Financial reform passes 60-39; another victory for Obama and America

Discussion in 'Politics' started by cruztbone, Jul 16, 2010.

  1. cruztbone

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    3 republican senators saw the light and voted for the American people. Thus, the nation will FINALLY have the opportunity to put Goldman Sachs and the other financial bastards on notice that they cant do this shit anymore. We wont pay for their greed. We WILL have a consumer protection agency , at last , to protect us from "too big to fail". once again, the GOP has no alternative to this move, and continues to whine about poor corporations and how mistreated they are.
    GOP = hatred of working class Americans. GOP= corporate tyranny. GOP=the real threat to democracy.
     
  2. sargon20

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    :beerchug2: and with three Republican votes which proves nothing has changed with that party since the disastrous Bush years drove the country in the abyss. In fact they want to Redo That Voodoo.
     
  3. lpm

    lpm New Member

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    Everybody blames Bush. Bush did not cause the WORLD WIDE financial collapse. Obama and his Marxist minions see this financial crisis as an opportunity to grow big government and make sure that gov't has infiltrated every aspect of our lives (see healthcare reform). It is those "greedy" corporations that spur innovations and technology that has allowed the U.S. to remain the only superpower/most influential nation in the world. Redistribution of wealth does not and will not work. Just ask the Soviet Union (that's right, they no longer exist). The Progressive/Democrats are going to be the downfall of this country.
     
  4. Stretch

    Stretch New Member

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    ^^^Really?...that's your first post in 5 years?
     
  5. B_VinylBoy

    B_VinylBoy New Member

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    Your first post in five years and it's full of complete, rhetorical nonsense that has no real grounds in reality. All this BS about not needing government or wanting a smaller one, when in reality without the very government you complain about you wouldn't even be able to post this garbage on the internet. Congrats! :rolleyes:

    And BTW... the only real reason why the US is "influential" is because our nation has created a powerful subculture where money and profit matter more than basic human necessity. That's not the fault of any one government or any one political party. Besides, it's called the "land of opportunity" for a reason. It's not like people immigrate to this country for the food. Certainly not its history since other countries have been around a LOT longer and preserve it better.
     
  6. Industrialsize

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    Word of advice........turn off Fox news.
     
  7. D_N Flay Table

    D_N Flay Table New Member

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    I don't trust it.
     
  8. MercyfulFate

    MercyfulFate New Member

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    If they make Elizabeth Warren head of the Consumer Protection bureau, then I'll be happy.
     
  9. B_New End

    B_New End New Member

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    This is no victory for anyone but the banks.
    When a bill is named something, just be assured it is doing the opposite.
    The real name of this bill should have been the Fed empowerment bill, as it gave the Federal reserve the power to regulate the banks.

    But the Federal reserve is made up of the banks. Banks regulating themselves. Not a good idea.
     
  10. lpm

    lpm New Member

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    You got to start sometime with posts so why not now. People are too quick to blame Bush for the country's problems. Bush didn't help the problem and neither did the Democrat controlled House and Senate.

    VinyBoy, I'm complaining about where the country is headed - Socialism. I know that government is a necessity, it's big government that isn't necessary. In fact, the bigger the gov't gets(i.e. China) the less freedoms you have to post your "garbage" on the internet (take for example Google in China).

    BTW that powerful subculture where money and profit matter more than basic human necessityis paying for the welfare system,medicare, medicaid, and soon to be nationalized healthcare. All this and more is paid through the taxes of all that money and profit. All these things don't work because the government is running them.
     
  11. B_New End

    B_New End New Member

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    No, it steals from those people, and then asks them to be thankful when they get crumbs back. The system you are trying to defend uses the government to shut down competition and to tax people to pay for contracts to itself that the people get no benefit from.
     
  12. B_VinylBoy

    B_VinylBoy New Member

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    More propagated nonsense and buzzwords.
    Our government is built on a financial structure that is a hybrid of capitalistic and socialistic practices.

    More propagated BS. The "size" of government isn't the real problem here, but more about what our role government plays in regulating a standard of life for its citizens. If our Congress wanted to pass regulations to further restrict our activities online, they could do it without physically making government any larger than it is now. Choose better catchphrases... these old ones are played out.

    So what? It's a system I have no problem contributing to since it aims to take care of the health & well being of citizens, including many that I love. Health is a basic human necessity.

    You think an average person's weekly paycheck is a "profit"? :rolleyes:

    Medicare, Medicaid and Welfare have been GOVERNMENT SPONSORED PROGRAMS since their first implementation. How you would expect government programs to actually work without them regulating them to some degree is not only baffling, but shows that you really have no idea what you're talking about. Please try to provide an argument that isn't some distorted ideology riddled with political catchphrases next time, OK?
     
  13. b.c.

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    Really? Funny how big government and restrictions of "freedoms" are always FALSELY attributed to the so-called "liberal agenda". Typical b.s.

    Perhaps you should familiarize yourself with this post so that you can educate yourself as to who is REALLY threatening your civil liberties:

    http://www.lpsg.org/189731-wingnuttery-spreads-to-texas.html#post2836279
     
  14. cruztbone

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    Fine, then send an email to your senators to suggest Elizabeth Warren for the position. that is democracy in action.
    Bush did drive the economy over the cliff; the GOP went along for the wild , unregulated ride. Corporate capitalism DOESNT WORK AND DIDNT WORK!! What do you do when a system doesnt work? YOU CHANGE IT! YOU REFORM IT TO MAKE IT WORK FOR ALL THE PEOPLE, NOT JUST THE WEALTHY FEW! thats what Obama is doing. That is why he is correct and why he deserves reelection, not your ridiculous assertions about socialism. Enter "socialism" on a google search and go read about it before you make more irrational tea party tweets about something you know little or nothing about.
     
  15. fxc1100

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    When people use this word I wonder if they really know what it means and how are country is currently structured?
     
  16. Bbucko

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    We deconstructed that word and how it relates to the US here.

    Even the OP eventually admits than when he says Socialism, he means Welfare Statism, but that's near the end.
     
  17. dandelion

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    The problem is not big government, it is who controls the government. So who controls the US government? Answer that and you will know who will end up benefitting from government. Now, wasnt bush an oil man? And what do we have now? wars for oil, pollution for oil....

    In my experience things run just as well and just as badly if done by government or private industry. By which I mean, either one is capable of doing a very good job, or an absolutely awful one. But be clear, the aim of private industry is not to make people happier or wealthier. It is mainly to make those people running the company rich, and secondarily to make those owning the company rich. Whether anyone else gets rich in the process depends upon what laws a government imposes on the company. On the one hand how much it taxes that company and redistributes the money to everyone else, and on the other hand how much it regulates the operation of that company, for example to make certain it does not carelessly spill millions of gallons of oil. Dont know how much the US has managed on the first count to tax BP, but it has failed dismally in controlling what it does.

    I see several people felt moved to respond to this. Corporations do not spur innovation. Corporations left to their own devices abhor innovation which is bad for profits. Competition spurs innovation. The need to make a better widget to stay ahead of the competition spurs innovation. Left to themselves, corporations form cartels which do not compete with each other, but instead push up prices for worse and worse goods. That's capitalism. The only way the system can be made to work to benefit actual citizens is if government intervenes and forces companies to work for the people instead of for themselves.

    The reason for the US's preeminent position is perfectly obvious and is exactly the same as why Great Britain was once preeminent. It controls more resources than any other country and makes good use of them. It has ruthelessly exploited every other country it can. Sitting here in europe we can see the USSR and US as two extremes. One where all pribvate enterprise is sstifled, and one where private enterprise runs amok.
     
    #17 dandelion, Jul 17, 2010
    Last edited: Jul 17, 2010
  18. B_Marius567

    B_Marius567 New Member

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    Have fun trying to get a credit card or a loan now!!!
    obama credit card reform cost me money so Financial reform will cost me money too.
     
    #18 B_Marius567, Jul 17, 2010
    Last edited: Jul 17, 2010
  19. D_Bob_Crotchitch

    D_Bob_Crotchitch New Member

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    Personally, I wonder how many of you actually read in depth reports on the bill? It gives government agencies powers to regulate but it doesn't mean they will. Powers were already in place for a lot of this to be prevented. The federal reserve was irresponsbile, and allowed all kinds of insane experiments to take place. Alan Greenspan was largely to blame for a lot of it. The bubble began in the 90s with his experiments, and it popped in March of 2000. Nobody could have stopped it.

    There used to be laws regulating credit cards, and their interest rates. Congress allowed them to expire.
    So many of them took campaign contributions from the banks that it is a disgrace. One of the largest contributions from Goldman Sachs in 2008 was to Senator Dodd. He received over $100k. He is retiring because he is at risk of not being re-elected.

    With the dream of every american owning a home if they wanted one, Congress set up Fannie Mae & Freddie Mac for falls. It did little to oversee the operations, and Fannie Mae was run corruptly. From the 90s on it falsely reported profits to benefit the execs with big bonuses. Franklin Raines alone received over $90 million as a result of the fraud. He was allowed to settle without admitting guilt for a paltry sum.

    The cry that Goldman Sachs has been severely punished is a crock of BS. This past week, a committee voted 3-2 to allow Goldman Sachs to pay a fine of $550 million and not admit to securities fraud. It is mere pennies of what they could have been fined. The original settlement was thought to be in the range of one to six billion dollars. The settlement is approximately 4.3% of what they were handed in the 2008 bailout. The day the settlement was announced, Goldman Sachs Market value increased by $6.2 Billion. Stop accepting media hype and start digging.

    Congress is trying to set itself up as knights in shining armor but the truth is they allowed a lot of it to happen. People in both political parties helped create this mess. Now, they are lying out their butts trying to save their hides in November.

    The one truly good thing I can see in it is that it allows government regulators to liquidate the banks assets to repay money that is paid out to cover deposits.
     
    #19 D_Bob_Crotchitch, Jul 17, 2010
    Last edited: Jul 17, 2010
  20. B_New End

    B_New End New Member

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    But dude... its called the Financial Reform Bill. It must be good. We don't care about what it actually does or does not do. Stop harshin' my buzz.
     
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