Republicans relent, financial reform debate

[Old Rocks]

But the Dems are the only ones that admit it was a mistake.

 

[oreo]

first you bitch at them for ""delaying""....then you bitch when they agree to bring to the floor...

doesn't matter what they do, you'll bitch

We only bitch at them for being incompetent. For refusing to help clean up their mess.

How about them all cleaning up their mess. Democrats are the number 1 source for the creation of this economic disaster--or do I need to link it up for YOU again to read?

In simple terms:

The federal government under Clinton--decided it would be a great idea to co-sign our names to 50% of the mortgages in this country through Fannie/Freddie--while Alan Greenspan and Clinton's treasury secretary Robert Rubin--fully supported and defended sub-prime mortgages. This--along with no down-payment--no collateral--and a less than desirable credit rating--ANYONE could get a mortgage loan--in their policy of "everyone deserved homeownership." Wall Street and Goldman Sacs bought these mortgage backed securities up as fast as they could and started trading them in the black hole called the derivatives market--also fully supported, and defended against all warnings by Alan Greenspan and Robert Rubin. The federal government built a house of cards that collapsed on the American taxpayer.

And NOW the Federal government is putting on this grand dog and pony show--with Goldman Sacs--for your entertainment.

Yes--we need regulation. It's just that I am sick and tired of politicians continually pointing the fingers at others--except themselves--whom are the ground zero creators of this mess.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

 

[PatekPhilippe]

Come on people, get real.

Republicans are the party of big business. We know that. They want to bust unions and are for cheap labor. We know that.

Does anything believe they have the best interests of the American People over Wall Street? Seriously? Even the Republican base knows that business comes first.

What are you even debating? The Republicans deregulated Wall Street. Their answer to fixing the mess is MORE deregulation.

Come on now. Just stop. You have to "State your Case" before you can debate. Republican whine, but, "what is the case"?

Man...... you're stupid!!!!

 

[Political Junky]

aw come on... you'd have made fun of the dems if they did the same thing. i know i would have.

no i wouldn't...both parties do this, it is nothing, it is how our political process works...and it isn't always a bad thing....this has been going on since time immemorial...yet strangely the dems now are really pissed...yet they do this all the time when repubs are in power....and...how many times did they shut them out of debates...

come on jillian...this was seriously nothing for anyone to get bothered over

oh..i'm not bothered by it, hon. i think it's hysterical. typical government employee stuff. that's why i'd have made fun of the dems for the same thing.

actually, the repubs shut the dems out of debates and put them in basement rooms with no lights.

and yes, it is politics and people need a thick skin for it.

i used to work for an amazing person who would say 'politics is a full contact team sport'.

How quickly Cons forgot how they sent the Democrats to the basement room and the lights shut off by the Cons.

 

[oreo]

Come on people, get real.

Republicans are the party of big business. We know that. They want to bust unions and are for cheap labor. We know that.

Does anything believe they have the best interests of the American People over Wall Street? Seriously? Even the Republican base knows that business comes first.

What are you even debating? The Republicans deregulated Wall Street. Their answer to fixing the mess is MORE deregulation.

Come on now. Just stop. You have to "State your Case" before you can debate. Republican whine, but, "what is the case"?

Well how about some FACTS instead:


In simple easy to understand terms:

The federal government under Clinton--decided it would be a great idea to co-sign our names to 50% of the mortgages in this country through Fannie/Freddie--while Alan Greenspan and Clinton's treasury secretary Robert Rubin--fully supported and defended sub-prime mortgages. This--along with no down-payment--no collateral--and a less than desirable credit rating--ANYONE could get a mortgage loan--in their policy of "everyone deserved homeownership." Wall Street and Goldman Sacs bought these mortgage backed securities up as fast as they could and started trading them in the black hole called the derivatives market--also fully supported, and defended against all warnings by Alan Greenspan and Robert Rubin. The federal government built a house of cards that collapsed on the American taxpayer.

And NOW the Federal government is putting on this grand dog and pony show--with Goldman Sacs--for your entertainment.

Yes--we need regulation. It's just that I am sick and tired of politicians continually pointing the fingers at others--except themselves--whom are the ground zero creators of this mess.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

 

[Murf76]

The current Congress has proved itself patently untrustworthy and, IMO, should NOT attempt any further legislation. Republicans would do well to block any "comprehensive" bills that Democrats want to attempt. NOT for the sake of partisanship, but because of the track record of idiocy the current majority has already displayed.

We should hold them off until the next Congress is seated and see what some fresh faces can do.





Here's a link giving a brief description of Glass-Steagall, btw, just in case anyone's interested:
What Was The Glass-Steagall Act?

 

[JakeStarkey]

Come on people, get real.

Republicans are the party of big business. We know that. They want to bust unions and are for cheap labor. We know that.

Does anything believe they have the best interests of the American People over Wall Street? Seriously? Even the Republican base knows that business comes first.

What are you even debating? The Republicans deregulated Wall Street. Their answer to fixing the mess is MORE deregulation.

Come on now. Just stop. You have to "State your Case" before you can debate. Republican whine, but, "what is the case"?

Well how about some FACTS instead:


In simple easy to understand terms:

The federal government under Clinton--decided it would be a great idea to co-sign our names to 50% of the mortgages in this country through Fannie/Freddie--while Alan Greenspan and Clinton's treasury secretary Robert Rubin--fully supported and defended sub-prime mortgages. This--along with no down-payment--no collateral--and a less than desirable credit rating--ANYONE could get a mortgage loan--in their policy of "everyone deserved homeownership." Wall Street and Goldman Sacs bought these mortgage backed securities up as fast as they could and started trading them in the black hole called the derivatives market--also fully supported, and defended against all warnings by Alan Greenspan and Robert Rubin. The federal government built a house of cards that collapsed on the American taxpayer.

And NOW the Federal government is putting on this grand dog and pony show--with Goldman Sacs--for your entertainment.

Yes--we need regulation. It's just that I am sick and tired of politicians continually pointing the fingers at others--except themselves--whom are the ground zero creators of this mess.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

Remind me if our GOP was in the majority in least one of the chambers of Congress 75% of the time during Clinton's years. If so, that invalidates your premise. Both parties were responsible, Dems and Pubs.

 

[NYcarbineer]

The repubs realized their move would backfire on them at the polls.

no, they said they now had confidence the debate would be bipartisan, their tactics worked, instead of allowing the dems to run roughshod with another outlandish democratic bill....they wisely delayed to create stronger reform...

 

[Old Rocks]

About 70% of the American voters are definately for more regulation of the financial sector. The Republican strategy of "NO" was not playing well at all. In fact, it looked like it was becoming a factor for next November. So the Repugs backed down, wisely.

However, it bit late, and more than a few votes short, now. This also give President Obama another victory. In his second year, the President is looking stronger and stronger. This and the climate legislation is going to leave you Teabaggers and wingnut Republicans sniveling at the station long after the train has pulled out.

President Obama is succeeding beyond your wildest fears.

 

[Murf76]

In Comrade Obama's own words:

"We’re not, we’re not trying to push financial reform because we begrudge success that’s fairly earned. I mean, I do think at a certain point you’ve made enough money. But, you know, part of the American way is, you know, you can just keep on making it if you’re providing a good product or providing good service. We don’t want people to stop, ah, fulfilling the core responsibilities of the financial system to help grow our economy."

Hot Air Blog Archive Obama: “I do think at a certain point you’ve made enough money”

Kind of gives us a little insight into his interest in "Financial Reform", now doesn't it???

Nothing Obama does is honest. Everything he does is about driving his crappy, leftist agenda. He's NOT interested in the individual liberty of American citizens. Note, as Ed Morrissey did, that "the responsibility of an entrepreneur isn’t to “grow our economy,” core or otherwise. It’s to grow his own economy. In a properly regulated capitalist system, the natural tension of self-interests create economic growth through innovation and efficient use of capital and resources.

Put simply, a free people work for themselves, not for the government. Barack Obama seems to have a problem understanding that."

Republicans have less to fear in thwarting this administration's warped efforts at "financial reform" than they think they do. People have, by and large, lost their taste for huge "comprehensive" overhauls, which are politically motivated and ill-conceived.

Nancy Pelosi said 'we have to pass healthcare to see what's in it'. What that means is that either they KNEW that they were lying about "what's in it" or that they passed a bill they didn't read or understand.

Turns out that HHS had the numbers a week before the vote... and sat on them.

DEMOCRATS HID DAMNING HEALTH CARE REPORT FROM PUBLIC UNTIL A MONTH AFTER VOTE

More hope and change–
A damning health care report generated by actuaries at the Health and Human Services (HHS) Department was given to HHS Secretary Kathleen Sebelius more than a week before the health care vote. She hid the report from the public until a month after democrats rammed their nationalized health care bill through Congress.

The results from the report were troubling. The report released by Medicare and Medicaid actuaries shows that medical costs will skyrocket rising $389 billion 10 years. 14 million will lose their employer-based coverage. Millions of Americans will be left without insurance. And, millions more may be dumped into the already overwhelmed Medicaid system. 4 million American families will be hit with tax penalties under this new law.

(more...)

Gateway Pundit

And it turns out that rationing WILL be the order of the day:
Hot Air Blog Archive Video: Orszag explains how ObamaCare imposes rationing

So... even though the pundits might be making a big case for Republicans to cooperate, I don't think it's going to be a political problem for them if they lay back their ears and refuse "comprehensive" legislation under the current leadership. The Democrat majority are a bunch of goons and thugs, who have PROVED themselves incapable of straight-dealing.

 

[Yurt]

Come on people, get real.

Republicans are the party of big business. We know that. They want to bust unions and are for cheap labor. We know that.

Does anything believe they have the best interests of the American People over Wall Street? Seriously? Even the Republican base knows that business comes first.

What are you even debating? The Republicans deregulated Wall Street. Their answer to fixing the mess is MORE deregulation.

Come on now. Just stop. You have to "State your Case" before you can debate. Republican whine, but, "what is the case"?

glass seagal...remind of that deregulation again...and why no dem has brought it up

you can't answer real questions or debate, so you repeat the same lame hack response that you get from the daily dem talking points

Yurt, it is spelled "Glass-Segall", and, yes, the Dems with the Pubs were and are complicit in its revocation and the resulting economic scandals in investment since then.

http://www.usmessageboard.com/politics/www.businessweek.com/the.../03/why_the_paulson.html

no it isn't, its spelled glass-steagall you idiot...next time you correct someone for a typo....better get your facts str8

 

[Claudette]

Come on people, get real.

Republicans are the party of big business. We know that. They want to bust unions and are for cheap labor. We know that.

Does anything believe they have the best interests of the American People over Wall Street? Seriously? Even the Republican base knows that business comes first.

What are you even debating? The Republicans deregulated Wall Street. Their answer to fixing the mess is MORE deregulation.

Come on now. Just stop. You have to "State your Case" before you can debate. Republican whine, but, "what is the case"?

Well how about some FACTS instead:


In simple easy to understand terms:

The federal government under Clinton--decided it would be a great idea to co-sign our names to 50% of the mortgages in this country through Fannie/Freddie--while Alan Greenspan and Clinton's treasury secretary Robert Rubin--fully supported and defended sub-prime mortgages. This--along with no down-payment--no collateral--and a less than desirable credit rating--ANYONE could get a mortgage loan--in their policy of "everyone deserved homeownership." Wall Street and Goldman Sacs bought these mortgage backed securities up as fast as they could and started trading them in the black hole called the derivatives market--also fully supported, and defended against all warnings by Alan Greenspan and Robert Rubin. The federal government built a house of cards that collapsed on the American taxpayer.

And NOW the Federal government is putting on this grand dog and pony show--with Goldman Sacs--for your entertainment.

Yes--we need regulation. It's just that I am sick and tired of politicians continually pointing the fingers at others--except themselves--whom are the ground zero creators of this mess.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

Remind me if our GOP was in the majority in least one of the chambers of Congress 75% of the time during Clinton's years. If so, that invalidates your premise. Both parties were responsible, Dems and Pubs.

Ditto.

Both parties can take a bow for this clusterfuck. Jeeze.

 

[Murf76]

About 70% of the American voters are definately for more regulation of the financial sector. The Republican strategy of "NO" was not playing well at all. In fact, it looked like it was becoming a factor for next November. So the Repugs backed down, wisely.

However, it bit late, and more than a few votes short, now. This also give President Obama another victory. In his second year, the President is looking stronger and stronger. This and the climate legislation is going to leave you Teabaggers and wingnut Republicans sniveling at the station long after the train has pulled out.

President Obama is succeeding beyond your wildest fears.

Dream on. Comrade Obama blew it down his leg just three weeks into his presidency when he signed Porkulus. All he's been doing since is just digging his own political grave.

It's getting deeper by the day too.

 

[Navy1960]

Frankly all this chatter from congress about how bad Wall Street screwed up the economy sort of reminds me of a mafia trial drama when the two mob bosses resonsible for all the crime are in court and one is on the stand accusing the other of murder. There is enough blame for economy to go around on both sides of the Isle and for Congress to be blaming Wall Street is laughable when the very policies they put in place were the engine that dove Wall Street. Spending and mismanagement at DoD as been one of my favorite subjects on here for a very long time and one only need look there to totally understand why our Govt. has got us into the position we are into today. Just a little example, FY2010 Defense spending will reach with supplimentals for Iraq, Afghanistan and overseas operations will be around 1.12 Trillion dollars , thats a T folks. If we even made smart decision that many have made before we have that Afghanistan is a Tribal regiion and has been for thousands of years and will revert back to a Tribal region once we leave then we would save 300 billion dollars a year there alone not to mention the most important thing and thats wasted American lives spent in that dump of a nation that does not want us there in the first palce. Same goes for Iraq, heck DoD is going to spend 363 billion dollars on the Joint Strike Fighter for 2400 of them and its capabilites are bested by the new gen. F-15 silent Eagle which WE are going to export for half the cost , starting to see what I mean? So given all this , congress talking about financial reform tends to make me a little more than skeptical when they cannot even buy a Tanker for the Air Force in more than 15 years or spends 9 billion dollars on a rocket that will never fly, or 15 billion dollars on a hole for nuclear waste that will never be used, or 35 billion for Presidential helicopters that are not even made here in the United States!!.

 

[Murf76]

In Comrade Obama's own words:

"We’re not, we’re not trying to push financial reform because we begrudge success that’s fairly earned. I mean, I do think at a certain point you’ve made enough money. But, you know, part of the American way is, you know, you can just keep on making it if you’re providing a good product or providing good service. We don’t want people to stop, ah, fulfilling the core responsibilities of the financial system to help grow our economy."

Hot Air Blog Archive Obama: “I do think at a certain point you’ve made enough money”

Kind of gives us a little insight into his interest in "Financial Reform", now doesn't it???

Nothing Obama does is honest. Everything he does is about driving his crappy, leftist agenda. He's NOT interested in the individual liberty of American citizens. Note, as Ed Morrissey did, that "the responsibility of an entrepreneur isn’t to “grow our economy,” core or otherwise. It’s to grow his own economy. In a properly regulated capitalist system, the natural tension of self-interests create economic growth through innovation and efficient use of capital and resources.

Put simply, a free people work for themselves, not for the government. Barack Obama seems to have a problem understanding that."

Republicans have less to fear in thwarting this administration's warped efforts at "financial reform" than they think they do. People have, by and large, lost their taste for huge "comprehensive" overhauls, which are politically motivated and ill-conceived.

Nancy Pelosi said 'we have to pass healthcare to see what's in it'. What that means is that either they KNEW that they were lying about "what's in it" or that they passed a bill they didn't read or understand.

Turns out that HHS had the numbers a week before the vote... and sat on them.

DEMOCRATS HID DAMNING HEALTH CARE REPORT FROM PUBLIC UNTIL A MONTH AFTER VOTE

More hope and change–
A damning health care report generated by actuaries at the Health and Human Services (HHS) Department was given to HHS Secretary Kathleen Sebelius more than a week before the health care vote. She hid the report from the public until a month after democrats rammed their nationalized health care bill through Congress.

The results from the report were troubling. The report released by Medicare and Medicaid actuaries shows that medical costs will skyrocket rising $389 billion 10 years. 14 million will lose their employer-based coverage. Millions of Americans will be left without insurance. And, millions more may be dumped into the already overwhelmed Medicaid system. 4 million American families will be hit with tax penalties under this new law.

(more...)

Gateway Pundit

And it turns out that rationing WILL be the order of the day:
Hot Air Blog Archive Video: Orszag explains how ObamaCare imposes rationing

So... even though the pundits might be making a big case for Republicans to cooperate, I don't think it's going to be a political problem for them if they lay back their ears and refuse "comprehensive" legislation under the current leadership. The Democrat majority are a bunch of goons and thugs, who have PROVED themselves incapable of straight-dealing.

Oh goodie! Here's another one we can add to the list of reasons why Republicans would be smart to tell our Democrat Overlords to stuff "comprehensive" legislation up their slimy asses....

Under current law, businesses are required to issue 1099s in a limited set of situations, such as when paying outside consultants. The health care bill includes a vast expansion in this information reporting requirement in an attempt to raise revenue for an increasingly rapacious Congress.

In a recent summary, tax information firm RIA notes the types of transactions covered by the new 1099 rules:

The 2010 Health Care Act adds “amounts in consideration for property” (Code Sec. 6041(a) as amended by 2010 Health Care Act §9006(b)(1)) and “gross proceeds” (Code Sec. 6041(a) as amended by 2010 Health Care Act §9006(b)(2)) to the pre-2010 Health Care Act categories of payments for which an information return to IRS will be required if the $600 aggregate payment threshold is met in a tax year for any one payee. Thus, Congress says that for payments made after 2011, the term “payments” includes gross proceeds paid in consideration for property or services.

Basically, businesses will have to issue 1099s whenever they do more than $600 of business with another entity in a year. For the $14 trillion U.S. economy, that’s a hell of a lot of 1099s. When a business buys a $1,000 used car, it will have to gather information on the seller and mail 1099s to the seller and the IRS. When a small shop owner pays her rent, she will have to send a 1099 to the landlord and IRS. Recipients of the vast flood of these forms will have to match them with existing accounting records. There will be huge numbers of errors and mismatches, which will probably generate many costly battles with the IRS.

(more...)

Costly IRS Mandate Slipped into Health Bill | Cato @ Liberty

 

[VaYank5150]

The repubs realized their move would backfire on them at the polls.

It already is. You didn't REALLY think the GOP thought of this new strategery on their own, did you?

 

[JakeStarkey]

Shoot, you actually looked up my change of pace to see if you would look it up, Yurt. OK, the count is one to one. Get ready for my heater . . . oh, it's already past you!

 

[Yurt]

Shoot, you actually looked up my change of pace to see if you would look it up, Yurt. OK, the count is one to one. Get ready for my heater . . . oh, it's already past you!

no, you've got zero mr. heater boy...and nice try, you screwed up but can't admit it..i know how its spelled, i twas typing fast

 

[JakeStarkey]

We all type fast, and I believe you that you know. Still, you swung and missed: now the count is 1 and 2.

 

[JakeStarkey]

"The young Yurt is down to one and two against the crafty lefty. Starkey is looking mighty confident out there. Did he just give Yurt a wink? Here comes the pitch, Yurt swings mightily and fans out. Starkey steps off the mound and says something to the steaming Yurt. What was that, Stan? ' 'Quit whining, Yurt.' OK, that's it, folks, Yurt sulks back to the bench."