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
Scooter
April 26th, 2010
8:58 am
First?
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!
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
BP’s Gulf Oil Well Leak May Take Months to Shut After Drilling Rig Sinks
BP Plc said it may take at least two or three months to drill a relief well to stop a 1,000- barrel-a-day [42,000 gallons] oil leak into the Gulf of Mexico after a drilling rig caught fire and sank last week. The company is also trying to shut the well’s valve with robots.
The oil spill, which covers 600 square miles (1,554 square kilometers), won’t reach a shoreline within the next three days, said Charlie Henry, a scientific support coordinator with the National Oceanic and Atmospheric Administration during a teleconference today. Henry said it isn’t possible to give estimates beyond three days.
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 have a feeling these losers are 100 times more arrogant than WaMu or Lehman Brothers. 
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.
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
An Economy of Liars
When government and business collude, it’s called crony capitalism. Expect more of this from the financial reforms contemplated in Washington.
Free markets depend on truth telling. Prices must reflect the valuations of consumers; interest rates must be reliable guides to entrepreneurs allocating capital across time; and a firm’s accounts must reflect the true value of the business. Rather than truth telling, we are becoming an economy of liars. The cause is straightforward: crony capitalism.
Liberalism, as used in this article, is not about political persuasion, but more about laissez-faire. Don’t confused the two.
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?
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
The truth behind this industry [leveraged buyout] is that it long ago ran out of truly badly run companies in need of their services, so the industry seeks out any company with assets that can liquidated, connives with management to buy the company from its shareholders, loads the company up with debt, takes out hundreds of millions of dollars of “fees” for itself, fires 25% or more of the staff, transfers production to China or other cheap manufacturing sites, and then makes millions of dollars more by bringing the company back to the public markets and selling shares to naïve investors. Few of these companies ever perform well in the long term once they go through this process, and many have not survived this recession. The private equity business is a predatory business that destroys manufacturing capital and enriches only the pockets of private equity companies. This too is an unregulated and secretive industry with heavy reliance on the banks for the loans to undertake their buyouts.”
Soothsayer
April 26th, 2010
9:40 am
Here we have a lone voice crying out in the wilderness. Too bad no one listened.
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
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 …
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
Kam – DUDE!!! what did you put in your boys Gatorade???
http://www.telegraph.co.uk/sport/football/leagues/premierleague/chelsea/7632217/Chelsea-7-Stoke-City-0-match-report.html
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
Paul,
Here’s the whole article…
http://www.navytimes.com/news/2010/04/ap_SEAL_abuse_042310w/
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
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
http://en.wikipedia.org/wiki/Jackson_Square,_New_Orleans
Bosch
April 26th, 2010
10:36 am
Dusty,
New Orleans! And yes, there is a big statue of Andrew Jackson right there:
http://images.google.com/imgres?imgurl=http://www.inetours.com/New_Orleans/images/Tours/Jackson_Square_0466.jpg&imgrefurl=http://www.inetours.com/New_Orleans/Photos/Jackson-Square-FQ.html&usg=__H7daxHovZQ30Oh3r2ANB2HZjOdA=&h=411&w=625&sz=60&hl=en&start=3&um=1&itbs=1&tbnid=3Ue45VFnEjEn9M:&tbnh=89&tbnw=136&prev=/images%3Fq%3DJackson%2BSquare%26um%3D1%26hl%3Den%26sa%3DN%26tbs%3Disch:1
see?
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
Buffett was for it before he was against it.
The provision, sought by Berkshire and pushed by Nebraska Sen. Ben Nelson in the Senate Agriculture Committee, would largely exempt existing derivatives contracts from the proposed rules. Previously, the legislation could have allowed regulators to require that companies such as Nebraska-based Berkshire put aside large sums to cover potential losses. The change thus would aid Berkshire, which has a $63 billion derivatives portfolio, according to Barclays Capital.
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.
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 [...]