Different Bits: Regulatory reform as the anti-health care
Email By Rick Klein: We hope you didn’t get too used to your legislative templates. Suddenly, financial regulatory reform is looking like the anti-health care. Maybe it’s the nature of the issue, or maybe it’s in the timing (Goldman Sachs), or maybe it’s in the playing (amazing what a simple letter with 41 signatures can do…). And perhaps, even, it all goes nowhere.
But when we went to the Senate expecting a repeat, bipartisanship started to break out. For all the demonization of Senate Minority Leader Mitch McConnell, talks continue, even involving McConnell himself. Unlike in health care, senators have been talking with each other, not through each other. This template may not be any more permanent than the last one. (Is anyone expecting immigration or energy legislation to mosey through after a few private chats?) Yet we may have a new kind of accomplishment in the era of Obama: major legislation that’s actually, not just nominally, bipartisan. (Unless, of course, we’re back where we started — waiting on an agreement that just won’t ever be there.) “Many Republicans appear to be shying away from another scorched-earth battle like the one they waged over healthcare, a sign that they may have reached their limit for being portrayed as the ‘party of no,’ particularly on the issue of financial reform,” the Los Angeles Times’ Janet Hook writes. “Now Republicans seem intent on making it clear that they want to change the financial overhaul bill, not kill it.” Sen. John McCain, R-Ariz.: “This one is a little bit different.” “Key Senate Republicans on Tuesday began to back away from their sharp criticism of proposed new financial regulations and expressed optimism that a bipartisan deal on a bill that would drastically change the way Wall Street operates could emerge in the coming days,” The Washington Post’s Brady Dennis and Shailagh Murray report. “The debate differs from the one over the health-care bill, which McConnell sought to kill outright, in that Republican leaders have targeted several specific proposals — in particular, a $50 billion fund that would be paid for by the financial sector to liquidate failing firms.” ABC’s Jonathan Karl, on “Good Morning America” Wednesday: “This is really a stunning turnaround. Just days ago, the two sides were at each other’s throats, literally screaming at each other on the Senate floor…. We could have a broad, bipartisan deal as soon as the end of the week.” “The more conciliatory tone — which follows the Securities and Exchange Commission’s announcement this week that it was suing Goldman Sachs Group Inc. for fraud linked to its derivatives trading — marks a shift from weeks of unified Republican opposition to the measure, which they said would create a permanent taxpayer-funded bailout,” Bloomberg’s Patrick O’Connor and Alison Vekshin report. “It also is a change for Democrats, including President Barack Obama, who said in an April 18 radio address that McConnell was using ‘cynical and deceptive’ arguments.” Shelby and Dodd, talking again — and productively: “A bipartisan deal between Banking, Housing and Urban Affairs Chairman Chris Dodd (D-Conn.) and ranking member Richard Shelby (R-Ala.) could be in the offing — perhaps by the end of the week,” Roll Call’s Jessica Brady and Emily Pierce report. “Both senators said they were making progress, but neither predicted an agreement is imminent — and Dodd said Democrats, no matter what, would take the first steps later this week to open debate on the bill,” Politico’s Carrie Budoff Brown and Meredith Shiner report. “On Wednesday, the Senate Agriculture Committee will take up a key element of the bill — a proposal to regulate derivatives, the complex financial instruments that played a key role in the 2008 economic crisis.” This didn’t happen during health care… “In the midst of a vote on a judicial nomination, Senate Banking Committee Chairman Chris Dodd can be seen deep in conversation with McConnell and Sen. Lamar Alexander” on the Senate floor, per ABC’s Z. Byron Wolf. “Richard Shelby, R-Alabama, who has been negotiating with Dodd on the reform bill for nearly a year walks over. All three men are happy, laughing and chummy. McConnell gives Dodd a little pat on the elbow as he walks off.” “Let the scrap on Capitol Hill continue — it's producing some interesting results,” Peter Eavis writes in The Wall Street Journal. Meet your new public option… “Some key Democrats appear willing to let the resolution fund go in hopes of paving the way for bipartisan support. This too seems familiar,” Time’s Kate Pickert writes. This is bipartisan, too: “Lawmakers in both parties have been raising hundreds of thousands of dollars in campaign contributions from Wall Street in recent months, offering the industry access to members of Congress who are working on legislation that could alter the rules for American finance,” Brody Mullins reports for The Wall Street Journal. And equally bipartisan: “President Barack Obama and congressional Democrats are promising a climactic clash with Wall Street, but there’s a complication in their battle plan: The Democratic Party is closer to corporate America — and to Wall Street in particular — than many Democrats would care to admit,” Politico’s Jonathan Allen and Eamon Javers write. “Former White House counsel Greg Craig has just signed on as an institutional Sherpa for Goldman Sachs, the iconic financial firm facing fraud charges from the Securities and Exchange Commission. Former House Democratic leader Dick Gephardt lobbies for Goldman Sachs, Visa and the coal industry. Former Senate Democratic leader Tom Daschle — Obama’s first choice to head Health and Human Services — is an adviser for a lobbying firm that represents Charles Schwab, Comcast, Lockheed Martin, Verizon and a host of other corporate interests.” Plus: “As Democrats attempt to bring President Obama's massive financial regulation bill to the Senate floor this week — relying on Goldman as one example of why change is needed — Republicans are pointing out that most of the firm's money goes to Democrats,” USA Today’s John Fritze reports. NRCC offense: “House Republicans are planning a major counteroffensive to use the SEC action against Goldman Sachs to tar House Democrats by aggressively highlighting how much in contributions Dems have received from Goldman and other financial firms,” The Plum Line’s Greg Sargent reports. “The political arm of the House GOP leadership has drawn up a spreadsheet, which was sent my way, that documents the contributions of Goldman and other big firms to House leaders like Nancy Pelosi, Steny Hoyer, James Clyburn and others.” And/but: “Goldman Sachs is proving to be a convenient, timely weapon for Democrats eager to push a financial regulatory overhaul through a reluctant Senate,” McClatchy’s David Lightman writes. Putting to rest a conspiracy theory — the DNC didn’t buy any Google ad words before they would have known about the Goldman Sachs allegations, Salon’s Mike Madden reports. “What the whole dustup really shows, though, is that either the GOP is being disingenuous, and just looking for a reason to attack the administration over the Goldman lawsuit, or Republicans don't understand how online advertising works,” Madden writes. New on the air — Americans United for Change goes “Dragnet,” identifying the CEOs of Goldman Sachs, Bank of America, JP Morgan Chase, and Wells Fargo as “The most dangerous men in America still at large for blowing up the financial system and wiping out more than 8 million American jobs.” Coming Wednesday: President Obama meets with bipartisan Senate leadership, plus leaders of the Senate Judiciary Committee, as the process for filling the coming Supreme Court vacancy picks up. (And how smooth has it been to date, in that actual other legislation is able to continue to progress to the Senate floor, even as the political world awaits a pitched battle?) The AP’s Ben Feller: “President Barack Obama has begun informal talks with potential nominees for the Supreme Court. And now he is reaching out to the senators who will control the confirmation fight ahead. … The White House says the point is for Obama to get advice from the senators on how to proceed and even ideas of people to consider, but his goal is also to show bipartisanship, even if the debate to follow is almost sure to have a divided tone.” Something about the date… “President Barack Obama will nominate a replacement to fill the Supreme Court seat of retiring Justice John Paul Stevens no later than May 26,” The Hill’s Sam Youngman reports. “But a senior administration official said it’s ‘entirely likely’ that the president’s pick will come ‘well before then.’ ” Checking the numbers — the Q-poll’s latest: “President Barack Obama’s job approval, which bounced slightly to a 45 – 46 percent split March 25 in the wake of his health care victory, has flattened out at 44 – 46 percent, his lowest approval rating since his inauguration, according to a Quinnipiac University national poll released today. A total of 53 percent of American voters are ‘very confident’ or ‘somewhat confident’ President Obama will make the right decision in nominating a U.S. Supreme Court justice, while 46 percent are ‘not too confident’ or ‘not confident at all.’ ” Next up on health care: “Fearing that health insurance premiums may shoot up in the next few years, Senate Democrats laid a foundation on Tuesday for federal regulation of rates, four weeks after President Obama signed a law intended to rein in soaring health costs,” Robert Pear reports in The New York Times. White House likes…. “The president got health care reform passed, and it may turn out to be his single most important foreign policy achievement,” Tom Friedman writes in his New York Times column. “Have no illusions, the rest of the world was watching our health care debate very closely, waiting to see who would be the strong horse — Obama or his Democratic and Republican health care opponents? At every turn in the debate, America’s enemies and rivals were gauging what the outcome might mean for their own ability to push around an untested U.S. president.” Look what lives: “The effort to pass comprehensive immigration legislation gained some traction Tuesday, as congressional leaders discussed a path to passing the bill this year and President Barack Obama wooed Republican Sen. Scott Brown to support it,” Laura Meckler reports for The Wall Street Journal. “At a Capitol Hill meeting Tuesday, Senate Majority Leader Harry Reid told House Speaker Nancy Pelosi that he was committed to bringing the legislation to the floor this year, according to one Democratic leadership aide. The aide said that Ms. Pelosi committed to bringing the bill to the floor if it passed the Senate.” “Obama’s outreach to Brown is part of a quickly hatched, coordinated effort with congressional leaders to thrust the volatile immigration debate back to the front burner,” Politico’s Kasie Hunt writes. Before we get there: “Hispanic leaders in the House of Representatives called Tuesday for President Barack Obama Tuesday to act against Arizona's anti-illegal immigration legislation and to throw his weight behind a comprehensive immigration overhaul,” Medill News Service' Abby Sewell reports. In Florida, sunshine lights a playing a field differently: “Federal law enforcement agencies have launched a criminal investigation into the use of American Express cards issued by the Republican Party of Florida to elected officials and staff, according to sources familiar with the inquiry,” Jay Weaver, Beth Reinhard, and Lucy Morgan report in the St. Petersburg Times. “Meanwhile, in a separate inquiry, the IRS is also looking at the tax records of at least three former party credit card holders — former Florida House Speaker Marco Rubio, ex-state party chairman Jim Greer and ex-party executive director Delmar Johnson — to determine whether they misused their party credit cards for personal expenses.” Inside Camp Crist: “Florida Gov. Charlie Crist, preparing for an exodus of staff and supporters, is talking with advisers about how to rebuild his campaign team and retain at least some GOP officials' backing if he were to run for U.S. Senate as an independent, according to people close to the governor,” Peter Wallsten writes in The Wall Street Journal. “Mr. Crist has been working the phones and conferring with friends in recent days, ‘weighing what life will be like’ if he decided to oppose the party that has been his political home for nearly 20 years.” “Several advisers said Mr. Crist was reckoning with some hard realities of leaving the GOP fold: knowing that he would never be welcomed back, giving up hope of running for the White House some day, at least as a Republican, and bracing for sharp attacks from the party hierarchy,” Wallsten reports. Adam C. Smith, of the St. Pete Times: “The governor is telling people he has no intention of abandoning the campaign altogether, and he brushed off reporters' questions Tuesday about previously having sworn to remain in the GOP primary. ‘Things change,’ said Crist, who must make a decision no later than April 30.” Sen. George LeMieux, R-Fla., in a tough spot: “My opinion is he should run as a Republican,” he tells The New York Times’ Carl Hulse. “He is a Republican and he should seek to win the Republican primary.” Money games: “Congressional Republicans are enthusiastic about their performance in the all-important midterm money chase. But the Democratic House and Senate campaign committees still managed to out-raise the Republican organizations last month and have more cash in the bank even though Republicans claim the momentum,” Carl Hulse writes in The New York Times. Bottom line on the bottom line: “The three Democratic campaign committees ended March with approximately $22 million more in the bank than their Republican counterparts, a financial edge that party strategists hope will insulate them from considerable losses in the coming midterm elections,” Chris Cillizza writes at “The Fix” blog. You can talk about the pace of fundraising, or you can talk about the actual dollars: “The Democratic campaign committees raised more than their GOP counterparts during March, as the health care debate roiled Capitol Hill and helped to drive fundraising for both parties,” Roll Call’s John McArdle writes. “House Democrats continue to have the widest cash-on-hand advantage. The Democratic Congressional Campaign Committee ended March with $26 million in cash on hand compared with the $10 million that the National Republican Congressional Committee had in the bank. During March, the DCCC raised $9.8 million and spent $3.6 million, while the NRCC raised $8 million and spent about $4 million.” Big spenders: “The nonprofit Center for Responsive Politics, in an analysis done at the request of The Post, calculated … that administrative and fundraising expenses consumed about $60 million of Democratic revenue in this cycle through the end of February, or 59 percent of total revenue that exceeded $100 million. For Republicans, the amount exceeded $74 million, or 68 percent of $109 million in revenue,” The Washington Post’s R. Jeffrey Smith writes. Michael Steele’s tab: “The RNC spent more than $340K at a semi-annual meeting in Honolulu in Jan., the latest example of the party spending lavishly on itself while GOP officials worry they won't have enough money to take advantage of a promising national landscape this fall,” Reid Wilson writes for Hotline On Call. Recognize anyone? Ross Perot, on the Tea Party movement: “Just as a layman looking at it from afar, it seems to me they are pretty well organized and getting the crowd.”
The Kicker:
“I’ll be in court tomorrow; I hope you’re man enough to be there tomorrow too.” — Former Gov. Rod Blagojevich, D-Ill., getting his day in court, and hoping Patrick Fitzgerald meets him there. “This time, clean the steam spout a bit more often.” — Actor Tom Hanks, in gifting a second espresso machine to the White House press corps.
For up-to-the-minute political updates check out The Note’s blog . . . all day every day:
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Work together on this one. Wall St will continue to be the major contributor to ALL campaigns. Many experts, including Krugman, will not say this legislation will prevent another meltdown. Do you really think a major financial institution will not be bailed out in the future if necessary to keep it solvent? So, play this silly game. Be partisan. Do not upset the NOV apple cart for this smoke and mirrors mess. Will amount to nothing anyway. Let OB have this hollow victory. Folks will soon decipher this bill much like they did HCR.
Posted by: salty dog | April 21, 2010, 8:47 am 8:47 am
: Reform Without Reform?
Why are there so many missing reforms in the Democrats Health Care Reform Law?
Their plans do not include:
- Massive medical malpractice Tort Reform,
- Provisions to allow for insurance companies to sell health care across state lines to increase competition,
- Evidenced base medicine requirements,
- Requirements that government employees must give up their current gold plated health plans, mandates that health care professionals are criminally liable for treating illegal’s without reporting them to authorities so they can be sent back to their own countries when they treat them,
- A lack of product tort liability reform to bring down the cost of medical products as well as hopefully all U.S. manufactured goods.
Without reforming some of the key cost components they did not really reform health care, or make it more affordable. Their lack of such cost reforms curiously seem to only benefit illegal aliens, trial lawyers, current government unions and potential future nationalized health care employee unions. Ask your congressman why they forgot to actually reform healthcare.
Posted by: smokedsalmoned | April 21, 2010, 8:52 am 8:52 am
What Caused Mortgage Crisis?
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The American Dream of home ownership ran into the well intentioned but misguided fanaticism of socialist support t through governmental policies which twisted the dream to intend to provide it for all at unsustainable low cost. This was done despite the fact that not everyone is responsible enough to own and maintain a home. The banking system, as a long germ gatekeeper of home ownership, figured that out long ago. Not satisfied with the workings of the free market Congress created entities such as Fannie Mae &Freddie Mac to increase the percent of home ownership and even some States followed suit with smaller entities of a similar purpose.
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After 5 decades these socialist economic policies distorted the housing market in this country and brought about a collapse. This well meaning effort to aid anyone who wanted to buy a home ended up in an actual 100% loan approval policy that spelled our doom by artificially pumped money into the housing market for decades.
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Note that Congress privatized the program in 69 and encouraged the free market to support this two headed beast, along with State privatized entities of a similar purpose. Through privatization of Fannie & Freddie and Clintons repeal of Glass Steagall in 1999, they entangled the private market (AIG, Merryl Lynch, Banks etc.) in the mess as well. In the end, those who were encouraged to aid and abet that program are now suffering the consequences of the housing bust.
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Governmental socialist policy is the root of all evil in the current mortgage / credit crisis. We need to hold accountable those who sold the socialist economic policies responsible and vote them out of office. There is no free lunch and shame on any of us who knowingly voted for the fools who promised things that were too good to be true.
Posted by: smokedsalmoned | April 21, 2010, 8:55 am 8:55 am
It may come as a shock, but Republicans aren’t entirely stupid. They realize the voter rage against Wall Street and that, despite their talking points and rhetoric, it appears that they are taking the side of the big banks that cheated ordinary Americans out of everything. They will howl and scream, but a deal will probably get done.
Now it’s up to Obama and the Dems to keep up the pressure and force McConnell and his friends to say or do something they will regret come November.
Posted by: matt | April 21, 2010, 9:01 am 9:01 am
It is the Dems, who have been operating on a partisan basis. It is up to them to break away from their dictatorial behavior, and return to acting like representatives of the people.
Posted by: Rick McDaniel | April 21, 2010, 9:05 am 9:05 am
I believe it’s quite clear that President Obama knows exactly what he’s doing. The party of “NO” will have made a grave flaw if they continue on the path they have chosen!
Posted by: jackson | April 21, 2010, 9:14 am 9:14 am
GOP Richard Shelby says there is about 85% agreement with the measures in this bill— If the GOP thinks the 50 Billion dollar fund is not big enough– Let them raise the ceiling and put the money in Interest bearing accounts!!! Let them add some solutions instead of making us listen to Mitch Mcconnell whine!!!
Posted by: brian | April 21, 2010, 9:43 am 9:43 am
smokedsalmoned—You hit the nail on the head. I am in the housing business and I knew that it could not keep going on. The common joke was that if you can fog a mirror than you can buy a house.
Posted by: billy bob | April 21, 2010, 10:04 am 10:04 am
smokedsalmoned—Well said. And because nothing has been done to reform/rein in Fannie and Freddie,, we’re on the path to a repeat of the financial crisis. If Obama wanted reform, just re-institute the Glass-Steagal Act (repealed in the late ’90′s through initiatives of the Republicans and signed into law by Bill Clinton). This act will sepatate the lending from the investment functions.
Posted by: deanbob | April 21, 2010, 10:21 am 10:21 am
smokedsalmoned
I think my biggest complaint with modern Repubublicans is that they can’t make an argument without lying, spinning and misrepresenting the facts.
The housing crisis was not brought on by “socialism”, it was brought on by fraud, greed and lax oversight. Have you forgotten how to tell the truth or are you so partisan you think its OK to spread lies to further the return of Republicans to power?
Posted by: Amy in Maine | April 21, 2010, 10:37 am 10:37 am
American Dream of owning a home falling into a well is fanatism of Socialist support?
How about the early 1980′s repealling of the Glass Steagall Act by the Republicans controlling both houses.
How about Republicans controlling both houses and passing in 1982 the AMTPA (Alternative Mortgage Transactions Parity Act) which allowed creditors to write Adjustable-Rate Mortgages, giving us the new type of loans created including Adjustable-Rate, Option Adjustable-Rate, Balloon Payment, Interest-Only.
How about the fact that 80 percent of the prime loans responsible for the housing crisis just happen to be Adjustable-Rate Mortgages.
How about the fact that FHA loans are Not Adjustable-Rate Mortgages.
Socialists? Adjustable-Rate mortgages are not the product of misguided socialists, but the product of Corporate Greed!
Posted by: Angie | April 21, 2010, 10:41 am 10:41 am
A crisis is simmering and would really hit us in the future. Education is being slashed at the local level, some stimulus money meant for cities are being diverted by some Governors. And how do we plan to compete in the 21st Century and beyond? If public education is being destroyed.
There has been a lot of talk about competing in the global environment with countries like China or India. In those countries, parents/students do not go into debt to obtain college education. Here in the US, college education is going beyond the grasp of segments of the population.
This will soon be another excuse for companies to ship more jobs overseas. Then it’ll be too late for a generation.
Posted by: New Wave | April 21, 2010, 10:48 am 10:48 am
They’re here. They have FDA approval. But are Americans ready to get chipped?
How long before Peolosi rams this one down our throats or . . . ?
Getting chipped means having a radio frequency identification (RFID) chip implanted in your body. The chip — about the size of a large grain of rice — lies dormant until a special scanner is passed within six inches of the implant. Then it emits a radio signal that beams a 16-digit number to the scanner.
For security uses, that 16-digit number acts like an electronic key. For medical uses, the number is linked to medical records. Doctors to whom you’ve granted access — emergency room doctors, for example — can use the key to quickly get hold of your medical records.
Who would want such a thing? That depends on how you ask, says Scott Silverman, CEO of Applied Digital, which makes the FDA-approved RFID called VeriChip.
“When we first announced VeriChip, a network poll asked people if they would put one in their bodies,” Silverman tells WebMD. “Only 9 percent said yes. After FDA approval, 19 percent said yes. When former HHS Secretary Tommy Thompson joined our board, the rate went up to 33 percent. But our own study shows that if you ask people whether they would have a VeriChip implant to identify their medical records in case of an emergency, the positive response goes to 80 percent.”
Posted by: Ed Taylor | April 21, 2010, 10:52 am 10:52 am
Republicans always claimed that business does better without regulations.
That was the reason the Republicans gave when they repealled the “Glass Steagall Act” in the early 1980′s. And that is the reason why republicans are fighting the financial Reform.
Posted by: Angie | April 21, 2010, 11:06 am 11:06 am
The Financial Reform forces the financial institutions to create a fund that they have to put their own money into. that fund is for financial industry to pay for the messes they create.
No More Free Rides, No More Tax Payer Bail Outs, No More Government Money. That is the real reason why Financial corporations, banks and wall street are fighting the Financial Reform. They don’t want regulations and they want to milk the American tax payer for all they can get.
But this Finance Reform Bill stops the milking. And they don’t like that.
Mitch McConnell met with the banks, financial corporations and wall street. He came out of that meeting wanting to stop Finance Reform. Not because of the lie that it is a bail out, but because his buddies in the Financial Industry want him to fight it. Just like the Republicans fought and won to repeal the Glass Steagall Act.
Posted by: Angie | April 21, 2010, 11:12 am 11:12 am
Salt and sugar. Water and sand. These two “reforms” are as different as, well, night and day. Obamacare does to the American public what Congress thinks Goldman Sachs did. The interesting thing is that both create problems caused by (a) Congress creating new regulation, and/or (b) Congress deregulating old regulations. Of course there is bipartisanship on the financial “reform.” The way the problem is presented to the public, the majority of Americans believe that somebody needs to regulate Wall Street to stop all the bad economy things from happening. What the general population overlooks is that the problem exists because Congress passed laws that caused the problem, allowed the problem to grow, or created newer problems by replacing old regulation with new. Besides, it’s just Wall Street and no government action against Wall Street could really impact your savings…could it? Thank Barney Frank and his buddies for the housing melt-down. Thank LBJ for opening up the Social Security “trust funds” for the general fund. Thank Bill Clinton for banking deregulation. Thank George Bush for spending like a liberal. But don’t “think” for a moment that the average citizen’s life will be any safer because of what bipartisanship can do. They just have to split the money more ways.
Posted by: wantingbalance | April 21, 2010, 11:47 am 11:47 am
New Wave; You’re right as usual. Chinese and Indian families don’t go into debt to pay for their children’s education. They send them to America where…lo and behold our taxpayer dollars finance their children’s educations. Then when they graduate they get low rate government loans to buy Days Inns where they live for free and move in all their relatives, who are on welfare, into the rooms. Then the relatives get government loans to buy convenience stores and donut shops that they don’t maintain, just like the motels. What a country! If only I weren’t American I could dodge taxes, go on welfare, and fish every day.
Posted by: gollywiggle | April 21, 2010, 11:53 am 11:53 am
The GOP wants to change the financial overhaul bill in order to give banks the green light to continue their fraudulent practices and make billions and billions more dollars off of complex derivatives and bets. They’re gonna bring down the economy all over again within the next 5 yrs. If it happens, we can say the GOP watered down reform – again! History will repeat itself if reform isn’t done right.
Posted by: Bob | April 21, 2010, 11:56 am 11:56 am
New Wave; It’s not the education that gives the Chinese and Indians an edge. They work for peanuts. Yet they’re thankful to have the means to just survive. They’re not unionized. Their governments would never allow unions to organize.
Posted by: gollywiggle | April 21, 2010, 11:57 am 11:57 am
If the banks have a fifty billion dollar bailout fund won’t it make them more likely to take chances. Wouldn’t they feel a sense of entitlement to the money since they would be required to keep the fund healthy with their contributions? And furthermore, didn’t it take a trillion dollars to bail them out last time? Well, a trillion more or less. Who can count that high? All I know is we’ll never be able to pay the money back to our lenders. In fact with leaders like we have the money paid back to the taxpayers has been diverted to “stimulus” money the administration can spend elsewhere. And that was done without congressional approval. How’d that happen?
Posted by: gollywiggle | April 21, 2010, 12:08 pm 12:08 pm
gollywiggle: You missed my point. Most Indian and Chinese immigrants working in our technology sector had their education in their home countries without acquiring debt. So a US graduate is already disadvantaged because he/she is saddled with student loans while competing with foreign (and mostly debt-free) graduates for the high paying jobs.
If you may also know, most African immigrants (from non-conflict areas) are already college graduates before they even come to our shores. A study last year showed that Nigerians are the highest educated immigrants in the Houston Texas area.
The point is that short-changing the public education sector will seriously undermine our future competiveness. I am worried anytime politicians on boths sides cite low-paying jobs as signs of a growing economy.
Posted by: New Wave | April 21, 2010, 12:24 pm 12:24 pm
“Many Republicans appear to be shying away from another scorched-earth battle like the one they waged over healthcare…” —– Sorry Janet of LATimes…. the “party of NO” has been seriously debunked! — Nobody really believes that a party fighting against a government takeover of one-sixth of the economy is strictly “partisan politics” (not even the progressives who were hurling the accusation… they know better)!!!
Posted by: TheLoyalOpposition | April 21, 2010, 1:14 pm 1:14 pm
The vast majority of Americans interface with their bank through the ATM machine. Aside from fees charged by the bank and for interest charged on loans…especially mortages, few people actually are touched directly by major investment transactions. Our own FED trades billions daily and banks are dependent on the FED to cover the cash flow needs created by normal and risky business. The issue associated with Goldman Sachs primarily impacts the rich or other investment firms that placed part of individual investments in derivatives. It’s interesting to note that many posters object to the impact on the wealthy that occurs in a free-market transaction, but have no problems increasing their taxes to pay for services that should be paid by the individual using those services. Most direct investors say they know the market (an SEC requirement) and investment houses (another SEC requirement) are required to advise certain risks. While the stock market is a gamble itself, certain types of investments or more risky. Using your own money to “bet” that other people will lose their money represents great reward (thereby the “hook”) and great risk. The greatest risk to your personal money is not from businesses from whom you FREELY elect to do business. It is from the federal government implementing politically-driven regulations that REQUIRE you to participate…Health reform is not the same as health care. No one was denied medical treatment because they didn’t have insurance. So Obama’s answer was to REQUIRE everyone to buy insurance and if you can’t (poverty level), someone else will buy it for you. Just think if the bank told you when you made your deposit, that 50% had to go to Goldman Sachs derivatives. That’s exactly what is expected in Obama care. Like derivatives, if the money does not come in, the program won’t work. In one you have a choice. In the other, you do not.
Posted by: wantingbalance | April 21, 2010, 1:32 pm 1:32 pm
Maybe it is time to accentuate the positive!
Would everyone who has received Obamacare benefits, received their Obamacare insurance policy or has information that their Obamacare policy is in the mail please post some positive information about it?
Please!
Posted by: Ed Taylor | April 21, 2010, 1:49 pm 1:49 pm
New flash: Health care reform is now LAW.
Next Stop: Wall Street Reform.
Posted by: New Wave | April 21, 2010, 2:17 pm 2:17 pm
Your analysis leaves out one very important factor regarding the emerging apparent bi-partisanship on the financial regulator reform (FRR) bill. You have left out that this time President Obama appears to be on a warpath, taking the reform initiative on the road. Yesterday at Barbara Boxer’s gathering he declared this was a debate he was prepared to have. I think the President learned the lesson from health care reform process that he could expect no Republican support unless he reaches the public, six-guns blazing his messages, so that everyone from inception understands how the issues affect him or her.
Posted by: Bolt N. Latch | April 21, 2010, 2:50 pm 2:50 pm
angie–”That was the reason the Republicans gave when they repealled the “Glass Steagall Act” in the early 1980′s. And that is the reason why republicans are fighting the financial Reform.”—”Mitch McConnell met with the banks, financial corporations and wall street. He came out of that meeting wanting to stop Finance Reform. Not because of the lie that it is a bail out, but because his buddies in the Financial Industry want him to fight it. Just like the Republicans fought and won to repeal the Glass Steagall Act.”— Ummm Clinton asked that Glass Steagal be repealed.. the Bill (Gramm Teagel Bliley) was sponsored by two republicans and one democrat, but before you lay all the blame on republicans.. remember this.. 92 Senators voted FOR this bill and of the 6 no votes and two abstensions, 4 were republicans..Including John McCain. Immediately after passage, Clinton took ownership of the bill at signage even gave a speech in which he applaude the bipartisan work to get it passed and stated that it was a great day for middle class, low income and minority Americans who would finally be able to realize the American dream of owning their own home thanks to this bill…republicans in congress had far less to do with the crisis than did democrats sitting on the Senate finance Committee who misused this law for personal gain at the expense of each and every one of us..
Posted by: arkie vet | April 21, 2010, 3:01 pm 3:01 pm
Your analysis leaves out one very important factor regarding the emerging apparent bi-partisanship on the financial regulator reform (FRR) bill. You have left out that this time President Obama appears to be on a warpath, taking the reform initiative on the road. Yesterday at Barbara Boxer’s gathering he declared this was a debate he was prepared to have. I think the President learned the lesson from Health Care Reform process that he could expect no Republican support unless he reaches the public, six-guns blazing his messages, so that everyone from inception understands how the issues affect him or her.
The other reason Nopublicans seem to be cooperating in this matter is that they hope to regain majority in congress that will enable them repeal whatever passes this present congress. Fat chance, I say. Nopublicans will not regain either House or Senate. Chances are they will lose seats in the both houses to Independents or Democrats by windfall. The Republican Health Care posture generated too many internal fractures compelling unprecedented (in recent years) revolts within. If the Tea Party ever gets rid of the racists and extremists among them, many more Republicans than Democrats will jump ship. As things stand now with the Tea Party, anyone that jumps ship will likely go independent.
Posted by: BoltLatch | April 21, 2010, 3:11 pm 3:11 pm
Why can’t SEC sue AIG , Fannie and Fredie for their misbehavior which cost the taxpayers more than half trillion dollars to bailout. Why can’t SEC sue the lottery organizer and gambling places for designing schemes such that the host will win money and the players as a whole will lose money.
Posted by: austin | April 21, 2010, 3:45 pm 3:45 pm
BoltLatch; You’re missing one important consideration concerning the Tea Party. They don’t actually have either candidates or an organized party. Therefore they lack the machine to raise money to support candidates, unlike the Dems and Repubs. They are however fiscally conservative independent voters and that’s where their power lies, in their votes. Since liberals lack fiscal responsibility the Republicans will regain control. Basically they don’t think the entrenched politicians in Washington have solutions or the real desire to come up with solutions for the problems they’ve created for this country. They’re too concerned with re-election (party support) and their commitments to private big money supporters. Thank goodness the Tea Partiers are out in droves promoting the “other than the incumbent” vote. Soon we’ll have a fresh batch of leadership in Washington that will understand they didn’t get there because of party support but because of the votes of people who oppose party politics. Incumbents from both parties are dropping out like flies because they see re-election isn’t possible. It’s a shame they’ll have retirement and benefits for life as a reward for their “service”. Yes you’re about to see a power shift in congress just as you already see it happening in state level politics. One last comment…Tea Partiers aren’t racists though they oppose special treatment for minorities. Having been granted equality under the laws of the land everyone at this point in time has an equal opportunity to succeed or fail in their pursuit of life liberty and happiness. There’s no such thing as an America promise but the American dream can be restored with some common sense fiscal responsibility.
Posted by: gollywiggle | April 21, 2010, 4:15 pm 4:15 pm
New Wave; A free coillege education at any state supported school within a student’s home state is offered by most states to those who qualify by making above average grades in high school. State lotteries fund these educations. The government doesn’t need to fund college educations because the private sector has already taken care of that.
Posted by: gollywiggle | April 21, 2010, 4:22 pm 4:22 pm
New Wave; If we weren’t in recession, we are you know, and if the government wasn’t sucking the states dry and demanding even more fiscal expenditures out of them, education funding wouldn’t be taking a hit. Short changing the public education sector won’t have any major effect on students. It’s the teachers that are taking the hit. With a 40% high school dropout rate no amount of funding will bring about a better percentage of completion of secondary education. Students need a desire to succeed just as those people coming in from foreign countries like India and China had a desire to better themselves. They had that desire because they were hungry for what we (used to) have in America but the ones who “make it” are a very small percentage of those who try.
Posted by: gollywiggle | April 21, 2010, 4:38 pm 4:38 pm
I don’t want to say I told you say (of course I really do!), but I was the first to comment on these boards weeks ago that there was no way the GOP was going to November as the party that fought financial reform – it’s potentially too much of a vote looser.
When the GOP has it’s next turn in power, for the same reason, it won’t repeal most of the recently passed Health Care Law either.
How will they tell four million parents that their over 21 “kids” can’t be included on their insurance policies any more?
How will they tell tens of millions of Seniors they’ll get their prescription donut hole back?
How will they tell millions with prior conditions they can no longer be insured – or that companies can return people with high-cost illnesses that they now have a huge deductible?
Posted by: The_Mick | April 21, 2010, 4:40 pm 4:40 pm
Financial reform is easy. Raise reserve requirements. Allow financial institutions to fail. Don’t let Fannie/Freddie dictate loan policy with quota’s for home ownership–you either qualify or you don’t.
Posted by: tony | April 21, 2010, 5:27 pm 5:27 pm
smokedsalmoned posted “Why are there so many missing reforms in the Democrats Health Care Reform Law?
Their plans do not include:
- Massive medical malpractice Tort Reform, **** translation – screw the little guy
- Provisions to allow for insurance companies to sell health care across state lines to increase competition,******* Translation – deregulation
mandates that health care professionals are criminally liable for treating illegal’s without reporting them to authorities so they can be sent back to their own countries when they treat them, *********** Sure, let’s turn nurses into police now. I agree something has to be done, but there MUST be a better way.
- A lack of product tort liability reform to bring down the cost of medical products as well as hopefully all U.S. manufactured goods ******* Sure, let’ keep Toyota making those run-away cars. I wonder how many of our consumer protection came about because of those torts?
I guess most of those ideas didn’t make it into the health care reform because they aren’t really very good ideas.
Posted by: Faurtz8 | April 21, 2010, 8:06 pm 8:06 pm
gollywiggle posted “Since liberals lack fiscal responsibility the Republicans will regain control.” When did the Republicans become fiscally responsible????
Posted by: Faurtz8 | April 21, 2010, 8:10 pm 8:10 pm
Fuartz8; Up to a certain point in time both parties kept our budget under control and as a result our national debt was sustainable. For the last three administrations, I include Clinton because during his administration the national debt doubled, spending has been out of control. Yes, with smoke and mirrors Clinton balanced the budget, actually had a budget deficit his final year, but we’re not talking one year’s annual budget. Deficit spending has been a problem that’s exacerbated the national debt problem. Our national debt has nearly doubled over the last three years, a time when the congress was unwilling to do anything about the problems they were ignoring.Our government’s commitments are simply unsupportable as our economy shrinks because of globalization. We can’t stop globalization but we can stop deficit spending by decreasing government spending, i.e. downsizing the central government. It will take a decrease in government spending commitments to balance the budget and create a budget surplus once again so we can begin paying down the debt. Taking over the banking industry, bailouts of manufacturers, dictating new healthcare insurance minimum coverages, completing wharever reform is intended concerning immigration won’t get the government out of it’s deficit spending mode. Just as the voter base was fed up with Bush and his debt accumulation and voted in a change, hoping things would get better, deficit spending and debt accumulation have further eroded and at a quickened pace. While this administration stretches toward more and more spending commitments the voters are becoming more and more disenchanted. Thus the voices of the Tea Partiers who have come to the rescue of our nation with a will to do whatever is necessary to find leaders who will spend or save with the same common sense decisions that heads of household are bound to daily. I’m sick of hearing simply unacceptable and simply unsustainable from the president. In fact, I’m simply fed up with hearing his empty rhetoric in general. I’m not saying NO. I’m saying yes we can return to solvency. The government needs to stop creating ways to suck money out of the private sector, get its nose out of private business, let the private sector flourish, receive more tax revenues based on an expanded economy, watch the unemployment figures drop and generally downsize our central government’s spending commitments and bureaucracies that are there only to support government spending.
Posted by: gollywiggle | April 22, 2010, 10:51 am 10:51 am
I want to commend all of you for working so hard and being so strong at helping the whitehouse and congress begin to address our U.S. and Global healthcare crisis. You have been AWESOME! my fellow Americans and peoples of the World. America and the World is better and safer for it. My greatest pride is the knowledge that I am one of you. And that you really get it. You really understand the importance of it all.
There are some potentially very good things in the healthcare legislation. Especially with the reconciliation fix’s. The Democrats, Bernie Sanders and the Whitehouse did a GREAT! job of fighting to produce the best healthcare legislation that they could. They have earned all our strong support. And we should give it to them.
But it was your relentless pressure and hard work that made the difference. Whatever good comes from this healthcare legislation, America and the peoples of the World will have each of you to thank. You were smart, creative, courageous and relentless. You fought together for the best legislation possible. And when you had to, you fought alone. No matter who stumbled and fell you continued to push and forge ahead. Fighting for the lives and health of the American people and the World. YOU SHOULD BE PROUD OF YOUR-SELVES :-)
It may come to pass that future generations will look back on us and say that we were ALL Americas Greatest Generations. And that healthcare reform was our finest hour. You should be proud of our leaders President Obama, Speaker Pelosi, Majority Leader Reid and the many other Democratic and independent fighters for the people in congress. They proved them-self worthy of the leadership of a GREAT! PEOPLE.
But we are not done yet. This was just the beginning of healthcare reform, not the end. WE THE PEOPLE OF THE UNITED STATES, ARE NOT! divided on healthcare legislation. The vast majority of you have been consistently crystal clear that this legislation does not go far enough. You want a strong Government-run Public Option CHOICE!! available to everyone on day one. And you want it NOW! YOU MUST NOT ALLOW AN INDIVIDUAL MANDATE TO STAND WITHOUT A STRONG GOVERNMENT-RUN PUBLIC OPTION CHOICE! AVAILABLE TO EVERYONE.
WE THE PEOPLE have been crystal clear that we want an end to dependence on for-profit healthcare and the for-profit proxies called private for non-profit healthcare. The American people want the CHOICE! of a strong Government-run Public Option to replace their need or dependence on healthcare providers whose primary motivation is profit. Rather than providing the highest quality, easiest accessible and most affordable medically necessary healthcare possible. This is what the rest of the developed World has. And the American people want it too. They want healthcare ASSURANCE! Not, for-profit health insurance. And they want it NOW!
Now is the time to continue the push for a strong Government-run Public Option CHOICE! available to everyone that wants it on day one. Rationally it’s clear what we have to do to get this done. SUPPORT THE DEMOCRATS that supported you with a Public Option, and REMOVE as many republicans as you can. Not one republican in congress was willing to step across the isle to support a strong Government-run Public Option CHOICE!! available to everyone on day one. NOT ONE! Let no candidate prevail this November that does not support a Strong Government-run Public Option.
47,000 AMERICANS die each year from lack of healthcare. 120,000 die from treatable illness that don’t die in other developed countries. Hundreds of thousands of you are dieing from medical accidents in a rush to profit. And Millions are injured. Millions are driven into bankruptcy. All for the privilege of paying two to three times as much as any other people in the developed world for healthcare. HOGWASH!
Additionally, tens of thousands of you and your children were killed and millions sickened and injured from a terror attack with H1N1 (swine flu). Released on the American people and the World by the for-profit healthcare industry. All in an attempt to panic and frighten you into accepting the oxymoronic criminal enterprise of private for-profit healthcare (The most costly, deadly, dangerous, and disgraceful product sold in America). H1N1 is still sickening people and killing them. Especially children, the young and the middle aged. And there will be a third wave. These are the terrorist you need to worry about the most. Even the so-called international terrorist would not do something so INSANE! But greed driven medical profiteers would and did.
Apparently as far as republicans in GOVERNMENT are concerned, YOU! my fellow Americans – CAN JUST DROP DEAD! Including their own family members. Fools! Hundreds of thousands of you, and possibly millions of you will die from the long-term effects of your infection and poisoning with H1N1.
So my fellow Human Beings. Rest-up, Take good care of the basics (Balanced nutrition, hydration, exercise, rest and POSITIVE emotional supports). Then wade back into the FIGHT! for a strong Government-run Public Option CHOICE! available to everyone on day one. Drug re-importation, Abolishment or strong restrictions on patents for biologic and prescription drugs. And government controlled and negotiated drug and medical cost, NOW! You must take back control of your healthcare system from the Medical Industrial Complex. This is a matter of National and Global security. There can be NO MORE EXCUSES.
God Bless You My Fellow Human Beings. I’m glad to know of you. And proud to be one of you.
See you on the battle field.
Sincerely
jacksmith – WorkingClass :-)
Posted by: jacksmith | April 23, 2010, 8:08 pm 8:08 pm