I got this in my email today. This is the sort of thing I hired Obama to do:
While there will no doubt be "good" in the bill.
It's a huge mistake to hand over additional powers to the Federal Reserve.
Do we really need more laws or do we just need to enforce the existing laws?
We already have plenty of regulations... they are just not being enforced.
Just today Goldman's is in the Hot Seat for the Mortgate Scam the perpetuated. This action should have been started long ago.
We had a Democratic President sign off on a Republican sponsored Bill called the Glass Ste-gall Act.
This entire mess could have been prevented. Making new laws is not gong to "fix" the problems.
The root problems are centered in allowing a private group control the money supply... and a complete lack of bipartisan support for issues. Each party proposing poor legislation then forcing it through.
What's your basis for saying this? What does the Federal Reserve have to do with regulating Wall Street?
Agreed - and the point of this reform is to simplify the administration of the existing regulations by moving them to one central agency instead of scattered across many.
"What's your basis for saying this? What does the Federal Reserve have to do with regulating Wall Street?"
"Not only would a new government watchdog for financial consumers be housed within the Fed, it would also retain much of its present authority over large bank holding companies and gain new authority over selected non-bank financial firms. "
The Federal Reserve given the power to dismantle non-bank financial firms? Hello? This is clearly an abuse of power. What right does a Non-governmental agency have to dismantle business?
If you read the proposal they want to give the Federal Reserve the power to regulate Wall Street Business. The Federal Reserve is NOT a Government agency. Why people can't figure this out is baffling. The Federal Reserve is NOT the Federal Government. They are a group of selective private bankers who work in the dark.
You really want to give Private Bankers more power? The Federal Reserve is the PROBLEM not the Solution.
They print money for nothing and get by law a 6% return on their created money. They answer to no one... not congress, not the president, not anyone.
Giving them more power is a recipe for disaster. The Federal Reserve needs to be abolished. The Money supply needs to be put back in the hands of the people. The argument that Congress can not oversee the money supply is ridiculous. I'm sure they would make mistakes, but at least they would be out in the open and subject to public debate.
The GOPs have already lined up against any re-regulation, big surprise. It is pitiful to see McConnell stand, straight-faced, and rattle off all the things the re-regulation planned to do, which is basically in the consumer's best interest, and state that it is uniformly against the bill because it does NOT do what the bill definitely states it will do. He gets by with this because either he knows the right wing will not fact check him or because he knows they know better but just do not care as long as they win. When a reporter asked Brown why he will vote against the re-regulation, he looked non-plussed, his usual look, and asked the reporter to tell him why he shouldn't vote against it. Brown does not have a clue about what is going on. He is enjoying his newfound infamy and going along for the ride. "Boner" even publically assured the bankers that he would insure that no regulation will disturb their fuzzy little havens and told them not to take any guff off the nobody little staffers who told them differently--you know the ones who do all the research and use all the shoe leather for him. "Boner," knight errant against the big bad regulators. What a bunch of punks!
The GOP this.. the GOP that. blah blah blah.
Clearly there are people who can't see past party politics and see the real issue.
The "Financial Reform" bill... reforms nothing, it only shifts more power to the Federal Reserve.
But for people who can't understand what the Federal Reserve is... they need to find someone to Blame. And it's easy to Blame the GOP for everything.
And for the GOP supporters it's easy to blame the Democrats for everything.
The reality is the Federal Reserve Puppet Masters are just manipulating the parties to gain more control and power.
Actually, the GOP is the party of "no" which has a vote on the reforms. Need a lesson in civics, do you?
As well they should. Americans obviously are gluttonous pigs who need to have their access to currency limited by some power. Otherwise the people would spend themselves into oblivion with credit they have no way of repaying. Why do you not trust the Federal Reserve it says right on their notes In God We Trust
If you wantto talk about glutonous pigs, talk about the top 10% who own &0% of the net worth of this nation and don't pay their share of taxes.
Wall Street Reform........sounds good, but what entity was the second greatest contributor to the Obama campaign? Goldman Sachs. What a coincidence. Oh yeah, I really believe those words, just words, being used to pitch reform. In reality it is a lot of orchestrated crap with ulterior agendas that few people will take the time to read, analyze, and understand.
They will just hope and believe in those...words found in your email, and presume the liberal financial reform bill will make their life better and those dastardly rich worse.....and the truly rich will laugh all the way the bank and won't miss a step, and the regular people will pay more fees to defray their new fees, and fraud will continue to occur from the level of the poor to the rich, they'll just change their game plan. You cannot legislate honesty or morality, quite the contrary.
We would not have had a financial crisis if we had not legislated, blessed, and forced bad mortgage loans.
For what it's worth,the media don't point out that many of the wall street big guys who were in charge are now in the government, appointed by the Obama administration.
Government regulations were in place to not let something like what HAPPENED to take place. The democrats had hearings, as yet no one at the top has been fired or charged for neglecting to enforce the regulations .Thanks to the Chris Dodds and Barney Franks, all democrat chairs responsible foe oversight.
President Obama is in California today, bar no government expenses to try to save a Democrat Senator. Thurs he goes to wall street, to drum up support for the finance reform bill.
Will someone be man enough to tell president Obama that the campaign is over, he won the presidency and belongs in Washington full time to do the work of the people.
The people need jobs not handouts with borrowed money. Jobs in the private sector would be great.
It is amazing that the media makes so little mention of the Goldman Sachs alumni in this administration, it boggles the mind.
If a man is convicted of murder, you don't also imprison his wife or children or parents. Obama is looking ofr qualified people rather than 'safe' loyal political appointees with no competence.
Tis guilt by association is a cheap shot.
You really believe those alumni from Goldman don't give favored deals to their former boss. Well given some of the other positions you've taken, I should be too surprised. Ever hear of the term "conflict of interest"?
Also given the effects of the President's "remedies" for the economic crisis, I'd hesitate to claim he's looking for the best talent. The most ideologically pure talent, I'd agree with you on that, but not the best talent.
And Goldman Sachs hoped and expected they bought a 'Get out of Jail Free" card and Obama wasn't for sale.. Once the facts of the fraud turned up, Obama did not stop the SEC from pressing charges. So it IS obvious whose side Obama is on - and it IS obvious whose side the GOP is on.
Nice of you to prove my point.
Not gullible...just sees Obama for who he is, whereas you don't.
And it was the SEC turning a blind eye that caused all this mess.
That's an hysterical comment! You need better propaganda training! You're losing your focus! Remember, George Bush and the rich people caused all this mess! Not the SEC, or Fannie Mae, or Freddie Mac, or the Democratic Legislature, or Barney Frank, and the shove it down your throat and take the loss mortgage loan programs conceived by the US government....Otherwise, we could just hire people to actually do their job and not be goaded into a 1200? plus page bill that still doesn't require government employees to do their damn jobs with ethics and morality and brains.
"For what it's worth,the media don't point out that many of the wall street big guys who were in charge are now in the government, appointed by the Obama administration."
Jon is spot on target. Team Obama is full of Investment Bank Appointees. They knew EXACTLY what kind of FRAUD they were bailing out.
Now a year later after all the buddies got paid Team Obama is ready to Demonize them.... so he can further the shift of power to the Wealthy Elite who control the money supply.
OBAMA is FOS (You can figure that out).
This current populist pandering is nothing more than a power shift. Obama wants to give even more power to the Secret Bankers by giving them the power to dismantle Financial Institutions under the GUISE of Reform.
The new Agency created will even be housed INSIDE the Federal Reserve.
How is giving Private Bankers the keys to play with whatever Financial Institutions they want Reform? It's not.
This Bill is s Joke and once again Obama is using populist propaganda to manipulate the ignorant masses who have no idea what the Federal Reserve does.
For the idiots who don't understand... The Federal Reserve is NOT a Government Agency. It's a select group of Private Bankers who operate behind closed doors in the interests of their shareholders - Not the United States Citizen whose currency they manipulate.
The Federal Reserve CREATED THE MELTDOWN. They then used the puppets in Team Obama to manipulate the masses into believing that paying off their buddies for Failure was necessary.
The Fed is a Fraud and Obama is their tool. Obama is a lying piece of steaming SH**.
Go ahead and be duped, go ahead and blame the Rupublican Party.
Nothing will EVER get fixed until the Private Bankers are exposed and abolished.
All Obama has done is pay off his buddies in the Investment Banks... the people that put him in office. Then he has Borrowed and spent Billions.
Creating another Agency that shifts more power to the Secret Bankers is not reform... it's more theft of American Assets on the way to a single world government.
And in case you didn't note... Obama is now supporting a VAT for the United States.
The EU is a debt ridden failure on the verge of collapse and this is the Model that Team Obama has for America.
The way this is shaping up - You have the Democrats trying to put in place consumer protection and regulate the abuses on Wall Street. All of which makes sense.
And then you have the Republicans. Whatever Obama is for - they are against - and screw the public.
You have a rather one sided way of looking at things, don't you. You don't seem to understand that government "fixes" either have the opposite effect of what is intended or run out of money sooner or later.
You didn't even know the CRA was the genesis of the subprime mess. While you think you may know what the government is going to do, you obviously don't understand things like cause and effect.
And what abuses, exactly is Congress supposed to consider?
I don't doubt there will some part of this bill that is needed to close off some of the prior sloppy policies that regulate banks. Countrywide is the classic example of a greedy, thieving, disgusting capitalist pig organization, making loans they new would fail, so creatively, in plain site of all regulatory authority. If we put reasonable rules in place that require x dollars down, and x dollars in income, to make x mortgage loan, like it used to be done, I'm all for that. A derivative is only as good as the underlying product.
But, it doesn't take a Bible sized bill to implement new policy or safeguards. There will be much more in this bill, maybe it's time I read it. Are you planning to?
Be assured that this bill is already being examined by big financial players, and be assured they are already trying to figure out how to work with it, and be assured they will find a way to make money.
The cap and trade bill that will shortly be on the agenda is a great example of this very thing. It will be hailed as some great help to the climate, to the poor,and to the country, in reality it is set to make a bloody fortune for the wealthy in this country, with some redistributed crumbs tossed to low income Americans, and of course part of the proceeds are targeted to reduce our bloated deficit. Sadly, it also includes massive pages devoted to mortgage loans on 'green' houses.
Yvo de Boer, the outgoing climate chief of the United Nations, is taking a position with KPMG. Why? Because the accounting for the new cap and trade expected to be implemented in this great country as an example to the world, will require new expertise, new strategy, and wealthy clients of KPMG will be all over it, wanting to get their piece of the pie, and corporations need to make sure they don't miss one trick. Already, corporate farmers are even being sucked in to the idea as they are forecast to make a lot of money by complying. They aren't looking forward to the ultimate goal of the UN to control farming on a global level.
Cap and Trade is about Control and Tax Revenue. Health care is about Control and Tax Revenue. Financial Reform? We'll see. Can't imagine there won't be some element of tax revenue for the general fund in this bill.
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