 2010
11:45 am
from the same link:
Q: Whom do you trust to do a better job handling [ITEM] – (Obama) or (the Republicans in Congress)?
Both Neither No
Obama Reps (vol.) (vol.) opinion
Regulation of the
financial industry 52 35 1 11 2
USinUK
April 26th, 2010
11:46 am
damn –
okay, from the same link, 52% of people trusted Obama more … while only 35% trusted Republicans more
USinUK
April 26th, 2010
11:47 am
doggone – NOOOOOOOOOOO!!! now, THERE’S something that should be legislated!!! no using bad 1980s songs in ads!!!
Midori
April 26th, 2010
11:54 am
No, Pat – your crystal ball is right here: http://bullwinkle.toonzone.net/misc-fortunetelling.gif
Union
April 26th, 2010
11:57 am
People are funny.. in an ignorant way.. The reform in its current state.. will actually MAKE companies like Goldman more money.. Maybe if we had a poll on that?
DoggoneGA
April 26th, 2010
11:58 am
“no using bad 1980s songs in ads!!!”
I actually like the part of that song that you quoted…but overall I absolutely HATE the song.
USinUK
April 26th, 2010
12:04 pm
doggone – a Nationwide Bank ad (here) was using Spandeau Ballet’s “Gold” in an ad for the last 4 months … I’m not a violent person, but I’m willing to make an exception for whoever came up with that ad …
theyeshaveit
April 26th, 2010
12:06 pm
Paul, this is for you.
Republicans And Clinton Agree on Glass-Steagall:
http://www.wsws.org/articles/1999/nov1999/bank-n01.shtml
Clinton Now Admits He Was Wrong:
http://blogs.abcnews.com/politicalpunch/2010/04/clinton-rubin-and-summers-gave-me-wrong-advice-on-derivatives-and-i-was-wrong-to-take-it.html
N-GA
April 26th, 2010
12:06 pm
Union (your 11:57) – Who cares about how much money those companies make? That isn’t the issue at all! Wake up……Regulation is intended to PROTECT depositors, investors, bank clients, and the taxpayer.
Kamchak
April 26th, 2010
12:08 pm
USinUK
“I Melt With You” by Modern English is the one being over used here. I used to like that song.
USinUK
April 26th, 2010
12:10 pm
Kam – oh, YEAH! I love that song!!
There’s also a deoderant commercial that uses a cover of Close to Me by the Cure …
jewcowboy
April 26th, 2010
12:11 pm
Long but very informative on how one hedge fund, Magnetar, helped fuel the housing bubble and profited from the implosion of the US economy…
http://www.thisamericanlife.org/sites/all/play_music/play_full.php?play=405
http://www.propublica.org/feature/all-the-magnetar-trade-how-one-hedge-fund-helped-keep-the-housing-bubble
md
April 26th, 2010
12:11 pm
Interesting:
New GM add touts paying off gov’t loans in full and early. Question is, did they use gov’t loans to pay off the gov’t loans.
Somethinf awful fishy going on in Detroit.
jewcowboy
April 26th, 2010
12:14 pm
Kamchak,
““I Melt With You” by Modern English”
“After the Snow” was the first CD I ever purchased; for my Sony Discman D121
http://consumerbrigade.com/brokenworld/files/2008/10/discman_d121.jpg
I was the first one with one, and at the time I was the sh*t.
USinUK
April 26th, 2010
12:14 pm
heading home … thanks for the 80s tunes!!
g’night all – have a good one
freestar
April 26th, 2010
12:17 pm
Since 1989, no company has donated more to Democrats than Goldman. Trust the dems at your peril.
N-GA
April 26th, 2010
12:21 pm
freestar….and who did the oil industry companies give most of their money to?
DoggoneGA
April 26th, 2010
12:22 pm
“Since 1989, no company has donated more to Democrats than Goldman.”
cite and link please. Your say-so alone isn’t good neough.
DoggoneGA
April 26th, 2010
12:23 pm
“good neough”
Your latest lesson in Engrish! Should be, obviously, “good enough”!
jewcowboy
April 26th, 2010
12:24 pm
Paul,
$153,800 per arrest?
“Internet viewers have helped police make a total of 26 arrests — that’s about $153,800 per arrest. And some border law agencies are not even using the cameras for police work.”
http://www.themonitor.com/articles/program-37818-border-costs.html
Kamchak
April 26th, 2010
12:25 pm
cite and link please. Your say-so alone isn’t good neough.
I’ll bet that he did stay at a Holiday Inn Express last night, though.
jewcowboy
April 26th, 2010
12:27 pm
And all of us are paying for the Texas Governor’s expensive cameras:
“Lawmakers didn’t go for the idea, refusing to fund the cameras with state dollars. But four years later, Perry has invested a total of $4 million of federal grant money that he controls in the Texas Border Watch Program.”
jewcowboy
April 26th, 2010
12:33 pm
“I know they’re frustrated. I know they’re tired. So are taxpayers” ~ Gov. Rick Perry
Yes we are. We are tired of posturing politicians who claim they are for fiscal restraint to garner votes, yet waste $4M of taxpayer money on 26 arrests.
“There’s a lot of different scenarios,” Perry said. “We’ve got a great union. There’s absolutely no reason to dissolve it. But if Washington continues to thumb their nose at the American people, you know, who knows what might come out of that. But Texas is a very unique place, and we’re a pretty independent lot to boot.”
If Texas were to leave the Union, where would they get money for camera’s?
theyeshaveit
April 26th, 2010
12:34 pm
freestar said, “Since 1989, no company has donated more to Democrats than Goldman. Trust the dems at your peril.”
In fact, A lot of politicians on both sides of the aisle got contributions from Goldman Sachs. Those fellows know how to play the game, that is, they have all bases covered.
Here are some of the recipients:
John Kerry, G.W. Bush, Barrack Obama, Mitt Romney, John McCain, Chris Dodd, Rudy Giuliani, Arlen Specter (as a Republican) and Rahm Emanuel.
freestar, you need to be a little more fair and balanced on your reporting.
danjonglee
April 26th, 2010
12:34 pm
I don’t think joking about “Greedy Jewish Merchants” is funny……Just like joking about African Americans, Gays and any other group. Especially coming from a position of power…
freestar
April 26th, 2010
12:36 pm
**cite and link please.**
Just the facts, DoggoneGA
#6
freestar
April 26th, 2010
12:42 pm
Minor correction.
AT&T is a company. Associations and unions are not. GS came in second to AT&T.
freestar
April 26th, 2010
12:46 pm
Chirp away!
Paul
April 26th, 2010
12:48 pm
jewcowboy
Gov Perry loves to tout his independence while he has his hands out for federal $$$.
The fence? Lesson there for a lot more than Texas. Get enamored of techie gizmos, be prepared to shell out lots of bucks. Local politicians look at Federal $$$ differently than locally-sourced dollars.
A double-wall, high fence with “Warning! Electric” signs would do the job much cheaper.
theyeshaveit
April 26th, 2010
12:51 pm
More on Goldman Sachs Contributions>
http://www.humanevents.com/article.php?id=36686&s=rcmp
Although Boehner’s press release contains a link to data on the Center for Responsive Politics Web site that lists Goldman Sachs as Obama’s No. 2 political contributor during the 2008 election cycle, it neglected to cite a link on the same Web site that reveals Goldman Sachs was the No. 2 contributor to Boehner’s own Freedom Project political action committee during the 2004 election cycle.
Check this out: http://www.cleveland.com/open/index.ssf/2010/04/boehner_ties_obama_to_goldman.html
N-GA
April 26th, 2010
12:51 pm
freestar – GS has been been charged with fraud. Now we have to see if those donations got what they paid for, right?
jewcowboy
April 26th, 2010
12:51 pm
freestar,
“Since 1989, no company has donated more to Democrats than Goldman. Trust the dems at your peril.”
As Jay has pointed out before, is Goldman getting their money’s worth?
freestar
April 26th, 2010
12:52 pm
Actually AT&T was on the fence with reps and dems so the facts are irrefutable.
Chirp away!
Union
April 26th, 2010
12:53 pm
@ Paul.. don’r forget..
¡Advertencia!! ¡Eléctrico!!
freestar
April 26th, 2010
12:55 pm
jewcowboy & N-GA, so much of the damage dems do shows up after the fact.
jewcowboy
April 26th, 2010
12:56 pm
freestar,
“jewcowboy & N-GA, so much of the damage dems do shows up after the fact.”
Versus the Republicans that create damage as soon as they take the oath of office?
Union
April 26th, 2010
12:56 pm
WOW.. look at all the Unions on that list.. HOLY CR@P.. No wonder Obama doesn’t have a spine.. ROTFL.. They make corp america look like amateurs..
jewcowboy
April 26th, 2010
1:00 pm
freestar,
“No one party has any firm hold on righteousness here,” said David Levinthal, a spokesman for the Center for Responsive Politics, which tracks donations.
http://www.miamiherald.com/2010/04/25/1597170/what-do-both-parties-have-in-common.html
I would certainly agree…
@@
April 26th, 2010
1:05 pm
Obama rode to victory in 2008 with the benefit of millions of first-time voters who had not been involved in politics. He is seeking to recapture that grass-roots appeal for his party this year, specifically reaching out to young people, African-Americans, Latinos and women.
What the heck happened to transcending racial politics? Benefitted from millions of of first-time voters who had not been involved in politics.
Well that’s obvious.
Would it be too much to ask the president to be a President that deals with the problems facing our nation rather than the problems facing his party’s re-election? WOULD IT!!??!!
Obviously it would be asking too much.
http://www.washingtonpost.com/wp-dyn/content/article/2010/04/26/AR2010042602029.html
jewcowboy
April 26th, 2010
1:07 pm
@@.
“Obviously it would be asking too much.”
Do you ask the same of Republicans?
jewcowboy
April 26th, 2010
1:10 pm
“Politicians cannot continue to have it both ways. The close nexus between Washington and Wall Street is eroding trust in government. This has already helped spawn the so-called “Tea Party movement” of disaffected Republicans and many Democrats are no less cynical.
If Washington knew what was good for it and the nation, it would sever its financial connections with Wall Street. Better yet, it would enact legislation seeking to limit the impact of private and corporate money in politics.”
http://www.ft.com/cms/s/0/473aeddc-5091-11df-bc86-00144feab49a.html
A dream, perhaps, but maybe one day…
Normal
April 26th, 2010
1:15 pm
My general view on this whole political thing…
http://icanhascheezburger.com/2010/04/24/funny-pictures-of-who-givs-a-crap/
@@
April 26th, 2010
1:16 pm
Call it goofy, but I call it sweet.
(CNN) — Shaving well. Choosing and taking care of good clothes. Handling finances. Screenwriter and author Antwone Fisher says many young males aren’t taught basic things they need to become men.
CNN: Are young males hungering for someone to show them how to be a man?
Antwone Fisher: I think so. …
http://www.cnn.com/2010/LIVING/04/24/antwone.fisher.tie.book/?hpt=C2
Me too. Absent fathers are dropping the “balls”.
Normal
April 26th, 2010
1:17 pm
Would it be too much to ask the president to be a President that deals with the problems facing our nation rather than the problems facing his party’s re-election? WOULD IT!!??!!
Both parties are equally guilty of that.
Bosch
April 26th, 2010
1:20 pm
“Gold Medal Olympians Urge US Senate to Pass Climate Legislation this Year”
Damn hippy losers.
http://www.worldwildlife.org/who/media/press/2010/WWFPresitem16022.html
Saved Andy the trouble.
morning star
April 26th, 2010
1:20 pm
Dusty 11am
You do not have freedom when the government is runnning EVERYTHING.
Did I say the government should run everything? Nope. I said we need regulations, I didn’t say government should run everything. I’ll make a point. About 10 years ago a coworker told me we no longer needed “certain” regulations. We’d come so far…….yeah right. Poor thingy. However, you can’t argue when someone is stuck on stoopid.
Yes, the country did declare they wanted independence, and Tommy and the boys made provisions in the constitution that hopefully will not be squandered by those in a dream world. Lord knows some are trying. However, the constitution didn’t ensure freedom for all, it took the Civil War (or War of Northern Agression) whichever you wish to call it to even start to make a dent in equality and fairness for African Americans. It took the Civil Rights Act to make jobs available to everyone, regardless of race, sex. Ask the women who (if any are still alive) were in the work force in the 1940’s.
No, government shouldn’t run everything, but EVERYONE should adhere to strict government regulations, not to strict Enron regulations. When someone is found not abiding by the rules, kick them to the curb.
theyeshaveit
April 26th, 2010
1:24 pm
@@, long before the anger erupted over republicans ramming through the SB 1070 immigration bill, the Big Tent Party was losing support among minorities. Big Tent was only a campaign slogan, never a real attempt at inclusion. The fact is, the Grand Old Party is simply Grand Old School in the light of day as far as minorities are concerned. It should be of no surprise then that minorities see much more being done to address their needs in the Democratic Party than in the party of no (as in no inclusion).
Bosch
April 26th, 2010
1:24 pm
“and Tommy and the boys”
Tommy and the boys – that’s a good one.
@@
April 26th, 2010
1:25 pm
jewcowboy:
Do you ask the same of Republicans?
I do.
Stark comparisons, don’tcha think?
When was the last time I told you how much you bore me? It can’t be said often enough.
Off to run the track with a friend. Missed this morning’s workout.
@@
April 26th, 2010
1:28 pm
Make that stark contrasts.
IRHGTWIHBMBIHTCIHAETCCBWSRFLITLIWFSUC
theyeshaveit
April 26th, 2010
1:29 pm
Tommy And The Boys sounds like a singing group – Deon and the Belmonts?
Normal
April 26th, 2010
1:31 pm
Good reasoning here…
http://www.thenation.com/blogs/thebeat/554614/amend_to_end_too_big_to_fail
theyeshaveit
April 26th, 2010
1:35 pm
@@, that article that you provided a link to kind of fell flat I think. To me it was just a big “so, what”. And the article was left incomplete. It should have ended this way:
WHAT PRESIDENT OBAMA LEARNED IN HIS 1ST YEAR? Spokesman Robert Gibbs said yesterday that “change is never easy; that change takes time; that change has to go through Congress.”
WHAT PRESIDENT BUSH LEARNED IN HIS 1ST EIGHT YEARS? Nothing. Absolutely nothing.
md
April 26th, 2010
1:51 pm
“that change has to go through Congress.”
And that should be “and Congress has to change”.
jewcowbot
April 26th, 2010
1:54 pm
@@,
If I bore you so very much, you always have the choice of ignoring my posts.
I seem to remember you advocating that to someone else here once upon a time.
jewcowbot
April 26th, 2010
2:00 pm
@@,
As to your link, that Obama is one busy man…was that your point?
How many vacation days has Obama taken at his ranch
TnGelding
April 26th, 2010
3:17 pm
High risk markets need to be shut down to protect the greedy from themselves.
Pogo
April 26th, 2010
4:08 pm
And for all of you Obamadroids out there I offer this;
http://money.cnn.com/2010/04/26/news/economy/NABE_survey/
I guess those hated Tea Party people may be on to something after all. And this coming from CNN!
Pogo
April 26th, 2010
4:28 pm
Jay, you are correct on Palin. She is an empty suit (or dress, whatever the case may be). But to be fair, shouldn’t you also write one on Biden, who has done exactly the same thing? He has enriched himself (and his family) using his political status and he is one of the more prominent mental midgets (no offense small people, I would never compare you with this smuck) that has ever graced the halls of congress. Of course the list could go on to include Rangel and Frank. But if you consider the qualities “sneaky and manipulative” as a contributing factor when judging a persons intelligence, these two rank up there with the best of them. They know exactly how to manipulate their base to their own advantage meanwhile enriching themselves.
North Carolina’s Union Movement » Press Clips April 27, 2010
April 27th, 2010
9:18 am
[...] Wall Street banksters brought reform upon themselves [...]