>>While we were looking elsewhere the Crooks in Congress have been reviving the Financial “too big to fail” Bail Out Bill
- In: Bribery called Earmarks in congress | Economy/Money | Federal Reserve | national deficit, taxes, national budget | National Politics | Obama admistration | Progressives Movement to Destroy America | Social Security | Social Security, Medicare, taxes | Stimulus Plan 2009 | Taxes | United States taxes
- Leave a Comment
Third update: The Little Fed Report that Could…and Did Create a Housing Bubble –
Second UPDATE Thursday March 11, 2010 The Corker-Dodd-Alinsky Bill? : Center-Right Coalition Letter Warns about ‘Proxy Access’
The big banks want this bill bad. They want the tax payers of the United States on the hook for any and all bad bargains they make. If their risky deals win then they win pots of money; if their risky deals fail then We the People pick up the tab for their losses. So they finally found a Republican who was for sale and they bought him.
While the media and most of the public are consumed by the health care death march, the Senate is deep in negotiations to pass a sweeping re-regulation of the financial sector. As the public knows, ObamaCare is an attempt to regulate 1/6th of the US economy. The financial ‘reform’ proposal, though, will impact the other 5/6ths of the economy. In many respects, the financial services ‘reform’ is much more damaging to the economy and our future competitiveness. Worse, its passage is being aided by Bob Corker.
Sen. Bob Corker (R-TN) has snatched defeat from the jaws of victory with his complete capitulation and total surrender on the Financial Services bill. The bill, passed by the House with a $4 trillion bailout provision, making bailouts the permanent policy of the United States government, was on it’s last legs until Corker came to the rescue. Now the Washington Post and other are reporting that Corker and ethically-challenged, retiring Sen. Chris Dodd (D-CT) are on the verge of a deal to breathe life back into the regulatory and bailout scheme.
Just a bit of what Bloomberg says about the bill the public has yet to see completely. Of course this is the way the “everything will be on the Internet” Obama Administration has operated all along during this past year of unbelievable insanity and spending:
Let’s be clear – the President and the hard left want this bill. David Reilly of Bloomberg described the measure as Barney Frank’s $4 trillion gift to the banks. Reilly wrote:
Here are some of the nuggets I gleaned from days spent reading Frank’s handiwork:
– For all its heft, the bill doesn’t once mention the words “too-big-to-fail,” the main issue confronting the financial system. Admitting you have a problem, as any 12- stepper knows, is the crucial first step toward recovery.
– Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around. The size of the fund makes the bribes in the Senate’s health-care bill look minuscule.
– Oh, hold on, the Federal Reserve and Treasury Secretary can’t authorize these funds unless “there is at least a 99 percent likelihood that all funds and interest will be paid back.” Too bad the same models used to foresee the housing meltdown probably will be used to predict this likelihood as well.
– The bill also allows the government, in a crisis, to back financial firms’ debts. Bondholders can sleep easy — there are more bailouts to come.
– The legislation does create a council of regulators to spot risks to the financial system and big financial firms. Unfortunately this group is made up of folks who missed the problems that led to the current crisis.
– Don’t worry, this time regulators will have better tools. Six months after being created, the council will report to Congress on “whether setting up an electronic database” would be a help. Maybe they’ll even get to use that Internet thingy.
I need to make something very clear here: I am not against Wall Street, financial institutions or MAKING MONEY! Our country’s greatness has come from people who were willing to put up their own money in a business that would make more money for them. Banking is like any other business and money is bankings product for sale. They put their money on the line and deserve a profit. In fact, I believe they deserve all the profit they can make as in “what the market will bear” (in other words, if someone is willing to pay you $5 for you nazzydoodle then why should you sell it for $4?).
Therefore be it understood that NOT ALL bankers are crooks!
With the bail out the government actually forced many banks to take the TARP money and they paid it back as soon as they could to get from under the federal government control. The real thieves are in our progressive government and our Congressmen who want the power over the bankers and are willing to do anything to get it. They have managed to buy some financial institutions into this “insurance plan” against bankruptcy by having them buy a Congressmans vote. A Republican congressman was needed and for the fright price Bob Corker stepped up.
It is a very stupid move on his part. He hasn’t yet realized that the Internet has opened everything up to the public. This is a whole new ballgame for Congressmen (or any other criminals) on the take because they can not get away with it any more. there are people who do nothing but follow the money trail—-and there is always a money trail that leads right back home and then to prison.
Our prisons now hold more politicians than ever before in history and this is NOT because politicians have suddenly become criminals. No. Politicians have always mostly been opportunist who sell lies to the public in order to get their hands on the public coffers.
Politicians have always been sleazy characters with only a very few outstanding superhuman statesmen among them. Our Founding Fathers knew that and that is why they set up a Republic that called for the power to rest with the people and not the government. That is why they did all they could from over two centuries ago to try to help us keep this government small. We lost control and went to sleep for half a century and now those who hate the people are in control of our seat of government.
So before you allow the liars in Washington to spit out all their lies about greedy bankers and greedy insurance companies and greedy industries please look at just who is making it possible for these to appear greedy. Are not the Democrats and Obama trying to hand the insurance companies the biggest mother lode of all time by making it mandatory that all Americans must purchase health insurance? The insurance companies aren’t doing this! Now Congressmen who are mostly Democrats are passing a bill that would give the bankers a pass to get out of jail. The bankers didn’t ask for this but they certainly aren’t fools so if We the People allow our elected representatives to pass such a bill they will take it. Many of you are certainly reaching into other tax payers pockets to take Social Security and Medicare aren’t you? Sure you are! And a goodly number of you will raise holy Hell when the deck of Ponzi cards comes falling down and you welfare is taken away from you too! So before you swallow the “greedy evil doers” chant from Washington read the fine print and use you head and then hang your head in shame for 1) electing these people and keeping so many of the thieves in office and giving them so much power, and 2) being on the take any time you can get your fingers on some of We the OTHER Peoples money for yourself. BB
Grassroots conservatives are rightly up in arms over Senator Corker’s game of footsie with far left Democrat Chris Dodd on President Obama’s effort to impose a massive new regulatory scheme on America’s economy. Dodd, of course, is one of the architects of the current financial crisis. His decades long support of ACORN, Fannie Mae, Freddie Mac and the Community Reinvestment Act should have disqualified him from these negotiations in the first place. But, this is Washington, after all, and apparently Bailout Bob was willing to look the other way and turn the other cheek.
This was even after the House of Representatives passed a similar bill in December, but it received no Republican votes. Close to two dozen Democrats voted against it.
The House passed financial reform bill, crafted by none other than Barney Frank (D-MA) contained a permanent bailout fund for banks and Wall Street firms and created a new agency of government that would be allowed to regulate any and all business in America. It received no Republican votes and close to two dozen democrats opposed the legislation. But, it is alive today thanks to Bob Corker.
The ironically named Consumer Financial Protection Agency will pile a new bureaucracy on top of an existing bureaucracy. It will spend hundreds of millions of dollars imposing job killing regulations on small business. It will have the power to strip consumers of their freedoms and restrict credit opportunities for small business. And, there’s more. Also tucked in the bill is a clause that gives the Federal Reserve the authority to bailout businesses to the tune of an astonishing $4 trillion.
The bill seemed to be dead until Corker decided to grab favorable headlines from the New York Times. According to news reports, Corker’s solution to the problem is to move the new regulatory agency to the Federal Reserve as opposed to leaving it a stand alone agency. Corker is misleading his colleagues and the public by telling them that this will some how save money.
Let’s be clear, the bill contains bailouts for big banks and Wall Street firms and new red tape nightmares for main street businesses. What difference does the location of this new uber-regulatory bureaucracy make? The only thing this bill will save is jobs, paychecks, yachts and third vacation homes for Wall Street bankers and irresponsible CEOs.
The fact is we need to reduce the size and scope of government not allow a government takeover of the financial sector of the economy.
The word from the halls of the Capital is Corker is still trying to cut a deal. But, honestly, what can conservatives possibly get from such a deal? If you strip out the bailouts and the new Washington bureaucracies and regulations, there is nothing left. So, any deal will be a bad one. A quick look at Corker’s financial contributors leaves one wondering whether Corker supports Wall Street more than Main Street. He is giving those at the top a handout while giving the middle class the bill. And as far as the tea party movement. Corker will forfeit any political ground conservatives have gained back recently.
Call Bob Corker and tell him to Stop the Madness. (202) 224-3344