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House Approves Expansion Of Government Regulatory Power

December 18, 2009 by  

House approves expansion of government regulatory powerThe House of Representatives has voted on a bill that contains provisions for far-reaching financial regulations and creates a consumer protection agency.

The Wall Street Reform and Consumer Protection Act of 2009 passed along party lines 223-202, and in addition to the Consumer Financial Protection Agency it will also vastly expand government powers over the financial system, including the right to break up companies that become too big and to regulate complex derivatives, which some say contributed to last year’s financial crisis.

Media reports suggest that among some of its key provisions is the requirement for big Wall Street institutions to pay $150 billion into an emergency fund that will be tapped into when a troubled company needs to be rescued.

Democratic National Committee chairman Tim Kaine has praised the vote, saying "[the act] will make our system more stable, while reining in the irresponsible practices that nearly led to the collapse of the global financial system."

He also took aim at the GOP which refused to back the bill, accusing the party of siding with their financial industry "friends" against the interests of the American people.

Meanwhile, opponents of the legislation have said it will hurt small businesses and stifle innovation, and is yet another example of big government. .

"This house has been on a spending spree, a bailout spree and a regulatory spree that I could never have imagined in any of my prior 18 years here in Congress," complained House Minority Leader John Boehner of Ohio.

The Senate is expected to take up the bill early next year.

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  • DaveH

    This is slightly off-subject, but look at this Rasmussen poll on whether or not people believe Global Warming is man-made. Notice that 50% of all voters think it isn’t. But when Rasmussen further breaks it down, it turns out that the results are skewed by 80% of political-class voters (politicians) who believe that it is man-made, whereas 60% of non-political-class voters believe that it isn’t man-made.
    http://www.rasmussenreports.com/public_content/politics/current_events/environment_energy/energy_update
    Of course the politicians support the concept because it will lead to more money and power for them. We need to teach them that there is a downside to their power advocacy.

    • J C

      How about a fair and speedy trial on charges of treason and sedition followed by a first class hanging?

      • Joe H.

        J C,
        watch it!!! the last time someone said that, EYES called it a threat to the main one!!!!

      • JC

        Hey Joe, That’s a line from an old western and it seemed soehow appropriate. But I’m seriously advocating violence against anybody.

      • JC

        I mean NOT advocating….geez! lol

      • Joe H.

        jC,
        OOPS!!!!! That’s ok guy I know what you mean!!! I just hope eyeswide open does!!!!LOL

      • denniso

        another idiotic statement from a first class genius.

      • JC

        Treason is still a crime no matter who’s committing it Denniso.
        And the folks over at the White House are hip deep in treasonous and un Constitutional activities. Like sending young Americans to their deaths so they can line their own pockets…Genius!

    • denniso

      This is interesting..more Americans are clueless about global warming than most of the rest of the world. It’s because we have a larger group of uneducated people in this country…maybe 30% of the country is extreme right wingers who don’t believe in science at all..if they get their way,we go back to caves and women being subjugated by men.

  • Phillip Sandusky

    Government is not the answer, it is the problem. Anything that the government becomes involved in, costs more, does less, is answerable to no one and becomes like a mindless machine which does not care if they grind anyone or anything into dust.

    It was government intrusion that caused most of our present circumstances. I am not really talking about government oversite, except that it goes to far sometimes. The more oversite by the government, the slower things are done and the cost increases for the customer. I am talking about politicians interferring with the workings of business to the point that they took risks that they would not have taken if the pressure from the politicians was not there. And it is not just the housing/banking industry, the government has its fingers in many pies.

    “The most terrifying words in the English language are: I’m from the government and I’m here to help.” Ronald Reagan.

    That man knew what he was talking about. For at least two generations, our government has been operating beyond the limits laid down by the Constitution, it has been infringing upon and destroying our rights and liberties.

    The full extent for the existence of the Federal Government of the United States is the protection of the inalienable rights, freedoms and liberties of the people or citizenry, from the outside by invasion or from the inside by other people or by the government.

    Most of the bills passed in many years are in gross violation of those rights, freedoms, and liberties, thus, are at odds with the very intents of the Constitution, and as such, have no foundation in the Constitution. Those bills limit rather than protect those rights, freedoms and liberties.

    “Society in every state is a blessing, but government, even in its best state, is but a necessary evil; in its worst state an intolerable one: for when we suffer, or are exposed to the same miseries by a government, which we might expect in a country without government, our calamity is heightened by reflecting that we furnish the means by which we suffer.” Thomas Pain, Common Sense,10 Jan. 1776.

    Most people today seem to want the government to give them something. Subsidies here, welfare there, health care now, and on and on. This is not the government that we need.

    “A government that is big enough to give you all you want is big enough to take it all away.” — BARRY GOLDWATER (1964).

    • denniso

      Ronald Reagan was a fool and one of the most ineffective presidents we’ve had..he also ran up huge debt w/ gov’t spending,despite his ridiculous statement,’gov’t is the problem’.

  • Kate Grace

    Bhoener has a selective memory or else he is too young to remember..,but I do remember when there was consumer protection – by law. It’s removal through the Reagan to Bush years gutted regulation and led to the greed of Wall Street that caused our current depression (call it what you will). and yes – both democratic and republican congresses contributed to the problem.
    HOW IS IT A LARGE CORPORATION HAS THE ABILITY UNDER THE LAW TO CALL ITSELF AN INDIVIDUAL WITH THE SAME RIGHTS AS A REAL INDIVIDUAL HAS? That is the law that needs to be dismantled…

    • DaveH

      Kate,
      Government meddling caused the current bad economy. Yes, many corporations are nurtured at the Government teet. The only way to solve those problems are less government, not more:
      http://reason.org/news/show/the-housing-boom-and-bust

      • denniso

        Bubbles in a capitalist economy are as old as the hills. Look at the history of capitalism before gov’t involvenent and it is littered w/ booms and busts. There was very little regulation before the ’29 crash and we know what happened. Roosevelt pushed through regulations agains the will of the repubs back then..they served us pretty well for almost 80 yrs until they become outdated and some dismantled by people(notably allan greenspan,follower of ayn rand)who thought we had a new paradigm..capitalism that couldn’t crash! The fervor of the building bubble of ’07 and ’08 couldn’t be sustained and we got a bursting of the bubble.

  • http://ordy@fedtel./net Eric g

    How much of our education industry ,medical professions ,and legal system would be classified as public protection , and how much of it would better be classified as legal plunder . There is such a thing as licence to steal . Any restriction designed to restrict free competition is more legal plunder than public protection . We do need a complete valuation of most of our laws in almost all of our industries . The governments only legitimate obligation is to protect the people .

    • http://ordy@fedtel./net Eric g

      My goal in life now is to bring more libertarians and republicians more fully into the freenterprize system they profess to love so much . I myself have lived and prospered under freenterprise all my life . I have never been a union member , never had a job that any other high school graduate could not have gotten . I have always sold my products in a free market where no one was prohibited from doing the same thing as me . I must confess I have occasionaly taken advantage of government grants in small ways . Now I’am on social security and the wealthiest Ive ever been in my life . My pet peeve is conservatives that are all for free enterprise but work in a buisness that is so organized up it no longer even resembles free enterprise . These guys always want to keep what they have earned .
      It truely would be a shock to them if they spent more time in the real free enterprise world .

  • Claire

    I can remember an old saying–”you have to spend money to make it.” There is some truth to this. Like when a person starts a new business. I wish I had all the answers, but I don’t. None of us do.

    • DaveH

      But most of us do know what we want. No other person can decide that for us as effectively as we can. That’s why we need to get the Government out of our personal choices.
      We can see by the Global Warming Hysteria and lack of evidence thereof where the hearts of the politicians are.

  • http://ordy@fedtel./net Eric g

    I think JC had the answer to our health care reform . The government has already over powered the health care industry and insurance industry . The result is they take to much of the pie . In our captalist democracy , The more captal you have the more power you get. The more power you have the more captal you get . The lack of morality is more americia’s problem than anything else . Love you neihbor as yourself . Yes we could overthrow this government , but what makes you think we would get a better one in its place . I dont think we would .

    • Claire

      Eric g —No, I don’t think we would get a better government. I firmly believe it will be more of the same–doing nothing.

    • J C

      Eric, its true I believe, that Government involvement in Medicare has been the cause of skyrocketing costs. Though lobbyists many laws have been passed that allow Big Pharma to charge exorbitant prices for what could cost pennies. Take a look at who and how many politicians own stock in some of these corporations. For them a career in politics is simply the road to numbered Swiss bank accounts. I mean, why would anyone spend 20 million dollars in an effort to get themselves elected president when the job pays about a half million a year? Must have one hell of a dental plan. ;-)

  • http://Yahoo.com T ray

    It is So Hard to believe the We are letting the Government Take OUR Country and OUR FREEDOM. They are just People in Congress and the Senate (not human but still just people) and they know the American People Do Not want ANY of his bill or this Fake Green Gas Crap, it show in every Poll they have taken and You know there is alot More that just gripe about it and that it. This Tim Kaine said that the GOP was sliding over to Their friends!!! Well maybe not all friends!!! But The American People who has made it Loud and Clear We do Not want Your Health Care Bill Or Your Government Ran Country. I hard to believe These People can look Us in the face and Lie and say it for for the best Interests for the American People, Like WE are not Smart enough to take care of Ourselves and have to be told what is best for US?? This is Real We are about to Lose OUR Country If WE Don’t Stand up Together and Stop the Senate from Destroying OUR COUNTRY…

  • time

    Denniso, So let me get this straight, if you spend money on something thats failed, you then should spend more money to make it work? Are you related to Mr. Blarney Frank of MassAChewsits?

    Sounds like stock broker rhetoric to me.
    Lets see I guess all the people that lost how many Billions from Mr. Madoff will be getting all their money back based on your logic.
    But then again there is always HOPE I guess for those that think that the Tooth Fairy will leave the money under your pillow.

    • denniso

      If you prefer to live(or die) through a 10 yr depression that would make the great one look like a picnic, then,by all means have no gov’t involvement in the economy. Most people who know anything have learned and taken to heart the lessons of history. Capitalism needs gov’t control and help at times, or it devours itself. Simple economics.

      • J C

        We’ve never really had capitalism. We’ve had economic fascism pretty much since Hamilton. So what YOU think is capitalism…Isn’t! What you don’t understand is that government has been involved all along and that is WHY things are so screwed up. Get the government out of the money control and manipulation business…get their corporate buddies to operate according to laws of justice, and then you might see some actual capitalism. Control of the money supply and central banks are the 5th plank of the communist manifesto and for good reason too. Control!

      • denniso

        So, the largest and most powerful country in the history of the universe w/ the largest middle class ever after WW 2, is a failure because gov’t has been involved??? I think you’re show of ignorance like this is why I suggest you geniuses should read instead of ranting on this rightwing site.

  • LarryM

    Robert, You are very intuitive. This is why we must stop corporations from lobbying the government. Corporations are not held to the same standards that citizens are. If someone in the corporation does something wrong he doesn’t get punished the corporation does and they never see any jail time. If you or I do something wrong we can be held accountable for our actions because we don’t hide behind the loophole they provide for corporations. Corporations should not be allowed to have the same rights as the people and all you have to do is look into it closely to find out I’m right. Corporations donate to both parties for a big reason. If you own both dogs in the fight your dog always wins. This is how they do it and if we can get more people to realize this then we the people can take back our government. Until then we are of no significance to politicians or corporations.

    • DaveH

      Yes Larry,
      The best way to achieve that goal is to get the government out of business except to punish businesses for fraudulent activities. When I was young, the people policed the corporations by not buying their products if they weren’t worth the money. We didn’t need Big Government to make our spending decisions for us. The companies that produced the best products succeeded and the others floundered or failed. And these days, with the ease of doing research on products on the Internet, we need Government intrusion even less.
      If we had a choice on buying the kind of “protection” that the Government offers, most of us would decide that the costs of that protection exceed the benefits.

  • Robert

    And the beat goes on. Too bad it the average American that’s getting the beating. More regulations? So why aren’t Barney Rubble (Franks) and Chris Dodd being called on the carpet for their interference with lending standards? These morons in Washington are getting blisters on their fingers for all the blame pointing they’re doing. Too big to fail? How about the laid off worker facing forclosure and bankruptcy? I think that person is too big to fail. So Washington, why aren’t you providing support to those people? Yea, Yea, I know, they’re too broke to contribute to your re-election campaign, so they’re not important. God Bless American and God Damn every politicians in this country. They’re criminals and traitors and should be voted out. And I mean both Republicans and Democrats.

    • DaveH

      You brought up an important point Robert. Why would the banks or others be too big to fail? Is it because of their depositors or shareholders? If so, why didn’t the government just give the money directly to those who would suffer through no fault of their own? And let those that mismanaged their corporations fail like they should. Instead they save the poor managers so they can live to compete further with the managers who did it right. Some message – don’t bother to think and do the right things as it won’t get you any further.

      • denniso

        If we hadn’t bailed out the big banks and a few other companies in the past year,you wouldn’t have the $$ to be typing on a computer in the comfort of your heated home. As repulsive as it is to save fat cat execs who live like kings,if we hadn’t done it we could be living through a depression greater than the one of ’29. We need financial reforms that gaurd against extreme bubbles in the economy and moderate the risk taking of the largest companies. We have to watch the size of corps that become so big that their failure endangers the whole economy.

      • DaveH

        You’re right. If it wasn’t for Government busybodies, I wouldn’t be typing on my computer (keyboard that is). I would have my secretary do it instead.
        By bailing out the losers, the Government sends the message that working hard and doing the right things is a waste of effort.
        Do you honestly think that welfare encourages people (or companies) to be productive? If that was the case Russia would have been an economic paradise.
        You can dream all you want Denniso, but the bailouts haven’t saved our society from anything. Money from good hard-working Americans was taken away to be given to losers who should have been let to fail.

      • cr747

        Yes, Like the cost of living increase that those on Social Security will not be getting!!!! Thanks to O-Bam-Bam and the Uh, Uh, Uh, What do you call them??? OH fatter wallet DEMOCRATS– that’s it, YYEEAA. OH MY GOSH, I AM A REGISTERED DEMOCRAT. OH WELL I STILL CAN VOTE FOR THE PERSON BEST SUITED FOR THE JOB. ALL BUT DEMOCRATS THAT IS!!!!!!!!!!!

      • J C

        That’s exactly right Dave. I’m amazed how difficult it is for some to understand that a general desire to acheive excellence and do all you can for yourself and your family, is absolutely the most moral way to do things. It doesn’t beg, it doesn’t steal and by its own action creates what it is that we all need, an economy.
        No government ever did anything but rob and corrupt the very simplicity of it.

      • Robert

        DaveH. I refuse to respond to anything that that moron Denniso replies to. I’ve already alerted him that I was boycotting his idiotic replies and stated an old Bronx rely to idiots like him, “Take Gas”. So in the future, my reply to dennisio will be the four letter F word. ” FART “. Maybe if all of us reply to Denniso this way, he will fade away and spend more time with his liberal communist friends.

      • DaveH

        Nice try Robert, but I think he gets off on the negativism like a neglected child does.

      • Joe H.

        cr747,
        if you are a registered Dem then in the primary, vote for the one most likely to LOSE!!!!!

      • http://BobLivingston Suzanne

        If Barney Frank and his Croneys hadn’t strong armed the banks into loaning the money in the 1st place, we wouldn’t have been in this mess to start with!

      • Earlw

        You actually think this recession is ending?? Stick around awhile…….The other shoe will fall in the 2nd or 3rd quarter 2010….

      • J C

        Agreed. People need to get prepared for a complete collapse. If it comes, it will do so with no warning whatever. If not, well better prepared and wrong than the other way around.

      • Joe H.

        Hey denniso,
        then why didn’t the other fairly large banks that DID fail cause it to happen? they ought to equal at least a couple of the big ones we bailed out!!!

  • s c

    First and foremost, people, is whether not those pathetic SOBs READ this damned legislation. If they didn’t read it, and if they don’t understand everything in it, then this legislation is bogus and must be repealed.
    Our government DOES NOT need more power. They have abused us and neglected us and made us the world’s red-headed stepchild. They deserve whatever punishment we can dream up.
    They are ADDICTED to power, money and privilege, and they will never do the right thing. Until they fear the wrath of the people, they will never be anything other than domestic enemies.
    Over one hundred years of payback may get messy, but it’s time, and this administration in particular needs to learn a hard reality lesson via citizens re-distributing America’s misery. Serve it on a shining platter, and don’t spare the sauce.

    • J C

      That would apply to every piece of legislation more than twenty pages ever introduced. They don’t read any of them.

      • denniso

        Talking to yourself??

      • cr747

        NO!!!!!!!!! I WAS LISTENING.!!!!!!!
        DID YOU SAY SOMETHING

      • Markus

        CR747:
        I see you and denniso are still going at it!! Classic…She is an Idealogue who can’t see past the veil in front of her eyes. What she doesn’t understand is that there is no PROOF that bailing out the banks did anything for us. They haven’t given any loans to the middle class which makes up 85% of the American work place. All they did was take the money from us (Treasury Dept.) at 1%, buy treasury bonds for 6%, hold onto the money, then give it back after making billions. The same people who own the Financial Institutions, own the Fed., who own the Oil, so on and so forth. She doesn’t understand that that is exactly the “like think” they want out of her. She has a rude awakening coming when the “s%$t hits the fan”…Liberalism is mental disorder, liberalism is racism, liberalism is going to get us all killed. Hope your well.
        Markus

      • J C

        Markus you nailed it! What we’re seeing here is classic and it has been done before. The Great Depression was also engineered and it was a great tool of government expansion and the growth (power)of banks.
        A planned aconomy along with control of the currency and its issue just happens to be the 5th Plank of the Communist Manifesto.

      • Joe H.

        cr747,
        I was listening to s c just not denniso!!!! I never pay any attention to him/her. Or is that her/her?

      • denniso

        Markus…Michael savage and Limbaugh,the fools who coined that phrase are the sick ones..if you listen to Savage,you are sick as well.

  • http://tvforfreedom.com MrHeid

    This type of bill is exactly the opposite action needed. The “federal” reserve system and “excessive loan up” powers of banks IS the problem. Until the Fed is gone, nothing will ever improve. And I agree with Gary 100% in that the new bill is just stupid as it simply causes more loop holes and contradiction; and further expand powers to the government it does not constitutionally have in the first place. Things like this make my brain hurt 0_o. We MUST stop this in the senate and push the “audit the fed” bill (with Ron Paul’s original language) as hard as we can as priority one. As for the law makers brought to justice, maybe a few televised public hangings?

    • Michael J.

      Amen, what we need is another Andrew Jackson to deal with the Fed.

      • J C

        You got that right! AJ was one of the very few Presidents with any integrity at all. No wonder the International Banksters wanted him out. The civil war was not about slavery, it was about Federalism.

  • charlie

    I dont trust anything that comes from this pack of socialists.
    when the flip comes we need to send these guys to jail. they have a responsibility to read bills, understand what they are voting for, have a balanced budget and most of all represent the taxpayer.

    while i agree reform is needed this is not it. it seems arbititary. i’m pretty certain a firm the size of microsoft financially will escape prosecution by bribes or donations to the DNC.

    what is needed is a conformance to local state law, period. as example for credit cards they should conform to local state laws and regulations, period. No longer specifying that they can issue a card to a local state resident but have the rules and regulations and interest rates appliciable to some stae like south dakota (where they have little or no controls over intrest rates.)

    • J C

      Would it help if we all understood that “legally” we are not citizens, we are wards of the state. Why would they represent us, when under contrived laws…they “own” us?

  • Alva Nell Wolfe

    Can the people vote to lower the goverment workers to minimum wage since we pay them and see how much we the people can save.

    • DaveH

      Alva,
      I think the citizens should vote every four years on the total amount the Government can spend. No Exceptions. If the government is worried about emergencies, they can set aside (save) some of the alloted money like we have to do as private citizens. Or they could have a special election. Should be no trouble setting up a special election if there was indeed an emergency.

      • Joe H.

        DaveH,
        One thing that would help is get rid of the use it or lose it latitude!! If the different departments could save money then they should be able to Use it the following year!!! this would put them in the mind set to save money instead of spending it!!!

  • http://Don'thaveone Sally

    I am thinking the same thing as Time above says and am in full agreement with starting over in Congress with all new, as lobbyist will also have to start over, have time limits of no more than a total of 8 years, whatever laws are passed the politicians have to also live by them, no special retirement plans nor medical – You made the laws, you live by them. It would be nice to go after the law makers and put them in jail for spending our money but I don’t think that will ever happen. Best thing we can do is vote in all new.

  • Gary

    The Government is fickle.

    Several years ago, Banks were given the right to expand beyond State lines, inviting them to get bigger. Now, the Government wants to break up a Bank if it gets “too big” (whatever that means).

    I think it would have been better to just repeal the first law and not allow Banks to expand beyond State lines.

    If this new bill becomes law, then it sends mixed signals to the Banks. Yes, you can expand beyond State lines, but no you better not get too big or we will break you up.

  • Merl Elton

    And as an afterthought, there are many corporate CEOs who make decisions that destroy jobs and tear apart families and communities; then reward themselves and their many friends with million dollar bonuses and lavish, decadent parties and lifestyles. Wall Street is
    a money making entity with virtually no conscience. Someone has to moderate the type of unmitigated greed that will slowly destroy the US and its people.

  • Merl Elton

    If the banks had loaned money conservatively; that is not lent to liars, subprimers and borderliners; then banks and the economy would not be teetering on insolvency. Would anyone be surprised to learn that banks are still handing out liar loans hand over fist; while often denying very creditworthy individuals money. What is going on; is our economy and our nation being destroyed by alien forces? We need to put a stop to subprime, liar loans and other unwise financial practices like massive government spending before the economy and the US can recover. Remember, American citizens will be forced to foot the bill in the form of inflation, low interest rates, and high taxes; and these facts should motivate you to call your Congress person right away and say stop spending away our futures.

  • DaveH

    Great. More regulation. More hurdles for the good companies to clear. More bailouts of bad companies at the expense of those who do it right.
    Government intrusion into business has saved us for the last 90 years, hasn’t it? Sure.
    How can anybody be so naive as to think that adding more Chiefs (government) to the payroll (and highly paid at that) is the solution? We need more Indians.
    Big Government is the problem, not the solution.
    Vote Libertarian:
    http://libertarianparty.org/platform

    • J C

      Further to that thought:
      “Sometimes the law defends plunder and participates in it. Thus the
      beneficiaries are spared the shame and danger that their acts would
      otherwise involve… But how is this legal plunder to be identified?
      Quite simply. See if the law takes from some persons what belongs to
      them and gives it to the other persons to whom it doesn’t belong.
      See if the law benefits one citizen at the expense of another by doing
      what the citizen himself cannot do without committing a crime. Then
      abolish that law without delay … No legal plunder; this is the
      principle of justice, peace, order, stability, harmony and logic.” ~ Fredric Bastiat

      And yes, go Libertarian.

      • denniso

        Gov’t has regulated big biz to some degree since Teddy Roosevelt in the early 1900′s..sometimes enough,sometimes not…America became the largest economy in the history of the world w/ the largest middle class ever and for a while,diminishing poverty. If gov’t regulation is so terrible,how did we achieve those things? A large,modern ‘free market’ system CANNOT exist very long w/o controls placed upon it by gov’t, the only entity that can do it. An uncontroled capitalist economy results in severe cycles of boom and bust,like we’ve just gone through. Sure,we could have that kind of system…some people get very wealthy in the booms(bubble)and then millions of people suffer through major depression for years. Is that what we want? Not most sane people.

      • DaveH

        Wow, a civil response from Denniso (albeit wrong). That is certainly a step in the right direction.
        You said yourself that we’ve been regulated since Teddy Roosevelt. Has it done any good? Do you not acknowledge that we’ve had many booms and busts over those years?
        If you type “economic freedom” into your search field, you will find many sites that describe how the most economically viable and desirable countries are also the most economically free.
        Here is one list. Notice the countries that are the least regulated also have the most desirable living conditions:
        http://www.heritage.org/index/Ranking.aspx

      • DaveH

        Oops, I didn’t read your last sentence. I take my first sentence back. You haven’t changed.

      • Joe H.

        DaveH,
        that will teach you not to think a tiger can change it’s stripes Or a skunk for this matter!!!!

      • Michael J.

        Denniso, Sane people? You are just like the socialist in Copenhagen who bash capitalism yet can’t wait to get their hands on the wealth that it creates.

      • J C

        A large and free economic system can last indefinately, while continuing to grow and flourish WITHOUT any government regulation whatever. All that is necessary is that Corporations be legally responsible for their actions under a system of justice that is enforced. You have not helped your argument by pointing that regulations started under Roosevelt. Prior to then America had the most robust economy on the planet. Since then it has gotten worse. Poverty is everywhere and we are at war all over the planet…so much for wise and intelligent government.

      • denniso

        Oh,boy…Teddy Roosevelt was a Repub.He fought to regulate the uncontrolled corporations. The current malaise is the result of lessening regulation(the Bush administration had a policy of leaving the corporations alone) and a growing bubble that almost no one recognized as a threat. The great libertarian Allan Greenspan thought the free market could police itself and continue indefinite growth.

      • J C

        No Denniso…it was the Clinton administration that loosened restraints on Freddie Mac and Fannie Mae and Obama “himself” was deeply instrumental in the process. Wouldn’t it be nice if the left wingers actually knew what the hell they were talking about?

  • Time

    Ask this one question, If in 2010 all the persons that have brought about these problems, if they are in fact tossed out, How long will it take to clean this mess up, how long will it take to rescind these laws / bills?
    How much money will it cost?

    Should these persons who failed to read the laws they aidded in to pass, be held accountable with all thier life long benifits taken away from them to repay what they have wasted of YOUR hard earned money?
    Should they face jail time for thier acts of treason?

    Next do you really think that such will happen? Keep in mind that all these bills passed thus far were done fair and square, even if 99% of the American people did not want any or all of these bills passed. YOUR Congress person or Senate person passed them anyway.

    Now correct me of I am wrong, do these persons work for you, not YOU work for them to do as they so please?

    Also when one votes on a law that effects everyone in the United States why is it they don’t read them? Why is it that the American Public never gets to see the pay off details? let alone the basic bill / Law ?

  • J C

    Considering that the government manipulated economy may have something to do with your situation. I won’t blast you for asking for welfare. But do you think it’s really a good idea to make yourself a dependant? I know…you’re borrowing from a bank, not the government right? Wrong, the banks are propped up with government money they are robbing from Peter to pay Paul. In the end we’re all screwed anyway, but you will owe them, won’t you…..

    • J C

      Well isn’t that odd? The post I had replied to just disappeared. Its odd because it wasn’t offensive in any way.

  • Warrior

    I want to apply for the job to watch over the $150 bil!

  • Jean

    That’s why the dems in DC want to give illegals amnesty, so they can buy their votes by giving them handouts. We’re so rich. This Congress cannot spend “0″ Dollars fast enough.

    • J C

      And now we see what has become of Immigration policies. It’s vote buying not humanitarianism.

      • Jean

        That’s exactly correct. Government doesn’t give a flip about the poor. They want to keep them in poverty, and keep them voting for any democrat that comes down the road that will give them something for nothing. They don’t want to give them integrity.

      • jim

        If you go to a national park they ask that you don’t feed the wildlife, because they will become dependant and forget how to fend for themselves. What you can’t do to a chipmonk it’s OK for Dem’s to do to people. Don’t feed the chipmonks.

      • J C

        Or another way to look at it: If you don’t want bird s**t all over your patio, get rid of the bird feeder. ;-)

      • DaveH

        That’s one that has always puzzled me Jim. If all those tourist-fed chipmunks are starving during the winter then where the heck are they all coming from? Are they bussed in? I guess the Dems would be able to answer that one.

  • http://BobLIvingston Virginia

    It is about time we did something to regulate the financial system. Better late than never, I guess. Come on pubs, wake up, you can get your big fat bribery checks from somewhere else, there will be another institution that will want to pay off the politicians so they can screw the American people and ruin the world.

    • Jean

      “bribery checks”??? What do you think welfare is? Dems theory–keep them poor and dependent on gov’t handouts so they will keep voting in more dems.

    • jim

      Hi Virginia, For a long time the libs have been vilifieing big corporations. The Big oil, Big banking, Big pharmacuticals,Big insurance, Big healthcare. The only way you can get justice from the evil bigs, they tell you is with BIG government. Of all the bigs the most incompetent and the one that will do the most damage is BIG government.

    • DaveH

      They’ve been regulating the financial system for at least 90 years. How much longer do they need to get it right Virginia?
      Who gets to regulate the Government as they flood the market with unbacked dollars and devalue Mom and Pop’s cash savings to nearly worthless? There are people who have worked and saved all their lives just to see most of their invested savings disappear thanks to a boom and bust that was largely caused by Government coercing banks to lend to unqualified borrowers who subsequently defaulted on their debts. And the real kicker? They are still doing it!
      So you trust these people to get anything right?
      Big Government is the problem, not the solution.

      • Santa

        Big government…. you mean like the biggest government created in modern history under Bush? He had the biggest government, biggest spending, and the biggest tax breaks for the rich, all of which led to the biggest and fastest deficit spending this country has seen. BUT, you blame the democrats for big government. You’re delusional.

      • DaveH

        Sure Santa,
        I’m “delusional” and you can’t read. Look at the Roll Call Votes for the Bills that are labeled “On Passage”. See which Party votes for all the Spending. You can read can’t you Santa? Congress passes the Bills, the Executive Branch enforces them:
        http://clerk.house.gov/evs/2009/index.asp

        And as always, another name-calling Liberal who can’t state facts so he resorts to personal attacks. I wouldn’t expect any more from the Party of forcers and thieves.

      • s c

        DaveH, ‘Santa’ is probably related to Specter [PA], Frank [MA], Pelosi [CA] and Nelson [NE]. True to form, ultraliberal progressives never look in the mirror or take a hard look at their ‘leaders.’ “Enlightened” Democrats would shrivel up, turn to dust and blow away if they didn’t ALWAYS make room for BIGGER government. Everybody knows you can’t keep a pig away from a sty (or an addict away from his favorite drug).
        This is what defines them. Andrew Jackson, on the other hand, was probably the last Democrat who had any measurable common sense. Since Jackson’s time, Democrats have rejected common sense because it requires living up to functional standards. Comrade obama is living proof of it.

      • Joe H.

        s c,
        the pelosi part would explain a lot!! Being from a state that’s bankrupt both monetarily and morally telling the other 49 how to do it right!!!

      • Michael J.

        Santa, your comment sleighs me. Obama’s spending in just one year surpasses the entire spending history of this country. And if Clinton and Barney Frankless hadn’t twisted the arm of the financial system to make bad loans to perpetually insolvent individuals, we would not be in this mess in the first place. You should clear your eyes of the soot each time you climb out of the chimney so that you can see the real world. Right now Rudolph, Donner and Blitzen are probably planning a coup to remove you as a result of your obvious incompetance.

      • http://BobLivingston Suzanne

        There we go! Blame Bush. How is it that Congress and the Senate who actually caused most of the problems never gets the blame? They sit there voting themselves cost of living raises while telling the American people to tighten their belts. What about Obama? He spends & spends! Doesn’t matter to him the costs of flying all over the world spending the taxpayers money to appoligize for Americans, that by the way, don’t want or need to be appoligized for! WE LOVE AMERICA!

      • J C

        Boys and Girls…when are we all going to realize that getting caught up in the left right argument is exactly what we’re supposed to do while BOTH the left and right herd us into slavery? It isn’t Bush and it isn’t Obama….it’s ALL of them and it has been since at least the Wilson administration. Time to clean out the White House altogether because the two party system is cancerously corrupt in both camps.
        If we don’t stand up the fact that the whole system is beyond repair we can say goodbye to all of our rights and liberties soon….very soon.

      • Claire

        J C — well said. I agree with you 100%.

      • Dan-o

        And this is why we have the right to bare arms, can anyone say revolution. There is a time for words and when that doesn’t work it’s time for action.
        Oh wait we wouldn’t do that were to civilized (weak and scared)

      • Earlw

        Hey Santa,… maybe you should look back a little further. The easy-money crowd just so happened to have started under the direct pressure of the CLINTON administration!! So much for pounding on Republicans.. When are you partisans going to realize that BOTH parties are the same?? Bush’s failure is that he didn’t do anything to stop it. But then, he and Clinton are in the same Bilderberg/CFR/Trilateralist boat anyway. One side blaming the other is counterproductive. The Real boogeyman in our financial system is Federal Reserve banking. How can you ever expect to repay the federal debt when only the principal is created, but not the funds to cover the interest??? I say, back to a gold and silver based and/or congress creating the money and regulating it’s value, like the constitution says(Article I Sec 8)!! Any other scheme simply will not work! Do your homework…

      • J C

        It was the Clinton administration that turned Freddie Mac and Fannie Mae loose by allowing them to open the flood gates. This was ineveitable under a Keynesian system. It was the only resort they had
        as a paper money system invariably collapses under its own weight.
        Obama was hip deep in the process too. So whether or not GWB expanded government or not is irrelevant. The system itself is rotten to the core. It’s time for a new foundation and we can now learn from the mistakes made in 1776. NO “general welfare clause” would be a good place to start.

      • James

        DaveH, The federal reserve system has never been regulated by any government, nor has it ever been audited.

  • Loy

    Atlas Shrugged again.

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