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Good Law When Politicians Are Being Paid Off?

Tex

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Dodd Frank was WEAK. There was no accountability and the republicans and democrats were being paid off while the law was being written with future power of money influencing the political decisions.

You just can't be paid off by those you are supposed to be regulating and then regulate them effectively if you are a politician, it seems.

The conflict of interest is too much for weak men and men of shallow character to handle. I think that is one of the reasons politicians are not so well liked at this moment. They have and are acting more like whores than leaders of the greatest country on earth for their self interests.

We will not have a country run competently with this kind of prevailing politician running our nation.

I don't see that the Tea Party has done anything to stop this. It seems they have been caught up in it and in the new spin that regulations are the cause of the nation's problems when in reality it was the lack of enforcement of regulations and the selling of them out by politicians to their contributors that put us in this spot.

I don't know how one could be more incompetent.


Tex


Phil Angelides
Phil Angelides

Chairman, Financial Crisis Inquiry Commission
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On the Anniversary of Dodd-Frank: Wall Street Fights Back and American Families Fight to Survive
Posted: 7/21/11 02:36 PM ET
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Three years ago this summer, the flood tide of Wall Street recklessness began to overtop the weakened levees of restraint erected decades ago to protect our nation from financial disaster. By the fall of 2008, the economy was drowning in a sea of recession, with businesses shuttered and struggling, millions of people tossed out of their homes and their jobs, and the hopes and aspirations of millions more crushed beneath the weight of the financial floodwaters.

One year ago this week, to begin repairing the damage wrought by this avoidable catastrophe and to avert the next financial crisis, President Obama signed the Dodd-Frank financial reform law, enacting sweeping and needed new protections for the marketplace and consumers. The law contained the most significant changes in financial regulation since the 1930s, sensibly so given the magnitude of the calamity we faced.

From the beginning, it was obvious that overhauling the financial system would be no easy task given the power of Wall Street and their political allies and the increasing concentration of wealth and clout that has come to shape our economy and political system. But the fierceness of the resistance to change has been nothing short of breathtaking. Instead of putting all hands on deck to fix the breached levees in the nation's interest, opponents of reform have thrown every roadblock imaginable into the path of the repair crews charged with carrying out the new law.

From the moment the legislation was signed, the agents of its destruction went to work. Wall Street lobbying has intensified, with expenditures of nearly $52 million during the first quarter of this year exceeding the amount spent in the same period last year when the bill was being debated. Congressional Republicans introduced a raft of bills to repeal or eviscerate the newly minted reforms. They have blocked the appointment of key regulators when the nation most needs a steady and strong hand at the financial tiller, including pledging to reject any nominee to head the new Consumer Financial Protection Bureau unless the agency's authority is weakened.

They have slashed at the funding of the Securities and Exchange Commission (SEC) to cripple its ability to pursue financial wrongdoing and to enforce the law. They've done so even though the SEC is funded by fees and fines, not taxpayer dollars, and despite the fact that JP Morgan and Citigroup each spent four times as much on technology upgrades alone last year as the agency's total budget. And, they have repeatedly tried to cut the budget of the Commodities Future Trading Commission (CFTC) to hobble its ability to regulate the $300 billion plus domestic over-the counter (OTC) derivatives market.

The result: a troubling uncertainty about the ultimate outcome of financial reform. While regulators plow ahead with limited resources against a fierce wall of resistance, much of what led to the financial meltdown remains unchanged. The OTC derivatives market remains without oversight or transparency. Rules on critical matters such as credit rating agencies, consumer protection, and proprietary trading remain to be enacted. All the while business as usual has resumed. Compensation at publicly traded Wall Street firms hit a record $135 billion in 2010, while profits have bounced back. As Sheila Bair, the former head of the FDIC recently noted, "I see a lot of amnesia setting in now."

While opponents of reform have zealously sought a reprieve for the nation's bankers, perhaps what is most striking is that there has been no reprieve for the American families crushed by the financial irresponsibility in which those bankers engaged. Wages as a share of national income have fallen to their lowest level since the Great Depression while the share going to corporate profits has rebounded to pre-crisis levels. From the second quarter of 2009 through the first quarter of this year, 92% of income growth went to corporate profits while none went to wages. The median pay of CEOs soared by 28 percent in 2010, while the average length of unemployment grew to nine months, the highest since record keeping began in 1948. And, young people across the country attending state universities have faced steep tuition hikes as state budgets collapsed in the wake of the meltdown -- with increases since 2007 of 132% in California, 95% in Arizona, and 54% in Florida.

That we would emerge from the financial crisis with bankers resplendent and fighting with their allies to keep the status quo -- while working families are struggling to survive -- should remind us of how far we have to go to right the financial and economic ship of state. And, it should be our clarion call on this anniversary to finish the work before us and to commit ourselves anew to building a financial system and economy that works for all Americans.

Phil Angelides served as Chairman of the Financial Crisis Inquiry Commission, which conducted the nation's official inquiry into the financial and economic crisis.
 

Steve

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I do not have a problem with "reform" or regulations..

but in DC neither is really reform or regulation, but a way of imposing an ideals or agenda..

if you look at the root cause of the problem,.. the 80's S&L crises, and regulations that lead banks to lend to unqualified applicants,.. then has the federal government really solved anything?

let alone solved it with reform or more regulations?

if we are to have real reform, we would need experts in the field.. and few politicians are experienced in their fields..

Christopher John "Chris" Dodd (born May 27, 1944) is an American lawyer

He graduated with a bachelor's degree in English literature from Providence College in 1966.

Chris Dodd served in the Peace Corps for two years

Dodd then joined the United States Army Reserve, serving until 1975 (and thereby avoiding active duty service in Vietnam).

that's it folks.. the whole extent of his experience outside of his political career...

Barney Frank
Frank graduated from Harvard College and Harvard Law School.

He worked as a political aide before winning election to the Massachusetts House of Representatives in 1972.

wow, even less..

and the liberals in the world trusted these two to craft a bill on Financial regulation?

Maybe now Tex you can understand why the Tea Party types are so against regulations...

bad regulations are often as bad if not worse then no regulations..
 

Tex

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Steve said:
I do not have a problem with "reform" or regulations..

but in DC neither is really reform or regulation, but a way of imposing an ideals or agenda..

if you look at the root cause of the problem,.. the 80's S&L crises, and regulations that lead banks to lend to unqualified applicants,.. then has the federal government really solved anything?

let alone solved it with reform or more regulations?

if we are to have real reform, we would need experts in the field.. and few politicians are experienced in their fields..

Christopher John "Chris" Dodd (born May 27, 1944) is an American lawyer

He graduated with a bachelor's degree in English literature from Providence College in 1966.

Chris Dodd served in the Peace Corps for two years

Dodd then joined the United States Army Reserve, serving until 1975 (and thereby avoiding active duty service in Vietnam).

that's it folks.. the whole extent of his experience outside of his political career...

Barney Frank
Frank graduated from Harvard College and Harvard Law School.

He worked as a political aide before winning election to the Massachusetts House of Representatives in 1972.

wow, even less..

and the liberals in the world trusted these two to craft a bill on Financial regulation?

Maybe now Tex you can understand why the Tea Party types are so against regulations...

bad regulations are often as bad if not worse then no regulations..

No regulations being enforced and laws like the Glass Steagal Act being repealed is what put us in this mess we are in today.

The regulators and the oversight committees should be held responsible but they are not. Politicians are paid to allow businesses to get around good regulations. Hardly any of the regulatory agencies during the Bush administration actually did their job. Meanwhile, politicians were being paid to allow it to go on in the name of "profits". We allowed Wall Street to get their hands on other people's money (the banking system), scam it, and walk away with the profits and earnings. It ruined the economy.

Tea Party members must be competent enough to know what happened to change it.

All I hear is less regulation, not competent regulation. It is a recipe for another disaster. It is total stupidity.

I would have loved to see a good bill come out of the republican camp but all we saw was campaign money go to them to be obstructionists on changing what happened. They should have been pushing to really fix the problem, not getting paid to water it down and do nothing. If republicans can not do any better than this, they will crash our economy again, and for what? So they can get a republican president in who will continue the same? At some time they have to actually govern well and I haven't seen that happen. I think they (and many democrats) are way too beholden to the principals with money than the principles to run a country competently.

Tex
 

Steve

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All I hear is less regulation, not competent regulation. It is a recipe for another disaster. It is total stupidity.

I would have loved to see a good bill come out of the republican camp but all we saw was campaign money go to them to be obstructionists on changing what happened. They should have been pushing to really fix the problem, not getting paid to water it down and do nothing. If republicans can not do any better than this, they will crash our economy again, and for what? So they can get a republican president in who will continue the same? At some time they have to actually govern well and I haven't seen that happen. I think they (and many democrats) are way too beholden to the principals with money than the principles to run a country competently.

in less then a year, the republicans have tried to tackle regulation reform, and all we have "heard" is the negative result of them trying to untangle some of the messes caused by generations of politicians writing regulations..

Jan 6. 2011 to now is only six months.. if you want to go by the media driven message then I guess there is little point in going through the 24,400,000 search results to see exactly which regulations the Republican congress proposed and which ones were stopped by the democratically controlled senate..

sometimes we need to look more at what we don't hear, then what is being presented to US as fact...
 

Steve

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Republican lawmakers on Wednesday accelerated legislation that could weaken environmental protections while clarifying potentially confusing rules and regulations.

"It's not necessarily less regulation," said one of the bill's primary sponsors, Sen. Harry Brown. "I think it's clearer regulation."

I think we all want rules and regulations, because we all want to protect the environment," Brown said. "That's not an issue. We're just trying to make this process friendlier, clearer, so you understand what (the rules) are and can abide by them."



what is wrong with clarifying confusing rules and regulations?

at least we know what is being written and if it is wrong can go to congress to address the real issues..



Senator Rand Paul blames the administration and the Department of Energy for the fact that his toilet doesn’t work, telling Energy Department official Kathleen Hogan that it’s her fault (the EPA says if we replaced our old toilets we “could save nearly 2 billion gallons per day across the country—that’s nearly 11 gallons per toilet in your home every day”

while a small issue.. this one is a great example of why the regulation is wrong...

at our church we recently tried to address this problem.. why our water bill increased? and the date of the last low bill was right before we changed to the low water toilets a few years back.. and almost everyone agreed that it is necessary to flush twice to clear the bowl.. except for the one really liberal lady who didn't have a problem with slightly "discolored" toilet water..

BTW, the toilets was one the list of thirty regulations that the republicans are repealing to destroy America..

so is it what you hear? or what is really going on...







[/quote]
 

Tex

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Steve said:
Republican lawmakers on Wednesday accelerated legislation that could weaken environmental protections while clarifying potentially confusing rules and regulations.

"It's not necessarily less regulation," said one of the bill's primary sponsors, Sen. Harry Brown. "I think it's clearer regulation."

I think we all want rules and regulations, because we all want to protect the environment," Brown said. "That's not an issue. We're just trying to make this process friendlier, clearer, so you understand what (the rules) are and can abide by them."



what is wrong with clarifying confusing rules and regulations?

at least we know what is being written and if it is wrong can go to congress to address the real issues..



Senator Rand Paul blames the administration and the Department of Energy for the fact that his toilet doesn’t work, telling Energy Department official Kathleen Hogan that it’s her fault (the EPA says if we replaced our old toilets we “could save nearly 2 billion gallons per day across the country—that’s nearly 11 gallons per toilet in your home every day”

while a small issue.. this one is a great example of why the regulation is wrong...

at our church we recently tried to address this problem.. why our water bill increased? and the date of the last low bill was right before we changed to the low water toilets a few years back.. and almost everyone agreed that it is necessary to flush twice to clear the bowl.. except for the one really liberal lady who didn't have a problem with slightly "discolored" toilet water..

BTW, the toilets was one the list of thirty regulations that the republicans are repealing to destroy America..

so is it what you hear? or what is really going on...
[/quote]


Yes, I think the regs need to be clear and more simple than complex. My experience is that they can be clear and still be misconstrued by federal or other judges who abuse their power to write law instead of enforce it.

Who ever made the assumption that low flush toilets worked better and then got models that didn't is at fault for basing legislation on faulty information. I don't think that kind of micromanagement is very helpful.

By the way, I use the old light bulbs for heat sometimes too so getting rid of the old light bulbs is one of those micromanagement deals gone awry based on bad assumptions.

Tex
 

Tam

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Tex would you care to tell us who signed the repeal of the Glass Steagall act into law. and who is really being controled by Wall Street Banks?

Hint it was a Democrat.

Now who is being controled?

Top Obama Donors

University of California $1,642,735
Goldman Sachs $1,012,841
Harvard University $862,604
Microsoft Corp $852,167
Google Inc $814,540
JPMorgan Chase & Co $807,799
Citigroup Inc $736,771
Time Warner $623,118
Sidley Austin LLP $600,298
Stanford University $595,716
National Amusements Inc $563,548
WilmerHale Llp $549,918
Skadden, Arps et al $543,539
Columbia University $536,202
UBS AG $532,674
IBM Corp $532,372
General Electric $528,180
US Government $517,908
Morgan Stanley $512,232
Latham & Watkins $502,045

Top McCain Donors
1 Merrill Lynch $379,695
2 Citigroup Inc $327,501
3 Morgan Stanley $272,1524 Goldman Sachs $256,045
5 JPMorgan Chase & Co $232,957
6 AT&T Inc $212,983
7 US Government $208,054
8 Credit Suisse Group $181,153
9 UBS AG $174,979
10 PricewaterhouseCoopers $166,100
11 Wachovia Corp $165,007
12 US Army $162,870
13 Bank of America $159,751
14 Blank Rome LLP $154,426
15 Gibson, Dunn & Crutcher $150,396
16 Greenberg Traurig LLP $148,437
17 FedEx Corp $143,474
18 US Dept of Defense $133,625
19 Lehman Brothers $128,457
20 Pinnacle West Capital $127,600


Notice the difference in the amounts to Dems over Republicans from the high lighted Wall Street FAT CATS.

Third point who was working at the FED in New York during the Bush Administration that was not doing his job regulating the banks?
OH YEA I REMEMBER

As president of the New York Federal Reserve Bank, Timothy Geithner often preached that gargantuan financial firms like Citigroup should be held to the highest regulatory standards to make sure they couldn’t take on too much risk. But when it came to supervising Citigroup in recent years, the record shows that the New York Fed eased the reins as the company blew billions on subprime mortgages and other risky deals that ultimately forced the biggest bank rescue in U.S. history. Now, the 47-year-old Geithner heads to the Senate in coming days as President-elect Barack Obama’s nominee for Treasury secretary. He’s won accolades for his expertise and work ethic, but there’s been little attention to his record as a Fed watchdog.

3 Things to remember when trying to blame everything on the Bush Administration and Republicans :wink:
 

Tex

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Tam said:
Tex would you care to tell us who signed the repeal of the Glass Steagall act into law. and who is really being controled by Wall Street Banks?

Hint it was a Democrat.

Now who is being controled?

Top Obama Donors

University of California $1,642,735
Goldman Sachs $1,012,841
Harvard University $862,604
Microsoft Corp $852,167
Google Inc $814,540
JPMorgan Chase & Co $807,799
Citigroup Inc $736,771
Time Warner $623,118
Sidley Austin LLP $600,298
Stanford University $595,716
National Amusements Inc $563,548
WilmerHale Llp $549,918
Skadden, Arps et al $543,539
Columbia University $536,202
UBS AG $532,674
IBM Corp $532,372
General Electric $528,180
US Government $517,908
Morgan Stanley $512,232
Latham & Watkins $502,045

Top McCain Donors
1 Merrill Lynch $379,695
2 Citigroup Inc $327,501
3 Morgan Stanley $272,1524 Goldman Sachs $256,045
5 JPMorgan Chase & Co $232,957
6 AT&T Inc $212,983
7 US Government $208,054
8 Credit Suisse Group $181,153
9 UBS AG $174,979
10 PricewaterhouseCoopers $166,100
11 Wachovia Corp $165,007
12 US Army $162,870
13 Bank of America $159,751
14 Blank Rome LLP $154,426
15 Gibson, Dunn & Crutcher $150,396
16 Greenberg Traurig LLP $148,437
17 FedEx Corp $143,474
18 US Dept of Defense $133,625
19 Lehman Brothers $128,457
20 Pinnacle West Capital $127,600


Notice the difference in the amounts to Dems over Republicans from the high lighted Wall Street FAT CATS.

Third point who was working at the FED in New York during the Bush Administration that was not doing his job regulating the banks?
OH YEA I REMEMBER

As president of the New York Federal Reserve Bank, Timothy Geithner often preached that gargantuan financial firms like Citigroup should be held to the highest regulatory standards to make sure they couldn’t take on too much risk. But when it came to supervising Citigroup in recent years, the record shows that the New York Fed eased the reins as the company blew billions on subprime mortgages and other risky deals that ultimately forced the biggest bank rescue in U.S. history. Now, the 47-year-old Geithner heads to the Senate in coming days as President-elect Barack Obama’s nominee for Treasury secretary. He’s won accolades for his expertise and work ethic, but there’s been little attention to his record as a Fed watchdog.

3 Things to remember when trying to blame everything on the Bush Administration and Republicans :wink:

I am not blaming it on just republicans or just democrats. I think we need to hold any of them accountable no matter what party they are in.

The repeal of the Glass Steagal came with a huge push by Republican Senator Phil Gramm of Texas and was supported by President Bill Clinton.

The repeal passed the Senate with a vote of 90 to 8 which tells you it was both republicans and democrats who sold the country out by handing the banking system over to the investment banks to play with and leverage it up.

Phil Gramm was a "dixie" democrat before he ran as a republican. He knew or should have known the risks he was putting the country in because he has a Phd in Economics. He knew the history of the monetary policy during the Great Depression and the reason for all the bank failures.

You are getting confused with the republican vs. democrat thing. Either group would sell the public out for a big donation or support of big companies especially if they wrote a script (spin) they think they could get away with. Unfortunately, this kind of sorry political leadership brought us to this place in our nation's history.

Again, get out of republican vs. democrat thing. We have had a huge transfer of wealth in this country because we have had political policies that advantage and protect wealth at the expense of the public. It isn't a right vs. left issue, it is right vs. wrong.

Tex
 

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