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Lift that Bail!!

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Balladeer
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0 posted 04-15-2010 08:53 AM       View Profile for Balladeer   Email Balladeer   Edit/Delete Message      Find Poems   Click to visit Balladeer's Home Page   View IP for Balladeer


FACT CHECK: An echo is heard in Wall Street debate
AP

WASHINGTON Republicans say White House-backed legislation to oversee the financial industry would lead to more government bailouts. Democrats say that won't happen. So who's right?

No one can be sure. But in this case, some key Republican arguments are supported by many on the left, right and center.

The GOP's position was once raised by none other than Obama's own treasury secretary, Timothy Geithner, and by some liberal critics of the Democrats' proposed overhaul of Wall Street oversight as well as by nonpartisan analysts.

Central to the criticism spearheaded by Senate Republican leader Mitch McConnell is a proposed $50 billion fund that big banks would finance and that the Federal Deposit Insurance Corp. would use to liquidate giant, interconnected financial firms on the verge of collapse.

McConnell, R-Ky., said the very existence of the fund "would of course immediately signal to everyone that the government is ready to bail out large banks."

In October, Geithner made a similar argument to House lawmakers, saying that instead of creating a fund in advance, the costs of liquidating a large firm should be assessed to other large financial institutions after the FDIC dismantles a company. "A standing fund would create expectations that the government would step in to protect shareholders and creditors from losses," he said then.
. http://news.yahoo.com/s/ap/20100415/ap_on_bi_ge/us_financial_regulation_fact_check
Bob K
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1 posted 04-16-2010 07:49 PM       View Profile for Bob K   Email Bob K   Edit/Delete Message      Find Poems  View IP for Bob K



     And here is the reference to the scathing comments by Mitch McConnell"s hometown newspaper in their editorial, yesterday about his Position on that Bill and how it reflected his attempt at a sweetheart deal with Wall Street Hedge Fund Managers to get funding for the November Elections.
http://www.kentucky.com/2010/04/15/1224749/mcconnell-to-big-banks-rescue.html


     Should folks be interested in the side story about the Frank Luntz position paper, that is available by checking through the Huffington Post, which offers a link to the 17 page document.  If one compares the Speech that Mitch McConnell made after emerging from the White House yesterday with the contents of the Luntz memo, one will find an uncanny amount of overlap.
Balladeer
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2 posted 04-16-2010 09:00 PM       View Profile for Balladeer   Email Balladeer   Edit/Delete Message      Find Poems   Click to visit Balladeer's Home Page   View IP for Balladeer

WASHINGTON (AP) In the face of stiff Republican opposition, Obama administration officials want Senate Democrats to purge a $50 billion fund for dismantling "too big to fail" banks from legislation that aims to protect against a new financial crisis. Republicans contend the provision would simply continue government bailouts of Wall Street.

The sweeping bill aims to prevent a recurrence of the crisis that nearly caused a Wall Street meltdown in 2008. Beside creating a mechanism for liquidating large firms, House and Senate bills would govern previously unregulated derivatives, create a council to detect systemwide financial threats and establish a consumer protection agency to police lending, credit cards and other bank-customer transactions.
. http://www.usatoday.com/news/washington/2010-04-16-obama-financial-reform_N.htm?csp=34&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+UsatodaycomWashington-TopStories+% 28News+-+Washington+-+Top+Stories%29&utm_content=My+Yahoo
Bob K
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3 posted 04-16-2010 11:55 PM       View Profile for Bob K   Email Bob K   Edit/Delete Message      Find Poems  View IP for Bob K

     Pity that The President is caving in so easily.  The proposal that he's agreeing to give up is one that insists that the industry bail out its own fools rather than allow the tax-payers to do it.  The Republicans are really working for that money from those banks for the November elections that Mitch McConnell's home town paper is so upset about.  The President is trying to give The Republicans something that they will never give him something in return for; you'd think that he'd have learned his lesson after the health care bill, but evidently not.

     The Republicans are now apparently trying to keep the Democrats from regulating the derivatives market, the very market that got us in trouble this last time around.  Evidently, they don't mind what happened the last time and figure that if we don't do anything, that'll stop Goldman Sachs from Marketing a line of derivatives that they know will go bust when they put it on the market.

    See. for example,

http://jessescrossroadscafe.blogspot.com/2010/04/sec-formally-charges-goldman-sac hs-with.html


     And here's a brief opinion piece By Robert Reich reprinted from The Christian Science Monitor.  If you read between the lines, it's a good argument for why the banks should put together their own 50 billion dollar bail-out fund instead of tapping the tax-payers.  Pity the RepubliCan't are so-o-o-0 against the poor banks having to put up any of their own dough for any potential bail-outs, and even more of a pity that the President is willing to back down on the matter so quickly.
http://www.csmonitor.com/Money/Robert-Reich-s-Blog/2010/0401/Fraud-on-Wall-Street-Where-has-SEC-been

[This message has been edited by Bob K (04-17-2010 12:12 AM).]

Denise
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4 posted 04-17-2010 07:25 AM       View Profile for Denise   Edit/Delete Message      Find Poems  View IP for Denise

quote:
Folks, the Congressional Budget Office now shows that our projected accumulated deficits for the next 10 years almost $13 trillion totals up to almost our whole annual national output, our GDP. Now this same political class that has us, our children and our grandchildren swimming in red ink proposes to reform our financial system to make us more safe, stable and secure.

How about the proposed Consumer Financial Protection Agency that will be part of all this reform? Another army of bureaucrats in place to make sure nasty bankers do not abuse us consumers.

But consumers are also citizens, and if our politicians are so concerned about protecting us, why are Fannie Mae and Freddie Mac not even part of this reform package?

It is these government-created entities that bought and insured the lion's share of our mortgages over these years and have done so with we consumers, aka citizens, aka taxpayers, guaranteeing them. Now we taxpayers sit on the hook for trillions of dollars in debt as a result of their follies.

The same politicians who spend our money, who use us to guarantee their trillion-dollar social engineering schemes, claim they are going to protect us?

http://www.wnd.com/index.php?fa=PAGE.view&pageId=141701
Bob K
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5 posted 04-17-2010 02:41 PM       View Profile for Bob K   Email Bob K   Edit/Delete Message      Find Poems  View IP for Bob K



     I think that this would be a fine package for the Republicans to propose, don't you?  Why would they hold back on doing so?  Given that Senator Brown (I) MA, has proven interested in the TEA Party point of view, perhaps he might even write up such a bill.  
Bob K
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6 posted 04-18-2010 05:03 PM       View Profile for Bob K   Email Bob K   Edit/Delete Message      Find Poems  View IP for Bob K



       I think it's spelled "bale," Mike.
Balladeer
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7 posted 04-18-2010 06:53 PM       View Profile for Balladeer   Email Balladeer   Edit/Delete Message      Find Poems   Click to visit Balladeer's Home Page   View IP for Balladeer

Wow! A spelling lesson from Bob, a self-professed horrible speller!

I see I wasted my play on words with you, Bob. I meant "bail", like to bail out, which is what the topic refers to. Yes, it's a play on words to the line "Tote that barge, lift that bale"..I thought that would be recognized.
Bob K
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8 posted 04-18-2010 08:50 PM       View Profile for Bob K   Email Bob K   Edit/Delete Message      Find Poems  View IP for Bob K



     Sure, Mike, Okay.  Some folks will do anything rather than admit a spelling error.  At least I know I don't spell well.  Just forget I said anything, it's okay.
JenniferMaxwell
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9 posted 04-18-2010 08:51 PM       View Profile for JenniferMaxwell   Email JenniferMaxwell   Edit/Delete Message      Find Poems  View IP for JenniferMaxwell

A real teabagger or a saboteur? You decide.
http://26.media.tumblr.com/tumblr_l01owpawsZ1qa3xbjo1_500.jpg
Balladeer
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10 posted 04-18-2010 08:53 PM       View Profile for Balladeer   Email Balladeer   Edit/Delete Message      Find Poems   Click to visit Balladeer's Home Page   View IP for Balladeer

you are an incredible piece of work, Bob.

lift bale...bailouts. if you're not sharp enough to catch that, it's your problem. Why do I even bother?

Yes, I will forget you say anything.
Bob K
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11 posted 04-18-2010 11:55 PM       View Profile for Bob K   Email Bob K   Edit/Delete Message      Find Poems  View IP for Bob K



     "The horror!  The Horror!"
Bob K
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12 posted 04-19-2010 06:02 PM       View Profile for Bob K   Email Bob K   Edit/Delete Message      Find Poems  View IP for Bob K



     Now this was sarcasm on my part, Mike.
 
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