Senate Republicans Call Bill a ‘Takeover’ of Banking

[cory777]

Source: NY Times

Senate Republican leaders on Tuesday unleashed a barrage of criticism at the far-reaching financial regulatory legislation being debated on the Senate floor, indicating that many of the party’s leaders were prepared to vote against the bill, David M. Herszenhorn reports in The New York Times.

Republicans accused Senate Democrats and the Obama White House of orchestrating a “government takeover” of the financial industry and suggested that the bill would severely harm businesses on Main Street.

A procedural vote to wrap up debate is set for Wednesday, and despite the sharp Republican rhetoric, the legislation is expected to be approved. It would then need to be reconciled with a version approved by the House in December.

Senator Christopher J. Dodd, Democrat of Connecticut and the main sponsor of the regulatory bill, put forward an amendment hoping to broker a compromise over a controversial provision that would force the biggest Wall Street banks to spin off their lucrative derivatives business.

Read more: http://dealbook.blogs.nytimes.com/2010/05/19/senate-republicans-call-reform-bill-a-takeover-of-banking/

---

Now all the teabaggers and limbaugh lovers will be fighting for the banks. How easy it is to control the mindless!

[CaliforniaPeggy]

1. They've cried wolf so many times...

Nobody should pay any attention.

:eyes:

[Kerrytravelers]

2. My thoughts exactly. Everything is a "government takeover."

:eyes:

[CaliforniaPeggy]

3. My dear KT!

Nice to see you tonight!

:hi:

And the industry affected (the bankers this time) always thrive under the new rules...

This outcry gets really really old!

[SocialistLez]

21. It gets old after a while.

Too bad their idiot base eats it up.

[meow2u3]

37. Criminals call it a "government takeover" when Congress outlaws their crimes

...or at least beefs up the penalties. Once again, Repunks are soft on corporate crime. Either that, or they themselves are criminals.

[MrModerate]

4. Didn't the sky fall last week? And the week before, and the week before . . . n/t

[tomm2thumbs]

7. don't forget the week before too, that was the really big one /nt

[TreasonousBastard]

5. Well, the banks haven't done too well managing themselves, so maybe...

it's time for a change.

And how can the banks hurt Main Street any more than they have already?

(And no, I don't see much benefit in overly putting the screws to the banks like getting them entirely out of derivatives, but it's likely a little better than no screws at all.)

[aquart]

6. I wish they wouldn't get my hopes up like that. It ain't nice!

[Sherman A1]

8. +1, Agreed & Well Said!

That is exactly what we need to do. Nationalize the banks, we bailed them out, so we should manage them as well.

Money comes with a cost.........

[No Elephants]

10. Apparently not in America, though. In Greece, maybe.

On edit:

Actually, sometimes in America, the poor and middle class have to pay for the government money they receive, whether by intrusion into their lives or by liens on their homes or by repaying a loan under (gasp) actual market terms. Sometimes they have to pay for it via a lousy President, as when Dummya promised to give tax rebates, if elected. (BTW, Bushies, how's that $300 from 2000 looking to ya, now?)

[ET Awful]

9. I'm waiting for them to call the next Pentagon budget bill Government takeover of the military

You know it's coming. :P

[No Elephants]

11. Yes, much like requiring financials from publicly-traded corporations is the same as taking

over all publicly-traded corporations.

Ah, Republicans and their lies and false equivalencies. Just smile and nod. That sometimes soothes them.

[truthisfreedom]

12. Even the under-100-IQ people in this country can see where the wind blows.

Seriously.

[AusDem]

13. seriously? they're just using that same old line again?

wish they would come up with something of substance for once.

government takeover. sure, and then when the government finally has to step in and ensure that BP cleans up its mess, they'll call that a government takeover of oil i suppose?

[depakid]

36. Same ridiculous they old line as they used with health care

and about the same relation to reality.

:eyes:

[liberal N proud]

14. Their other objections is we are moving too fast

They want to slow down the reform process.

Slow down so the bankers can make billions more and feed them more lobby money.
Slow down until the Republicans are in power again, so reform can mean further relaxing the regulations.

[sendero]

15. This bill...

... doesn't go near far enough. Even in the wake of THEIR deregulation-caused EPIC FAIL, the bleating sheep Republicans cannot stop being the abject idiots that they are.

It is truly astounding.

[dmosh42]

16. This bill is written by the banksters in both parties...

almost a complete sell-out!

[TomCADem]

34. Which Is Why The U.S. Chamber of Commerce Opposes It!

Once again, the U.S. Chamber of Lobbyists are on the side of liberals along with the Republican party. Meanwhile, unions are demonstrating in support of financial reform. Stop the government takeover, more free market? Right?

:)

[dmosh42]

35. Goldman Sachs and JP Morgan are in support of this bill...

If that tells you anything. Try reading the real substance instead of just accepting it because Rahm says it's good!

[TomCADem]

38. Nope. Think again...

I know that the Democrats passing substantive legislation does not fit with the libertarian narrative that all government efforts to regulate are doomed to fail due to the fact that government is inherently corrupt.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4391837

[MannyGoldstein]

17. What Would They Say If It Were Actual Reform?

I guess they'd say the same thing.

[florida08]

18. so now what is going to be stripped from the bill

We already lost Glass Steagall but there's another one by Cantwell. Lincoln's derivatives bill has been tabled. They're bigger than they were before so TBTF is moot. The Carper Amendment that passed strips AG's from protecting consumers from predatory lending taking power from the states. The Dorgan amendment that would have banned naked shorts was blocked. Levin-Merkley would have banned commercial banks from trading for their own benefit with taxpayer-backed money. This isn't going to end well.


GOP Blocks Three Key Anti-Wall Street Amendments
http://www.huffingtonpost.com/2010/05/18/gop-blocks-two-key-anti-w_n_580747.html

Bernie Sanders stated publically we have a corporate oligarchy
http://www.youtube.com/watch?v=iRNXanSJtEU&feature=player_embedded#!

[marshall]

19. So what if it's true?

Sometimes things need to be taken over.

[CLANG]

20. A takeover would be appropriate after what they've done.

[Blue_Tires]

22. if only

the bankers have continually proven they are nothing more than bratty, spoiled kids playing with matches and fireworks...

[Capt. Jack]

23. The Outrage is Mounting

While there are many components in play, let's set aside all the social, ideological, and political ingredients and look at what this country is founded on.

This is a country of laws..not men.

If a borrower commits a crime in the act of borrowing said borrower should be held accountable.

If a lender commits a crime in the act of lending said lender should be held accountable.

Americans are splintered on this issue because understanding this very nuanced and technical area of law is by design deliberately counter intuitive and laboriously difficult to understand.

An argument could be made that the dreary complexity of the laws involving borrowing and lending forge the bedrock of popular opinion - which largely and lamentably defaults to everything BUT the law.

The splinter is large but not yet incurable. I'll go out on this splintered limb and say that not only have homeowners in default ostensibly been had - but so have many of those not in default. Shine the light on all securitized mortgages and let the chips fall where they may.

These days, who even knows the averred value of a performing vs. non-performing loan? The same laws that apply to homeowners in foreclosure apply to those who are not.

The outrage is coming....

From the Right:

Wall Street Probe Widens - J.P. Morgan, Citigroup, Deutsche Bank and UBS Also Face Prosecutors' Scrutiny.

Government Probe into Wall Street Sales Widening.

From the Left:

Prosecutors Ask if 8 Banks Duped Rating Agencies.

Class Warfare: Hundreds Protest Outside Bankers' Houses In DC.

From Abroad:

Greece Considering Legal Action Against U.S. Banks for Crisis.

And lastly...from Florida:

State AG investigates its own.

The Hamlet

[Politicub]

24. Anyone have a link to a summary of what's in the bill?

I've been googling but I can't find one vis a vis the health care bill.

It's disappointing to see a "compromise" on derivatives trading. I would like the ponzi scheme of derivatives dead and buried.

[Capt. Jack]

25. Link

It's probably in here somewhere.

http://franken.senate.gov/press/?page=release&release_item=Franken_Snowe_Advocate_For_Homeowners_In_Wall_Street_Reform_Bill_

[Politicub]

26. Thanks!

[TomCADem]

27. Senate Republicans Call Bill a ‘Takeover’ of Banking

Source: NY Times

Republicans accused Senate Democrats and the Obama White House of orchestrating a “government takeover” of the financial industry and suggested that the bill would severely harm businesses on Main Street.

* * *

The remarks by Republican leaders on Tuesday suggested they saw no benefit in joining with the Democrats even to impose tougher rules on Wall Street. At a news conference, the Senate Republican leader, Mitch McConnell of Kentucky, blamed the White House.

“The marching orders are coming from downtown: push the bill as far to the political left as possible,” he said. “Look at the last 15 months. They’re running banks, insurance companies, car companies, taking over the student loan business, taking over health care, now, apparently doing to the financial services industry what they did to the health care industry.”

“This is a massive government overreach,” Mr. McConnell said, adding that Republicans were confident about their political prospects. “The American people are saying, ‘enough’ and I think that’s why everyone is anticipating a major midcourse correction this November.”

Read more: http://dealbook.blogs.nytimes.com/2010/05/19/senate-republicans-call-reform-bill-a-takeover-of-banking/

---

Oooh! They have moved on the next Lutz buzzword: Takeover. First, regulating derivatives was a bailout. Second, as the Republicans busily fund raise from Wall Street firms, they are enlisting Americans to defend banks from a government takeover. Before you know it, the Tea Partiers who were once an anti-Wall Street force, will be out on the streets marching to defend Wall Street banks.

LEAVE GOLDMAN SACHS ALONE!

[polichick]

28. Socialists!!! nt

[socialist_n_TN]

33. You rang?

As to the OP headline, Of COURSE he does.

[Zorra]

29. No, Mitch, the American people are saying, "regulate the banks so that

they can never have the ability to destroy the economy ever again. End of story."

What planet are republicans on?

[jtuck004]

30. Well, as long as they don't resort to hyperbole... ;)

[eppur_se_muova]

31. We can only wish. nt

[Renew Deal]

32. NTSA

:rofl:

[charlesg]

39. Leave Goldman Sachs alone

Wall Street knows best, of course.