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Buoyed By Healthcare Victory, Democrats Turn Their Attention To Financial Markets

April 1, 2010 by  

Buoyed by healthcare victory, Democrats turn their attention to financial marketsThe focus of the nation’s attention may have been on healthcare reform in recent weeks, but on the heels of that legislative victory the Democrats are now planning to push through sweeping financial system regulations.

On March 23, the Senate Banking Committee advanced financial reform by releasing a bill sponsored by Senator Chris Dodd (D-Conn.). The highlights of the bill include the proposal to create the Financial Stability Oversight Council (FSOC) to "identify potential threats to the financial stability of the U.S." and counteract them. The agency would also have the power to break up a big financial institution that poses a "grave threat to financial stability."

Moreover, the legislation creates the Consumer Financial Protection Agency (CFPA) that is independent from banks’ veto power over consumer protections, writes and enforces rules against abusive lending practices and cover all providers, including payday and auto lenders.

In contrast with the healthcare legislation, the bill has some bipartisan support. In fact, Senator Richard Shelby (R-Ala.) commented that "Republicans want to reach a bipartisan agreement on substantive financial reform that protects taxpayers, strengthens our economy, and preserves the competitiveness of our financial markets."

He added that "over the coming days, my Republican Banking Committee colleagues and I will give chairman Dodd’s proposal the serious consideration it deserves."

The Senate action follows the vote in the the House of Representatives last December when that chamber passed its version of the financial reform bill on a party-line vote. That bill also creates a consumer protection agency, imposes new guidelines on hedge funds and on derivatives trading, and outlines procedures for unwinding failed businesses. ADNFCR-1961-ID-19697021-ADNFCR

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  • s c

    Dodd, where were you when you could have made a difference? Dodd, have you learned the difference between crap and apple butter? What do you REALLY mean when you talk about a financial crisis?
    How is it that we have people in America who can’t get it through their heads that certain losers (politicians in general) CAN’T be trusted with ANYTHING? Losers like Dodd and Obummer must be watched and controlled.
    Dodd doesn’t know SQUAT about economics, and neither does Obummer. Somehow, we’re supposed to stand back, let them do what they think is needed, and then trust to good intentions that THIS TIME they’ll care and they’ll do it ‘right.’
    No way, Dodd. Go home. Retire. Take your easy pension, and FADE AWAY.
    You LOSERS can’t handle immigration reform or healthcare. You are NOT to be trusted with ANYTHING, let alone financial matters.

    • Joe H.

      sc
      You want a good laugh??? go to you tube and find the great reneger!! funnier n’hell!!!!!

      • denniso

        Where was Dodd?? Where the hell was Bush for the 6 yrs of absolute power that he and the repubs had?? Where was he for the next 2 yrs when he still held executive power?? Nowhere,since he believed that the ‘market’ would take care of itself,like a lot of you still amazingly believe…

        • Chuck

          Do you not understand that this is not about Bush VS Obama? It is not Democrat VS Republican?

          The vast majority of ALL politicians are bad, and they are all hurting us. When you buy into the lie that it is Dem VS Repub you stop thinking critically. Yes – Bush DID do some stupid and dangerous things. But the current administration is interested in one thing. Increasing the power and scope of the Government. They want the government to have more and more control.

          If the free market were allowed to actually function (which it has not for many many many years) it generally DOES take care of itself. The problem is that the Govt has intruded in the free market for years. It has not truly been a free market in a very long time.

          The idiots in Washington basically created the whole problem we are in now by deciding that it was “desirable” for people to OWN houses. They push so hard on the private sector to make money available for people to buy homes for so long, and they back the idiocy with freddie and fannie that the private sector finally said… ok. Sure.

    • Mark

      IT’S OVER — Personal financial survival is all that matters and you better be quick about it. Peices of paper and promises won’t do you any good.

  • Jeff

    Dodd, Barney Frank and Chuch Schumer should not be allowed to come anywhere near a bill of this type. They should rather be in prison for running cover for Fannie/Freddie for all those years before their collapse. But you probably know nothing about that, because the Dinasaur media never reports such matters if there is a Democrat involved. Good Luck!

    • Norm

      Jeff
      I hear a lot more right wing coments and commentators on non-fox networks than I hear left wingers on fox.

      • s c

        Normy, you’re doing it again. You’re pretending to be honest, but your method and your intent prove the exact opposite. First, not everyone relies on Fox for their info. I live way out in the boonies, and for me, Beck and your other ‘fave’ media talker [Limbaugh] don’t exist.
        Second, once in a while, I’ll watch Katie Blabby – and try not to puke. I hear Dan Blabber on the radio occasionally, but he’s still nothing but an overpaid empty suit.
        It’s nice to know that you dare to watch or listen to Fox. You might learn something, and build up an immunity to the crap you’ve accepted as ‘truth’ for so long. Look at it this way, dude. If you can handle both kinds of sources, you exercising your “choice” – and you’re not having it rammed down your throat.

        • denniso

          So the economy collapsed and is slowly coming back…Repubs and Dems were fooled into thinking that we had devised a new paradigm for capitalism and it couldn’t collapse again like it had in ’29 and many later smaller busts. Allan Greenspan was a fooloish believer in Ayn Rand economics,let the ‘free market’ regulate itself and in this ‘new age’ of information and high tech everything would work out on it’s own. The Repubs are infamous for their naive faith in the ‘free market’ and they,under the dumbest president ever,backed off on using our existing enforcement tools to control and regulate the markets…so we have the largest collapse in almost a century and even now the Repubs are blocking financial reform to prevent a recurrence…dumb and foolish.

          • JC

            Why is it denniso that you are always so unquestionably willing to throw “everything” into the hands of government? The problems we have are ALL government induced and you feel that we should give them even more power to run our lives?
            And Greenspan never, not once gave anything over to free market economics, no Fed chairman ever has.
            All this bill is doing is giving ever more control to a malicious government and strangling our economy completely.
            Planned economies didn’t work for the Soviet Union and they won’t work here.
            And that not a right / left thing. It’s a general thing.

          • JeffH

            dennisso, this Ayn Rand quote is especially for you. It is so eloquent and fitting.

            Government “help” to business is just as disastrous as government persecution… the only way a government can be of service to national prosperity is by keeping its hands off.
            Ayn Rand

          • denniso

            S C…I don’t say we should give everything over to gov’t…you can’t read or you’re blind or your bias is showing. W/o reasonable controls and regs on the ‘free market’ history shows over and over that it implodes and essentially devours itself. You really need to study some unbiased history before you make absurd claims. A healthy economy is a balance between controls and ‘free market’.

            JeffH,if you actually believe anything at all of Ayn Rand then you’re truly hopeless…she was a pretty good fiction writer,but a charlatan
            prone to extremes and hyperbole…you could read some real economics and history of capitalism before you spout…it might help w/ your credibility,of which you have none presently.

  • Warrior

    Great,
    Now that they F-upped the credit card industry. I have a credit score of 842 and over the past 2 months I’m getting hit with new charges for credit cards that didn’t exist before and much higher interest rates.

    • Norm

      Warrior
      Simple solution. Pay your card off every month. I’ve been doing it for years and have never had a problem.

      • Warrior

        I’m talking about cards that don’t have balances.

  • Mike In MI

    Oh-h-h No-o-o-o!! Not Again, Puh-leeze???

    Chris (of the Irish land grab) Dodd, famed Senate financier and protege’ of Scrooge McDuck, has teamed up with his equally ignoble counterpart in the House of Reprehensibles, Blarney (the famed Gov’t Sponsored Enterprise, Gi’mme Rains for my pains, Massatewsents manipulator) Fwanque to try another run at making the dollar safe for Demo(lition)crats.
    So…quick, everyone, reach in your pocket, run out on the lawn, pull out your wallet and throw it away fast…before it EXPLODES. The reprobate-minded, twin monkeys are back at working over that poor punkin’ again…our economy needs a socialist straight-jacket before its recovery.

  • Norm

    An interesting video on the robbers from Fox(of all people).

    http://video.foxnews.com/v/4107820/are-wall-street-bonuses-theft/?playlist_id=86883 – /v/4132866/steps-for-success/?playlist_i

  • Les

    They can come up with as many “Financial Stability Oversight Councils” as they wish, but it would not have helped the current meltdown caused by liberals program of giving houses to people that could not afford them. No agency would dare question what the politicians want. They may regulate what business does but never dare touch what a politician wants no matter how much damage it can cause.

  • Norm

    This the fox video posted above. Hopfully the sound will operate correctly.

    http://www.comcast.net/video/are-wall-street-bonuses-theft/1442247169/

    • Norm

      This works.
      My point is we definatly need government regulation. These crooks have no shame, remorse, or patriotism. It’s all about their personal greed and egos. When you screw up, whether your a janitor or a wall street tycoon, you don’t get rewards. These crooks are no better than Bernie Madoff and should be fined and imprisoned. This must never happen again.

      • JLC

        Hi Norm — Bad choice of words. We don’t need government regulation. We need regulation OF government. The rest is absolutey correct.

        • eyeswideopen

          JLC, we need the regulations in place to be enforced.

        • JC

          If graft, embezzlement, bribery and corruption in general were prosecuted vigourously instead of treated as “white collar” crimes, wherein a slap on the wrist is meted out, we might have something resembling a justice system.
          Its the judiciary that should be used to control the government and lobbyists, not the government and lobbyists controlling the judiciary and Americans in general. The system has become hopelessly flawed.

        • s c

          JLC, Normy never learned the difference between slavery and freedom. His masters brainwashed him into thinking that a ‘new’ kinglike government (ala King George) would be better. Normy can’t admit it, but if he’d lived during the 18th century, he would backed the British.
          Normy has been mesmerized by the siren call of Alexander Hamilton and his many Constitution-haters. They have plundered America and slowly poisoned its leaders since the 1860s. Let Normy bask in the lies and distortions of defective minds that preach freedom and practice slavery. As the old saying instructs, “Those who will not learn from history are doomed to repeat it.”

  • Ellen

    Sorry..We have already seen that the polititians do not understand and the trouble they have PUSH UP ON US already! PLEASE LISTEN TO THE PEOPLE, Patrol our Bordiers, DEAL with the Illegal’s (LIKE DO NOT SPEND OUR TAX MONEY on THEM, they are takers), cut up the wasted spending, JOBS, WE – NEED JOBS, LEAVE OUR MONEY & JOBS ALONE! You have shown for way to many years that you do not understand these issues!

  • eddie47d

    Warrior:Blame the credit card companies they’ve been shafting consumers for years and just recently upped their credit scams. There are a few consumers who have been shafting them too. People with good credit get nailed from both sides.

    • s c

      Edward, if you give a royal damn (I doubt if you do), don’t forget the SENATE BANKING COMMITTEE. Do you think there is no congressionl oversight over credit card companies?
      Edward, how can you dare to whiz and moan?. Light a fire under the true yokels (Congress). Credit card companies get away with financial MURDER because of CONGRESS.
      Most people in Congress are WORTHLESS. Dodd is at the top of that heap. If you REALLY care (you DON’t), light a fire under DODD’S posterior. And go buy a dollar’s worth of credibility at Wal Mart.

    • Warrior

      And I should also thank Bawney and Nimdodd for their assistance in overseeing all this.

      And now this snout faced re-tard is going to grill all the large corps for writing off health care costs that they are required to do.

      VOTEM OUT!

  • http://charter howe

    I would expect the Republicans to thoroughly vet this proposed bill to be sure there are no job killing anti-capilistic guidelines in it. More importantly this bill should not contain any legaleze which enpowers a Czar or the Executive branch to act on any business without Congressional oversight, directly or indirectly. WE THE PEOPLE must demand that all CZARS must be vetted and under the oversight control of Congress. Our elected Representatives are suppose to be taking care of business for WE THE PEOPLE. The present Obama system for conducting Executive Branch business is completely unacceptable since Power is always abused or it eventually corrupts. President Obama has more than his share of the power with close to 40 Czars and a huge Whitehouse staff. Our founders never intended for the Judicial, Executive or Legislative branch to get out of balance with the power each branch of govt has.

  • JLC

    I’m going to bow out of this argument! I don’t think that I know enough about either finance or politics to come up with a workable solution and my mouth isn’t big enough to hold my foot. Unfortunately, most of our current crop of rulers — of both major parties — seem to be in the same position. At least, with respect to finance.

  • Jim H.

    Leave it alone isn’t in any bureaucrats vocabulary, so when we do recover it will be despite, not because of what they did.

    • JC

      Amen to that. We can’t survive much more inflationary (time bomb) stimulus.

  • kate8

    JLC, I bet you could come up with something better than these idiots
    in Congress. They obviously are not interested in saving the country.
    Most of them have never had a real job or had to manage money.

    The are all about power and total control by the elites. Period.

    • JLC

      Hi, Kate8 — Thank you, but No Thanks. Agriculture, engineering, and fighting a war are things that I understand — I have been personally involved in all three, at one time or another. I have always stayed as clear of politics as I could — my mama brought me up not to lie, cheat, or steal. In finance, a good rule used to be, “In God we trust! All others pay cash.” If nothing else, it helped keep prices down!

    • eyeswideopen

      kate8, what exactly is your defination of elites? Is it the corporations who are running and ruining this country.

  • http://hotmail Joe Lang

    I certainly hope the democrats turn their attention to the fiasco that is the financial markets and that they do so quickly. Since brainiacs like jimmy carter and ronnie reagan took it upon themselves to revise President Roosevelt’s banking regulations that were instituted in the 1930s we have had a great many banking crises since these mental giants changed president Roosevelt’s program, but quite surprisingly no real banking crisis before his program. Obviously we were in a deep depression before President Roosevelt took office, but after taking office and his banking regulations were enacted there was not one instances of a major banking crises for over 50 years.

    So c’mon democrats do your duty and correct this horrible abuse of fiduciary malfeasance that exists today

    • s c

      Joe, FDR was America’s ‘useful idiot’ poster child.
      After all these years (you’ve had more than enough time to re-educate yourself), how can you have ANY use for someone like FDR?
      FD ‘I won’t send your boys to a foreign war’ R had no problems with sending Japanese-Americans to CONCENTRATION CAMPS. He had no problem with CONFISCATING America’s GOLD. He would have been prez for life (many more years) if he had anything to say about how long he would live.
      MANY of his papers are still SECRET, and can’t be looked at by AMERICANS. What is the old twit hiding? Even HST was better than FDR. Truman has things in his closet that are still not properly ‘exposed,’ but at least we didn’t have to endure him for nearly as long as FD flippin’ R.

      • Hugh Jordin

        I guess his leadership during WW II means nothing to you. I bet you thought Reagan was good.

        • s c

          Hughie, do you know anything about history? If it wasn’t for FDR and his useful idiot advisors and scenario engineers, our part in the Pacific (WWII) could have been AVOIDED. FDR let himself be obligated to those in Europe who engineered ther own problems [placing an economic stranglehold on Germany after WWI].
          Do you REALLY think FDR’s hordes are doing us any favors by keeping his papers locked away from the American people? He’s been DEAD since ’45. It’s not like they haven’t had enough time to ‘sanitize’ his antics.
          As for Reagan, his biggest mistake was in relying on bad advice in the S&L disaster. Other than that,
          he [and JFK] had faith in TAX CUTS. Read your history, Hughie.
          Are you already making plans for hundreds of statues dedicated to your White House MESSIAH? Will you NEVER learn?

  • http://personalliberty.com DR. D

    The only way out of these problems is have a revolution in November. Maybe like the French revolution except for beheading we just throw them all in jail for a while!

    • JLC

      Hi Doc — How about handling them like some of my ancestors did —— stake them out over an anthill?

    • Norm

      DR. D
      Remember one result of the French revolution was Napoleon. Be careful what you wish for.

      • Warrior

        Napoleon Waxman – Has a good ring to it.

      • JC

        What was the result of the American revolution…does any one remember?

    • eyeswideopen

      Dr. D, you just answered Kbab’s, question of the fema camps. It was you conservatives who had them built so you could imprison everyone from the other political party. You conservatives are sneaky lot. But since the other party out numbers you, it will be difficult to round them all up and imprison them. Believe it or not,alot of those Dem’s have guns just like you all do. lol.

  • kate8

    Anyone looking for help from Repubs is a fool. Anyone looking for help
    from the dummocrats is a bigger fool.

    Remember the scariest words ever uttered: “I’m from the government
    and I’m here to help”.

    We need to be able to solve this crisis (created by government,BTW)
    ourselves. We could rebuild if we weren’t so choked off at every
    turn. Government, however, is determined that we never get the chance.

  • chuck b

    sc

    maybe some of these admirers of fdr should find history books that are not revised, they are hard to find nowadays. one that i think is very thorough on ww2 and the reasons for the war is: “the iron curtain over america” author: john beaty,this would probably drive some of the liberals off their tree limb, but most of the book is documented. you can read it on google.

    • s c

      You’re quite right, chuck b. Stick to history books that haven’t been corrupted by useful idiot revisionists. Without a doubt, FDR is probably the worst case of a prez who is touted as a near-miss god. He’s about as close to a god as Al ‘me are smart’ Gore. It would be much more fitting if a small statue of FDR was perched atop every aromatic waste container in America (starting with septic tanks and toilets).
      Only a willing retard could believe half of the crap put out by FDR lovers. It is NO coincidence that the same people who love FDR refuse to take a hard look at his dictatorial plans for America.
      Chuck B, FDR had the same plans for America that Stalin and Mao had. Thank God, some people see FDR as the dangerous freedom-hater that he really was.
      Unfortunately, Obummer seems to be FDR’s replacement.

  • http://gmail i41

    Norm,if you would read a few more history books and watch Glen, Sean, and Neil, you would get the real story of life and history of socialists and both parties, instead of the More S–t on Nimrod Broadcasting Channel, which isn’t news but a dem cheering team. You might might learn enough to not love the corrupt socialist democrats. I really think you lib socialists may be getting an education even though you went to “school” and passed though with an E, for effort.

  • Win

    Rational regulation of financial markets in the modern electronic economy is long overdue. Consumers have been taking it in the shorts for too long. No one should be able to make money magically appear, and debt magically disappear, within the legal confines of the regulatory framework. “Creative Financial Products”…. that’s how we got in this mess with credit-default swaps. Time to reign in the pirate-bankers.

    • Warrior

      Audit the Fed!

      • s c

        In the case of the Fed, flush it, burn it, smash it, boil it, bake it, run over it, abort it or simply do whatever has to be done to get rid of it. I’ve never heard of a single ultraliberal progressive who ever had the backbone or character to demand a public accounting of the Fed, REGARDLESS of the FACT that it is a PRIVATE CORPORATION.
        For most of my life, I’ve heard ultraliberal progressive airheads whiz and moan about corporations, but they refuse to say one damned word about the frickin’ Fed.
        Can you say INTEGRITY?

  • kate8

    INTEGRITY is not part of the liberal vocabulary.

    They like words like FORCE, TAX, ENTITLE, REDISTRIBUTE (as long as it’s not theirs), and SHOW ME THE MONEY AND YOU’VE GOT MY VOTE.

    And don’t leave out, to anyone who disagrees: SHUT UP, SIT DOWN AND
    FORK OVER.

    Libs hate freedom. They hate personal responsibility. And they hate anyone who stands for these things.

    • Claire

      At the rate things are going, neither party has any integrity.

      • JLC

        Hi Claire — I don’t think that’s entirely true —— about 99.997%. I’d like to believe that one good apple can spoil the whole rotten barrel but I’m afraid that I’ve gotten it backwards.

        • Claire

          JLC–Hey— It would certainly be great if a few good apples could make an impact!! Good apples could make a difference unless they “join” them.

  • JeffH

    Gee whiz you guys, I wanted to chime in but it seems most of you have it pretty well covered. Keep ‘em on the defensive ’cause when they’re runnin away it’s easier to see that yellow stripe.

  • eddie47d

    S.C. Whiz and Moan – you got me beat by a long shot at least on this site. I have been questioning Washington since 1969 how about you? Back then we sent real letters and took responsibility for what we said.Not the nasty diatrabes that everyone sends through e-mails. Even when your anonymous it’s no excuse for hate mail. Think that could be a problem in our society? Take a look.

  • eddie47d

    J.C.; Nobody throws anything into the hands of government. It’s reckless market manipulators (capitalism)that takes consumers for a ride. Then comes in big bad govt. (socialism). Don’t be naive and accepting of wall st. ect. and the other side won’t be so inclined in accepting govt. interference.

    • Joe H.

      sc,
      Yeah, don’t you know government never does anything wrong, unless it’s republican government???? You don’t believe that??? don’t feel bad, neither do I!!!!

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