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Thread: GOP senators block debate on finance bill

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    Re: GOP senators block debate on finance bill

    Quote Originally Posted by Chappy View Post

    Somehow I thought one brave Republican would stand up for working people against the fat cats on Wall Street. How foolish was I? Not a single one? Incredible.
    There are reasons the Republicans are opposed to the bill, and it's not because they are backing Wall Street. This bill will have long-term consequences for us financially with futher bailouts. More bailouts is the last thing we need when we are already drowning in debt. Here's an excerpt from part of the letter the republicans sent to Reid.

    Dear Leader Reid:

    We encourage you to take a bipartisan and inclusive approach, rather than the partisan path you chose on health care.

    A bipartisan bill should address the damaging financial practices of big Wall Street firms and government-sponsored entities that led to unprecedented taxpayer bailouts and caused our government to take on enormous amounts of debt. We simply cannot ask the American taxpayer to continue to subsidize this “too big to fail” policy. We must ensure that Wall Street no longer believes or relies on Main Street to bail them out. Inaction is not an option. However, it is imperative that what we do does not worsen the current economic climate or codify the circumstances that led to the last financial crisis.
    We are united in our opposition to the partisan legislation reported by the Senate Banking Committee. As currently constructed, this bill allows for endless taxpayer bailouts of Wall Street and establishes new and unlimited regulatory powers that will stifle small businesses and community banks.

    This is a complex issue that could have unintended consequences on job growth, the ability of Americans and business owners to access credit, and the United States’ role as a worldwide leader in innovation and capital formation. The consequences of this bill will reverberate across our economy for years to come.

    We urge you to support the bipartisan negotiations by the Banking and Agriculture Committees. We are confident that the Senate can overcome political tensions and provide a bipartisan approach to financial reform this year.
    Republicans united in opposition to financial reform bill - The Hill's Blog Briefing Room
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    Re: GOP senators block debate on finance bill

    in today's miserable economic and political climate NO suffices to win illinois, michigan, pennsylvania, new jersey, virginia, massachusetts, wisconsin, nevada, tennessee, indiana, arkansas, ohio, delaware, colorado, iowa, kansas...

    and in most cases, by very wide margins

    RealClearPolitics - 2010 Election Maps - Governor No Toss Ups

    RealClearPolitics - 2010 Election Maps - Senate No Toss Ups

    party on, progressives

    keep heaping those pretty platitudes

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    Re: GOP senators block debate on finance bill

    Quote Originally Posted by disneydude View Post
    Actually....your facts are wrong. But Democrats are certainly not immune to corporate corruption either.
    True. Which is why ANY politician who is in bed with business needs to serve hard time in the supermax prison in Florence, CO.

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    Re: GOP senators block debate on finance bill

    obama's in bed with aig to the tune of $100,000

    his treas secty, tax cheat in chief geithner, then instructed aig to keep its obscene bailout secret from the sec

    get a rope!

    LOL!

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    Re: GOP senators block debate on finance bill

    Has anyone bothered to ask themselves why Goldman Sachs supports this "reform" if it's bad for large corporations?

    Today, the SEC charged giant investment bank Goldman Sachs with more than $1 billion worth of securities fraud for its dealings in the subprime mortgage market.
    Ironically, at the same time the SEC is seeking justice for Goldman’s alleged victims, President Obama and Senate Banking Committee Chairman Chris Dodd (D-Conn.) are pushing a bill would reward the firm with potentially billions of dollars by instituting a so-called “resolution authority” that would, in practice, be a permanent bailout fund.
    Supporters of Dodd’s bill maintain that it does not create bailouts because the failing firm’s shareholders would be wiped out and its managers would be fired. But what they don’t say is that the money from the $50 billion resolution fund would be used to frequently give creditors of this firm a better deal than they would have in bankruptcy.
    Recall that during the financial implosion of late 2008, Goldman was not bailed out directly by taxpayers, but instead received tax dollars as a creditor of AIG. Goldman received $12.9 billion in the “backdoor bailout” of AIG because of the credit default swaps it owned that AIG had insured. Goldman and other of AIG’s counterparties were paid by the government 100 cents on the dollar in this bailout, whereas creditors in bankruptcy court often get less than 50 cents on the dollar.
    So as American Enterprise Institute scholar and Financial Crisis Inquiry Commission member Peter Wallison puts it: “That act—paying off the creditors when the government takes over a failing firm—is a bailout. It doesn’t matter that the management lose their jobs, or that the shareholders get nothing. When the creditors are aware that they will get a better deal with the failure of a large company than they will get with a small one that goes the ordinary route to bankruptcy, that is a bailout.”
    To top it off, the fees for the Dodd bill’s resolution fund that would pay off a failing firm’s creditors would come not just from banks but from a broad array of Main Street businesses. Stable life, auto and home insurance companies would have to pay into this fund to subsidize the failure of the next high-roller, and the fees they pay would likely be passed on in the premiums their policy holders pay. And the bill’s definition of “nonbank financial company” is so broad that it could cover manufacturers only tangentially involved in extending credit, such as those that lease equipment to their customers. This would raise prices and cost Main Street jobs.
    All in all, the Goldman indictment should serve as a wakeup call to those who want to ram a bill through Congress without looking at who both its victims and beneficiaries would ultimately be.
    Obama-Dodd financial bill would further enrich Goldman Sachs|OpenMarket.org
    Last edited by lizzie; 04-28-10 at 09:21 AM.
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    Re: GOP senators block debate on finance bill

    The GOP Senators are, without exception, blocking this legislation from even being debated on the floor of the Senate, period. THAT is clearly NOT in the best interests of We the People and CLEARLY is done at the behest of the money scammers of the big banks and Wall Street.

    away all you please, but if you think We the People don't know what's actually happening, the only one you are fooling is yourself.

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    Re: GOP senators block debate on finance bill

    Quote Originally Posted by lizzie View Post
    Has anyone bothered to ask themselves why Goldman Sachs supports this "reform" if it's bad for large corporations?


    Obama-Dodd financial bill would further enrich Goldman Sachs|OpenMarket.org
    I think what we heard was that they agree with parts of it. Seems they did not need another fight yesterday. It would have been bad cosmetically to say anything.

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    Re: GOP senators block debate on finance bill

    Quote Originally Posted by The Uncola View Post
    if you think We the People don't know what's actually happening, the only one you are fooling is yourself
    tell it to dem incumbents in illinois, michigan, pennsylvania, new jersey, virginia, massachusetts, wisconsin, nevada, tennessee, indiana, arkansas, ohio, delaware, colorado, iowa, kansas...

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    Re: GOP senators block debate on finance bill

    one thing this pig of a bill provides for is some kind of fdic-like structure for the toobigs BUT NOTHING FOR THE DENIZENS OF MAIN STREET

    that is, a two tier system is established wherein the megacorps are able to take risks, backed by the taxpayer, that normal nates and nells simply can't afford

    NO!

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    Re: GOP senators block debate on finance bill

    no wonder blankfein, even tho he doesn't know what's in it, supports the bill

    Blankfein supports financial reform bill - The Hill's On The Money

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