Congress Passes Wall Street Reform Package

Full story: CBS News 11
Updated at 5 p.m. ET The U.S. Senate today passed a sweeping bank regulation bill that will make major changes to the U.S. financial system. Full Story
bottlecap

Largo, FL

#1 Jul 15, 2010
Yet, the two institutions at the center of the "meltdown", FANNIE MAE and FREDDIE MAC, are not even covered. A con-job.

Here is an interesting and informative article forecasting trouble with FANNIE MAE and FREDDIE MAC that was written in 2003.

http://hnn.us/articles/1849.html
Conservaturds

Lihue, HI

#2 Jul 15, 2010
Congress Passes Wall Street Reform Package...

And Republicans fail yet again at the only thing they've been doing since Bush left office: Obstructionism!
A Nnoyed

Brooklyn, NY

#3 Jul 15, 2010
The only thing liberals really wanted in the Obamacare bill was the ludicrous and naive public option. They didn't get it. Chalk up one victory for conservatives.

The only thing liberals really wanted in the Financial bill was to put the banks under the control of big government or shut them down. They didn't get either. Chalk up two more victories for conservatives.

Shouting "we won" while the other side of the aisle laughs at you in between high fives (bad one's too, they're all white) may be a win for the most deluded but the rest of us know better.
Obummer

Kissimmee, FL

#4 Jul 15, 2010
The "little guy" winds up getting screwed in the end. We accept all major credit cards and all of them have announced they will be charging a transaction fee to return a customers money starting in mid August...Yep, and AMEX is the highest (almost 4% of the sale)...We as a business will now have charge the customer to return their money in the event the customer wants to return merchandise/services...Also, the transaction fees have gone up to accept a credit card for a purchase, guess who will pay more for the merchandise because of this? Yep, you guessed it, the customer...The banks still win, the "little guy" (end user) is the one that really pays the price...Fools all, Congress can mess up a wet dream...LOL.
Grape Soda

San Diego, CA

#5 Jul 15, 2010
Conservaturds wrote:
Congress Passes Wall Street Reform Package...
And Republicans fail yet again at the only thing they've been doing since Bush left office: Obstructionism!
Please tell me how the Republicans can be obstructionist when the DEMOCRATS HAVE A SUPERMAJORITY AND DONT NEED A SINGLE GOP VOTE TO PASS LEGISLATION??????????

You're stupid enough to be a Democrat.
bottlecap

Largo, FL

#6 Jul 15, 2010
HERE IS THE PROBLEM

"In 1968, due to fiscal pressures created by the Vietnam War, Lyndon B. Johnson privatized Fannie Mae in order to remove it from the national budget.

At this point, Fannie Mae began operating as a GSE, generating profits for stock holders while enjoying the benefits of exemption from taxation and oversight as well as implied government backing.

In order to prevent any further monopolization of the market, a second GSE known as Freddie Mac was created in 1970."

The irony is that the "financial crisis" or "Wall Street meltdown" is nothing more than government backed businesses screwing up. And, it is these two financial entities that ARE EXEMPT from the Wall Street Reform Package.

Now who are the politicians associated with Fannie and Freddie???? That can be determined by the political campaign contributions:

Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008

Name Office Party/State Total
1. Dodd, Christopher J S D-CT $133,900
2. Kerry, John S D-MA $111,000
3. Obama, Barack S D-IL $105,849
4. Clinton, Hillary S D-NY $75,550
5. Kanjorski, Paul E H D-PA $65,500
6. Bennett, Robert F S R-UT $61,499
7. Johnson, Tim S D-SD $61,000
8. Conrad, Kent S D-ND $58,991
9. Davis, Tom H R-VA $55,499
10. Bond, Christopher S 'Kit' S R-MO $55,400
11. Bachus, Spencer H R-AL $55,300
12. Shelby, Richard C S R-AL $55,000
13. Emanuel, Rahm H D-IL $51,750
14. Reed, Jack S D-RI $50,750
15. Carper, Tom S D-DE $44,389
16. Frank, Barney H D-MA $40,100
17. Maloney, Carolyn B H D-NY $38,750
18. Bean, Melissa H D-IL $37,249
19. Blunt, Roy H R-MO $36,500
20. Pryce, Deborah H R-OH $34,750
21. Miller, Gary H R-CA $33,000
22. Pelosi, Nancy H D-CA $32,750
23. Reynolds, Tom H R-NY $32,700
24. Hoyer, Steny H H D-MD $30,500
25. Hooley, Darlene H D-OR $28,750

http://www.opensecrets.org/news/2008/07/top-s...
Conservaturds

Lihue, HI

#7 Jul 16, 2010
Grape Soda wrote:
<quoted text>Please tell me how the Republicans can be obstructionist when the DEMOCRATS HAVE A SUPERMAJORITY AND DONT NEED A SINGLE GOP VOTE TO PASS LEGISLATION??????????
You're stupid enough to be a Democrat.
Simple! They filibuster every piece of legislation in the Senate and block/delay votes on just about every Obama nominee.

Typical Republican tea-baggin sheepie! They use terms like 'supermajority' but clearly do not understand it because all they have are the Rove/Murdoch/Armey talking points which have no basis in reality. The Democrats lost their supermajority back in February when the Republican Tea Party Candidate Scott Brown was sworn in as the new Senator from Massachussets. Republicans have tried , often in vain, to change our country from Majority rule to their minority rule. The Democrats MUST get at least 1 Republican to support any piece of legislation, often by watering it down, to break the incessant obstructionist Republican filibuster.

I guess comments from those corporate backed spammers like 'Grape Soda' are to be expected especially after seeing the dismal intelligence levels of these Republican sheepie:

&fe ature=related
http://www.youtube.com/watch...
Conservaturds

Lihue, HI

#8 Jul 16, 2010
bottlecap wrote:
HERE IS THE PROBLEM
The irony is that the "financial crisis" or "Wall Street meltdown" is nothing more than government backed businesses screwing up. And, it is these two financial entities that ARE EXEMPT from the Wall Street Reform Package.
Now who are the politicians associated with Fannie and Freddie???? That can be determined by the political campaign contributions:
Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008
Name Office Party/State Total
1. Dodd, Christopher J S D-CT $133,900
2. Kerry, John S D-MA $111,000
3. Obama, Barack S D-IL $105,849
http://www.opensecrets.org/news/2008/07/top-s...
Democrats, as the party who’s controlled Congress these last few years, have received a larger share of Wall Street Firm donations. Democrats however, have not been afraid to stand up to Wall Street interests to do what's best for the greater good of the nation. They have pursued and now passed financial reform legislation to add regulations and oversight to prevent another economic collapse like the one back in 2008. As a result, Wall Street has pulled the plug on their donations to Democrats and shifted their money toward the GOP.

This would explain why Republicans, who have been courting Wall Street money, have done nothing but filibuster any attempt to regulate Wall Street. The GOP has clearly sided with Wall Street instead of Main Street and that decision will be reflected this fall by the Main Street voters come November!
real Hope and Change

Rochester, MN

#10 Jul 16, 2010
Wall Street reform passes Senate

"We can't expect the American People to jump from Capitalism to Communism, but we can assist their elected leaders in giving them small doses of Socialism, until they awaken one day to find that they have Communism."
Conservaturds

Lihue, HI

#11 Jul 16, 2010
Now that Republicans have failed yet again in their attempts to obstruct any and all pieces of legislation, what are some prominent Republicans saying about GOP plans for the future? What do the Republicans have to offer us this fall?

Well for staters, House Minority Leader John Boehner, fresh out of a meeting with business and trade group lobbyists, announced a new idea this afternoon: A moratorium on all new federal regulations, for a year. "I think having a moratorium on new federal regulations is a great idea it sends a wonderful signal to the private sector that they're going to have some breathing room," Boehner said. Sure, John. just like Oil spills give environmentalists something to do and unemployment gives people a lot of free time.

His timing is fantastic! Fantastic for Democrats that is! Let's take a look at how bad his timing was and how out of touch with America this guy is: First, Boehner waited until the Gulf oil disaster became so bad, that even people who hate regulations now crave them. Second, he waited until after the Senate passed sweeping reform to regulate the fat cats on Wall Street and after those regulations got popular with the public. And we cannot forget that he waited until health care started becoming popular again with a clear majority against repeal.

Ok! So Boehner's clearly out of touch with voters. Let's check with Peter king in NY. What does he hae to say about the Republican agenda? Peter King has said Republicans shouldn’t ‘Lay Out A Complete Agenda,’ because It Might Become ‘A Campaign Issue.'

Really? Republicans want to keep their plans for America a secret so Americans won't be able to evaluate their ideas against those of their competitors. We are simply going to have to trust them on blind faith. Yeah right! Not going to happen.
Conservaturds

Lihue, HI

#12 Jul 16, 2010
Republicans in the Senate have said no to unemployment benefits, no to aid to the states, no to creating jobs, no to standing up to Wall Street. They have been talking a lot recently about extending the Bush tax cuts for the rich - no matter how much that would increase the deficit - but they won't extend unemployment benefits because that will increase the deficit.

Remember this come Novemeber and vote these obstructionists out of office so we can get this country moving again!

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