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GOP To Block Wall St. Reform

by Ben Hoffman

With Republicans, it’s always party first and then corporations and the wealthy. They don’t do anything for the good of the country. This approach continues with the proposed financial reform, which they’re going to try to block.

This is what is being proposed so we don’t have to bail out the banks again:

Officials said the Democratic plan on derivatives included many tougher provisions put forward by Senator Blanche Lincoln, Democrat of Arkansas and chairwoman of the Agriculture Committee, including one that is fiercely opposed by major banks because it would force them to spin off much of their derivatives business. The rules say any bank dealing in swaps, a popular and lucrative derivative, would be barred from the Federal Reserve’s emergency borrowing window and also from federal deposit insurance.

Read more…

Rather than engaging in honest debate, Republicans are lying about what’s in the bill, saying that the bill will result in more bank bailouts.

Read more…

Posted on April 26, 2010 at 2:59 PM in Education, Opinion, Politics   |  RSS feed |   Reply   |   Trackback URL

10 Comments to “GOP To Block Wall St. Reform”

    
  1. Ben Hoffman
    April 26, 2010 at 6:32 PM

    Here’s Obama’s response to the anti-American Republicans:

    “I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate on Wall Street reform to begin. Some of these Senators may believe that this obstruction is a good political strategy, and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether. But the American people can’t afford that. A lack of consumer protections and a lack of accountability on Wall Street nearly brought our economy to its knees, and helped cause the pain that has left millions of Americans without jobs and without homes. The reform that both parties have been working on for a year would prevent a crisis like this from happening again, and I urge the Senate to get back to work and put the interests of the country ahead of party.”

    Reply
    • pino
      April 26, 2010 at 7:00 PM

      “I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate on Wall Street reform to begin.

      This Obama is a real dumb ass. He has a monster majority in the Senate and a massive majority in the House and he still can’t craft a bill that can get to the floor.

      Serious.

      How effin hard would it be to invite 2-3-4 Republicans into the room, let’em actually include language that is meaningful and move on?

      By the way, what, exactly, does this bill do to prevent banks from:

      A. Getting too big to fail?
      B. Prevent obtaining a bailout in the event they fail?

      Reply
  2. Nick
    April 26, 2010 at 9:17 PM

    Lets be honest here. How can you state that Republicans are lying about whats in the bill when you havent read the bill? Probably because there isnt a bill to lie about.

    And this one if my favorite…you state, “they (republicans) dont do anything for the good of the country.” Wow! One day you will take off your political blinders of hate and see the all of government is about their party, their special interest, their largest contributers and all about doing and saying anything to keep their power seat. Its not a left vs right issue as it is much more of a citizen vs. government issue.

    Yes I am a conservative American who believes that ALL government should be responsible in their spending and that the role of an elected representative is to represent us, the people, before they represent their special interest groups and largest contributors. Both parties are guilty of this abuse and it only gets worse with every President. And I can tear Bush apart with his fiscal irresponsibility under both a Republican controlled congress and Democratic controlled congress after 2006. And I have. I even spent 12 minutes of a 20 minute speech (at a Tea Party in Lakeland Florida) breaking down this irresponsible spending under Bush. So with that said, I speak out as an American First! Before party! A conservative American who has given so much back to his country and neighbor. I have spent my entire life giving back and helping people in need. I dont see or judge someone on their skin color but only their character and actions or lack of actions. To me, we are all a shade of brown. Last time I checked, my skin is beige. Never seen a real white person. Would freak me out! Anyways.

    So back to your sarcastic and uneducated comment about the Republican party not doing anything for the good of the country. Lets see…was fighting for the freedoms of slaves not for the good of the country? Was fighting the democrats to end the expansion of slavery (westward) not for the good of the country? How about electing the first black man to congress? How about fighting for and winning the right for women to vote? Was that good for the country? Has it been bad for the country to have a party who has always stuck to their fair roots. Fairness mean NO ONE gets less not MORE treatment over someone else because of their race, religion, gender etc. And look at the actual votes during the civil rights movements in the 60’s. Which party voted for these civil liberties more than the other? Do you homework and take off your blinders!

    Lastly, regarding this wall street regulation attempt. Everyone I know both at the federal and state level, including civilians who are proud republicans and conservatives, all agree there should be some reform on those companies who think they are too big to fail. We also agree with the liquidation of those who fail. But the biggest issue that resides in the party now is how to contain large, interconnected financial firms and how to liquidate them when they fail! You see, we made a similar mistake with the TARP. A TARP that was poorly managed and pushed through so fast that they never discussed such details, which came back to haunt us. So why is it so hard to ask for our elected officials to have a solid plan in how to do things. You just cant force such massive legislation without knowing how it will work out. This was the same reason the GOP and conservative Americans did not like the healthcare bill. we all wanted some reform, just not the version of massive reform passed. By the way, did you see how J&J announced today that they estimate almost 500 million in losses this year and Eli Lilly over 700 million lost this year because of this ugly healthcare version of reform? How do you think that translates into jobs lost? And what happens when these big bad ugly medical and healthcare companies move their corporate offices overseas? You see, its not about the GOP not agreeing to levels of reform and the pretty parts of the bills “sold” well to the media by the progressives, but its about understanding the entire bill and understanding the details. The “HOW” factor!

    Reply
  3. Nick
    April 27, 2010 at 9:02 AM

    Yes, there is a bill to discuss but not a completed bill. So I apologize for stating it as such in my first email. My error. Its a proposed bill that is a work in progress and that is where my head was when I stated that. But have you honestly read the entire thing to make such a strong statement about a party as a whole? Or are you going off of what you hear on liberal TV? Be honest! If there is a bill that address the “too big to fail” issues we have with some of the companies and one that discusses “how” we will liquidate when we have to, then that is something everyone wants to pass through. but to come out, in the mannor you always do, shooting from the hip in pure hatred for Republicans as a whole, is sad. Do you actually stand for something or just against? Everything is always slanted hate towards the GOP. What do you stand FOR?

    Reply
    • Ben Hoffman
      April 27, 2010 at 9:13 AM

      [Yes, there is a bill to discuss but not a completed bill.]

      No sh*t, Einstein. A bill is not complete until it’s debated, refined, compromised, etc… and the Republicans are blocking debate.

      [What do you stand FOR?]

      I’m for repealing the deregulation that led to the failure of our economy, i.e. the Commodity Futures Modernization Act of 2000 and the Gramm-Leach-Bliley Act of 1999.

      Reply
      • pino
        April 28, 2010 at 8:28 PM

        No sh*t, Einstein. A bill is not complete until it’s debated, refined, compromised, etc… and the Republicans are blocking debate.

        Except we see what happens when Democrats get a bill into debate: They lock the doors and buy votes at $3 billion a piece.

        High humor that you think the health care bill was “debated”.

  4. Nick
    April 27, 2010 at 9:57 PM

    Blocking debate? Whats the track record of this progressive led congress? Once a bill is voted onto the floor, this Congress has proven to force very large bills, filled with some great ideas and also many bad ideas. They are in a huge hurry to vote on bills they arent even reading. They have ignored their 5-day transparency promises and have gone as far as to change the locks on the doors to keep the GOP out of healthcare discussions. This Congress and Administration know their time is limited and want to forse as much massive legislation as quickly as they can. This Congress and Administration put job growth on the back burner to put all their attention into a healthcare takeover that many prior democrat adminstrations tried and failed with. The agenda of this Congress is to give the government as much control over our economy as possible before the voices of the American people catch up to the real “change” that Obama and his gang of thugs, radicals and socialist followed thru with.

    Please watch this video again please. Though there were some in the GOP who supported the legislation you mentioned above, it doesnt mean that the democrats in power didnt fight even harder to protect that deregulation you mentioned. And how sick is it to watch Dodd pushing such massive regulations now when he was a huge player in deregulating them in the first place!

    Reply
    • Ben Hoffman
      April 28, 2010 at 8:56 AM

      Well golly gee, if there’s a youtube video with soundbites taken out of context, it must be true. 🙂

      The Republicans never even got a bill out of committee. At least when the Democrats gained control of the House, they approved reform, albeit, the Senate never did anything and we never saw any kind of law from it.

      Reply
  5. Alan Scott
    April 30, 2010 at 9:00 PM

    Mr. Hoffman,

    I said it before . I bet that nowhere in the Bill is anything mentioning the Democrats bastard step children Fannie Mae and Freddie Mac .

    Tell your buddies Chris Dodd and Barney Frank to add that and it might get out of the committees.

    Reply
    

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