This deserves a thread all of its own

Dr Grump

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What say you Repub apologists..

My bold...the bold in Chanel's posts could be relate to any one of a number of things the Repubs are relying on their constituents NOT to know...

Originally Posted by chanel
50 billion slush fund cool with you?

I personally don't know enough about it
to have an informed opinion, but no one supports more bailout money. Well almost no one.
I know. That's why the Republican Party is lying to you. They are lying to you about what this bill is about.

Originally posted by Toro


Wall Street doesn't want this because the fund will be paid for by Wall Street. It will not be funded by taxpayers. That's why the banks are against this. Wall Street has been bailed out by taxpayers. They want to be bailed out by you, me and everyone else the next time they fail. They don't want to pay for their own bailout fund because it requires capital that they can use to make themselves more money. Instead, they want to be able to dump their problems onto you, just like they did over the past two years. They keep the profits and you take the losses. This fucking infuriates me because people are making millions and millions of dollars while taxpayers get saddled with the losses.

Wall Street is pouring money into Republican coffers to kill this bill, or at least water it down. So the Republicans are on the floor, trying to link this fund to government bailouts. Killing this provision will make it far more likely that taxpayers will bail out the next Too Big to Fail financial firm. This is what the Republicans are supporting.

Read more here.

http://www.theatlantic.com/business/...ailouts/39022/
 

Oddball

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Right now, any bill that crashes and burns can't help but be a net benefit for America, as we are being governed by the most corrupt, duplicitous, self-absorbed, inept and economically ignorant federal apparatus in American history.
 

william the wie

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I won't go as far as Dude but enshrining Too Big Too Fail into law is legislating stupidity no matter who pays.
 

Skull Pilot

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Son of Sarbox - WSJ.com

Our postpartisan President came out swinging this weekend at Senate Minority Leader Mitch McConnell, claiming in his now familiar ad hominem fashion that the Republican had decided to oppose the Democratic financial reform bill only after meeting with bankers. This takes some nerve from a President whose own bill would expand federal bailout authority, and the good news is that the GOP leader still has 40 colleagues marching with him—enough to force Democrats to negotiate if they really want a bill.

We hope Republicans stick together, despite Mr. Obama's unpresidential catcalls, because Senator Chris Dodd's bill looks to us like a souped-up version of the Sarbanes-Oxley bill of 2002—that is, a collection of ill-understood reforms whose main achievement will be to make Wall Street even more the vassal of Washington, raise costs across the economy, and do little to reduce financial risks. The rush to pass it even before the Financial Crisis Inquiry Commission finishes its work is about claiming one more legislative victory before Democrats find their majorities reduced or gone in November.

We'd prefer to see Congress go back to the drawing board, but if we're going to get a bill then Republicans have an obligation to make it less destructive. The Democrats and their media allies seem to think the politics is on their side because they can link the GOP to the banks, and Republicans will splinter. They also said the same thing about health care, until more Americans understood the facts.

Certainly Republicans don't want to defend banks that have behaved badly, and they don't need to in order to oppose this bill. They have several issues on which to stand with taxpayers and consumers against favoritism for the biggest financial players:

• The Consumer Financial Protection Bureau. Yes, this would now be housed inside the Federal Reserve, but that doesn't mean it would have adult supervision. The Fed board is expressly prohibited from setting the bureau's budget or controlling its director. The bureau would have independent rule-making authority, and other financial regulators responsible for safety and soundness could not easily block those rules.

The bureau would have broad power to set the terms of financial products and services, labeling as abusive whatever officials (or outside allies like Acorn) dislike, and paving the way for large new litigation costs. This bureau would barely touch Wall Street, which doesn't oppose it in any case, but it would slam small banks, car dealers and others that extend credit. The entire point of the bureau is to put politicians in charge of allocating credit.

•The credit-rating abdication. Its legal weaknesses and political opportunism aside, the SEC's case against Goldman Sachs is a reminder of how wrong the credit-rating agencies were during the housing bubble. The credit raters downgraded some 99% of the portfolio referenced in the Goldman transaction within months. When the government ordains Moody's and Standard & Poor's as official arbiters of risk, the damage can be catastrophic because so many people rely on them.

The Dodd bill increases SEC oversight and makes the raters more vulnerable to lawsuits—more power to the plaintiffs bar—but it allows the raters to keep their privileged government position. Believe it or not, Barney Frank's House bill does far better on this by eliminating the laws and rules that anoint the raters as official judges of credit risk. Even Deven Sharma, the president of S&P, has embraced this reform, but Mr. Dodd merely asks for a study.

•Too big to fail. The Dodd bill allows too much discretion to federal regulators to determine which firms to regulate and how, which firms to rescue or close down, and which creditors to reward and how.

We described last week the way the bill allows FDIC guarantees on corporate debt to be a "widely available program" to any solvent banks, bank-holding companies and others. The Dodd bill also extends the FDIC's resolution authority (subject to other executive approval) beyond deposit-taking institutions to any financial company deemed to be systemically important. And it gives the FDIC the discretion to discriminate among creditors as it judges who gets paid what as part of a resolution.

Current FDIC Chairman Sheila Bair wouldn't abuse this power, but her successors might. Recall how the White House exploited its authority under TARP to trash Chrysler's creditors and give unions a better deal. The political class can't be trusted with such unlimited power.

The biggest banks are only too happy with this regulatory discretion because they figure they'll benefit if creditors think they are too big to fail. Their financing costs will be lower, a la Fannie Mae before the fall, and they can afford to hire the lobbyists and make the campaign contributions that can influence regulators and Congress. The smaller banks and hedge funds won't be so lucky.

Republicans need to push hard to limit the bailout discretion of regulators, which means working toward some special version of the bankruptcy process for failing financial institutions. This is good politics and good policy. More than anything else, the public is angry about bailouts, and this would let Republicans stand for putting the freedom to fail back into financial markets. Democrats know their bill is vulnerable on these grounds, which is why they have pounded Mr. McConnell for calling them on the point.

There is much more in this bill that Republicans could improve, and we'll describe more in the coming days. But the immediate task is to hold together so they can minimize the damage to the financial system, not to mention their own chances of retaking Congress.
 
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Personally, since DC is infected by the virus of corruption, I don't trust them to act in the best interests of "we, the People". Therefore, I don't support any bill these morons draft. My opinion is that, like with any major outbreak, we need to isolate the infected. Therefore, I say we send no more people to DC to be infected and we allow nothing out of DC - ie no bills, no new legislation of any kind - until we kill the virus of corruption.

Kick 'em all out. From the POTUS down... every single damned one of them.
 

Care4all

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so, sit on hands, do nothing, pay another trillion in bailouts for them when they fail, AGAIN, with tax payer's money!

ARE YOU ALL CRAZY?
 

Ravi

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Right now, any bill that crashes and burns can't help but be a net benefit for America, as we are being governed by the most corrupt, duplicitous, self-absorbed, inept and economically ignorant federal apparatus in American history.
You know, you really are a propagandist tool.

Toro's explanation was excellent. This bill is a good idea and it would be paid for by Wall Street.
 

Ravi

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so, sit on hands, do nothing, pay another trillion in bailouts for them when they fail, AGAIN, with tax payer's money!

ARE YOU ALL CRAZY?
Sweetie...nothing matters to them except the Republicans being in power. This is one reason I'll usually support Democrats over Republicans. Democrats actually have ideas on how to help the country...Republicans only have ideas on how to be in power.

It's just a damn shame the Democrats are so inept in the face of Republican propaganda.
 

jillian

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so, sit on hands, do nothing, pay another trillion in bailouts for them when they fail, AGAIN, with tax payer's money!

ARE YOU ALL CRAZY?
Sweetie...nothing matters to them except the Republicans being in power. This is one reason I'll usually support Democrats over Republicans. Democrats actually have ideas on how to help the country...Republicans only have ideas on how to be in power.

It's just a damn shame the Democrats are so inept in the face of Republican propaganda.

It's always more difficult to have to put forth complex concepts in the face of pithy one-liners... even if the one-liners are lies and stupidity.

It's also easier to get agreement on what you're against than it is to get agreement on what you're for.
 

midcan5

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....It's just a damn shame the Democrats are so inept in the face of Republican propaganda.

And they say the MSM is liberal. We are ruled by myth today and it is primarily from the right wing corporate powers.



"The 20th century has been characterized by three developments of great political importance: The growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy." Alex Carey
 

editec

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What say you Repub apologists..

My bold...the bold in Chanel's posts could be relate to any one of a number of things the Repubs are relying on their constituents NOT to know...

Originally Posted by chanel
50 billion slush fund cool with you?

I personally don't know enough about it to have an informed opinion, but no one supports more bailout money. Well almost no one.
I know. That's why the Republican Party is lying to you. They are lying to you about what this bill is about.

Originally posted by Toro

Wall Street doesn't want this because the fund will be paid for by Wall Street. It will not be funded by taxpayers. That's why the banks are against this. Wall Street has been bailed out by taxpayers. They want to be bailed out by you, me and everyone else the next time they fail. They don't want to pay for their own bailout fund because it requires capital that they can use to make themselves more money. Instead, they want to be able to dump their problems onto you, just like they did over the past two years. They keep the profits and you take the losses. This fucking infuriates me because people are making millions and millions of dollars while taxpayers get saddled with the losses.

Wall Street is pouring money into Republican coffers to kill this bill, or at least water it down. So the Republicans are on the floor, trying to link this fund to government bailouts. Killing this provision will make it far more likely that taxpayers will bail out the next Too Big to Fail financial firm. This is what the Republicans are supporting.

Read more here.

http://www.theatlantic.com/business/...ailouts/39022/

And when the bill is defeated do expect to see just enough Dems to defeat it too.

More political smokecreeening in action, folks.

Fact is that the banks OUGHT to pay insurance to pay for their own disasters.

But they probably won't because, let's face it, they have us to pay their bills.
 

Skull Pilot

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so, sit on hands, do nothing, pay another trillion in bailouts for them when they fail, AGAIN, with tax payer's money!

ARE YOU ALL CRAZY?

you do realize this bill increases the bail out capability and likelihood don't you?
 

jillian

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so, sit on hands, do nothing, pay another trillion in bailouts for them when they fail, AGAIN, with tax payer's money!

ARE YOU ALL CRAZY?

you do realize this bill increases the bail out capability and likelihood don't you?

no. it doesn't. that's a fallacy. it breaks up and sells off the banks if they fail and the costs are paid by a fund paid into by the banks. they'd rather you paid for it.
 

Skull Pilot

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so, sit on hands, do nothing, pay another trillion in bailouts for them when they fail, AGAIN, with tax payer's money!

ARE YOU ALL CRAZY?

you do realize this bill increases the bail out capability and likelihood don't you?

no. it doesn't. that's a fallacy. it breaks up and sells off the banks if they fail and the costs are paid by a fund paid into by the banks. they'd rather you paid for it.

from the WSJ piece linked earlier

We described last week the way the bill allows FDIC guarantees on corporate debt to be a "widely available program" to any solvent banks, bank-holding companies and others. The Dodd bill also extends the FDIC's resolution authority (subject to other executive approval) beyond deposit-taking institutions to any financial company deemed to be systemically important. And it gives the FDIC the discretion to discriminate among creditors as it judges who gets paid what as part of a resolution.

Seems to be an increase in the government's ability to choose winners and losers via bailouts to me.
 

Oddball

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Right now, any bill that crashes and burns can't help but be a net benefit for America, as we are being governed by the most corrupt, duplicitous, self-absorbed, inept and economically ignorant federal apparatus in American history.
You know, you really are a propagandist tool.

Toro's explanation was excellent. This bill is a good idea and it would be paid for by Wall Street.
You know, you really are a dimwitted rube.

Toro's explanation nonwithstanding, I'm not such a puerile fool to believe that someone with the reverse Midas touch is suddenly going to make everything better this time around.
 

strollingbones

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it must be comforting to be able to go...them bad...we good...to every mother fucking issue without any research or thought put into it....
 

Neubarth

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right now, any bill that crashes and burns can't help but be a net benefit for america, as we are being governed by the most corrupt, duplicitous, self-absorbed, inept and economically ignorant federal apparatus in american history.

gosh, you agree with me!
 

Ravi

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right now, any bill that crashes and burns can't help but be a net benefit for america, as we are being governed by the most corrupt, duplicitous, self-absorbed, inept and economically ignorant federal apparatus in american history.

gosh, you agree with me!
Conspiracy theorists tend to agree with each other.
 

Neubarth

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right now, any bill that crashes and burns can't help but be a net benefit for america, as we are being governed by the most corrupt, duplicitous, self-absorbed, inept and economically ignorant federal apparatus in american history.

gosh, you agree with me!
Conspiracy theorists tend to agree with each other.
There is no conspiracy. The rampant and oppressive corruption in Washington is obvious to the most casual observer. The entire system needs to be reformed.
 

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