GOP looking to weaken financial regulation law

[CrusaderFrank]

You cant call what people working on wall street do a job. More like a SCAM. And the middle class bails it out. Of course, middle class to the rescue. Yes this is class warfare.

You know you're a Marxist, right?

 

[Mustang]

What is it they say is the definition of insanity? It's doing the same thing over and over again and expecting different results. Republicans are simply deterimined to turn the financial services sector loose once more...probably as deregulated at they can manage. Hmm, I wonder what's going to happen if they succeed. Anyone care to make a guess?

 

[CrusaderFrank]

OK, most of the real estate people I know just give me dumb stares when I ask the F/F question and I can't expect you to do any better.

Fannie in now a 5,000 person organization that was an FDR invention to buy mortgages from banks so they could free up capital and lend more

Freddie is now a 5,000 person organization that was a Nixon invention to buy mortgages from thrifts so they could free up capital and lend more.

Read closely.

Then answer 2 questions:

1. Why do we need 2 5,000 governmental entities doing essentially that exact same thing?

2. Why do we need any governmental entity doing what Wall Street can do, that is, create secondary market for mortgages?

 

[The T]

OK, most of the real estate people I know just give me dumb stares when I ask the F/F question and I can't expect you to do any better.

Fannie in now a 5,000 person organization that was an FDR invention to buy mortgages from banks so they could free up capital and lend more

Freddie is now a 5,000 person organization that was a Nixon invention to buy mortgages from thrifts so they could free up capital and lend more.

Read closely.

Then answer 2 questions:

1. Why do we need 2 5,000 governmental entities doing essentially that exact same thing?

2. Why do we need any governmental entity doing what Wall Street can do, that is, create secondary market for mortgages?

Or what the people can do by engaging in commerce on their own without manipulation?

Can't afford to buy? RENT until you make your circumstances better. Common sense. And no one should need government for that.

 

[initforme]

If being a marxist means watching the middle class disappear because of wall street then yes I wear the label PROUDLY.

 

[The T]

If being a marxist means watching the middle class disappear because of wall street then yes I wear the label PROUDLY.

Consider yourself a minority.

 

[initforme]

Yes being a middle class person in this country I do consider myself a minority.

 

[CrusaderFrank]

If being a marxist means watching the middle class disappear because of wall street then yes I wear the label PROUDLY.

No, Dear, there's nothing noble about being a Marxist.

 

[initforme]

Ok, then I will stick to one who believes in the hard working, disappearing, disdained by the ultra wealthy middle class.

 

[kiwiman127]

So is it a good idea to weaken The Wall Street Reform and Consumer Protection Act?

No, it is definitely not a good idea to weaken it.

It needs to be repealed immediately.

Agreed. People need to wise up and take some responsibility for themselves and stop whining to mommy government everytime they fail at life at their own hand.

Equal outcome for life will NEVER be possible no matter how big government gets. Didn't the USSR teach anyone anything?

A post by a tool.

 

[Soggy in NOLA]

What is it they say is the definition of insanity? It's doing the same thing over and over again and expecting different results. Republicans are simply deterimined to turn the financial services sector loose once more...probably as deregulated at they can manage. Hmm, I wonder what's going to happen if they succeed. Anyone care to make a guess?

Like.... throwing money at social programs that never work, are replete with fraud and waste and them claiming we need more?

 

[Quantum Windbag]

The greatest threat to this Nation is not terrorists, recession, or a possible default – it’s radical ideologues on the extreme right.

uh huh, right now I'd take them over the lefty 'moderates' ( pardon me while I guffaw) who wrote this trash- dodd and frank. everyone look extreme when you're out there in deep left field so I see how you could come to that conclusion.

You know I have a friend who was forced into bankruptcy when her credit card company dramatically raised the rates on her existing balances. No new purchases. She couldn't even pay off the amount before the imposed the draconian rates.

If being opposed to that makes me a lefty then sign me up!

Did they dramatically increased her interest rates for no reason? In other words, are you a lefty because you think people would be protected from their own stupidity, like the tendency of some people to borrow more than they can pay back?

 

[Quantum Windbag]

We thought they learned their lesson when they deregulated Wall Street. What they learned is a new, even more unethical way to legally steal money.

When was Wall Street deregulated?

When Bush was president and Republicans held both houses. It was about the same time Republicans pushed trillions in tax cuts and a "drugs for votes" bill through congress using "reconciliation". Some of their other successes during that time, besides letting Bin Laden go and invading Iraq.

Hey, if Bush had caught Bin Laden, would America have let him invade Iraq? Do we now know why he "no longer thought about Bin Laden"?

Learn to "keep up".

Can you be more specific than "Some point in the past when the evil Bush was in charge," or would that require you to admit that Democrats went along with the evil Republicans, or that Clinton signed the FSMA?

 

[Quantum Windbag]

These are the people who are lobbying the GOP & getting what they want:
Subprime mortgage crisis - Wikipedia, the free encyclopedia

Policymakers did not recognize the increasingly important role played by financial institutions such as investment banks and hedge funds, also known as the shadow banking system. Some experts believe these institutions had become as important as commercial (depository) banks in providing credit to the U.S. economy, but they were not subject to the same regulations

Wow, Wikipedia and "some people." Excellent post.

 

[kiwiman127]

SURE !!! Let's go back to the way things were in 2008!!!

Everything was just FINE, as John McCain told us!

Nothing to worry about!

What did john McCain say in advance of the fiasco? hmm lets look again, maybe actually watch it this time?

[ame=http://www.youtube.com/watch?v=LPSDnGMzIdo&feature=player_embedded]YouTube - ‪Democrats were WARNED of Financial crisis and did NOTHING‬‏[/ame]

Dodd and Frank sure are the favorite target of the far right. Yes, they opposed tougher oversight of Fannie and Freddie but that about where it ends. The legislation did make it out of committee but the GOP never brought the legislation to vote and they controlled the agenda as the GOP controlled the Senate and House. The Dems never even filibustered against it.
If a thinking person really studied the journey of the tougher oversight legislation for Fannie and Freddie, people would see that the GOP never brought the legislation up for vote. Why? The GOP could have used a simple majority like they had done to pass other legislation during that same legislative period, but they didn't. The legislation simply didn't have enough GOP support to bring it up for vote.
So, while the far right wingnuts cry about Dodd and Frank, if they are honest, they should also blame their own party, because factually, the GOP dropped the ball.

 

[Dot Com]

SURE !!! Let's go back to the way things were in 2008!!!

Everything was just FINE, as John McCain told us!

Nothing to worry about!

What did john McCain say in advance of the fiasco? hmm lets look again, maybe actually watch it this time?

YouTube - ‪Democrats were WARNED of Financial crisis and did NOTHING‬‏[/url

Dodd and Frank sure are the favorite target of the far right. Yes, they opposed tougher oversight of Fannie and Freddie but that about where it ends. The legislation did make it out of committee but the GOP never brought the legislation to vote and they controlled the agenda as the GOP controlled the Senate and House. The Dems never even filibustered against it.
If a thinking person really studied the journey of the tougher oversight legislation for Fannie and Freddie, people would see that the GOP never brought the legislation up for vote. Why? The GOP could have used a simple majority like they had done to pass other legislation during that same legislative period, but they didn't. The legislation simply didn't have enough GOP support to bring it up for vote.
So, while the far right wingnuts cry about Dodd and Frank, if they are honest, they should also blame their own party, because factually, the GOP dropped the ball.

They haven't done anything of consequence since Reagan raised taxes 10X.

 

[rdean]

Oh, that's what did it.

How do you fit in "bankrupt insurance companies, derivatives, 70% of mortgage markets moved to Wall Street, and bundled securities sold overseas into "Freddie/Fannie"?

Hold on. Let me get some popcorn. This outta be "good".

Thats what Fox & the WSJ tells him. Odd that both of those outlets are owned by the same individual

Tell me, Dear, what do Fannie and Freddie do? Can you tell me in your own words, since you're so educated?

What Freddie/Fannie do and what Wall Street did are two different things. You can't blame FF or what Wall Street did with Republican support.

Nice try. Almost a deflection. B-.

 

[rckirby]

Thats what Fox & the WSJ tells him. Odd that both of those outlets are owned by the same individual

Tell me, Dear, what do Fannie and Freddie do? Can you tell me in your own words, since you're so educated?

What Freddie/Fannie do and what Wall Street did are two different things. You can't blame FF or what Wall Street did with Republican support.

Nice try. Almost a deflection. B-.

Get a clue....they are all one and the same....big banks, big g'mint. And ALL with BOTH party's support. Once you wake up to that, it will all start to make sense.

 

[CrusaderFrank]

Thats what Fox & the WSJ tells him. Odd that both of those outlets are owned by the same individual

Tell me, Dear, what do Fannie and Freddie do? Can you tell me in your own words, since you're so educated?

What Freddie/Fannie do and what Wall Street did are two different things. You can't blame FF or what Wall Street did with Republican support.

Nice try. Almost a deflection. B-.

2 different things? Really? Are you sure? Would you like to double check?

 

[oreo]

Any conservatives think this is wise after the worst recession in this great nation's history?
GOP uses budget, other tools to sap financial law - politics - Capitol Hill - msnbc.com

WASHINGTON — Congressional Republicans are greeting the one-year anniversary of President Barack Obama's financial overhaul law by trying to weaken it, nibble by nibble.

Well, at least we know who they work for

Well here's the GOOD news in this article:

Another House panel voted to slice $200 million from Obama's $1.4 billion budget request for the SEC, which has a major enforcement role

They are about the most "worthless" agency of the government. Several of them caught making over 200K a year--watching porno on their computers all day long.