The GOP led House can compromise when it is in the best interests of the party donors. They can get some things done. They put forth a workable compromise in the new massive spending bill. They first proposed gutting most of the key provisions of Dodd/Frank, and as a compromise for getting a bill out of the House and not allowing another government shut down, they met Democrats in the -- ahem -- middle allowing the bill to go before the Senate, before it could go to President Obama's desk for his signature.
Obama as he's always claimed, is on board with any compromise that he doesn't believe has a poison pill or purely partisan agenda: "The president summed up his approach Friday when he acknowledged there were parts of the massive spending measure he 'really [did] not like,' but said it was the best deal on the table.
'Overall, this legislation allows us to build on the economic progress and the national security progress that's important,' Obama told reporters. 'Had I been able to draft my own legislation and get it passed without any Republican votes, I suspect that it would be slightly different. That's not the circumstance we find ourselves in.'"
President Obama Democrats face rift exposed by spending bill debate - LA Times
If Dodd/Frank is so bad why did the banks and many conservatives spend the last 4 years doing everything in their power to weaken it? We even have conservatives like Paul H. Kupiec, who 'is a resident scholar at the American Enterprise Institute. He has also been a director of the Center for Financial Research at the Federal Deposit Insurance Corp. and chairman of the Research Task Force of the Basel Committee on Banking Supervision,' trying to convince us that Dodd/Frank is not what everyone else says it is.
Kupiec is maybe being purposefully disingenuous by using the phrase 'doesn’t end ‘too big to fail ’in place of addressing something like the fact that Barney Frank and others who wrote the bill, say taxpayer bailouts are illegal under Dodd/Frank.
Dodd-Frank doesn t end too big to fail TheHill
something else Kupiec wrote on Dodd/Frank: Paul H. Kupiec The Way Is Clear for Three Easy Dodd-Frank Fixes - WSJ to me it seems like Kupiec is a shill for the Financial sector
"Supporters of Dodd-Frank, including former Rep. Barney Frank (D-Mass.) himself, have argued that the law makes taxpayer bailouts illegal and that investors in TBTF firms are wrong to think they would be protected by the government. But many investors appear to disagree with Frank and for good reasons."
Dodd-Frank doesn t end too big to fail TheHill
"Repeal of a Dodd-Frank Act provision that requires..." Big Banking "to push out a portion of their derivatives business into subsidiaries."
"Big banks fought against its inclusion in the 2010 financial reform law and have been steadily fighting to repeal it ever since."
Why Citi May Soon Regret Its Big Victory on Capitol Hill - American Banker Article
other links: Obama signs 1.1 trillion spending bill into law | Jon Stewart goes through the list of random things in the spending bill is horrified - The Washington Post | and in other news one more reason Senator Ted Cruz is a phony idiot and unstable enough to be out of consideration for a Presidential candidacy
Obama as he's always claimed, is on board with any compromise that he doesn't believe has a poison pill or purely partisan agenda: "The president summed up his approach Friday when he acknowledged there were parts of the massive spending measure he 'really [did] not like,' but said it was the best deal on the table.
'Overall, this legislation allows us to build on the economic progress and the national security progress that's important,' Obama told reporters. 'Had I been able to draft my own legislation and get it passed without any Republican votes, I suspect that it would be slightly different. That's not the circumstance we find ourselves in.'"
President Obama Democrats face rift exposed by spending bill debate - LA Times
--------------------------------------------------------------------------------
If Dodd/Frank is so bad why did the banks and many conservatives spend the last 4 years doing everything in their power to weaken it? We even have conservatives like Paul H. Kupiec, who 'is a resident scholar at the American Enterprise Institute. He has also been a director of the Center for Financial Research at the Federal Deposit Insurance Corp. and chairman of the Research Task Force of the Basel Committee on Banking Supervision,' trying to convince us that Dodd/Frank is not what everyone else says it is.
Kupiec is maybe being purposefully disingenuous by using the phrase 'doesn’t end ‘too big to fail ’in place of addressing something like the fact that Barney Frank and others who wrote the bill, say taxpayer bailouts are illegal under Dodd/Frank.
Dodd-Frank doesn t end too big to fail TheHill
something else Kupiec wrote on Dodd/Frank: Paul H. Kupiec The Way Is Clear for Three Easy Dodd-Frank Fixes - WSJ to me it seems like Kupiec is a shill for the Financial sector
--------------------------------------------------------------------------------
"Supporters of Dodd-Frank, including former Rep. Barney Frank (D-Mass.) himself, have argued that the law makes taxpayer bailouts illegal and that investors in TBTF firms are wrong to think they would be protected by the government. But many investors appear to disagree with Frank and for good reasons."
Dodd-Frank doesn t end too big to fail TheHill
"Repeal of a Dodd-Frank Act provision that requires..." Big Banking "to push out a portion of their derivatives business into subsidiaries."
"Big banks fought against its inclusion in the 2010 financial reform law and have been steadily fighting to repeal it ever since."
Why Citi May Soon Regret Its Big Victory on Capitol Hill - American Banker Article
--------------------------------------------------------------------------------
"The House passed a massive $1.1 trillion spending plan. This action averted a government shutdown—a good thing. Less good was the fact that the bill also contained a provision, said to be written by Citigroup, repealing a key part of the Dodd-Frank Act. The provision enables the big banks once again to use insured deposits and other taxpayer subsidies and guarantees to gamble in the derivatives markets—the very type of business that drove the 2008 financial crisis and the economic devastation that followed."
--------------------------------------------------------------------------------
other links: Obama signs 1.1 trillion spending bill into law | Jon Stewart goes through the list of random things in the spending bill is horrified - The Washington Post | and in other news one more reason Senator Ted Cruz is a phony idiot and unstable enough to be out of consideration for a Presidential candidacy
