Dems trying to push through banking overhaul too quickly

[msmith198025]

http://apnews.myway.com/article/20090618/D98T16I80.html


Democratic leaders have committed to enacting by the end of the year the biggest regulatory revision to the U.S. financial system since the 1930s - an undertaking so ambitious it has some lawmakers worried about missteps.

"We have to evaluate it, weigh it, slow it down and make sure we do it right," said Sen. Richard Shelby of Alabama, the top Republican on the Senate Banking Committee. "Because if we don't, we will pay dearly."

Thank you Shelby, for some common sense

[fallout2600]

"It's certainly worthy of a thorough and full-throated debate and discussion as to whether or not that's a better alternative than vesting the Fed," Dodd told reporters after Obama's speech. "There's not a lot of confidence in the Fed at this point."

At least Dodd is willing to admit that granting more powers to the Fed is a bad idea. He may not understand why its a bad idea or how the Fed caused the collapse, but he fills the pressure of HR 1207 (which has 234 co-sponsors) on the Fed.

HR 1207:
http://www.govtrack.us/congress/bill.xpd?bill=h111-1207

[HDRoberts]

"biggest regulatory revision to the U.S. financial system since the 1930s"

Hmmm

1920s -little banking regulation
1929 - stock market crash
1930s - Great Depression
1930s- new regulations
1950s - 1990s - relatively stable economy
1990s - banking deregulation
2000s - Housing market crash, big stock market decline, long recession.
2009 - considering "biggest regulatory revision to the U.S. financial system since the 1930s"

Do I detect a pattern? Perhaps some cause and effect?

[Bob Haller]

Republican definition:

The do nothing party, keep things the same, all change is bad.

Espically if its a democratic idea.

Republicans fail to note vothers gave them the heave ho for good reasons, its time for them to step back and give democrats a chance

[fallout2600]

"biggest regulatory revision to the U.S. financial system since the 1930s"

Hmmm

1920s -little banking regulation
1929 - stock market crash
1930s - Great Depression
1930s- new regulations
1950s - 1990s - relatively stable economy
1990s - banking deregulation
2000s - Housing market crash, big stock market decline, long recession.
2009 - considering "biggest regulatory revision to the U.S. financial system since the 1930s"

Do I detect a pattern? Perhaps some cause and effect?

You make it sound so simple, but its NOT. You present a mere overview and nothing more.

Do a little homework on why the Great Depression lasted so long and then you will see that the Fed did the same things in the 1930s that they have done in the 2000s. Printing money and massive govt spending only prolongs a recession and sets up the potential to double dip. But, govt loves to solve a problem. :augentreher:

[msmith198025]

You make it sound so simple, but its NOT. You present a mere overview and nothing more.

Do a little homework on why the Great Depression lasted so long and then you will see that the Fed did the same things in the 1930s that they have done in the 2000s. Printing money and massive govt spending only prolongs a recession and sets up the potential to double dip. But, govt loves to solve a problem. :augentreher:

Government also likes to rush to a "solution".

[fallout2600]

Government also likes to rush to a "solution".

Yep, b/c its a "crisis".

[msmith198025]

Yep, b/c its a "crisis".

It happens alot as well, no matter which side is in power. Make the public scared, push it through during the night...They wont even know what we did.

[Skyhi]

It happens alot as well, no matter which side is in power. Make the public scared, push it through during the night...They wont even know what we did.

:thumbup::thumbup::thumbup::thumbup::thumbup::thum bup:

See the patriot act.

[fallout2600]

It happens alot as well, no matter which side is in power. Make the public scared, push it through during the night...They wont even know what we did.

Most the Congress doesn't read the bill.....its INSANE!

[msmith198025]

Most the Congress doesn't read the bill.....its INSANE!

They can get another speed reader to go over it for them.

[froggigger]

You make it sound so simple, but its NOT. You present a mere overview and nothing more.

Do a little homework on why the Great Depression lasted so long and then you will see that the Fed did the same things in the 1930s that they have done in the 2000s. Printing money and massive govt spending only prolongs a recession and sets up the potential to double dip. But, govt loves to solve a problem. :augentreher:

:thumbup::thumbup:

[HDRoberts]

You make it sound so simple, but its NOT. You present a mere overview and nothing more.

Do a little homework on why the Great Depression lasted so long and then you will see that the Fed did the same things in the 1930s that they have done in the 2000s. Printing money and massive govt spending only prolongs a recession and sets up the potential to double dip. But, govt loves to solve a problem. :augentreher:

Yep, the New Deal did such terrible things to this country. That's why we are still using so many of the incredible things built by the WPA and CCC.

And what do you mean "double dip"?


Anyway, here is what Obama plans.

http://blog.cleveland.com/nationworld_impact/2009/06/large_20090617_REGULATION.jpg

[fallout2600]

Yep, the New Deal did such terrible things to this country. That's why we are still using so many of the incredible things built by the WPA and CCC.

And what do you mean "double dip"?


Anyway, here is what Obama plans.

http://blog.cleveland.com/nationworld_impact/2009/06/large_20090617_REGULATION.jpg

My point went totally over your head. I never mentioned the New Deal. That is a completely separate thing. I mentioned the Fed's printing press and inflation caused by the Fed as a result of printing money and wasting it on this notion of the govt needs to spend instead of letting the market correct the inflated prices (corporate cronyism). If you really are interested, then you need to read Meltdown by Thomas Woods. Its a quick read and eye opening. Its a nonpartisan take on the whole thing. Both the Dems and Repubs are exposed as the statists they have become.

Double Dip means hitting bottom twice in one recession. We think we finally hit bottom and then a few months to a year later the employment rates dropped again due to more necessary market corrections, which in this case may results from Obama's stimulus packages and bailouts. Historically its quite possible.

[froggigger]

Obama's Bank Overhaul Won't Fix Anything

The Obama administration yesterday presented a misguided, ill-informed remake of our financial regulatory system that will make crises more likely and more costly. Our financial system, particularly our mortgage system, is broken — but the Obama plan ignores the real flaws to focus on more convenient targets.

Instead of putting an end to bank bailouts, the plan makes bailouts a permanent feature of our regulatory landscape. In fact, it extends the possibility of taxpayer-funded bailouts to any company choosing to become a financial-holding company. This will likely include every large insurer, as well as major consumer-finance companies like GMAC.

http://www.opposingviews.com/articles/opinion-obama-s-bank-overhaul-won-t-fix-anything

Another side of the story.