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Republicans Relent, Allow Debate On Financial Overhaul To Begin

May 4, 2010 by  

Republicans relent, allow debate on financial overhaul to beginAfter voting for three consecutive days to block financial reform legislation from reaching the floor, Senate Republicans finally relented last week and agreed to allow floor deliberations to begin.

GOP leaders decided to move forward with debate after Senator Richard Shelby (R-Ala.), the top Republican on the Senate Banking, Housing and Urban Affairs Committee, said he received assurances from Democrats that they were willing to adjust the bill to alleviate concerns that it perpetuates bailouts, the Associated Press (AP) reports.

However, some political pundits believe the decision was made in response to the mounting political pressure applied by Democrats, who have cast Republicans as uncooperative and obstructive.

"It’s very difficult for me to comprehend senators, Republican senators, coming to the floor and nitpicking this bill," said Senate Majority Leader Harry Reid (D-Nev.). "All the talk of the Republicans, about wanting to do something about this bill before it gets on the floor, is really anti-Senate, and anti-American."

While Republicans disagree with several aspects of the bill, they seem most perturbed with its aggressive and strict consumer protection language. Senator Christopher Dodd (D-Conn.), who authored the legislation, indicated his willingness to adjust the bill, but said he will not "weaken consumer protections given the enormous abuses we have seen."

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  • Joann

    Everyone seems to forget that number one is that Freddie and Fannie started this whole thing and they are government run remember and that the so called fat cats on Wallstreet are for this bill that should tell you something about the bill

    • George E

      It wouldn’t surprise me to find out that some of Goldman Sachs people wrote most of the financial reform bill. It’s my understanding that they’ve had a hand in almost all other financial legislation, not to mention they spend a lot of money contributing to lawmakers who can influence legislation like this.

  • Airangel

    Those (D’s and R’s) that opposed the bill understood the implications for the taxpayers and our capital markets under the current Dodd/Frank plan. Hopefully, they will not settle until drastic changes are made to this fundamentally flawed bill

    Instead of handing over permanent bailout authority to the bureaucrats that performed so poorly in the past, Congress should focus on expanding the bankruptcy code to liquidate failed financial firms in a timely manner. Today, this type of expedited bankruptcy is routinely used to resolve failed airlines and railroads…

    If the goal of regulatory reform is to prevent failed firms and those that do business with it from receiving taxpayer bailouts, three simple steps should be avoided:

    •First, do not give regulators the authority to make loans to or purchase assets of a failed firm.
    •Second, do not create a bailout fund which will reward those very parties.
    •Third, do not give the FDIC the authority to guaranty $500 billion worth of debt of solvent institutions.

    So yes…if this is not reworded or stopped…guess what..more bailout funds hit the taxpayers…also I just heard that 5 billion in funds has been authorized by Obama for thoe large financial institutions to pay their retirees (said it was in the healthcare overhaul bill)…hello..taxpayers…it’s just starting

    • Yvan

      Very good post. In total agreement.

  • MARY

    Wall Street has been the, “Wild Wild West” for a long time. Good luck trying to reform them. They are used to being predators and you can’t get sharks to quit being hunters. The derivative situation is a good example. Obama is right to try and regulate them. Situations like Bernie Madoff must be curbed. It is very unfair that middle class Americans lose their retirement because Wall Street brokers want to make another commission or bonus. For our country to thrive the middle class must survive. Just look at other countries without one to see what quality of life the rich have in places such as Brazil. If the rich want to lose their freedom to live life without fear of kidnapping, etc. they must keep sharing the wealth of business in this country with everyone… not just the upper 1% of our population.

  • Yvan

    What is a Republican anyway?
    Well from what I understand those are the people that claim that they’re the only one that can protect free enterprises and freedom. Freedom from what exactly? Let see – Let Wall Street do what they have been doing, ripped people off, let greedy bank managers and executives steel people money at will, let Corporations destroy the middle class by importing goods from China, let big Pharmas, Hospitals and Insurance Co. control the health care system. By the way, if you don’t like your government to interfere in your life why don’t you get writ of all the food inspectors so you can eat all the rotten meats that you want. Get writ of all aircraft inspectors so you can fly airplanes with wings falling off. Who need coast guards? This way you could import all the drugs to fit you greedy life. Since you like your guns so much, why don’t you get writ of all policemen, this way you can shoot any liberals and members of congress that you don’t like. Let the mining Co. do what they want. Keep denying global warming, this way you can keep polluting, deforest and contaminated at will, after all money is more important. Paying taxes, you must be kidding not for them! The list goes on. This is the extremist Republican way of life. Bunch of ignorant ego centric greedy narrow mind red neck individuals. If you’re poor it’s because you’re lazy. Never mind the luck, or if you’re born with a silver spoon in your mouth. Me, myself and I, is their motto. Make sure that you don’t trust or share anything with your fellow men. Let’s hope that there are some decent Republicans hiding somewhere. If not, civil war is near by.

    • Jeep

      Yvan, here is some Prozac from big “pharma”. Now go relax before you blow a gasket and have to get medical help from those nasty hospitals. Hopefully, you have medical insurance from those terrible companies, but if not you can still get treated.

    • George E

      Yvan,

      With all due respect, you don’t know what you’re talking about. You’re complaining about people who work, pay taxes, serve in the military to protect this country, raise families to be good citizens, attend church, help their fellow man when needed, and try to save a little money so they can hopefully retire one day without being a burden on their families or communities. Sometime these folks create small businesses, hire employees, and participate in local civic organizations to help their communities improve and grow. In short, these are the people that are the fabric that holds this country together. Please clean your glasses and take another look at these people.

  • s c

    Nevada’s version of Alfred E Newman, Harry Reid, must be even dumber than I thought. Republicans have no choice but to go slowly, especially since most people in the House and Senate (and the White House) can’t be trusted to do the right thing.
    For Reid to claim he can’t “comprehend” any senator who nitpicks what progressives call a ‘financial overhaul’ amounts to Queen Pelosi claiming that legislation has to be passed in a hurry so they could find out what’s in the damned thing. Pelosi is clueless, as is Reid.
    And, for those who still refuse to ‘get it,’ Obamabummer’s party still has a majority. When you have a majority in the House and Senate, bipartisan is just another word (like hope, transparency and change). It obligates Republicans and conservatives to distance themselves from the continuing insanity that Obummerbama is trying to ram down our throats.
    Only a RETARD wants things done in a hurry. Where have these progressives been for the last 45 years? They had many chances to ‘reform’ illegal immigration, healthcare and an imploding dollar. What America got was decades of excuses,
    exploding budgets, dead voters who ‘lined up’ to vote for career criminals and politicians who think open borders will make America enlightened and safer [oh, duhhhhh!].

  • American Liberal

    41… Read the article.!… You clearly don’t have a clue what it’s about. .

  • American Liberal

    41… I haven’t defended anyone….I just pointed out it was Wallstreet that can’t be trusted….but you don’t understand and must have been asleep while the bailouts went on….or, you’re just a basic retard that needs my explination…the point is making sure we don’t have to do it again..so let me be clear……we had a Wallstreet meltdown due to Greed and were past the point of blaming the two partys… Were now at the ” what to do about it” phaze….you can stay stupid if you want but I’d like to make sure it doesn’t happen again….I suspect you’re Just happy to remain stupid and just let Wallstreet do as they please…so go back to sleep, you add nothing to the solution or conversation…

    • SM

      You are calling someone else a retard when you are so retarded yourself that you don’t know how to use a spell checker that is right there to use. I am tired of your gross stupidity and spelling mistakes For your information explanation is not spelled “explination” you moron.

      • http://?? Joe H.

        SM,
        The teacher mentioned at the top of the page is rollin in the isles right about now!!!!!

    • Claire

      I do not believe Wall Street can be trusted. They were not trustworthy in the past, what makes a person think they will be trustworthy in the future?

      • George E

        Claire,

        You’re casting a pretty wide net……We’re there just a few “bad apples in the barrel”, or do you really think the whole industry was corrupt?

      • Claire

        George E– I think there are quite a number of them that are not honest. The brokers worry me. A person has to be careful with some of them. There have been too many that have gotten themselves in trouble within the past few years. I guess I am “skeptical” in more ways than one! lol

      • George E

        Claire,

        I’d be lying if I said I didn’t understand, and didn’t agree with you…..I do.

  • http://gmail i41

    Lib, the reason you won’t explain, is because all your socialist democrat heros wanted all the programs for lazy assed nut jobs. Since you defend dems so hardy, what is that really do in life, a welfare couch rat, government employee, or just so damn dumb and lazy that you depend on taxpayer funds to survive because you cann’t get a job? We all wait with abated breathing for your station or goals, which we know is to live off of someone elses hard work and money. From TR, Wilson. FDR, Carter, Clinton and Odumazz more minority programs and more welfare programs!! You and your simple socialist comunist democrats will never wake up, somebody has to pay the freight!! Of course puke brainerd dems want everyone else to pay taxes because they don’t.

  • American Liberal

    Commonsense…..it’s was Ronald Reagan that deregulated wallstreet…but like you said, Clinton allowed the deregulation of Fanny Mae and Freddy Mac so he could have his fair housing bill… And I admitt it was a mistake…. But as far as letting banks fail… All the financial experts said we’d have slid into a depression … Was that true?… I don’t know , but both republicans and democrats believed it was true and I’m glad they took the experts advise instead of rolling the dice to findout…. Remember, the Bailout bill of Wallstreet was signed by Bush and started while Bush was still in office… Probley the only thing were gonna agree on is we don’t want it to happen again..

    • American Liberal

      ” explination”..

    • George E

      We’re making progress……I agree with a large part of your statement.

    • del

      My God your an idiot. Clinton had to deregulate because of the fair housing act. How else do you think any of them idiots could have got a loan!

  • American Liberal

    41… I don’t need to explain it….where were you while all of us were bailingout Wallstreet……?.. And you should have watched the Wallstreet ( Goldman Sachs) hearing last week…. Then you wouldn’t need a ” socialist” explanation ….

  • Commonsense

    As to restrictions on wallstreet, realestate, ect, ect. You’ll find that we had a lot of restrictions in place right after the Big Depression. But over the years, those laws and restrictions were deregulated or overturned, usually, when a democrat was in office. The last hurdle to fall was the Paine Act, which prevented banks and the market from creating what we now call toxic inflation and a whole mess of other things. Clinton removed that hurdle. So, by bailing out all of the big business that was too greedy we really screwed ourselves. If we would have let them sink we would have been left with only the strong,legitimate banks and businesses and been better off for it. It would have, in terms used by me and my people, culled the herd, so to speak. But humans, by and large, are like sheep. Easily led and easy to panic, not very good thinkers, dim witted, and will follow blindly, without thought. To prove my point, I refer you to American Liberals’ comments. Thank you American Liberal, without you I could not have proven my point so easily.

  • American Liberal

    Howe… I have no problem with fanny Mae and Freddy Mac being included… In fact they must be included in regulations….I also find fault in President Clinton allowing deregulation in the first place…he did it to appease republicans but it was Clintons mistake…

    • George E

      Liberal,

      This is one of the most objective statements you’ve made. Thanks.

  • fleur

    The notion that Senator Shelby “received assurances from Democrats” about ANYTHING goes to show how stupid the Republicans truly are. They are not just a bunch of naifs….they are truly stupid, idiots.
    Those Dems will do exactly whatever they want to with this and every other bill that comes down the pike until January when they have been swept out of office….those idiot Repos are going to sit back and let it happen just like they always have since they squandered the one crack at power that Dick Armey gave them back in the 90′s.

  • http://gmail i41

    Doc and a lib, just how was ther fincial meltdown caused , we all need you to explain in your finest socialist revised history?

  • tim J

    Financial reform, is way overdue. The dept $605,000,000,000,000.00 trillion that was created and left to the world was theift by America.If the Republicans, can’t help by demanding regulation on all issues, then corporate America will continue to alienate us to the entire world and terrorism will flourish.

    • American Liberal

      Tim…agreed

    • George E

      Sorry, but I’m tryng to figure out what you’re saying.

      • http://?? Joe H.

        George E,
        I agree 100%!!

    • s c

      TimJ, you ignored Uncle Scam’s role in this disaster. As long as you give the old fart a free pass, you can’t understand what is going on in America.
      Try and explain how it is that a career criminal’s dream – the Fed – has ANY legal or moral right to control America’s money supply. The Fed is a PRIVATE CORPORATON. It is NOT possible to be truly concerned about corporations when those who regularly piss and moan about them look the other way when it comes to the Fed’s role in re-distributing wealth and destroying the dollar.
      In other words, a private corporation was granted illegal permission to control America’s wealth, and Uncle Scam smiled and let that corporation rape America.
      Nobody gets to cherry-pick corporations, when they refuse to see the Fed for what it is. So, do you really care about the ‘dangers’ of corporations, or are you just another yahoo who says this, means that and wants to be immune from our laws while demanding that we see elected criminals and their followers as god-like, superior beings?

  • http://charter howe

    While fools argue about unchartered waters, the truth of the matter is we very much need oversight of these big institutions but why isn’t freddie mac and fannie mae included. My hairlip comes with the way daddy warbucks Dodd wrote the bill, which creates more big govt and more govt control. I want to see nit picking regulation, but I want to see Congress act as the final bottom line oversight and decision making body for any and all financial regulation. The hell with creating a separate govt body with another Czar who only answers to the President. Everyone wants to get these controls into place, but the Republicans and a few Democrats want amendments to be included to create a bill that works. Lets write and encourage our Congress people instead of wasting time casting stones at one another. Is fanny and freddy getting a pass because they were huge contributors to the democratic political campaign? We already know that Goldman Sachs contributed nearly a million dollars to Obama’s presidential campaign fund. The Republicans are being accused of dragging their feet and being obstructionist by Harry Reid, however the truth is in the details. Read some of the amendments which Republicans are trying to introduce into this legislation. Why does anyone believe that creating bigger govt with more control is good for the private sector. We need a well thought out set of laws that is bipartisan and does not give govt too much power. We vote for who we expect to get the job done in the House and the Senate, and it is these elected Congress people who are accountable to us and are the ones that should have oversight for the countries finances, not a liberal Czar whose radical agenda may damage our society.

    • Frank Chambless

      Howe, This is a good posting. Thanks for your thoughts. Regulation vs. governmental control is what this debate is about. Regulations would require vitually no public monies to impliment. Government control requires an enormous amount on ongoing revenue to be extracted from the citizens to perpetuate. Money, by the way, which we do not have and can not hope to generate in the foreseeable future. The 111th congress is at the helm of a sinking ship that we call America. They are sending us down with the ship; but, they have a life raft for themselves. Why is Raines, the head of Fannie Mae who profited 10s of millions as he drove it into a complete nosedive, now invested in a Chicago Carbon Trade company created by Obama (Al Gore and others are also invested in this co.)? How can he possibly be hurt by any financial regulation now that he is out of the biz; and, how could he profit from the passage of ‘Cap & Trade’? Dodd, himself, is under investigation for his inside trading. This may seem rambling, but, the thing is, we should be looking at where the politicians are going, not where they have been. If they’ve all made their fortunes and bailed out from the housing market, then they are about to clamp down on that industry and look like swell guys for caring about the people, meanwhile clearing the way, legislatively speaking, for the next scam. so, a good rule of thumb is: 1-If it costs an enormous amount of never ending tax payer money it is Governmental control. If it cost very little to the tax payer it is regulation and possibly sustainable. 2- (somewhat related) Never vote for an Ivey Leaguer. They are just not capable of representing the majority of Americans.

      • BigBadJohn

        Regulations cost next to nothing, but they are ineffective unless enforced, that cost money. A tool that both parties use is to simply not fund enforcement of whatever they oppose. A prime example is Environment regulations, during the Bush years. Funding for EPA enforcement was drastically cut, basically crippling EPA’a effectiveness.

      • http://?? Joe H.

        BBJ,
        I suppose now you are gonna tell us that’s the reason for the disaster in the gulf???

  • eddie47d

    Wayne,Raggs,; No one is an idiot who wants businesses (wallstreet,banks) to take responsibility for their actions. Too many corporates have lacked integrity for too many years. If change is coming they brought it upon themselves.

    • American Liberal

      Eddie: good post… And very correct..

    • George E

      Eddie,

      All I ask is that if we do add additional regulations to our businesses, we do it for the right reasons, not because the CEO makes too much money, for instance. These things have a way of coming back to haunt us later on when we do such things.

  • Al Sieber

    Fascism is Govt. by regulation. we’re gonna have another melt down that will make the great depression look like a walk in the park.

    • George E

      Al,

      Possibly. Some government regulation is necessary, or at least prudent according to most, but too much regulation stifles economic development and personal freedom. That’s bad and should be avoided. Every situation needs to be assessed independent of all others, but in general, I tend to think we have too much regulation today given our tendency to try to eliminate risk, expect the government to solve our problems, politicians who attempt to win our votes through political favors, and a bloated government with thousands and thousands of bureaucrats who have nothing better to do than write and enforce regulations.

      • American Liberal

        George… Just enough regulations to make sure we don’t end up here again…..so I’m agreeing with your post…I’m a business person too , so I don’t want business smothered but Wallstreet took capitalism to the point of Fraud in my opinion… These people knew they were screwing investors… That’s not free enterprize… It’s stealing..

      • Claire

        American Liberal–And I agree with your post and George E. You have to “watch” the stockbroker. There was a guy here in town that got in trouble last fall for embezzling the investors money. Yes, we do need some regulations to keep them in line. I just cannot believe the amount of money that CEOs make in one year!!

      • http://?? Joe H.

        Claire,
        I don’t think there is a single person on this site that would turn down that type of money if they were offered it!!! They may say they would in an effort to sound holier than thou, but push come to shove, they’d take it.

      • Claire

        Joe H–Yes, you are correct. No one would turn it down. Not even me, I guess. But geez, I don’t need THAT much money!!

      • George E

        Liberal,

        I acknowledge that something certainly went wrong, but I’m not sure I really know what the root cause was. That’s the main reason it’s difficult for me to support additional regulation at this time. The issue is somewhat complicated, I think. I do know that some of the “players” in this crisis were 1) our government, 2) Fanny Mae, 3) Freddy Mac, 4) investment banks, 5) rating agencies, 6) AIG, 7) Federal Reserve, 8) realtors, 9) developers, and 10) community banks to some degree. Focusing on and punishing only the investment banks may be an injustice to our system and may not really solve the problem, even if it does score political points for some politicians and make some people feel better (because those awful CEO’s are too greedy…..).

      • del

        If you want to get down to it they were screwing suckers if they were screwing anyone. This can only last as long as their reputation holds up. As far as making bad investments on your own. Well tough cookie. It would be no different than a car salesman selling you a lemon. You know that you shouldn’t buy another from them. What got us in a bind (in my opinion) is/was the fair housing B.S. I wonder who was the president then. Look its simple to me. If you can’t afford it don’t buy it and if its a risky investment that you are making you shouldn’t unless you can afford to lose. Almost like gambling isn’t it. Unfortunately the bleeding hearts of this country don’t seem to feel the same way.

      • Al Sieber

        George E., there’s need for some regulations. but why do you have to raise your hand everytime you want to do something? I work in the mining industry which is regulated to the hilt.

      • George E

        Al,

        I agree. Some government regulations are probably a good thing. However, we have to be careful not to let government run wild with regulations. Bureaucrats and regulators have never met a new regulation they didn’t like. I think it’s hard for government to see any regulation as bad, unlike the businesses being regulated and people working for those businesses.

  • Doc Sarvis

    I for one do not want another financial melt down like the one in 2008. We will be recovering from that for many years, and some folks will not recover. Wall Street was a large part of the problem and needs to be more tightly regulated. Both parties should have a lot to contribute to legislation that will protect us citizens. I can’t imagine why Republicans would be dragging their feet on this.

    • American Liberal

      Doc… Good post… Nothing I can disagree with in your post…both partys need to be on this issue…

    • Constitutionalist

      BECAUSE every piece of legislation this congress has passed has only grown a more bloated govt and stripped us of more liberties. Some regulations are required, but it is out of control. It is all about power and control, not about our protections or our health care or our jobs or saving our homes or making us more “green.” You have to see behind the smokescreen. Are these millionaires really going to cut their own wrists? Of course not. Everything they do is to achieve their goals whether they be power, control, or ideology (big govt). But they wrap it in such a pretty bow appealing to our good morals of caring for others or the environment that people are sucked right into it by the shiny, bright object.

      Wayne, I’m in agreement – I cannot believe the Repubs again are taking the word of those who repeatedly lied to us, most recently about the health care bill, but you don’t have to look too far back to see those told about our economy, Fannie/Freddie, etc.

      And American Liberal, I disagreed with prior Repub administrations that did this kind of stuff, too.

      The blessing in all of this is that Americans are waking up to what has been going on in Washington for 100 years.

      • American Liberal

        Constitutionalist: that you agree that some regulations are required is a good thing….I’m just concerned with the article right now… We can discuss green jobs later…right now we just need to make sure Wallstreet isn’t selling bad deals they know will damage the economy abd using the free market as an excuse…so we have some agreement..

      • http://?? Joe H.

        Another post I’m sure the teacher is laughing about!!!!

      • George E

        Liberal,

        We probably agree on a lot of things if we just “peel the onion” back far enough to investigate. I don’t have any idea right now whether additional regulations are appropriate to help prevent future financial crises like the one we’ve just had. Hopefully, we’ll get a better idea “IF” Congress will take their time gathering the facts and debating this issue before the American people. However, if they push another bill through on a party-line vote using legislative gimmicks like they did with the healthcare bill, you can bet they’ll make another mess of it. I’d rather they do nothing than do that again. More regulation is not always the best answer, in my opinion. Also, I feel a very large portion (possibly the root cause) of the financial crisis was poor legislation and governance by Congress and the Administration. I’m pretty sure new regulations will do nothing to correct these causes.

    • Frank Chambless

      What’s up Doc? In fact, there are very good reasons for Congressmen to move cautiously into any and all legislation proposed by the 111th. In this case someone in D.C. really must examine to determine whether the bill can or will initiate further regulation of our financial markets, or, governmental control. If control over American financial businesses is ultimately the outcome, then, the American Dream is lost. You’ll have to spend some time thinking that through to it’s logical conclusion; but, please trust me that you really do not want Congress, or Presidents in control of America’s financial industry. One last point, any monies invested in the markets is done so at the risk of the investor. Invest, or not, wisely. Frank

      • Doc Sarvis

        Frank Chambless
        I didn’t say congress should do anything without caution. That is what the debate is all about. I was saying to block the debate is avoiding the obvious problem.
        As I’ve said before, there needs to be balance. Businesses, in this case Wall Street firms, should have constraints within which to operate. That is where laws made by government (i.e. the people) come in. This does not constitute government running business.
        On your last point; while I accept risk in any investments I make, I also expect those I trust my money with to act in the best interest of the investor. When these firms loose site of that in an effort to only fill their own pockets some restraint needs to be implemented.

      • George E

        Doc,

        This sounds reasonable to me. I agree with you. Thanks.

      • Frank Chambless

        Hi Doc, It sounds as though you & I agree for the most part. Further regulation is needed in this case. It seems that our departure point is the line between regulation and government control. The 111th Congress has demonstrated it’s desire and ability to take control of large segments of the American economy in the private sector. Therefore, I approve of a cautious approach to legislation proposed at this point in history. I whole heartedly approve of Richard Shelby slowing this down and adding ammendments that would limit or eliminate future bailouts. If bailouts are expected, just imagine the risks that financiers would take with your money!

        On the final matter, investment is a risk, I think you & I are very much in agreement. If crime has been committed against investors, then, those crimes should be handled in a court of law, as in the case of Maddof. (By the way, who would EVER invest money with a guy named Maddof?:>) Still, in my mind this has to do with regulation, which should not cost the American people much money, which, our government does not have to spend; and no expensive legialation should be considered at this time.

  • Raggs

    I’m sure neither side has even read the bill. This is just another sell-out to the Marxist in chief.

  • Edeva

    Wake up people! Both the Democrats and Republicans are the servants of Wallstreet! We don’t have a two party system of government; we have one party that speaks out of both sides of it mouth at once. The pretend disagreements are BS. They shout and stomp to distract us then make back room deals to limit our access to wealth, our personal freedom and the range of our voices. If you want to be heard, don’t vote for anyone running for either pole of our single, bipolar party. Vote them all out. There are other choices.

    • Al Sieber

      Edeva, I agree with you.

    • Commonsense

      amen.

    • Charles David

      Edeva, you are closest to nailing it. We already have the SEC (Securities Exchange Commission) and the FINRA that are supposed to regulate and watch over the industry and make sure they do things right. But, the SEC ignored their duties. When asked to investigate Bernie Madoff, they refused. No doubt they refused to investigate the financial industry was well. Instead they elected to watch porn on their computers. Not a single SEC official that watched porn on the job has been fired. So, my point is this. As long as the watch dog does not do his job, it doesn’t matter how many watch dogs we have. How many sleeping watch dogs do you want to feed?

      • American Citizen

        The overseers, Frank, Rangel and Dodd looked the other way because they were paid off.

      • George E

        Citizen,

        I don’t know about that, but they certainly did aggressively promote and protect Fanny and Freddy during the years when the problems were really building there. Later, they actively denied there were problems right up to the point where it became obvious to everyone that there were huge problems with these companies.

      • George E

        Very good post. Your point is right on target. Thanks.

    • IndependantAmerican

      Right on Edeva! People need to wake up and realize what is happening around them…

    • Claire

      Edeva—And I agree with you on your comment.

  • J.M.R.

    right on wayne

  • http://CoxCommunications Wayne

    When are our panty waist Republican “leaders” going to learn thrir lesson? YOU CANNOT TRUST A DEMOCRAT who says he will chance a few words to accomodate you!!!! Idiots!!!!!!!!!

    • American Liberal

      Wayne… It’s Wallstreet that proved it can’t be trusted….didn’t you pay attention to the Wallstreet hearings last week?…wallstreet was selling what they called ( shitty deals), that they knew were bad and then they made money on those deals….. Now ask the question… Who deregulated Wallstreet…answer: Ronald Reagan and George W. Bush… So if wallstreets proven they can’t be trusted, what do you do… My opinion is reinstate regulations…unless you didn’t mind the Wallstreet bailouts( Bush signed the bill)..

      • SM

        American Lib, you are either crazy or just plain stupid! You talk about trusting and in the same breath you talk about the Democrats and Republicans, and then the right and the left. Your point in all of this is who is telling the truth and who is protecting the uninformed, the uneducated, the poor, etc. You try and make the point that the liberals are the ones who are doing the job right.

        Well let me tell you, The BIGGEST LAIR EVER is Mr. Obama. He makes Clinton look like a choir boy and Clinton couldn’t tell the truth either. Obama couldn’t tell the truth if his life depended on it. Every word that comes out of his mouth is a lie. He lies when there is no point to lie. He lies when everyone knows he is lying and keeps a straight face while doing it. This is what is called a lack of morals. People who have no morals do not help the people who need a helping hand because they are too self-centered to even notice, let alone care.

        And YOU try and stand on a point of righteousness by attacking what other people are doing to stop the insanity that is presently in control in Washington? YOU ARE CRAZY! It is the people who don’t know how to think, like you, who are keeping the insanity going. Get your head out of the sand, or wherever it is lodged, and open your eyes to the reality of what is happening. The power people in Washington are trying, no make that they are doing a good job of destroying the United States of America with ideas that were thrown out by the Russian people because they didn’t work. The Chinese are in the process of doing the same thing. Every society that has has totalitarian governments have failed and their people have lived in poverty. That is is in store for this country unless we can stop the socialist movement of the liberals who are in power at this time.

      • http://naver samurai

        Amen to that! Time for “Osama” to go to the hospital and have a cranial rectumotomy performed.

  • Paul

    There are things that are always right and others that are always wrong. I would always stand for the right things no matter what they call me and defend it.
    Let Harry Reid go down in flames

    • Robin from Arcadia, IN

      Paul…
      You post is great. I also believe that it isn’t the right versus the left, but the right versus the wrong. And standing to defend what’s right is the proper thing to do!

      • American Liberal

        Robin… You said it wasn’t a right v.s. Left issue but that’s exactly where you took it… You went right to Pauls bashing of Harry Reid and that’s not what the articals about….you didn’t state an opinion either…do you favor oversight over wallstreet or just the same anything goes business as usual?

      • American Liberal

        Raggs…. How are you sure niether side has read the bill?… After what’s happened with Wallstreet and the bailouts I can’t believe anyone from either side hasn’t read the bill….I can tell by your post that your attitude is ” let wallstreet do as they please”… So you didn’t mind Bush signing the Wallstreet Bailout bill.. And you have no problem wallstreet selling and betting aginst loans they knew were bad …. Amazing… But I’m not suprised … Like I said , Republicans would sell their souls to protect Wallstreet…and republicans couldn’t care less about the consumer… Even if it’s you…

      • IndependantAmerican

        Seriously, do you truly believe that they read the bill? Really? Wow, I would have thought that… Oh, wait, you’re a liberal, you believe what the main stream media feeds you and you’re all about how it makes you feel all warm and cozy that your govt. is going to make sure those bad Wall Street and Mortgage brokers don’t get you. Well let me tell you what is really going on. If you’d wake up and begin to understand how the world around you works you might get the feeling that the working class is tired of paying for you and others like you to live. We are tired of paying for massive bail outs because someone couldn’t keep their finances straight or because someone who knew they couldn’t afford something went ahead and bought it any way. If you knew anything about history or the Constitution you’d understand that our federal government isn’t there to protect us or provide for us, we’re supposed to do it for ourselves. It’s what allows us to be free, no one telling us what to do or how to do it and definitely not taxing us to do it for the ones who choose not to. Quit being another lemming and learn a few things before you start going off on republicans because they believe in a free market and not laws to help idiots like you not make bad decisions, they’re the ones working hard so you don’t have to… Or, continue on the path you’re on and jump off the cliff just like everyone in front of you because you’re told to… Whichever you choose would be a step in a positive direction for the rest of us.

      • http://naver samurai

        AL, are you at this nonsense thing of raging against the ways of our founding fathers again? You talk about the GOP bailing out Wall Street, but what about your boyfriend “Osama” Obama bailing out private businesses that was unconstitutional for him to do? Isn’t this a case of the pot calling the kettle black?

      • Mike Austin,TX

        American liberal..Why is it BHO’s admin is full of Goldman Sachs people?

      • George E

        It is, but so was GW’s administration. Goldman has thoroughly infiltrated our government to protect their interests.

    • American Liberal

      Paul… So what’s your position on Wallstreet?… You said you just want to do what’s right… But all your post did was make it a right v.s. Left issue…. Are you for letting Wallstreet run amuck and continue the same practices that killed the economy or are you for somekind of oversight?..all I can tell from your post is you don’t like Harry Reid…

      • American Citizen

        Right versus wrong is not the same as right versus left. Sheesh!

      • http://?? Joe H.

        am lib,
        who in their right mind DOES like Harry Reid????

      • joesixpack

        It is now going to become law. Just like the healthcare government takeover, you will not be so smug and arrogant when you finally realize you can’t get the same level of doctor care, and especially when you need it.

      • http://naver samurai

        I think the thing that killed our economy was the many housing failures and risky loans made by Fannie Mae and others, all with the approval of Bill Clinton. If it wasn’t for him meddling where he shouldn’t have, the housing industry may not be perfect, but it would be in a lot better shape than it is now. Thanks to the DEM and you stupid liberals.

  • American Liberal

    Republicans are worried about consumer protections …. That says it all about Republicans….they don’t care about the consumer( us)..they want Wallstreet to stay Deregulated so wallstreet can continue to steal from the consumer( us)… Republicans would sell their souls to protect Wallstreet…

    • Robin from Arcadia, IN

      American Liberal… You are making some very general statements about Republicans in your post. I would not sell my soul to protect Wallstreet.

      • American Liberal

        Robin.. The title of the artical is “Republicans Relent”….so that’s why my focus was Republicans…

      • American Liberal

        ” Article”..

      • Commonsense

        Americanliberal,I was soooo hoping you’d be here today. I needed a good laugh. Please keep commenting. I could read your moronic comments all day. They make my sides hurt! Plus, everyone I know I forward your stuff to. They think it’s hilarious!!! Cee if ewe can misspel moor words, I no an inglish teecher that just rolls when she reeds your stuff.HAHAHAHAHA! Between your apparent lack of understanding life where you earn a living instead of one you’re entitled to, and your apparent lack of schooling, I have nothing but pity for you. I shouldn’t laugh at your comments but they’re so stupid, they’re funny. I just want you to know that your comments may not win you any prizes for grammar of coherency, but they do make several people laugh…..a lot. Thanks again, Common sense.

      • TIME

        Commonsense, Now stop it your making me LOL now.

        Thanks for the fun post, later dude.

      • Kanawah

        Robin from Arcadia, IN wrote:
        May 4, 2010 at 6:03 am
        American Liberal… You are making some very general statements about Republicans in your post. I would not sell my soul to protect Wallstreet.
        ********************************************************************
        As you say thae statments may be ‘general’, but they are correct. the republican’ts only care about the rich. The rest of be damed.

    • Think for yourself

      Only the lazy Americans need the government to do their thinking for them!
      Neither party is any better than the other. They both are spending fools! Their only concern is getting reelected.

      Do the hard job of being responsible for yourself!

      • Commonsense

        Amen to that.

      • tracycolorado

        A TRUE PERSON OF WISDOM AND COMMON SENCE

    • American Citizen

      Did you read the article comprehending what it was about? Just because it said Republicans, doesn’t make it negative. They, as well as we conservatives, are worried about some of the language in the bill. Democrats just can’t seem to get it right.

    • George E

      Liberal,

      If you read the Republicans reluctance to support this legislation as being against all financial regulation, you may be reading it incorrectly. Couldn’t it also be that they don’t think additional regulation is necessary to mitigate problems like the crisis we recently had? Couldn’t it also be that they are concerned about over-regulating this industry which could cause more problems than the regulations solve? Couldn’t it also be that they don’t trust the Democrat majority to let them participate in the vetting process, since they were shut out of the recent healthcare reform vetting process?

      • Kanawah

        The Republican’ts reluctance is their “loyalty” to their big money freinds. This is a total dis reguard and dis service to the American people.

        The republican’ts nave created the unregulated enviroment that enabled the thieves on wall street over the past 30 years. There MUST be major reregulation, NOW.

    • del

      Wallstreet can only steal from willing participants.

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