Posted by Tina
Two of the Democrats that perpetuated regulation that lead to the financial and housing crash in 2008 were rewarded for their fiscal and fiduciary failures by being given the task to write new banking regulation. What they fashioned was a nightmare of onerous make-work rules. Dodd-Frank was sold as regulation that would “promote the financial stability of the United States by improving accountability and transparency in the financial system” and to bring an end to “too big to fail” banks. Instead local community banks have have been dropping like flies and the big banking institutions have grown ever larger in size. The people are not being well served. In short this expensive complex regulation has created a burden that negatively affects lending and the services banks provide for their customers.
Today Jeb Henserling (Rep, Texas) has introduced the “Financial CHOICE Act” to repeal Dodd-Frank and replace it with reasonable regulations that provide the following:
1. Eliminate taxpayer-funded bailouts
2. Stop investors from betting with taxpayer money
3. Allow banks to better serve customers at a lower cost
4. The toughest penalties in history for financial fraud, self-dealing, and deception
5. Increase capital formation and entrepreneurship by repealing the Volcker Rule, which prohibits banks from engaging in proprietary trading investments for their own trading account.
The President calls the republican plan “crazy and White House Press Secretary Josh Earnest said it, “doesn’t make any sense.”
“Financial industry reform essentially guarantees that taxpayers will not be on the hook for bailing out big banks if their risky bets go south,” Earnest said. “But if you tear it down, like House Republicans say that they want to do, that will allow big banks to go back to making risky bets and put taxpayers back on the hook once again for bailing out those banks to prevent a second Great Depression.”
Too late guys…you’ve already given us the longest non-recovery depression the nation has had to endure but more importantly you are dead wrong. Henserling rebutts:
Hensarling said that the Financial CHOICE Act is the only plan that prevents bailouts.
“It is the president’s own Dodd Frank that codified into law taxpayer bailouts,” Hensarling said. “Again, all you have to do is look into Title I and Title II of Dodd Frank, you will see the ability to designate firms as too big to fail and they are backed up with something called the Orderly Liquidation Authority which is a taxpayer bailout fund which can borrow trillions and trillions of dollars of taxpayer money in order to resolve large Wall Street banks.”
“So what we have here to some extent is a bargain between some elements of Washington and some elements of Wall Street and that is if some banks will accept essentially a utility model then Washington will politically allocate a credit and guarantee that they will never fail,” he said.
Hensarling met with presumptive Republican nominee Donald Trump on Tuesday to discuss details of the Financial CHOICE Act. Trump has previously said that he wants to “dismantle” Dodd-Frank.
The Democrat Party is all about symbolism and smoke and mirrors. Watch what they do and pay no attention to what they say. It was government regulation that lead to the financial crisis, stupid government regulation that democrats contrived for the ultimate purpose of gaining power…more control OVER banks and a scheme to fool the people and buy votes.
It’s time for the American people to bring an end to regulating games. Democrats use laws to control our lives and play with our futures and livelihoods. Time to send them packing…VOTE THEM OUT! Elect Donald Trump, return republican power to congress, and “Make America Great Again!”
Vote for Trump? Really?
Based on his entrepreneurial history and his penchant for blusterous, jaw dropping, statements I’m pretty sure I don’t want him representing the United States. Hell, I wouldn’t buy a used car from this guy.
Now, before you all lay into me for being some, foul, leftist liberal, I do not like Hillary Clinton. In my opinion she’s the Devil in Prada. I am a registered Democrat, but I vote for candidates based on their actions and words over their party affiliation. I voted Republican yesterday because I felt a candidate was better qualified than the others.
As of today, for President, I’m thinking of voting for the Devil I know (Prada) over the Devil I don’t (Used Car dealer). Luke 23:34
Pete
Sounds to me like Pete is a bit confused.
How am I confused?
I appreciate the pickle we find ourselves in this time around, Pete. Let me see if I have this straight. You would rather vote for a woman under possible indictment for secretly installing a private server to facilitate doing the sensitive work of the Secretary of State while avoiding scrutiny by the government OR the people. You would rather vote for a woman that compromised CIA operatives, risking their lives, so that she could communicate without oversight. You would rather elect a “Devil in Prada” (smile) who inadequately provided for the safety of her staff and others in Benghazi and then conspired with the president to deceive the people. You would rather return a couple to the White House that have both behaved deplorably and lied directly to the people.
I’m shocked that you wouldn’t give Trump the chance to better the record (Either way) đ
The “used car dealer” has won some and lost some. That’s not an unusual record for someone in real estate development, it’s a tough business. His contributions, job creation, charity surely makes up for a few crass words and a blank political slate.
I respect your right to vote your conscience. Sure hope you will reconsider the Devil in Prada as we move toward November.
At this date, yes. I’d puke and vote for Hillary. I don’t let rumors or theories of conspiracy interfere with my vote. I focus on proven facts.
Trump, throughout his campaign, has never in my recollection shown the statesmanship needed to be our President. He has used vile names to describe and belittle fellow Americans. He has singled out an entire global religion as terrorists. He has said he’d pay the legal fees of those involved in violence on his behalf. I cannot condone any of his actions.
I was a member of our military. I was charged with the ungodly, but necessary, act of ensuring the launching of our nuclear weapons. I cannot imagine the horror of being again in that position should Mr. Trump become our President.
Pete I’d say you’re willing to ignore facts to take that position.
Daily Kos, no friend to conservatives, posted the following in August 2015:
Bill Whittle cites the law in his remarks here:
There is no conspiracy, Pete. But there is a lot of concern about a woman who would deceitfully hide her communications from the eyes of the people to avoid oversight and scrutiny. Dictators operate this way.
“I cannot condone any of his (Trumps) actions.”
I don’t much like Trumps uncontrolled mouth.
But by voting for Hillary you show a willingness to condone behavior that is much more criminal, deceitful and offensive in putting both of the Clinton’s back in the WH.
“I cannot imagine the horror of being again in that position should Mr. Trump become our President.”
They said the same of Ronald Reagan; they were wrong, grossly wrong.
This story is in the gossip category, although it fits Bil Clinton’s loose presidential style…wearing shorts in the Oval Office, Monica in the closet…Bill Clinton is accused of having a nonchalant attitude toward the “nuclear football.” ABC:
Trump can probably clean up his act and become more presidential. He has successfully dealt with people in foreign countries and secured deals. You don’t do that by offending the people you’re dealing with. He certainly seems to care about America.
The former first couple only seem to use the office for personal enrichment and fame. The couple that Hillary claimed was “broke” when they left the WH has now accumulated millions in a few short years. An article in USA Today explains how they are doing it:
The FBI has expanded their investigation to the foundation. Judge Napolitano has called their foundation a “slush fund.” Tax returns reveal this non-profit only gave 10% to charitable causes.
“(Trump) has successfully dealt with people in foreign countries and secured deals.”
I’m told we should all read The Art of The Deal. He fools people. And if he gets elected, his post-Presidential memoir will be titled How to Sucker the Citizens.
He fools people?
Hillary fooled the entire nation using a private server. Her time as Secretary of State was going to be a complete fabrication…except she got caught. Bill fooled people into thinking he was Mr. Wonderful…and then we found out he was an irresponsible horn dog. Bills VP, Al Gore, was at the forefront of the biggest (world-wide) scam ever…talk about fooling people!
If Hillary is, er, indisposed, ensuring Trump wins, you will be happy to be on offense again, am I right?
Actually, I’d be willing to risk five bucks that Hillary did not know. It is an administrative decision. Generally, Secretaries of State do not make those. It’s a staff thing. She could have hung whoever made it out to dry by now, but she hasn’t. I like that. A Democratic sensibility.
Well I won’t dispute your facts. So you can count on my vote for the don.
Now we should start thinking about paint colors for our new wall. Definitely something high end since Mexico’s picking up the tab.
Pete the one thing we know about DT is that he knows how to negotiate. Most people are aware of the bartering tactic where you demand more than you know you can get. Let’s wait and see what he actually comes up with before we go nuts with those paint colors.
Oh, Pete … thank you.
Maybe she’ll listen to you.
I mean, just the fact that Hillary and staff are being uncooperative, that staff have taken the fifth, would seem to indicate … something. And there is a distinct possibility that a year into her term she is indicted (Bernie for VP!).
But I’ll take arrogant obliviousness over fascistic demagoguery any day of the week and twice on Sunday.
Lets see, Fascistic:
Government control of the healthcare insurance industry (Exchanges)…check.
Government control of the student loan program (Sallie Mae) …check.
Government control over the coal industry, (EPA)…check.
Government control of the banking industry (Dodd-Frank)…check.
Plans to take over control of the oil and gas industry (EPA)…on hold due to court order.
You’ve already moved the goal post on fascistic governance. So lets see, demagogue: “political leader in a democracy who appeals to the emotions, fears, prejudices, and ignorance of the lower socioeconomic classes to gain power and promote political motives….check!
Obama was your man…arrogant obliviousness AND fascistic demagoguery!
But he’s Sooooooooooooooooo yesterday! And I don;t think the nation is into a repeat.
I really am going to have to insist that you use the word properly. There is nothing fascistic about democratic legislation. You don’t like the law … you get to say that. But you don’t get to call it things it ain’t … just because you don’t like it.
And did you think arrogant obliviousness was praise? Breath woman.
P.S.: And this is the choice we are to make? Pitchforks, anyone?
No worries…we seen your program before.
Tina writes ‘No worriesâŚwe seen your program before’ Boy have we!
A federal judge held Clinton in contempt of court for giving âfalse, misleading and evasive answers that were designed to obstruct the judicial processâ
Oh wait, that was Bill Clinton, but now Hillary’s feckless Run Secretary of State Department staff is ordered to testify and under investigated, and Hillary could be next.
False, misleading and evasive answers not only seems to be a Clinton family trait, it does not stop there, they seem to hire for plausible deniability as well.
“Elect Donald Trump, return republican power to congress”
Does it not occur to you that these goals are mutually exclusive? Imagine Trump wins. Do you honestly expect that will be good for the Republican brand? Do you expect it will help Republicans get elected to the House and Senate? Have you considered that the reaction will be much like the reaction to Obama, which led to a Tea Party sweep of Congress in 2010, only in reverse and more extreme?
I’m concerned with the state of the nation and the American people, not my party brand.
The other choice IS JUST THAT BAD!
How about you worry about your own brand.
There’s an equal chance that a Republican Congress and Donald Trump as president will secure the Republican brand for decades to come. Your party has plowed a fertile plot of land filled with the manure of a failed eight years. Ryan says they are prepared to launch legislation to repair this nation and get people working again and more. If they fail well be right back here in a few years. Given the history of both parties I’d bet on Trump and the Republicans: Carter gave us a similar situation, they called it “malaise.” Reagan gave us a robust economy that excited and inspired the world toward freedom and capitalism. Bush blew it with his “No new taxes” promise that he reversed and lost to Clinton who, had he and Hillary been able to implement their ideas would have sunk the country. The Republicans took over in 1998 and to his credit Bill Clinton cooperated, declared an end to “big government” and the economy once again thrived. Bush followed the blueprint on taxes but was smacked down on reforms and was hit with a series of costly disasters. His economy was good, but not great. Republicans were beginning to get a handle on debt and the deficit spending when Democrats took control in Congress in 06. His failure to enact reforms, the war, and too much spending gave us an economy that was sagging toward the end and too much debt. Obama’s policies failed to create a robust economy over seven years, doubled the debt, and left the people back in malaise. it’s clear that policies favored by republicans have worked better for the people over policies democrats favor.
” … and to his credit Bill Clinton cooperated, declared an end to âbig governmentâ ….”
Ah, Tina, you’ve got it wrong, again. Big, little, … Repug, Dem, it’s what gets done that matters. Bubba repealed Glass-Steagal. The Shrub let Lehman Brothers go under. And between them we got our crash.
You’re also dead wrong about taxation. More, less, is not the issue … it’s how it’s spent that matters. Since Reagan, it’s been spent on rich people. We’re gonna turn that around.
Accepting simplified justifications and explanations are an indication that you are monumentally stupid in this regard, but nice try.
The most telling statistics is the number of people that have fallen into poverty under Obama. The redistribution programs have gotten MORE generous since Reagan, not less.
The rich are getting richer under QE. The difference is that ONLY the rich are making money. The rest of us have LOST eight years of earning power and/or whatever assets we once had. Incredibly with a black man in the WH, blacks are worse off than any other group!
This article is from 2013 but it still applies. As with many articles that try to establish equivilency over many presidents terms, if you have continue reading you finally get to this:
Whether YOU are willing to smell the coffee or not, the American people are experiencing this malaise, and we are not happy.
YOU ARE STARVING THE GOLDEN GOOSE, YOU TWIT!
Hillary is a known. She was an inept Secretary of State. She is a serial liar. She compromised national security foolishly and arrogantly. She is an unindicted flon (so far) who should be charged, found guilty, and imprisoned.
Trump is an unknown. I’ll take that unknown over Hillary or any Democrat. With Trump there is the possibility of a strong economic recovery. With any Democrat there is not.
Let us hope that Republicans pust through this bill on a fast track and end the lunacy of Dodd-Frank.
Agreed Pie…and it only took eighteen comments to finally be on point.
Thank you. I’ve been enjoying your comments of late…you really do have a good mind! Our nation needs a few good men.