Sen. Shelby on Financial Reform: Repeal It

You know who doesn’t need a jobs bill? You know who did just fine throughout the world-wide recession? Canada. Know why? Because they had very tight banking and financial regulations. Politicians need to get out of bed with corporations and police them. A totally free market only breeds greed and consumer raping. I’d rather have a fair market than a free market. Everyone has to follow rules. Business should be no different.

Better yet, REPEAL every piece of legislation these left-wing radical loons have crammed down the American peoples throat! We must change course in November if America is to survive. Stop buying into the mainstream, left-wing media’s propaganda, they’re in bed with the marxist-in-chief and his agenda! Choose FREEDOM!

Do people realize that this bill creates perpetual bailouts and sustains the “too big to fail” matra? Why do we need forced affirmative action in lending practices? Why does this bill fail to address Fannie or Freddie? Did you know Barney Franks partner/lover is an executive with Fannie? Probably not. Let’s just be stupid and keep blaming capitalism. BTW, Canada does not have a Fannie or Freddie, or forced lending to unqualified minorities. That might have a little bit to do with why they’re not in trouble.

This is a bad bill. The two that cause the problem Fannie & Freddie are not mentioned. This will cost the consumer big time.

This bill is a gift to big banks, unions and progressive non-govermental groups. Few have really looked into the actual bill. It is window dressing that will hurt business. Too big to fail?… Let the market dismantle them not a government propped up zombie organization. Liberals are idiot short term thinkers.

Jonathon,
Big difference between Canada and this bundle of paper is Canada has defined rules. This bundle of paper leaves out the rules (to be defined later) introducing uncertainty into the market. Business will not make decisions while this uncertainty remains and it will remain until bureaucrats set them. (Actually wasn’t congress supposed to do that. Thought we elected them for that reason.)
So yes Canada is doing well but their politicians are actually passing substantive laws not pieces of paper with writing that must be defined by unelected bureaucrats.

We are getting to the point here where an average citizen cannot walk thru his/her day without breaking some law or regulation. Not only should everything passed by this congress and president be repealed, every one of these criminals should be audited as to how they enriched themselves at the public trough in a job that pays less than $200k/year. The treason, yes treason going on is unbelievable.

We haven’t had a free market in years. All this vaunted government regulation has failed. People seem to think that business people are corrupt but people in government or the bueracrates they put in place are above corrpution. They’re human and therefore subject to the same human failures.
The Obama administration is taking much of it’s marching orders from the Center For American Progress. This is a George Soros backed organization. Try looking into it, the BP oil spill, Petrobras oil owned by Brazil and the $2B the Obama administration is ready to lend to Petrobras for deep water drilling, while closing down our country’s off shore drilling operations.

Ok, so let’s see who remembers history… 50 years ago, the amount of regulation was miniscule compared to today. Banks loaned money to people who could pay the loans back. Those who couldn’t didn’t get loans. So, to FIX this problem, congress passed regulations to force banks to loan to people who couldn’t afford them. When the banks followed this regulation, and things fell apart (who’s surprised that it did, eh?) then the same folks who made the regulations that forced the banks to give bad loans in the first place decided that the problem was that more regulation was needed to prevent it. From where I stand, this entire debacle looks like creation of a problem (by congress) in order to be able to regulate what was already being self-regulated before our elected officials got involved.
Sorry, but I just can’t put the blame completely on the banks – greed or no, the only winners (as is true in so much of our society) are the lawyers and the government. The people lose, the banks lose and ultimately, society as a whole loses.

It is a shame that People Actually believe there was no or to little REGULATION leading to this financial disaster. Goes to show how fools like Obama get elected.
Why do you think Companies like GE, BP, GOLDMAN SACKS etc… Historically Support Dems. (I’ll HELP YOU) Dems protect them through their REGULATIONS that give them unfair advantages over their smaller competitors. AND NOW THEY ARE ALL TOO BIG TO FAIL! and have backing of the US Tax payer while their smaller competitors do not.
Obama, Pelosi and other Dems leader may understand what they are doing. The Posters here are most likely only USE FULL IDIOTS.

This WILL be repealed..just like all of Obama’s other terrible and illegal pieces of trash legislation.

What, even George Stephanopoulos can’t write proper English now? Check usage of “sighted”. The proper word in that sentence would be “cited.”
Perhaps this example is part of what’s behind Columbia Journalism President Lee Bollinger’s call for government funding of the media. When (some) journalism gets so bad no one wants to pay for it, force taxpayers to, with the coercive power of government.

Liberal/socialists of the Democrat party are destroying America. They are the enemy within. Islam is the enemy on the outside moving in. It’s over folks and I hope the Pelosi’s, Dodd’s, Frank’s, Reid’s and the hideous Obama muslims will suffer the most from their evil deeds.

Of course this bill favors the rich bankers at the top of the food chain… They own the congress and senate, so it stands to reason they benefit…
We haven’t had a representative form of government for a long, long time. If you want one, you’ll need to buck up and get ready to fight for one

aah,advise from Republicans who, in eight years, got our country to the brink of another DEPRESSION?! Priceless!!

There is no freaking free market so that can’t be the problem. Sheesh.
I heard an interview with a Canadian official who indicated that Canadian banks could have engaged in the kind abuses that occurred here but chose not to. It is partly a cultural thing. And largely the fact that Canada has no Barney Frank and no corrupt fannie and freddie leading the system to give credit where it is NOT due.

Fannie mae and freddie mac are in bed with the government. Thats all you have to know. Big brother (barney frank and chriss dodd) have been working with FM and FM to get political votes. That’s all this is about. Now with this bill they will have power to shut down any business they want unless the business scratches their backs.

Hey Jonathon, you ever seen how much tax Canadians pay? Go order a beer in Canada, you’ll pay twice as much as in the USA and half of it is an alcohol tax.

We need to vote these progressives out of office! They are destroying this country – people wake up! The lame/mainstream media is misleading you – Please do your homework and get information from other sources before it is too late!

Maybe the greedy bankers will think twice before destroying our economy again. Those of you defending the financial services industry after what they’ve done to this country need your heads examined.

Wow, some of you sound like you just graduated from Glenn Beck University. This must be linked to the Drudge Report.

Heard this on the radio yesterday: To think that Chris Dodd and Barney Frank have crafted a financial reform bill is like Mel Gibson and OJ Simpson crafting a domestic abuse bill.

bankers suck
“Wow, some of you sound like you just graduated from Glenn Beck University. This must be linked to the Drudge Report.”
When there is nothing of intelligence someone can respond with we get the above comments from the useful idiots.

Everything Obama does is designed to DESTROY the US economy, transfer trillions to elite bankers and please his British puppet masters who tell him exactly what to do. Even the $8,000 housing tax credit was designed to protect the banks. Bush was horrible but Obama makes him look pretty good. I’m disgusted with BOTH PARTIES. It’s way past time for a viable THIRD PARTY.

Recall that when Republicans took control of Congress in 1994 one of their first acts was to delay approximately 250 regulations from being enacted. The left screamed that such was going to cause some form of chaos, although the only thing that happened was that more individuals and businesses experienced less intrusion from the federal government. Assuming that the Republicans prevail in November they need to take the exact same steps. Including a start-over on the ill-advised and over-regulated health care ‘reform’.

What we need is more Government. We have this branch or that branch looking into this group or that group-this company or that industry so why not hire all of us just to spy on each other? Everyone could become hall monitors, snitches, irs tattle tales etc. We could even have people to visit homes and report offenders that keep their temperatures at non Government recommended settings.And we could all get a big fat check from the Obama administration.
I saw you put too much salt on your too fat content hamburger! Whats your name?
Kaching.

Where are Dodds and Franks personel retirement accounts listed in this supposed reform dumBO? Or is Freddy, and Fanny just to big to fail?

Liberals always chant “Power to the People,” People own and work for businesses yet they want Government to control business. I have owned and operated a business for 30 years. last year is the 1st time I lost money. I lost money, not because I wasn’t busy but because I am being taxed and regulated out of business. Bureaucrats who know nothing about my business show up for inspections, tell me what a great facility I have and how above and beyond my computerized record keeping is, then two weeks later I recieve a list of non compliance fines. F them! I don’t work to support the fracking government or to have my income redistributed, I work for my children. If the Communist redistribution of wealthy continues through Fannie Mae and Freddie Mac and the myriad of social redistribution schemes that are taxing me out of my home and business I will consider physically removing the Commiecrats from their entrenched offices. Power to the People!

SOUTHWEST
“This is precisely the reason why I can no longer be a republican. This bs about deregulation is simply intended to enrich wall street”
This bill is enriching Wall Street by giving them the full protection of the U.S. taxpayer whenever they run into problems.
FREDDY and FANNY are not a part of this why are they being left alone if this is about stopping the enrichment of Wall Street?
It is because they already have the full backing of the U.S. Taxpayer. As proven by the repeated bailouts even after severe mismanagement.

Why do liberals cry out POWER TO THE PEOPLE then try and continually empower the Federal Government?

What’s in the bill besides some fancy titles and acrynym’s? Anyone here have a good enough idea to explain them?

“The TOP Capitalists today like Buffett and Soros say that while 100% Socialism has never worked, 100% Capitalism has never worked either.”
What does “worked” mean? Does it mean the market always goes up, treasuries go up,real estate goes up, no one ever loses money on anything? How about 100% employment, no companies pollute at all, and all people are honest!
Do we only have Individual Rights when they “work”?

This bill makes sense only if you fail to realize that government regulations and political incentives encouraged and in some cases demanded that corporations make decisions based on politics and not sound business principles. Given that failing of understanding: what is the solution? Simple, give more power to the very group of politicians that required the bad behavior!
Contrary to every foaming mouth anti-capitalist leftist living an easy life here in the USA seems to believe, people who are against this bad bill are not advocating no regulations.. we are simply calling for smart regulations that deprives our own government the power to direct the economy based on politics. Face it people, if these elected fools could make money honestly they wouldn’t have gone into politics in the first place. Their control of the markets is simply their way of ‘beating’ a system that cannot succeed in through hard work.
So cheer on socialism and denigrate capitalism but know that you missed the root cause of the problem and are making things worse simply because you have decided on the easy solution (blaming everyone you don’t like) instead of implementing the best solution (looking at how our very system has been structured to encourage politically connected companies… see: Countrywide, BP, Enron, Worldcom, and now GM and Chrylser… to make suboptimal decisions in support of a political agenda.) But don’t worry, green jobs and technology have failed miserably in every country in Europe (they are building nukes at a startling rate) but I am sure it will work here… especially considering that we refuse to acknowledge that their is any problems that might want to address while we duplicate their failing system.
Yeah, this bill and this political philosophy is a ‘victory’ for America. If by victory you mean a short sighted mistake that will likely do as much harm as good.

When is someone going to stand up and say wwhat really got us into this mess and is STILL going on!!! Freddie Mac and Fannie Mae guaranteeing loans to unqualaified home “buyers” – all pushed by the Community Reinvestment Act, Barney Frank, Chris Dodd and the liberal Dems – and it continues to day- and WORSE! Now the FHA is guaranteeing sub prime loans with as little as 4% down!! One small downturn in RE and bingo – the “homeowners” are under water!! Geesh – stop blaming private business and accept responsibility. NONE of these loans would have been made by a private business – too risky. But backed by GOVERNMENT guarantees? Full speed ahead. Socialsim – government engineeering of the economy will be our ultimate and ruinous downfall.

Shelby sighted the lack of reform of Fannie Mae, Freddie Mac
‘cited’ NOT ‘sighted’. Ye gods, journalists? HAH!

I AM A GLEN BECK UNIVERSITY GRADUATE & PROUD OF IT! Now I am taking post grad courses and consider myself VERY WELL EDUCATED! Wouldn’t hurt the rest of you destructive socialists out there to sign up….a better FREE AMERICA curriculum there is not.

This WILL create jobs ! MANY MANY MANY jobs!
GOVERNMENT JOBS !
The government is desperately trying to compensate for the REAL ‘high paying’ jobs lost in tech and manufacturing by making government bigger.
When people say they don’t like a bigger government, what they really mean is they don’t want more government jobs.
In ten years there will only be a few millionaires left and millions more in government. All watching the millionaires to see if they can shake more money out of what’s left of the population so they can keep adding more government jobs.

Layoff the liberals first…they voted for these idiots…let them live off the dole they are creating.

How is it that a Bill by Dodd and Barney can solve any financial problem when they were part of the root cause for the housing market colapse?

Fannie Mae & Freddie Mac are what caused the entire problem and yet nothing is done to them as they are defacto government agencies.
Only thing this bill does is hurt private banking. The very banking industry the Bush should have let fail along with Fannie Mae & Freddie Mac.
Would it have hurt? Yes. Would we be over by now? Maybe. Would we be further along in a recovery then we are now? YES YES YES.

“Shelby sighted the lack of reform of Fannie Mae, Freddie Mac as well as the formation of a consumer protection agency, calling it the creation “of one of the largest bureaucracies” in years.”
George, please, it is “Shelby CITED….”
Could we at least have proper word choice in your news articles???

This is legislation that requires faith, since (as usual for the Dems) no one has even read it before voting. With congress’ approval ratings in the teens, such faith does not exist and for very good reason.
We’re DOOOOOMED….

green.goddess
Actually no. Actually after Bush inherited a mild recession from Clinton and took a huge economic hit on 9/11. He was able to right the economy very quickly with his tax cuts etc… maintaining 5% unemployment which under the previous president was considered FULL EMPLOYMENT.
The problem with BP wasn’t the lack of regulation it was the lack of ENFORCEMENT of current regulations, even under Obama.
Doesn’t matter how many regulation you create if you don’t enforce them. Like with immigration.

Jonathon – Business does follow rules, when they know what the rules are. What about the government? While they’re demonstrably incapable of consistently following existing rules, they’re busy coming up with new ones nobody’s had a chance to properly review.

We are changing everything back in November. Let them do as they wish for now.

So, another major piece of legislation, more unanswered questions and it sounds like the unintended consequences will outweight the good. All in all it looks like an eceonomy buster and coupled with the healthcare bill, the trillion dollar deficeit, the expiration of the Bush tax cuts, and the moritorium on drilling, we are in deep, deep trouble; thank you to all the Democrats that support thiasa Presidents agenda.

Every bill that O has signed should be repealed. After all, he’s not even a legitimate president.

No it is not real reform, but some reform, is better than none.
Let’s face it…..the rich, and in that I include just about everyone in our government (earned honestly or dishonestly), should not be allowed to injure the not-rich, just because they are in the government.
I will agree that jobs are the most important thing, but let’s face it….profits are up, productivity is up, and companies still are not hiring.
It is going to take taxes on business, to change that. That is up to business of course. They have the power to hire, instead, if they are willing.
It is time for business to get back to, the basic premise that it is in their best interest, to employ people, and provide well being for families, just as much as it is to provide return for shareholders.

All that needed to be done was to repeal the “community re-investment act” and tighten up loan requirements to where they were 20 years ago, that’s when I bought my first house. It was tough to qualify for a loan, and that’s a good thing. Not everyone SHOULD qualify. That’s just life. Now there is an expectation that anyone should be able to qualify for a $400K house. That’s how we got here. This bill is a mess. It doesn’t deal with any of the issues that got us here. Maxine Waters filled it up with quotas for minorities and women and put in penalties for “descriminatory” practices by ANY contractor or sub-contractor dealing with any part of the financial sector. It creates huge agencies which do nothing but go on witch hunts for discrimination, even that which is unintentional and unknown to businesses it will persecute.

ABC may be MSM but they certainly have a GREAT user-comment forum. FOX’s is PATHETIC!

Thank you ABC

Are people dense? There were plenty of rules that regulate Wall Street. The problem is nobody in government was enforcing the rules already on the books. It is like “immigration reform” – why bother with new rule when nobody enforces the rules on the books?
If the SEC would have just audited the 10-Ks and 10-Qs of the Banks, Wall Street, fannie, freddie, etc in the late 90s they would have seen the balance sheets were already loading up on toxic debt and would have forced a restatement of earnings which would have nipped this in the bud.
I suggest that SEC employees should be forced to personally pay the goldman sachs fine – at least half of it. It a private entity screws up they get nailed but if government screws up they get a pass.
BTW the real reason Canada is doing so well is that it is not afraid to develop its natural resources and export. In the USA we are sitting on mountains of coal, oceans of oil and trillions and trillions of CuFt of Natural Gas. Plus we invented nuclear energy. In stead we give a hundred million taxpayer dollars to a private company in Michigan that will “create” a few hundred so-called “green energy” jobs.
We are insane.

Let the free markets work. This bill is bad bad bad.

This administration is so wrong on so many levels…We need to start the impeachment process on this dude for lack of confidence.
It doesn’t matter whether he knows what he’s doing and this is all planned and calculated or he is an absolute incompetent bafoon… He needs to go!! 2012 is too far away to wait.

Everytime a federal agency fails it gets more power and ability to screw even more things up. Yeah that makes sense. Capitalism works if you let it. Companies only get too big to fail if you take away the concequences of failure. Also anyone here ever hear of the depression of 1920? Most likely not because of how we got out of it. Taxes were cut to give more people more money in their pockets. Spending was cut to avoid huge deficits. What was the result? The roring 20′s, one of the most prosperous times in US history. This turn around time was a horribly long time of 1 YEAR. At the end of the 20′s another Progressive was voted in and we had the crash of 29 and the decade long depression after that where government spending and taxes were greatly increased. I wonder which way is better.

Dr.Who? | Jul 16, 2010 11:38:42 AM posted: “Actually after Bush inherited a mild recession from Clinton and took a huge economic hit on 9/11. He was able to right the economy very quickly with his tax cuts etc… maintaining 5% unemployment which under the previous president was considered FULL EMPLOYMENT.”
According to the wsj:
Jobs at the beginning of the Bush term: 132.5 Million
Jobs at the end of the Bush term: 135.5 Million
Payroll expansion: 2.3%
True, President George W. Bush entered office in 2001 just as a mild recession was starting, and left in the middle of a nasty one that began on his watch, 2007. That’s almost 22 months of recession during his 96 months in office.
Bush may have used tax cuts to “right the economy” after 9/11, but these policies only created 3 Million new jobs in 8 years. Clearly, jobs did not “trickle down” from Supply Side tax cuts. 3 Million new jobs looks like treading water, not building an economic engine that grows jobs as new workers enter the work force.

Help! November can not come soon enough to save this wonderful country of ours.

The unemployed will remember in Nov.who cut them off!

EDITORS: It’s CITED, not SIGHTED. I’m sure there are plenty of people with better proofreading skills out there looking for work. Terrible.

Any financial bill sponsored by the likes of Dodd, Frank, Pelosi on its face is questionable, but the support of Sen Brown who was sent to DC to stop this socialist train, well, that’s what really hurts us in MA who voted for him. Shame on you Sen Brown!

Jonothon, you are showing a great deal of ignorance in your post.
Comparing Canada’s market to USA’s is ludicrous.
Not to mention, Canada’s quality of life is FAR lower than the U.S.
I recommend you do some research on the aforementioned before spouting off liberal talking points with no validity/backing in your grandiose statements.
If you feel the need to be policed, harangued a great deal more, pull up your tent stakes and go North my ill- advised friend.
Intelligence is limited. Ignorance is infinite.

The legislation hits medium and small sized banks, whose costs for compliance increases their costs of loaning proportionally higher than the too-big-to-fails.

July 15, 2010 Thu, 15 Jul 2010 04:00:00 GMT 11:07 PM EST
by John Lott
Opinion
Obama’s Financial ‘Reform’ Doesn’t Fix Anything

green.goddess
The point you seem to miss is that Bush maintain nearly Full employment. Of course there was a big increase in employment. The vast majority were already employed.

Dr Who
Bush didn’t inherit a recession? A collapse of the stock market and terrorist attacks? All in the first nine months of his election? I love how you filthy leftist pig people try and rewrite history. Just like you want to rewrite bank accounts, you make me sick. Get off the PC and go get on a welfare line, what am I paying taxes for anyway?

green.goddess
“True, President George W. Bush entered office in 2001 just as a mild recession was starting, and left in the middle of a nasty one that began on his watch, 2007. That’s almost 22 months of recession during his 96 months in office. ”
Thank you for being honest about the first part – even though you seem to be dismissing 9\11 impact on the economy.
But, you along with quite a few other Liberals seem to also be forgetting the Democrats have been controlling the budget and economy sense 2006.

Green Goddess
“policies only created 3 Million new jobs in 8 years. Clearly, jobs did not “trickle down” from Supply Side tax cuts. 3 Million new jobs looks like treading water, not building an economic engine that grows jobs as new workers enter the work force.”
Again you forget Bush unemployment rate on average was about 5% – of course he didn’t create massive amounts of new jobs. We was no one left to employee!

The government should just be involved in banking to prevent fraud. This goes way too far and sets up a number of regulatory bodies comprised of people who got us into this mess to begin with. Yes, repeal is an option.

Once again, the GOP is the party of NO.

3 million new jobs? Sorry, it was way more than that. Supply side economics is what gave us the greatest economic growth in human history, bar none. The Treasury took in more tax receipts than ever before, there’s a reason for that. The unemployment average was under 5%, lower than Clintons 8 years.
You leftist retards, you know nothing about economics, nothing. We have the most liberal, progressive ideologue leadership in history, doing what all these leftists want done, so far he’s lost 6 million jobs since he took office, and it’s only heading south… it ain’t getting any better, I assure you.
Come November, there’s going to be a clean sweep. We’re taking out the trash, I can’t wait.

Yes Jim, we are the party of NO.
A party should say NO when the policy is detrimental.
Change isn’t always for the better. Our constitution is a wonderful document and it took us from being a gang or rebels to the greatest nation on earth in under 100 years, it doesn’t need much change.
It’s the CHANGE which has caused our problems.

> Shelby sighted the lack of reform …
I think you mean “cited.”

I really have to laugh at the imbecile that would rather live under a “fair” market then a free one. People who want government intervention in every aspect of there financial (and social) lives are weak minded slaves. Keep preaching what the left tells you.

It would appear that this is more legislation that provides more government, more uncertainty in the market, and less jobs.
Dobbs has even said they are not sure what this bill will do. How do they even write these bills if they don’t understand what they are proposing? The answer is that outside consultants are writing the bills and not the representatives that we voted for.
We have ceased to have a government for the people and by the people. ALL politicians are bought and sold at the expense of America.

There were plenty of regulations. Many were not inforced. New ones, to get easy loans to everyone & built the fannie/freddie bubble was caused by the government.

REPEAL the FEDERAL RESERVE ACT of 1913!!! The Federal Reserve criminals are choking the American people to death. Stop using Federal Reserve Notes and begin using US Treasury Notes. Reduce our annual US Budget by 2/3rd’s.

Holy Christ, I’m not a fancy journalist or nuthin’ but the word is “cited” not “sighted”.

“Shelby sighted the lack of reform…”; it’s “cited”, George, not “sighted”.
These college guys fascinate me; so educated but can’t spell in context…

Banks running wild and operating in jungle style rules environment raking in billions in profits with no regard to robbing consumers for banks executives appetites, feeding on the vulnerable and lying and cheating to the public, who has no clue whatsoever when they are being raped. For abusive profits they loaned out bad loans knowing and colluding with other financial institutions and later asking American Tax payer to BAIL OUT and soon as they got the money back to the old dirty games and tricks for abusive profits. We need to make rules of the road for these leaches. Ofcourse the Repubs are mostly related to and take bribes from the Wall street banks so they can operate without rules for robbery to continue.

Atlas will soon shrug….
Who is John Galt??

The reform that should have been undertaken was to reform Fannie Mae and Freddie Mac. The legislators who should not have been permitted to work on reform are Sen. Chirstopher Dodd and Rep. Barney Frank. These two legislators should be investigated for the roles they played in setting the stage for the mortgage and banking and financial crisis.

Jonathon – Define a “fair market”. Who do you empower to say what is fair…that my friend is a very dangerous direction.
In my opinion you already have a fair market. If someone is charging more than you are willing to pay for something shop around, negotiate, do whatever but for God’s sake keep the Gov’t baffoons out of it.

Shelby is a great patriot. I wish we had more like him

Dear George — It really is time for the media to call out the Right wings misinformation/disinformatation campaign – This Obama is a Communist/Socialist mindless diatribe!!!! The press is remiss in letting them get away with this Mcarthyistic/Goebbell’s Propagandistic Nonsense!!! A Socialist would not start out his Presidency rescuing Wall Street ( The epitome of Capitalist Wealth) Neither would a Socialist put Geithner, Summers, etc etc.( Wall Street Insiders) in their Cabinet !!! This lie by the far Right Needs an aggressive counteroffensive by the Dems and the Media!!! To allow Fox to dominate the Spin is negligence on the part of the Main street media!!!!

You fools! The Fed is a private bank! They are printing and stealing money from you at this very moment! And you have no idea they are doing it! They run this country and they control every politician!

We have to be VERY careful, assuming that the Democrats lose control of the house and Senate this November.
Even if the Republicans take over, they are mostly professional politicians and are only marginally better than the Democrats. There’s a reluctance to change the status quo and many Republicans will resist repealing all the horribly expensive, over-bearing, pork-laden bills like ObamaCare and FinRef that have been forced un us.
They will say things like “Well we just need to pass another bill to change some of the provisions”
We don’t need more legislation.
We need these bad bills repealed in toto.
Followed by all the junk bills and executive orders etc going back to the 1960′s that have nearly brought this country to its knees.
Period.

If the tax and spend liberals wrote it, then burn it. Our moron president has not had one good thought since he bamboozled a great many people into voting for him. I just read that the GOP is complaining about his fifth vacation in his year and a half in office. Let him stay on vacation forever…..PLEASE.

Jonathon said ” I’d rather have a fair market than a free market.”
The terms fair and free are NOT mutually exclusive. What makes capitalism or statism unfair is corruption. Power of money or the power of the state… both corrupt people. A certain amount of oversight (regulation) is required to keep both fair. Too much regulation is corrupting on the state side… too little regulation is corrupting on the capitalist side. We need fair and wise leaders to recognize where the levels should be and when they need to be adjusted.
I don’t think professional politicians fit the bill. I think the House needs to return to being run by the citizen legislators and the Senate needs to return to representing the states (ie – appointed not elected). Redo the power of the committee to balance power among all congressmen. Eliminate all benefits beyond their term.

Canada has not had a financial meltdown because they don’t have a Barney Frank and Chris Dodd, threatening banks if they don’t offer zero percent down sub-prime loans to their Democratic constituents.
We have Frank and Dodd to thank for the mortgage debacle.

I’m amazed at the number of people who buy into the notion that more government regulation is always the best answer. These people assume that business executives are all greedy and untrustworthy but government officials are somehow above board. This flies in the face of tremendous evidence to the contrary. We’ve had a sitting governor trying to sell a US Senate seat to the highest bidder. We’ve had government officals caught red-handed with bribe money in their freezer. We have government “leaders” who make $100K to $200K a year turning into millionaires before our eyes. The level of corruption and abuse that exists in the federal government makes whatever goes on on Wall Street look like a traffic infraction. Yet, the government is the one regulating Wall Street. Meanwhile, we have a largely leftist media which openly plays political favorites and ignores many of these transgressions so as not to disrupt the larger political agenda it endorses. We’re in trouble, folks.

Regulate, regulate, regulate. To hell with it, I’m moving to Belize.

Thank you! In my opinion, you are correct. We do not need any more regulations or government agencies. We already have government agencies that are supposed to supervise. Every time you add a new agency, it costs more me more money and nothing is accomplished. They just need to enforce the regulations that we already have.

Atlas Shrugged.

November can’t come fast enough. No, I mean that. It can’t come fast enough. We’ll be in a full blown revolution before November, mark my words.
The end is coming, it’s here.

We need a UNIFIED SECESSION.
The only way this is going to happen is if you demand it from your leaders. LEAVE THE UNION NOW. Join up with the 34 other states who signed HRC 2034 in 2002. It’s time to kiss this sinking ship goodbye. (interestingly, NY and CA are BANNED from joining HRC 2034, funny, huh?)

I’ve got it – elect republicans and repeal everything. Then let’s go back to the days of repub rule where the wealthy got wealthier and the middle class disappeared and the poor got poorer. Then in two years when we’re twice as bad off as we are today, Obama win another term for President in ’12. All it takes is a few months to remember how horrible republicans are at everything and President Barack Hussein Obama will be in for another four. YOU BETCHA!!!

Canada,,,and their 65% tax rate?. The same Canada that needs everyone to protect their own interests. That Canada??

This will not stand. What a bunch of fools. This is the very left going for it all. I want Barnie Frank and Chris Dodd leading the rest of them into jail. The world, not just Americans will eventually hold these people responsible.

“Shelby sighted the lack of reform of Fannie Mae,…”
I think the word is “cited.”
Remember when CBS used to be a professional news organization pre-Dan Rather and before they became the propoganda wing of the National Democrat Workers Socialist Party?
The_Pilgrim

Obama and the few people left who support him do not care what the bill says or what it may do all they care about is aggrandizing Obama in their own minds.
Its a Cult of Personality and nothing else.

It appears we will need to start resorting to citizens arrest of these criminals. Then if the Justice Dept. is as corrupt as it sounds and will not prosecute, there is always the Declaration of Independence and a little old fashioned vigilante justice.

Do something for our country. Repeal
Shelby.

Doesn’t address Freddie and Fannie at all.
Doesn’t address highly-leveraged derivatives like mortgage default swaps until 2022
Creates (20) new Offices of Women & Minority Inclusion in the Fed, Treasury, etc.
Forces Wall Street firms to put SEIU union reps onto their board of directors.
Creates a lot of taxes and fees that will be passed on to consumers.

Jonathan,
You couldn’t be more wrong. Canada has not done “well” through this recession. The country just posted the largest record defecit this year. Do not Canadians build up the massive reserves every day for the Canadian banks by service charges et all? It is regulation and politics that caused the worsening situation in the U.S. The U.S. needs more deregulation and less interference from the politicians. What do you think would be the outcome when banks are forced to lend to those who are not credit worthy? How naive to think that Canada has not, and will not feel the effects of the recession. Jobs are being exported out of Canada right now. If it were not for the resource rich prairie provinces things would be significantly worse.

Capitalism always works better than socialism. The problem we are having is they are not letting the free market be free and correct itself. They are socializing the market regulating the market and that is scaring over-seas investors and business here in America. Obama is a failure! Cut taxes stop govt takeovers stop over regulation and red tape and we would snap out of this in no time. When we cut taxes the govt gets more moneyt because of more business and stronger economy.. Obama is trying to socilize the country no doubt the Soros group designed the bailouts , healthbill and others.. people need to wake up!

Remember when you are freaking out about the left wing loons and their unbelieveable pace of passing and ramming all this on us…Don’t sound too far the other way. REMEMBER, the MIDDLE controls the country, they leaned to Obama-most are sad about it- but they WILL RUN AWAY from a Jesse Helms styled right. We have to be intelligent and rational, even though they are not. NOT A CENTRIST approach, just a calm approach, good conservatives are always calm. Also the left runs the media so any ‘right wing’ craziness they amplify it and distort. Steady as she goes Mr. Spock.

The two main characters that cause the housing collapse ie..Fannie Mae and Freddie Mac were Chris Dodd and Barney Franks!!! Now, they didn’t even fix that problem and were in charge of this massive reform that NO ONE has completed read…yet and PASSED it. What is going on in our country? I fear for our children and their future.
PLEASE BE HONEST CONGRESS & STOP PULLING FAST ONES OVER THE PEOPLE!

GLASS-STEAGALL. If the don’t like it, they can drop dead.

The FED was one of the main perpetrators of the bubble, which preceded the current bust. And now they are giving the FED more power. Lunacy……………..

Crisis.
Crisis is what totalitarian regimes thrive upon.
Crisis is a good excuse to take more control of people’s lives and therefore their money and their private property.
Crisis usually hurts people across the financial board, irregardless of financial status but Fascists always lie and tell you it only hurts the poor.
A poor man cannot close a business and lay off 100 employees due to high taxes.
A poor woman cannot hurt a manufacturer by canceling products for her retail store due to high taxes and government regulation, therefore costing both the manufacturer jobs and herself employees.
Crisis is key to the Obama administrations strategy to follow Hugo Chavez and Fidel Castro down the MERRY ROAD TO COMMUNISM VIA THE SOCIALIST ROAD.
The world would be so better if only a KIND, CARING LEADER WOULD SAVE US ALL FROM OUR OWN RESPONSIBILITIES AND PROPERTY.
YEAH. THIS IS WHAT I SEE COMING.
ROWDY BOOTS

How can antbody vote into Congress what Obama-Pelosi-Reid want? These idiots are ruining America, and most of the black leaders dress well but have hollow heads.

Brought to you by the same idiots that repealed GLass-Steagel (wiping out 60 years of safeguards) and created the financial crisis in the first place! Chris Dodd and Barney Frank are the most financially corrupt legislators, yet they are tasked with ‘improving’ the financial system? Funny how THEY were the ones who forced Fannie and Freddie to make bad loans (under penalty of punitive regulation), yet they leave out ANY regulation of the two entities most responsible for the crash! Not only is the Fox in charge of the chicken coop, the whole pack of Foxes has taken over the farm and installed their brother as Secretary of Agriculture!

I’m all for repealing the Financial Reform Act and the Stalin care health care that was passed.
But this begs the question: Why were they passed in the first place?
Are the House and Senate acting irrationally from the outset? Are they not listening to Americans? Ignoring fiscal duties? and official obligations associated with the responsibilities of their positions? positions they vigorously struggled and fought to gain?
Something doesn’t add up, in government these days.

“Jonathon” commits the same thoughtless error made by all leftists. He points out that business is generally corrupt, because it is operated by corrupt business people, i.e. “rapists”. He then concludes that the only remedy for this corruption is more “regulation”. The fallacy of course is that Jonathon supposes that the politicians who create and, most importantly, enforce the regulations are free of corruption. Jonathon does not understand or believe that more freedom is always preferable to less freedom, even if one must occasionally do something for oneself in order to preserve that freedom. He has been so intimidated by the absolute “largeness” of Big Brother that he is in effect, a “believer”. Not a critical thinker, but a mere believer. Jonathon is precisely what is wrong with America today. Revolution, anyone?

Ron Paul has it right. AUDIT THE FED and then END THE FED.

Jonathon, the Mick, Fred Flynt and others have remarked about Canada. These are the facts about Canada:
1. Canada requires 5% downpayment put on a home to buy without exception; the Federal Government will increase this amount when the housing market becomes overheated (ie: which is then a relative amount in that case given market dynamics); 2. Canada has the most minorities of any country, Toronto is the world’s most multicultural city (UN citation) — despite all these minorities, everyone is equal and under same rules whether you came from France or England in 16/17th century or from Nigeria yesterday; 3. Canadian Banks and credit unions will not lend to people without proper means and responsible debt service ratios and credit ratings; 4. Canada’s banks and credit unions are forced to remain properly capitalized with sufficient deposits and insurance and are some of the most power banks in the world now.
The Mick wrote: “The TOP Capitalists today like Buffett and Soros say that while 100% Socialism has never worked, 100% Capitalism has never worked either.” This is exactly true and can be arrived at by reason alone: any ideology to an extreme, that is without moderation, will be deficient and defective, erring in its extremity. In other words: everything in moderation. Free Enterprise and Capitalism carried to their logical extremes have bad effects, just as any ideology would. In the case of extreme left / right, it can be useful to consider the extremes of both.
There was a time Canada was harked as being socialist by Americans. Today, America looks far more socialist. This is partly because Canada’s provinces (the state level) still have their autonomy and related power in how they implement many of these policies. In the US, these policies are being adopted, imposed and implemented at the federal level, above the states. This creates a very different implementation of such types of policies.
It is sad to see our American friends struggle right now. The US government is seemingly out of touch with its citizens in the country which should be the benchmark for such representation.

aedams “Canada is a joke! They have less than a tenth of the US economy.” They also have exactly 1/10th the population which puts them right about par with the US.

Oh, I do so enjoy the ABC Republican blog. Ha, ha, ha…….according to the Tea Party/Republicans “Canada has a lower standard of living than the US”. Have you people been to Canada recently? Been to Vancouver or Toronto? These cities are BOOMING, more so than the US!
Healthcare? Ask a Canadian if they want to change to US Healthcare for the rich, they will laugh at you!
And no wonder Sen. Shelby wants the new financial regulations repealed… his biggest political contributors are Securities and Investments. He is their boy.
Oh, you Tea Party Republicans are sooo funny! You make a lot of noise screaming “Obama/Socialism/Communism” and any other label you can create. But you don’t even know that socialism and communism are not the same thing.

I am always amazed that some people believe that politicians will look after their interests better than corporations will. Both are motivated by greed, but the politician can ruin you and take everything you have – even your life in some cases, and use the cover of the law to do it. The corporation can screw you in a number of ways, but their motivation is to make you happy with their products so you’ll buy more of their stuff.

You Republican sheep make me sick. Someone in your party says a word (socialism) or phrase (destroying America) and you all latch on like leeches and repeat it over and over and over. Well you know who governed one of the most “socialist” states in our country… it was your beloved Sarah Palin. Alaska taxes the oil companies to drill and then guess what the Alaska state government “redistributes the wealth” to the people of Alaska in the form of check to every man, women and child in the state at the end of every year. I don’t care what kind of spin you Repubs put on this it is redistributing the wealth…your catch phrase for socialism.
Plus you Repbups keep harping that Obama and the Dems rceived campaign contributions from big business, but you didn’t seem to have a problem with Bush & Cheney receiving huge corporate donations or that Bush & Cheney (two Texas oilmen) placing people from the oil industry on the committees to write enery policy and oversee safety measures for drilling.
Selective memory and sound bites that’s the Republicans. Remeber in 2004 election when the econmic downturn was startin and jobs were being lost and what did the Republicans have as the “talking point” of that election to distract people .. it was gay marriage. Like that was more important than the economy. Just an example of how the Republicans get you to vote against your own economic self interests. And I don’t what to hear that you can’t blame the previous administration when the entire time Bush was in office the Repubs took every opportunity to blame the Clinton administration.

“The TOP Capitalists today like Buffett and Soros say that while 100% Socialism has never worked, 100% Capitalism has never worked either.”
======================================
Sorry, but none of us are old enough to remember a 100% Capitalist society. It went bye-bye with the formation of the Fed. I beleive that was 1913. Read and COMPREHEND some history, dufus.

LEST ANYONE FORGETS, GEORGE IS A “PROGRESSIVE” SUPPORTER (In the know about the agenda, democrat)! I thought it was a mostly fair interview, George did seem to try his best to be neutral!! At some point, even their most staunch supporters, must wake up and realize in order to support this agenda, you must have to believe, that truth is irrelevant!!! To deny the obvious truth, makes you look stupid to anyone not buying into the “Con” games, the American people (The former suckers (Hook line and sinker, beleivers) are waking up in droves!!!! What good does the “Progressives” lies, do them? Commit them to a life of poverty and dependence upon the gods in the government? “MOTHER (Government) MAY I”, “Until death do us part”!!!! WAKE UP PEOPLE, BEWARE OF WHAT YOU MARRY!!!

Obama, Pelosi, Reid and all of their Socialist/Communists/Extremists (aka: George Soros, Tony Resko, Bill Ayers, etc.) NEVER created ONE JOB but continue to ensure that their family and themselves get RICHER AND RICHER and live HIGH ON THE HOG at the SOLE expense of American Taxpayers day after day. They are all “smoke and mirrors” just like the WIZARD OF OZ. Obama has SOLD OUT America and American Citizens and in 2010 and 2012 American Citizens will RECLAIM their Country back through the ballot box. God bless America.

What’s sickening is how the word socialism is associated with this president and democrats.. Our banking industry went unregulated and has been completley capitalistic and look how the economy suffered.This president and democratics want some regulations to ensure we don’t have to face that type of crisis again and right wingers want to scream “Socialism”.. I ask once again.. What has that complete regulation free capitalism done for us in the past eight years?

“We protect ourselves”….this guy obviously doesn’t understand what just happened. There is no way the average joe can know if his bank is making too many hedges, if they are investing their money in bets on bad loans, or actually investing their money in good businesses. Alan Greenspan said he was “dismayed that self regulation didn’t work”…..really? Ever heard of the Great Depression? The Glass Stegal Act??? that protected us for 70 years, and we repeal it and inside 10 years we are right back to where we were during the Great Depression for all the same reasons and for all the same lack of control banker, stock brokers and hedge fund managers had. This guy is DANGEROUSLY niave. This is why Bush did NOT pull the plug on the bets, the derivatives when the writing was on the wall that he should. He thought it would be bad for jobs. When in fact, it led to over 600,000 americans being laid off for month after month after month while bush was in office and nothing Bush did coudl stop it. obama stopped it. And now you want to go back to the world of finance according to Bush????????????