How Wall Street Bankrolled the GOP congressional victories

Discussion in 'Politics' started by SilverTrain, Jan 5, 2011.

  1. SilverTrain

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    How Wall St. execs bankrolled GOP victory - Politics - msnbc.com

    An excerpt:

    "Bitterly opposed to President Barack Obama’s economic and regulatory policies — including proposals to increase taxes on some of their profits — top Wall Street hedge fund moguls were unusually energized during last year’s election. They held multiple fundraisers and coordinated strategy to direct what appear to be unprecedented sums into the coffers of GOP and allied political committees, according to industry and GOP fundraising sources.
    Many substantial donations from the hedge fund executives escaped public notice either because they were made late in the campaign (and therefore weren’t reported until after the election) or were funneled through third-party groups, obscure “joint fundraising committees” and newly created political nonprofits that are not required to disclose donors.
    The net effect has been to give the hedge funds important new allies at a time they are fending off regulations mandated by the Dodd-Frank financial reform bill and an aggressive Justice Department investigation into insider trading.
    A prime example is Rep. Scott Garrett, a little known Republican from northern New Jersey who this week is slated to become the new chairman of the House Financial Services subcommittee on capital markets, a key panel that has direct oversight of the industry. A staunch foe of the regulation of Wall Street, Garrett has threatened to cut funding for the Securities and Exchange Commission and roll back some provisions of Dodd-Frank." (emphasis added)


    Gee, it's nice to know there's so much opposition to the type of regulation that would have prevented the catastrophically devastating financial crisis in which we are still mired. A classic case of "I'll do whatever I can to protect my massive profits, even if the result of my actions is a continuation of the screwing over the rest of the world."
     
  2. Bbucko

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    Am I just a cynical, bitter old fuck or does this seem not just likely but inevitable? Wall Street's never seemed like a bastion of altruism, and politicians have been for sale for years. That's how the rich get richer and all that.
     
  3. SilverTrain

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    No doubt. But apparently, the voting populace needs lots of reminding.
     
  4. sargon20

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  5. JackWyatt76

    JackWyatt76 New Member

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    No, it's inevitable. We are all fucked


    A lot of reminding: Half the country's either stupid or ignorant beyond belief


    I gotta remember that

    No shit
     
  6. maxcok

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    Out of the ditch, only to head right off the cliff, and apparently no one has the huevos to try and stop it.

    The public is bamboozled, and we are all doomed.
     
  7. Speculator

    Speculator New Member

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    Well that's how the political party system works, you find somebody that shares your interests and then your financially support them so your ideals are put into practice. There's nothing corrupt in having traders and hedge fund managers offer donations to party X, at what point does personal income prevent you from voicing your concerns at the national level? $50? $100k? $500k?

    If you don't like it then pay for an alternative!
     
  8. B_VinylBoy

    B_VinylBoy New Member

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    In a system where everyone born into it are subjected to complete societal and financial inequality (despite what it says in the Constitution), that is NOT how a political party system should work.
     
  9. SilverTrain

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    You're the first person in the thread to mention corruption.

    The important point is that these so-called financial wizards are really nothing but greedy, sociopathic sons-of-bitches, who are scheming to return the financial systems to the unregulated ridiculousness that led to worldwide meltdown a few short years ago.

    It's bewilderingly asinine of them. How can anyone NOT favour a discussion of the matter?


     
  10. Speculator

    Speculator New Member

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    So the greedy should be prevented from engaging in the party process?

    It's not the "sociopathic sons-of-bitches" on Wall Street that you have to worry about, it's Obama and Bernanke; they're the ones that keep refilling the punch bowl and it's going to end in financial disaster.

    The U.S is deperate for a recession, you need to clear all this malinvestment from the system so you're able so start over, but Obama won't allow it because he thinks it muddies his reputation. So he's going to keep on inflating and hand an even bigger set of problems onto the next guy, there's no regulation in the world that could fix this political problem.
     
  11. Speculator

    Speculator New Member

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    Perhaps, but I don't see what this has to do with the rich supporting the Republicans. If it bothers the poor that much why don't they set up their own party and take advantage of their numerical advantage? Probably because they're too lazy to get off their butts and do domething about it.
     
  12. SilverTrain

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    You really seem to have no idea what you are talking about.

    Aside from trolling, you're input, in this thread at least, is superfluous.
     
  13. Industrialsize

    Staff Member Moderator Gold Member

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    The recession ENDED in June of 2009:
    NEW YORK (CNNMoney.com) -- The Great Recession ended in June 2009, according to the body charged with dating when economic downturns begin and end.

    NBER declares recession ended in June 2009 - Sep. 20, 2010
    v
     
  14. Speculator

    Speculator New Member

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    So if somebody disagrees with you it makes them a troll?

    You sound slightly paranoid imo.
     
  15. SilverTrain

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    What "disagreement" has there been?

    It's a thread voicing concern about Wall Street and the GOP wanting to take us right back to the policies that led to the recent worldwide financial crisis.

    You're throwing up invisible straw men in the form of "anyone can put their money behind whatever politician they want" and "it's not definitionally corrupt to lobby". No shit, is the answer to both of those. The wisdom of supporting a return to the "GOP sacred" policies of the allegedly pixie-dust laden highways and byways of the unregulated free market, is what's at issue here.

    Your replies have amounted to nothing but non sequitur.
     
  16. Speculator

    Speculator New Member

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    You need to GET OFF your high horse, the lack of oxygen is addling your brain.
     
  17. B_VinylBoy

    B_VinylBoy New Member

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    Oh yeah, it's "laziness"... couldn't be that the poor are born into an unremitting series of poverty and can't just find some obese guy name Koch to drop a few billion dollars from behind the scenes in a dishonest blitz of the media, fueling the way for other disingenuous hacks and their phony "grassroots organizations" to flood the internet, radio and television with falsified commercial ads and political smear tactics. Nope, none of the inherited societal stigmas and financial hurdles that are placed on the mass majority of people as soon as they're out of the womb. It's just gotta be "teh lazzynezz", even though most of the poor work much harder than you (or any rabid neo-con) could ever fathom for wages well below what they're worth due to a lack of opportunity for merely being raised in a cycle of poverty. Yeah, spoken like a true bullet point regurgitating, blind ideological guzzling, neo-conservative idiot.

    And BTW, I'm not poor. My partner and I own two condos in Manhattan and combined gross salaries are well into the six figure range a year. But even we know where the problems exist in our country. More than you ever would.
     
    #17 B_VinylBoy, Jan 6, 2011
    Last edited: Jan 6, 2011
  18. midlifebear

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    You need substantially more education that the five years you currently have.
     
  19. B_talltpaguy

    B_talltpaguy New Member

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    He was right when he said this though. What's going on is technically not illegal. And that's the problem, it NEEDS to be made illegal... But we already know that the dipshit Supreme Court fucked up any hope of the Constitution being correctly applied, by inventing this "corporations are people" and "money is free speech" bullshit. There is only one possible solution here. We need Constitutional Amendments that eliminates both of those problems, and then we also need to reform the campaign process so that money is eliminated as an influence on the ability of candidates to compete with one another. This is why the Constitution is amendable, so fucked up shit like this that the framers couldn't see coming can be fixed. To me, that's it. Done. We either do what needs done and things get better, or we don't and we're fucked.
     
    #19 B_talltpaguy, Jan 6, 2011
    Last edited: Jan 6, 2011
  20. b.c.

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    That's why the Repug's spent all day today reading The Constitution... all showboat, smoke, and mirrors - a piss poor attempt to legitimize how they'll be FUCKING us over for the next two years or more.

    LMAO at this very moment watching Boehner trying to field Brian's questions on the evening news - by skillfully talking from his mouth AND asshole... simultaneously, of course.
     
    #20 b.c., Jan 6, 2011
    Last edited: Jan 6, 2011
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