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Stlrs4Life
07-16-2010, 03:24 PM
GOP cries repeal as bank bill passes
By: Carrie Budoff Brown
July 15, 2010 08:28 PM EDT
Congress on Thursday approved a broad rewrite of the rules governing Wall Street, handing President Barack Obama his second major legislative victory and setting off a scramble to implement a 2,300-page bill that touches all corners of the economy.

But before the last Senate vote was cast, Republicans vowed to rescind the measure, eliciting another rebuke from the president — and drawing a distinct line between the parties’ platforms ahead of the crucial midterm elections.

House Minority Leader John Boehner (http://topics.politico.com/index.cfm/topic/JohnBoehner) (R-Ohio) called for a repeal, and several Senate Republicans joined him. If they gain control of Congress in November, GOP lawmakers said, they will try to roll back elements of the bill, including curbing the powers it grants to a new consumer protection bureau.

“Oh, I’d love for it to be repealed,” said Georgia Sen. Saxby Chambliss (http://topics.politico.com/index.cfm/topic/SaxbyChambliss), the ranking Republican on the Agriculture Committee, which played a key role in writing the bill. “We’ll talk again after November.”

Democrats quickly used the remarks as evidence in their case against Republicans as Wall Street apologists. Unlike the controversial health care reform law, the Wall Street bill is popular with voters, and Democrats were giddy about Republicans’ call for repeal.

For the second week in a row, Obama took on Boehner directly, saying in a statement touting the bill’s passage that the top House Republican is out of touch. Last week, Obama knocked Boehner for comparing the Wall Street reform bill to “killing an ant with a nuclear weapon.”

“Now, already the Republican leader in the House has called for repeal of this reform,” Obama said. “I would suggest that America can’t afford to go backwards, and I think that’s how most Americans feel, as well. We can’t afford another financial crisis, just as we’re digging out from the last one.”

The president said the bill, which he is expected to sign next week, “will bring greater economic security to families and businesses across the country.”

“All told, this reform puts in place the strongest consumer financial protections in history, and it creates a new consumer watchdog to enforce those protections,” Obama said. “Because of this reform, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more taxpayer-funded bailouts, period.”

Thursday’s final Senate vote, at 60-39, was largely along party lines: Just three Republicans — Sens. Scott Brown (http://topics.politico.com/index.cfm/topic/ScottBrown) of Massachusetts and Susan Collins and Olympia Snowe of Maine — voted yes. Only one Democrat, Wisconsin Sen. Russ Feingold, voted no, arguing that the bill would not prevent another financial crisis. The seat of the late Sen. Robert Byrd (D-W.Va.) has not yet been filled.

Democrats hailed the measure as historic in scope and importance for setting up consumer protections, capping the debit card fees that banks can charge merchants, authorizing the government to break up failing financial firms and forcing transparency of the $600 trillion derivatives market.

It is also designed to prevent banks and other firms from carrying out inordinately risky activity that jeopardizes the entire financial system — and to give the federal government new regulatory tools.

“This is a major undertaking, one that is historic in its proportions, that is an attempt to set in place the structure that would allow us to minimize the problems in the future,” said Senate Banking Committee Chairman Chris Dodd (http://topics.politico.com/index.cfm/topic/ChrisDodd) (D-Conn.). To consumers hurt by the crisis, Dodd said, “I regret that I cannot give you your job back, put retirement money back in your account. What I can do is see to it that we never, ever again have to go through what this nation has been through.”
But Senate Minority Leader Mitch McConnell (R-Ky.) said the bill would not address the root cause of the crisis — namely, the lending practices of housing giants Fannie Mae and Freddie Mac — that nearly brought down the U.S. economy.

McConnell called it “a bill that was meant to rein [in] Wall Street’s biggest banks but which is now supported by some of Wall Street’s biggest banks and opposed by small community banks in my state. A bill that’s meant to help the economy but which is widely expected to stifle growth and kill more jobs in the middle of a deep recession.”
Immediately after the vote, other Republicans called for repeal. Chambliss and Sens. Mike Crapo of Idaho, Roger Wicker of Mississippi and John Thune of South Dakota said they would change elements of the bill, if not revoke it outright.

“Yes, it should be repealed,” Wicker said. “This is going to have the unintended consequence of raising interest rates and making lending harder to come by and does nothing to address the heart of the problem. I think this bill is going to be very unpopular.”

Senate Democrats, in turn, mocked the Republicans.

“It is their wishful thinking they will be in control,” said Senate Majority Whip Dick Durbin (D-Ill.). “That is up to the voters. It is music to the ears of Wall Street. The rest of America strongly supports it.”

Treasury Secretary Tim Geithner said the department is already moving to implement the bill.

“This process will take some time, but we are determined to move as quickly as we can to provide clarity and certainty,” Geithner said. “And we will do so with a level of care that is commensurate with the complexity of the challenge. These reforms place an enormous burden of responsibility on the shoulders of those who lead our financial regulatory agencies; they recognize that responsibility.”

The Chamber of Commerce has characterized the bill as a “regulatory tsunami,” with 533 potential new rules, 60 studies and 93 congressional reports.

Some provisions require action in the next six to 12 months, while others — including implementation of the Volcker rule that limits the ability of banks to make trades with their own cash — may not kick in for as long as seven years.

Obama must soon nominate a leader for the new Consumer Financial Protection Bureau, which could begin setting policy as early as January 2011. And the president’s choice will draw close scrutiny. Many Democrats want Elizabeth Warren, chairwoman of the Congressional Oversight Panel on the bank bailouts and an outspoken proponent of strong consumer protections. But her nomination could set off a contentious confirmation battle.

Dodd acknowledged that the bill is not perfect and that Americans may not know for years whether Congress struck the right balance.

“We won’t know the full results of what we have done until the very institutions we have created, the regulations we have suggested and provided for are actually tested,” Dodd said in a floor speech. “We can’t legislate wisdom or passion. We can’t legislate competency. All we can do is create the structures and hope that good people will be appointed who will attract other good people — people who will make careers and listen and see to it that never again do we go through what we have gone through.”

7SteelGal43
07-16-2010, 03:43 PM
Get it right. We are not the party of no.












We are the party of HELL no !!!!!!!

Wallace108
07-16-2010, 04:04 PM
Get it right. We are not the party of no. We are the party of HELL no !!!!!!!

:lol:


Dodd acknowledged that the bill is not perfect and that Americans may not know for years whether Congress struck the right balance.

That's reassuring!! :sarcasm:

SteelCityMan786
07-16-2010, 04:07 PM
Get it right, The Democrats are the Party of Hypocrites.

SteelerEmpire
07-16-2010, 05:23 PM
America has its first non-white male President, Health Care has had a major overhaul, now the financial system is being restructured... the country seems to be changing at a break-neck pace...

Mach1
07-16-2010, 06:24 PM
America has its first non-white male President, Health Care has had a major overhaul, now the financial system is being restructured... the country seems to be changing at a break-neck pace...

Keep that in mind when your standing in the soup line.

Wallace108
07-16-2010, 08:51 PM
America has its first non-white male President, Health Care has had a major overhaul, now the financial system is being restructured... the country seems to be changing at a break-neck pace...

The same people who reformed our health care and financial system are the same people who paved the way for our manufacturing jobs to leave the country and created the mess we now find ourselves in. Yeah, we got change alright.

Godfather
07-16-2010, 09:31 PM
When you have a health care "reform" that forces people to bend over for Big Insurance, or when you have a financial overhaul written by crooks like Dodd and Frank, being the party of no is a virture.

It's much better than being the party of no when Louisiana wants to build sand and rock berms to protect its wetlands, or when 13 foreign countries offer skimmers to help clean up the oil.

Vincent
07-16-2010, 11:11 PM
Get it right, The Democrats are the Party of Hypocrites.

The democrats are the party of satan.

7SteelGal43
07-16-2010, 11:18 PM
The democrats are the party of satan.

You ought to re-post that at the new site, V, it's still an excellent read.

MasterOfPuppets
07-16-2010, 11:24 PM
Keep that in mind when your standing in the soup line.

is it free ? :hungry:

Wallace108
07-16-2010, 11:30 PM
is it free ? :hungry:


http://www.youtube.com/watch?v=ihd4G9XxJOc

Vincent
07-16-2010, 11:33 PM
A socialist running a soup kitchen. So what else is new?

Stlrs4Life
07-18-2010, 12:28 AM
the same people who paved the way for our manufacturing jobs to leave the country and created the mess we now find ourselves in. Yeah, we got change alright.

Hardly, Bush Sr. started that, my boy Clinton fell in bed with a Republican Congress on that one. Get your facts straight.

Wallace108
07-18-2010, 01:34 AM
Hardly, Bush Sr. started that, my boy Clinton fell in bed with a Republican Congress on that one. Get your facts straight.

My facts ARE straight. Clinton signed NAFTA in 1993 while Democrats controlled Congress. Republicans didn't sweep into power until a year later. Yeah, Bush Sr. was a free-trade advocate and pushed it along, but it was a Democratic president and Democratic Congress that made it happen.

And it wasn't Republicans that "your boy Clinton" fell in bed with. :chuckle:

st33lersguy
07-18-2010, 07:25 AM
Republicans are not the party of "no", they are the party of "no socialism, no big government, and no government tyranny"

7SteelGal43
07-18-2010, 01:46 PM
Republicans are not the party of "no", they are the party of "no socialism, no big government, and no government tyranny"

I think I pretty much summed that up in my earlier comment in this thread.


Get it right. We are not the party of no. We are the party of HELL no !!!!

Vincent
07-18-2010, 02:35 PM
You ought to re-post that at the new site, V, it's still an excellent read.

You mean this one? http://forums.steelersfever.com/showpost.php?p=635674&postcount=5


Has anyone ever seen olbermann and maddow in the same place? "he's" nellie enough to be "her", and "she's", well uh, nellie enough to be "him". :rofl2::rofl2::rofl2: Just askin'.

So let me see if I can follow this. The author believes that the elephants are the party of Pinocchio. And the donkeys are what, the oracle of truth and virtue?

I make no pretense at defense of the elephants. They can speak for themselves if they ever find a voice.

I do, and always will, take issue with any presentation of donkeys (and all their kindred spirits - liberals, progressives, nazis, bolsheviks, whatever) as being anything but the manifestation of lies.

Regardless of the form in which "socialism" is "presented", it is a lie. It is the bane of human existence. It has been fought and cast off wherever it has been fully implemented. It has littered the globe with hundreds of millions of perished souls that merely stood in opposition to the lies. How many more must perish before humankind says "ENOUGH!" and strings the remaining socialist bastards up as they did Mussolini?

socialism is a dirty word, except in the closed enclaves of socialists. That's why socialists fall all over themselves (read: lie) to avoid any association with socialism. That's why the bho's of the world enshroud themselves in hollow sloganeering and vacuous packaging. If they told the truth they wouldn't have a snowball's chance in hell of being elected.

The entire socialist existence and every socialist "position" is wrong, and can only be foisted on humankind by lies. The "author" attempts to make parallels between the elephants and the nazis. The nazis were socialists, and that human wasteland we conquered was a glaring example of what socialism is. To attempt to make such an analogy is ridiculous. Indeed it was an elephant General that defeated the nazis.

Interesting "article". I had called the donkeys the "party of lies" for decades. It wasn't until it had become painfully obvious that abortion was the centerpiece of their "thinking", and that they had abandoned all else that I called them the "party of death" (BTW, read pages 425-430 of obh's "healthcare" bill). But the donkeys have "grown" to "champion" all manner of perversion, corruption, stupidity and filth so that those names are too narrow for these "modern" donkeys. I'll give them their due - they are the "party of satan".

This was the thread... http://forums.steelersfever.com/showthread.php?t=37629 Whuddya know! Stlrs4Life started that one too.

Godfather
07-18-2010, 03:19 PM
Being the party of no is a good thing. We have a Constitution of no.

http://article.nationalreview.com/435753/constitution-of-no/jim-demint

7SteelGal43
07-18-2010, 05:20 PM
You mean this one?



Yep, that be the one. Good stuff.

Mach1
07-18-2010, 08:46 PM
Being the party of no is a good thing. We have a Constitution of no.

http://article.nationalreview.com/435753/constitution-of-no/jim-demint

According to obaaaama the Constitution only says what the State and Fed gov can't do to you, not what they can do to you. :doh:

JonM229
07-19-2010, 06:15 AM
It doesn't matter what the Constitution says anymore since we're now living in an Oligarhy
http://www.rumproast.com/images/uploads/oligarh.jpg

BnG_Hevn
07-19-2010, 11:32 AM
Is there any way that all this mess can be cleaned up by a Republican President? Can any of this be reversed? It seems like the Democrats will reverse things at will so I hope so. Someone has to come in and clean up this mess in order to get things straight.

SteelCityMan786
07-19-2010, 01:03 PM
My facts ARE straight. Clinton signed NAFTA in 1993 while Democrats controlled Congress. Republicans didn't sweep into power until a year later. Yeah, Bush Sr. was a free-trade advocate and pushed it along, but it was a Democratic president and Democratic Congress that made it happen.

And it wasn't Republicans that "your boy Clinton" fell in bed with. :chuckle:

I heard it was some Lewinsky character. Hmmmmmm? Monica perhaps? :heh:


Republicans are not the party of "no", they are the party of "no socialism, no big government, and no government tyranny"

Sums things up pretty darn well.:applaudit:

JonM229
07-19-2010, 04:09 PM
Republicans running for the mid-term election on the platform of "Repeal and Revise" are being misleading. Even if they won all seats available, they still won't have enough votes to overturn a Presidential Veto.

Godfather
07-19-2010, 05:47 PM
Republicans running for the mid-term election on the platform of "Repeal and Revise" are being misleading. Even if they won all seats available, they still won't have enough votes to overturn a Presidential Veto.

People realize that. The idea is to build toward a filibuster-proof majority and an R President in 2013. This year's Senate winners (except the special elections) will be around until 2017.