• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

GOP senators block debate on finance bill

funny how it was the dems who seemed to get most of the green donated by the bankers

Actually....your facts are wrong. But Democrats are certainly not immune to corporate corruption either.
 
Actually....your facts are wrong. But Democrats are certainly not immune to corporate corruption either.

really? have you the numbers from 2008?
 
who's in whose pocket?

dodd and obama are #'s 1 and 2 recipients of aig contributions

http://www.examiner.com/x-2304-DC-R...op-20-Recipients-of-AIG-Contributions-in-2008

then, the bailout of the toobig, so ugly, including those obscene bonuses, tax cheat in chief geithner feels compelled to instruct the no-accounts to keep the details SECRET from the sec

Geithner's New York Fed Pushed AIG To Keep Sweetheart Deals Secret (READ THE AIG EMAILS)

the same overseers obama is now siccing (when they're not downloading porn) on goldman sachs

darn those greedy, corrupt republicans and their elitist, fatcat friends

what this country needs is a good, strong dose of CHICAGO STYLE leadership

LOL!
 
Last edited:
It's fun to watch conservatives try to justify blocking even discussion of financial reform. No debate! We musn't talk about things! NEVER DISCUSS THINGS!
 
a discussion---LOL!

that's all it is

just a nice little chat we're all gonna have

on the FLOOR OF THE UNITED STATES SENATE

LOL!
 
It's fun to watch conservatives try to justify blocking even discussion of financial reform. No debate! We musn't talk about things! NEVER DISCUSS THINGS!

When you are the "Party of NO"....you have to block discussion....otherwise, it becomes obvious that you are the party of no ides.
 
When you are the "Party of NO"....you have to block discussion....otherwise, it becomes obvious that you are the party of no ides.

TORT REFORM!

Oh wait what were we talking about again?
 
TORT REFORM!

Oh wait what were we talking about again?

"Tort reform" is nothing more than a GOP talking point. Sure....its a good idea...but every credible study has shown it would amount to less than 1% of a difference in health care costs.
Typical Republican "photo-op"....it sounds good...but it isn't real reform.
 
When you are the "Party of NO"....you have to block discussion....otherwise, it becomes obvious that you are the party of no ides.

If I am not mistaken there a commission looking into the causes of the financial collapse. Does it make sense to screw around with another huge segment of the economy before we have some facts.

It seems that polititians are willing to screw up one of the last remaining areas where America dominates on the alter of cheap politics.

Not sure if any of you watched the Goldman Sachs show trial put on by the senate today. Two things it seemed to show a) senators are bullies and cowards. Distorting the truth because they have the power to screw over the panelists and b) they have so little understanding of the financial system it should give us all pause that these are the folks writiing these new regs everyone wants.
 
So are we going to talk about the content of the bill or what?
 
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
 
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.
 
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!
 
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:
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.

:spin: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.
 
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...
 
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!
 
it appears the minority are not the only ones conversant with NO

washingtonpost.com

what are you so afraid of, president pie-in-the-face?
 
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

The blogger's characterization of the $50 billion orderly liquidation fund (OLF) (to be prefunded by financial institutions, not taxpayers) as a "bailout" fund is incorrect. The OLF would not be used to help a major financial institution avoid failure. It would be used to finance the costs of resolution.

CBO's Assessment: http://www.cbo.gov/ftpdocs/114xx/doc11454/s3217.pdf

Note: If one freezes upon clicking the link, one should copy and paste the URL into one's address bar to access the CBO document. CBO's site sometimes has problems opening documents when one clicks on hyperlinks pasted in messages.

The actual language from S.3217 with respect to the orderly liquidation fund can be found in Title II, Section 210 (n). Title II describes the orderly liquidation process/authority. One can look up S.327 at the Library of Congress' Thomas website.
 
Last edited:
“We have negotiated in good faith and we have tried, and we have got to get to this bill. Let's stop talking about this negotiation. It's going nowhere.” — Senate Majority Leader Harry Reid (D-Nev.)

Shades of Peter, three times have the Republicans, every last one of them, denied the American people.

Excerpted from “United GOP blocks reform debate again” By MEREDITH SHINER, Politico, 4/28/10 10:49 AM EDT
[SIZE="+2"]F[/SIZE]or the third consecutive day, Republicans united to block a Wall Street reform bill from hitting the Senate floor as frustrations grew over the pace of negotiations …
 
“We have negotiated in good faith and we have tried, and we have got to get to this bill. Let's stop talking about this negotiation. It's going nowhere.” — Senate Majority Leader Harry Reid (D-Nev.)

Shades of Peter, three times have the Republicans, every last one of them, denied the American people.

I say we go "no" 3x per apostle... that's 36 times total for you agnostic's out there. If that's what it takes to make a better bill ...
 
Back
Top Bottom