Obama, Boehner dispute gravity of Wall Street crisis

House Minority Leader John Boehner, on the financial reform bill now being finalized in Congress for adoption and signing by President Obama:

House Minority Leader John Boehner

House Minority Leader John Boehner

“This is killing an ant with a nuclear weapon. There are faults in our regulatory system, some in terms of transparency, most as a result of ineffective enforcement by the bureaucracy who have no idea what these financial products look like today. That could’ve been fixed, but that’s not what we have here.

This bill institutionalizes too big to fail, puts the government on the hook and gives them the ability to bail out anyone, and allows these unelected bureaucrats to make decisions on behalf of the government in terms of who they’re going to bail out, who they’re going to take over, who they’re going to control, whether they’re a financial firm or not….

I just hope this bill is out there for several weeks so that the American people can see it and the American people can understand it.”

———————–

President Obama, in remarks to be delivered at a townhall meeting in Racine, Wis., today:

obama

President Barack Obama

“Most of our friends in the other party are planning on voting against this reform. In fact, just yesterday, I was stunned to hear the leader of the Republicans in the House say that financial reform was like using a nuclear weapon to target an ant. That’s right. He compared the financial crisis to an ant. The same financial crisis that led to the loss of nearly eight million jobs. The same crisis that cost people their homes and their lives’ savings.

Well, if the Republican leader is that out of touch with the struggles facing the American people, he should come here to Racine and ask people if they think the financial crisis was an ant. He should ask the men and women who’ve been out of work for months at a time. He should ask the Americans who send me letters every night that talk about how they’re barely hanging on.

These Americans don’t believe the financial crisis was an ant. They know that it’s what led to the worst recession since the Great Depression. And they expect their leaders in Washington to do whatever it takes to make sure a crisis like this never happens again.”

523 comments Add your comment

USinUK

June 30th, 2010
12:30 pm

Give ‘em the chair, Obama!!!

Dead people vote for democrats

June 30th, 2010
12:31 pm

Obama doesn’t know anything about the economy because he’s never held a real job in his life.

Kamchak

June 30th, 2010
12:32 pm

This is killing an ant with a nuclear weapon.

There’s your sign.

Vinny

June 30th, 2010
12:33 pm

This just goes to show how dense the Community Organizer in Chief is.

Boehner was refering to faults in the regulatory system, not the economy as a whole.

USinUK

June 30th, 2010
12:37 pm

“Obama doesn’t know anything about the economy because he’s never held a real job in his life.”

oy. this? AGAIN???

I wonder how the hundreds of thousands of professors across the country feel about holding those fake jobs.

Normal

June 30th, 2010
12:38 pm

Another case of “If Obama wants it, we will fight it, even if it breaks our Countrys back.”

Peadawg

June 30th, 2010
12:39 pm

Get ready for more fees!!!!! Hope and change baby!!! The more regulations they put on the banks, the more banks will just put the cost on the customers.

Let’s just hope we know exactly how the bills works before the vote for it!

Normal

June 30th, 2010
12:40 pm

To Vinny it ain’t a real job unless it makes you stink and you don’t have use your brain much. Man up…

Scout

June 30th, 2010
12:41 pm

“The bigger the government the smaller the citizen” Author Unknown

Jay:

I found it ……………. it took 70 days !!!!

http://finance.yahoo.com/news/US-accepts-international-apf-4104246595.html?x=0&.v=2

Scout

June 30th, 2010
12:42 pm

USinUK:

Correct ……… most “professors” teach theory and have never held a job in the real world.

USinUK

June 30th, 2010
12:46 pm

Scout – “Correct ……… most “professors” teach theory and have never held a job in the real world.”

sorry – teaching IS a real profession and IS the “real world”

Left wing management

June 30th, 2010
12:46 pm

Well done rhetorically by Obama, with one exception. He should have said “maybe he should come here to Racine and ask people if they think the financial crisis is just a MINOR ISSUE (not ANT)”. Best for politicians to convert metaphors and hyperboles back into their real implications when you’re hammering home a point and delivering the money shot in politics.

TaxPayer

June 30th, 2010
12:47 pm

What Boehner obviously meant to say was that we have too many regulations and that fewer regulations, along with another tax cut, is the only way to our salvation.

getalife

June 30th, 2010
12:47 pm

Yeah, he has the toughest job in the world and was handed a gop caused collapsed country.

Outhouse GoKart

June 30th, 2010
12:48 pm

Obama lecturing on economics is laughable.

getalife

June 30th, 2010
12:49 pm

cons lecturing on economics is hilarious.

stands for decibels

June 30th, 2010
12:49 pm

Great Boehner pic, Jay.

I wonder how the hundreds of thousands of professors across the country feel about holding those fake jobs.

Not to mention those fake business analysts, fake book authors, fake state senators, and fake US Senators.

And lest I forget: fake Baskin-Robbins ice cream scoopers.

md

June 30th, 2010
12:49 pm

“And they expect their leaders in Washington to do whatever it takes to make sure a crisis like this never happens again.”

Unfortunately, our “leaders” have a wonderful track record of kneejerk overreaction, so the “whatever” part is a bit of a concern.

Scout

June 30th, 2010
12:50 pm

USinUK:

Sorry ………. must agree to disagree.

You can teach math ……….. or you can be an accountant.

You can coach football …………. or you can play it.

You can teach history …………… or you can help make it.

You can teach about the 4th Amendment ………….. or you can put the handcuffs on someone.

…………………. :o

TaxPayer

June 30th, 2010
12:50 pm

Republicans lecturing on economics, or just about anything for that matter, is laughable.

md

June 30th, 2010
12:51 pm

“sorry – teaching IS a real profession and IS the “real world””

Technically yes, but there is a big difference in studying “cases” vs creating “cases”. Case study does not compare to the “real” world.

Outhouse GoKart

June 30th, 2010
12:52 pm

Obama is just floundering now…LOL. Stay tuned for him flapping about like a fish out of water cuz its not far off!!

AHH HAHHAAHAHAAAAA!

Normal

June 30th, 2010
12:56 pm

Scout,
Here’s a bit of news I think we can both agree on…

http://www.navytimes.com/news/2010/06/military_petraeus_afghanistan_062910w/

Scout

June 30th, 2010
12:56 pm

md:

Exactly !

Teachers are needed ……. no question ……… just don’t get on a high horse.

USinUK

June 30th, 2010
12:56 pm

md and scout – gosh. I guess folks are just going to have to learn about quadratic equations and case law by their own damn selves.

and, yes, md – there is a difference between studying cases and understanding why some cases set precedent and others do not – which is where a good professor comes in.

and, scout – you think all those football players are going to go out there and come up with their own strategies? you think tomorrow’s accountants aren’t in today’s classrooms (believe me – you NEED a good accounting teacher to understand it -it’s a minefield!).

and … speaking of history … aren’t you the person who said that we don’t teach enough history? we need MORE (and BETTER) history teachers – not fewer!

USinUK

June 30th, 2010
12:58 pm

scout – “just don’t get on a high horse”

no one’s on any horses … just saying that being a teacher is no less of a “real job” than being an accountant or a doctor or anything else.

Normal

June 30th, 2010
12:59 pm

I swear officer, I had no idea my horse was high…

Scout

June 30th, 2010
1:01 pm

Normal:

I agree they should be reviewed. The sad thing is that they have to be. How many lives has it cost already? Who is responsible? Will they be held accountable.

I spent 34 years in L.E. and organized/supervised numerous arrests, search warrants, raids, undercover operations, etc. If I had lost one person …………. there would have been a full investigation as to what happened and “I” would have been held ACCOUNTABLE for my actions or lack thereof.

I expect no less of politicians or the military responsible for the lives of U.S. soldiers.

Makes me sick ………………….

USinUK

June 30th, 2010
1:01 pm

scout – NOW I’m heading home – have a good night!!

Obama scooooooooooooooooooooores!

June 30th, 2010
1:01 pm

If Obama did use a nuke like Boehner said then there’s another reason he’s a Truman, not just because he finally figured out whose brass to kick, like a Truman, not to mention they’re both commanders in chiefs and stuff and everything else.

Give ‘em hell, Barry!

Granny Godzilla

June 30th, 2010
1:01 pm

Raid kills bugs international financial meltdowns dead!

RB from Gwinnett

June 30th, 2010
1:01 pm

Jay, did Obama really say that or what that just what was presented on the teleprompter for him to read?

Scout

June 30th, 2010
1:02 pm

USinUK:

Don’t get so upset or you won’t be able to sleep.

Some teach ………….. some do.

It’s that simple.

Normal

June 30th, 2010
1:02 pm

Steve

June 30th, 2010
1:04 pm

Only the wilfully stupid would read the two paragraphs you produced as the minority leader saying that financial crisis was of no consequence. What he said is that the financial reform bill is the wrong solution.

josef nix

June 30th, 2010
1:04 pm

Anybody read the link that getalife posted earlier and scout posted above? Comments?

Joseph

June 30th, 2010
1:04 pm

USinUK- http://www.math.com/students/calculators/source/quadratic.htm

Found this link in .002 seconds- what else you need?

Outhouse GoKart

June 30th, 2010
1:04 pm

Next thing we know Obama will want to show his humble side by plaing a homeless degenerate of CSI or some silly show like that. Obama thinks he is a Movie Star.

josef nix

June 30th, 2010
1:05 pm

Some of us do and teach.

Outhouse GoKart

June 30th, 2010
1:06 pm

Im surprised obama wasnt on the field at the World Soccer Tournament showing all those players the proper form and style.

Redneck Convert (R--and proud of it)

June 30th, 2010
1:06 pm

Boner—ain’t that they guy with the orange skin? Anyhow, I like the way he stands up for Wall Street. Those poor people weren’t doing nothing wrong and along comes a whole bunch of wicked stuff that made them go broke and ask for a guvmint handout. It was just like a roulette wheel. Some people bet on black and some bet on red and when the wheel stopped the few people that bet on red made a fortune and the cos. that bet on black went flat broke. It sure seems like what Wall Street does is a dangerous business. I mean, you buy a bunch of house loans that’s already went bad and you package them up and sell them to a bunch of people that don’t know they’re bad and you pay a bunch of raters to tell everybody the loans are great. You could get downright cheated that way.

I ain’t figured out what this Obama wants to do to Wall Street but I’m against it, whatever it is. I’ll take a guy with orange skin over a guy that has skin that’s—well, you know.

Have a good p.m. everybody.

TaxPayer

June 30th, 2010
1:06 pm

Georgia Tech should stop teaching their ball players those equations of motion. They clearly think too much out on the field when, in case study after case study, it has been proven that ignorant brute force, such as that churned out on the fields in Athens, is all that one needs. After all, the pen is flightier than the sword. Now don’t you go and get yerself all uppity on us, USinUK. :smile:

NowReally

June 30th, 2010
1:07 pm

So what, Bush thought he was a COWBOY.

Normal

June 30th, 2010
1:07 pm

Four legged hero…

Calif. woman says Chihuahua died saving her kids
18 hours ago

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RICHMOND, Calif. — A Northern California woman says her Chihuahua died protecting her children from two pit bulls that got into her apartment.

Mayda Estrella, of Richmond, says the family’s Chihuahua, named Manchas, jumped in between the canine invaders and her 4-year-old son Sunday. A pit bull grabbed Manchas with its jaws and carried the Chihuahua away.

Contra Costa County animal services officials say the Chihuahua was killed, and the pit bulls are now in custody.

The pit bulls’ owner says they had escaped their yard by chewing through a fence. Estrella says her front door was open when the dogs came in.

She says when she saw the dogs come in, she ran into a bedroom with her other child, a newborn baby.

County officials say the owner won’t face criminal charges.

Outhouse GoKart

June 30th, 2010
1:07 pm

Obama wants his ugly mug gracing the cover of RollingStone Mag.

Outhouse GoKart

June 30th, 2010
1:09 pm

I heard if one looked in the dog food bowl of the dead chihuahua the face of the Virgin Mary would appear.

TaxPayer

June 30th, 2010
1:10 pm

Some teach and some do do.

Scout

June 30th, 2010
1:10 pm

josef:

I you teach and do that’s fine ……………. :o

I have a comment on that post …………… the old “double standard” at work that the MSM ignores.

Scout

June 30th, 2010
1:10 pm

Most teach do do.

Night Train

June 30th, 2010
1:11 pm

Those that can’t do, teach or coach. A lot (not all) of teachers never practiced their trade in the real world. They studied their subject then go straight to teaching that subject. While others study their subject, go and work in that field then go to teaching others about that field.

Now which teacher do you think is better qualified to teach?

Personally, I’ll take the one that has some actually experience working in their field. Book learning can only take you so far.

Scout

June 30th, 2010
1:13 pm

“OFF TOPIC” #1

I am a legal American citizen and must show my ID when:

1. Pulled over by the police.

2. Making purchases on my department store credit card.

3. When I show up for a doctor’s appointment.

4. When filling out a credit card or loan application.

5. When applying for or renewing a driver’s license or passport.
6. When applying for any kind of insurance.
7. When filling out college applications.
8. When donating blood.
9. When obtaining certain prescription drugs.

10. When making some debit purchases, especially if I’m out of state.

11. When collecting a boarding pass for airline or train travel.

12. When purchasing beer, liquor or any tobacco product.

I’m sure there are more instances, but the point is that we citizens of the USA are required to prove who we are nearly every day!

Why should people in this country illegally, be exempt!!!!!

For that matter, perhaps the liberals can answer the question:

Why shouldn’t we guard our borders as closely as every other country in the world does?”

Author Unknown

JohnnyReb

June 30th, 2010
1:14 pm

W had Obama for a visit to his Texas farm. As they discussed the economy, Obama asked W for advice. Where do I start, W asked himself knowing that Obama was completely lost. As they walked to the primative well where W was to show Barry how to draw a bucket of water, W turned to Barry, slapped him on the ass and stated, Barack, this is your ass, that’s a whole in the ground.

josef nix

June 30th, 2010
1:14 pm

Normal
Read the article. A bouquet of white roses at Byrd’s empty seat? Was the florist out of white camelias? :-)

Scout

June 30th, 2010
1:14 pm

Night Train:

Exactly ! Thank you.

TaxPayer

June 30th, 2010
1:15 pm

Bush did do do a lot. He was trying to be a good Reaganite and trickle down but he failed and all we got as a result were his piles of… well, I do hope my words are not misoverinterpreted.

larry

June 30th, 2010
1:17 pm

Hasnt anyone heard of adjunct professors? Professors who have experince in their profession ?

Midori

June 30th, 2010
1:18 pm

I’d like to dedicate this clip to all you hypocritical wingers out there: http://www.thedailyshow.com/watch/tue-june-29-2010/blame

TaxPayer

June 30th, 2010
1:18 pm

You cannot teach do do. You either get it or you don’t don’t.

Fred Sanford

June 30th, 2010
1:18 pm

Uh…I heard of a junk professor now let me ask you a question. How’d you like one of these cross yo lips?

Scout

June 30th, 2010
1:20 pm

You can spread it.

Matti

June 30th, 2010
1:21 pm

I can’t believe y’all are hatin’ on school teachers!! What’s the matter, no dragon flies in the yard to rip the wings off of? I mean, er… off of which to rip the wings? THIS is your contribution to the dialogue of bettering our nation? Hey, how about Sunday School Teachers? I mean gee, they’ve never actually BEEN to heaven or WORKED WITH God, so they must be full of poo, right? :roll:

Beyond sad. Truly.

Southern Comfort

June 30th, 2010
1:21 pm

Night Train

Don’t forget, many of your current teachers came by way of professional jobs… i.e Teach for American and other programs.

For all of you who try to denigrate or brush off the work that teachers do, I would love to see each of you spend 9 months in a classroom. If you think it’s so easy, try it yourself.

F. Sinkwich

June 30th, 2010
1:22 pm

Yes! These regulations are absolutely necessary to reign in the excesses of Freddie and Fannie, the quasi-government institutions responsible for guaranteeing mortgages enabling the market for derivatives.

Oh, Fannie and Freddie aren’t affected by this legislation, you say?

Nevermind.

thomas

June 30th, 2010
1:22 pm

Seems as if Boeher was comparring the ant to the regulations and current regulatory practices. Then either by accident or to intentionally misguide those attending the event, Obama changes the comparrision to the economy as a whole. Seems as if his feelings have again been hurt and he is trying to make others the bad guy again.

This is his new strategy of debate, don’t seel a bill on its merit, rather he vilifies those who oppose it. usually the sign of a person who does not believe in their own argument. `.

Does Obama, feel that Wall Street and Wall Street alone makes up our economy, or does he feel this new bill will cover the entire economy and all will be affected in a negative way, not just “wall street”?

Scout

June 30th, 2010
1:23 pm

josef:

I guess you are getting no takers (convenient denial) regarding Obama’s dreadful failure regarding accepting assistance on the oil spill.

Southern Comfort

June 30th, 2010
1:23 pm

Matti

I don’t think they held that opinion of teachers when the First Lady was one.

TaxPayer

June 30th, 2010
1:23 pm

Good one, Matti.

Scout

June 30th, 2010
1:24 pm

Matti:

Jesus was the greatest teacher because he was a “doer” !

stands for decibels

June 30th, 2010
1:25 pm

I’ll take the one that has some actually experience working in their field.

What part of those years Obama spent as Director of the Developing Communities Project, doesn’t count as “actual experience working”?

TaxPayer

June 30th, 2010
1:26 pm

Why doesn’t Jindal put all those national guardsmen to work. They were approved months ago. Doesn’t he care.

Normal

June 30th, 2010
1:26 pm

Josef @ 1:14…

:D

Scout

June 30th, 2010
1:26 pm

stands for decibels:

I guess “strong-arming” and extortion can be hard work. Just ask Jesse Jackson and Al Sharpton.

Matti

June 30th, 2010
1:27 pm

Scout, do you have a paystub that proves you WORKED WITH Jesus? How ’bout a photograph of the two of you at an office Christmas party? Didn’t think so. Poser.

Southern Comfort

June 30th, 2010
1:27 pm

josef

In regards to Scout’s link, that help should have been on the table 50 days ago. I’m willing to give them the first week, as BP was not forthcoming with accurate information on the magnitude of the spill. I don’t know what it is with our elected officials. There was international help available after Katrina that Bush turned down. Obama is just now accepting help with the oil spill. Until we demand better representation thru the people we elect, we’ll keep getting the same old sh*t.

Scout

June 30th, 2010
1:29 pm

Matti:

You’re so right. We are not in the same league.

TaxPayer

June 30th, 2010
1:29 pm

And what Jesus was dooding was teaching because he recognized it as a great profession, unlike some. Otherwise, he too could have just spread it. I, for one, am grateful for all of my past teachers. They earned their pay.

Normal

June 30th, 2010
1:29 pm

One difference I do see is that Conservatives sing “Mothers, Don’t Let Your Children Grow Up To Be Teachers” and Liberals sing “My hero’s Have Always Been Teachers.”

TaxPayer

June 30th, 2010
1:30 pm

Matti,

You’re better.

thomas

June 30th, 2010
1:30 pm

stands for decibels

June 30th, 2010
1:25 pm

Lots of people would consider that as volunteer work, you know giving of ones self to improve others with no expectations of anything in return. And may have another job too.

I know little about the actual enterprise you speak of other than internet research.

Exactly what was it that he did for them during that time, not what his title was? What was accomplished?

Outhouse GoKart

June 30th, 2010
1:30 pm

From what I understand public school teachers have become part of the problem.

Outhouse GoKart

June 30th, 2010
1:31 pm

Public school teachers = dragonflys.

md

June 30th, 2010
1:32 pm

“Anybody read the link that getalife posted earlier and scout posted above? Comments?”

I’ll bite – “If” the cleanup was up to BP, why did they not accept help from the other countries?? And where they even allowed to?? Seems the ball was dropped all the way around.

Normal

June 30th, 2010
1:33 pm

Southern Comfort

June 30th, 2010
1:27 pm

ABM, Calling ABM :) …You are correct though…garbage in, garbage out.

pat

June 30th, 2010
1:33 pm

It’s not about the gravity of the crisis, it’s about the bill. I wouldn’t expect non-thinking folk to get that.
Do you half-wit’s even know what’s in it?

http://consumerist.com/2010/06/financial-reform.html

It’s way to big. It doesn’t protect against finacial problems, it cededs a great deal of control to the government. This is about federal power not fixing problems in the system.
Based on Europe recently, that ain’t a good thing…

tscali

June 30th, 2010
1:33 pm

the pols do a hatchet job on the banks, the banks respond with a hatchet job on the economy. the taxpayer gets cut off at the knees.

do we, the people, get a say how this plays out? hell no! we’ll pay one way or another.

the banks and govt have deemed themselves too big to fail. two power brokers that will leave the people broke.

Outhouse GoKart

June 30th, 2010
1:34 pm

“Director of the Developing Communities Project”

LOL…what a stupid do nothing title.

“What are your qualifications for sanitation worker Mr Obama…well, uh, hmmm, I once was, no wait that wasnt me…OH….I was Director of Developing Communties Project.

I see…Mr Obama, dont call us we’ll call you.”

Scout

June 30th, 2010
1:34 pm

NEA! NEA! NEA!

BTW Matti:

Here is your paystub ………….

Matthew 12:50
“For whoever does the will of my Father in heaven is my brother and sister and mother.”

Gotta run ……….. back later

stands for decibels

June 30th, 2010
1:34 pm

Exactly what was it that he did for them during that time, not what his title was? What was accomplished?

oh, ask Scout. Strong-armin’, pallin’ around with Terrists, that sorta thing.

Outhouse GoKart

June 30th, 2010
1:36 pm

What was accomplished? Nothing, Nada, Zilch, A Big Goose Egg. And now we have a Big Goose Egg as our Leader…lol…what a joke.

Southern Comfort

June 30th, 2010
1:37 pm

Normal

Speaking of ABM… One of my friends and I were talking about that when people said that Obama needed to show emotion. We both thought that he needed to hire himself an ABM to do press conferences and let the ABM answer questions where emotion needed to be shown.

thomas

June 30th, 2010
1:37 pm

Normal

June 30th, 2010
1:29 pm

Yes normal ALL conservatives have no respect for teachers and all liberals honor them as kings……Until a teacher claims some of the responsibility for education lies with the individual and the parents… then the teacher needs to be fired.

TaxPayer

June 30th, 2010
1:38 pm

If you get too educated, the first thing you do is start thinking… war is not the answer. That sort of stuff. That does not bode well for a “strong GOP”.

Wyld Byll Hyltnyr

June 30th, 2010
1:38 pm

Frankly, as one with conderable experience both on the street and as an executive manager in the commercial banking segment, Boehner is correct, The problem wasn’t too little regulation, rather it was stupid, incompetent regulators who never understood the risk positions taken and the risk management methodologies used by banks.

More and more, each day Obama trult earns his acronym:

O – oh
B – boy
A – another
M – mistahe
A – again

thomas

June 30th, 2010
1:40 pm

TaxPayer

June 30th, 2010
1:38 pm

Wasn’t there a study that republicans were more educated and knew more about the issues done during the election of ‘08?

But that was done by those silly educated type so its most likely false.

jewcowboy

June 30th, 2010
1:41 pm

Did Boehner request paneling that matched his skin tone in that picture?

Barak Obama

June 30th, 2010
1:41 pm

“risk management methodologies”.

Now you guys are just making up fancy smancy names for some crazy off the wall neo-con backward thinking. Or just lying but Im not sure which.

Joe Biden

June 30th, 2010
1:44 pm

Either that or they are being a bunch of Smart-Asses.

getalife

June 30th, 2010
1:46 pm

” Joe Scarborough Calls GOP Leader A Bar Hopper And ‘Not The Hardest Worker’”

Ouch. Lets use those lindsy lohan anklets on them and make them pee in a cup.

josef nix

June 30th, 2010
1:46 pm

SoCo

The first country to send aid following Katrina was Mexico…it was not turned down…

http://en.wikipedia.org/wiki/Mexican_response_to_Hurricane_Katrina

Normal…

Speaking as a teacher, liberals are just as bad as conservatives when it comes to teacher bashing and their politicians go right along with those across the aisle when it comes to slashing budgets that affect the classroom…

Normal

June 30th, 2010
1:47 pm

Southern Comfort

June 30th, 2010
1:37 pm

What if he hired Mr. T?