There. Fixed the post title for you.

(05-01-2010 12:52 PM)RobertN Wrote:  There. Fixed the post title for you.

Rob, being the educated, highly intellectual, progressive and advanced thinker that you are, I'm certain you're already aware that last year Wall St gave more money to democrats than they gave to republicans. But your hyperbole is much appreciated.

(05-01-2010 01:03 PM)smn1256 Wrote:  

(05-01-2010 12:52 PM)RobertN Wrote:  There. Fixed the post title for you.

Rob, being the educated, highly intellectual, progressive and advanced thinker that you are, I'm certain you're already aware that last year Wall St gave more money to democrats than they gave to republicans. But your hyperbole is much appreciated.

I am aware that they tried to or bought most politicians on both sides. The difference is right now it is the Republicans that are sitting down(sleeping with? ) with Wall Street to stop or weaken Wall Street reform.

Weaken? How much weaker can it get?

The "reform" doesn't stop bailouts or require failing companies to be liquidated, doesn't end the government imposed monoply status of the ratings agencies, doesn't prohibit mortages to borrowers with little or no equity, and the proposed comsumer protection agency will have little or no power over wall street.

It sounds like a typical government response - a cosmetic fix which doesn't solve any of the underlying problems but which will allow the politicians to claim that they did something.

If it is REAL financial reform, it would also address Freddie Mac and Fannie May. It doesn't. They played a big role in the financial meltdown, yet there is no push in D.C. to really investigate their role and that of hedge fund mogul Paulson.

Like all of the recent "progressive" legislation, it is a massive bill with lots of mischief in it that has NOTHING to do with financial reform whatsoever.

To whit:

Quote:The Federal Trade Commission could become a more powerful watchdog for Internet users under a little-known provision in financial overhaul legislation that would expand the agency's ability to create rules.

An emboldened FTC would stand in stark contrast to a besieged Federal Communications Commission, whose ability to oversee broadband providers has been cast into doubt after a federal court ruled last month that the agency lacked the ability to punish Comcast for violating open-Internet guidelines.

The version of regulatory overhaul legislation passed by the House would allow the FTC to issue rules on a fast track and permit the agency to impose civil penalties on companies that hurt consumers. FTC Chairman Jon Leibowitz has argued in favor of bolstering his agency's enforcement ability.

"If we had a deterrent, a bigger stick to fine malefactors, that would be helpful," Leibowitz told Fox News last week.

Under financial overhaul, FTC could gain enforcement power over internet

Exactly what does this have to do with FINANCIAL REFORM and specifically, the events that led to the financial meltdown of 2008?

See a pattern with this administration? The dems own large majorities in both houses of Congress yet refuse to use the legislative process to push for these things. Instead, they use agencies (like the EPA and its' endangerment finding on CO2) to force the regulations, which then require Congress and the President to undo.

Queen Pelosi and comrades know that their power won't last much longer. They intend to leave behind imbedded power through unaccountable bureaucrats in government agencies to accomplish what they can't get through the normal legislative process.

Why can't they get this stuff through in the sunshine? It's too radical.

I guess, as Pelosi says, "We need to pass the bill to find out what is in it."

I also read the other day that buried in this legislation is a provision giving the government access to ALL OF YOUR FINANCIAL and banking records. I can't find the link - but it was specific and gave the page #s.

Once again, the hearings and the Goldman Sachs witch-hunt are really political theatre intended to fan the populist flames of anger toward Wall Street and move the passage of this bill forward - all without us really knowing what is in it. It's about more power and control over all of us - NOT about "fixing" what went wrong.

Goldman Sachs witch hunt is Congress / Ruling party pinning the blame on SOMEONE ANYONE, but themselves. If you want to find ground zero for financial crisis look no farther than Alan Greenspan and the Federal Reserve. Everything after is gas on the fire. Presidents and congress have had their hand in it the mix as well as the PUBLIC. A people that love a free lunch and something for nothing mentality will have problems and not just financial.