Republicans On Wrong Course On Financial Regulation Bill - It Will Show In November!

Discussion in 'Congress' started by JimofPennsylvan, Apr 18, 2010.

  1. JimofPennsylvan
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    JimofPennsylvan VIP Member

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    Republicans making a big mistake with their failure to support the general outline of the "Dodd" Financial Regulation bill. The American people want no more AIG's, Bear Stearns, Lehman Brothers,etc.. Ordinary Americans want the Federal Government to step in early with these types of companies and stop their growth, break them up or do whatever is needed to see these businesses don't hurt the economy and cost jobs. The Republicans have not given any persuasive reason to mainstream America to oppose this bill. Their rationale that this bill will encourage financial businesses to be recklass in pursuit of profits because they know the Federal Government will rescue them if they get into trouble is bogus and ordinary Americans can see this because if the Federal government steps into a financial business's life that almost certainly means that financial business's stock price will take a giant hit and no executive of a financial business wants that.



    The Republican's stance on this bill makes them look like they are looking out for big financial institutions and their owners interest not the American peoples interests. Republicans have huge momentum going into these mid-term elections, their stance makes ordinary Americans wonder if I support the Republicans am I supporting Bush like Republicans that got us into this recession mess in the first place, Republicans better change their tune quickly on this issue or it will costs a significant number of votes in November. This last two and a half years with this recession has been a nightmare for the American people, the American people want meaningful financial regulation reform they want to see these financial industry problems don't happen again.

    Some of these Republican positions on this bill are clearly indefensible. The vast majority of swap (insurance) contracts should be done through exchanges or clearinghouses so if the issuer of a swap defaults, the clearinghouse can pay the debt so there is no ripple financial effect. Many businesses use these swap contracts for extremely important business reason that is to hedge against possible negative events occurring to their business operation - they shouldn't be overpaying for this insurance protection - listing these swap contracts on exchanges will make their prices transparent helping ordinary businesses to get a fair deal. In addition, listing these contracts on exchanges will allow regulators and experts to analyze this market and to sound the alarm if an issuer of these swap contracts is taking on too much risk - so the country can avoid AIG scenarios!
     
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  2. uscitizen
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    uscitizen Senior Member

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    The party of no believes our finiancial problems were caused by not going far enough with deregulation.
    Not that we went too far.

    Amazing.
     
  3. editec
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    editec Mr. Forgot-it-All

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    I wish I shared your sense that the American people understood what was going on, Jim.

    But I don't.

    The American people are mostly being exposed to half truths cobbled together to create a BIG LIE narrative.

    And even if you're busting your ass (and you and I and others here, seem to be) to keep up with developments, we're still mostly in the dark.

    The banks are cooking their books, I suspect.

    And typically we cannot know that is true until after the disaster happens.
     
  4. mudwhistle
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    mudwhistle Diamond Member

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    Support a bill that was written by the same asshole that helped along the housing collapse????

    Are you fucken high???
     
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  5. Chris
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    Chris Gold Member

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    As usual the Republicans are protecting the thieves on Wall Street.

    And it was Phil Gramm who wrote the legislation that caused the collapse, which was caused by a derivative bubble, not the housing industry.
     
  6. WillowTree
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    WillowTree Diamond Member

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    Bring It on.. Bring it on.
     
  7. WillowTree
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    WillowTree Diamond Member

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    what astounds me is libtards always saying Republicans fucked it up,, but then of course it's libtards who set the rules in Michigan, California, New Yawk, and New Jersey, Ohio,, and on and on.. Who runs Texas???
     
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  8. rdean
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    rdean rddean

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    The housing collapse happened when mortgages were moved from Freddie/Fannie to Wall Street, where they were literally given away, bundled and then sold as "securities". You guys can't pretend to be ignorant anymore. This is now known to be the facts. It all started with Republican deregulation early in Bush's first term.

    Trying to blame it on Barney Frank doesn't work anymore. We know the truth.
     
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  9. rdean
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    rdean rddean

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    Liberals run Texas?
     
  10. WillowTree
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    WillowTree Diamond Member

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    You don't know your azz from a hole in the ground.
     

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