Tag Archives: Chris Dodd

Financial Reform Bill-No Bill

July 24, 2010 The Dodd Frank Bill Lacks Deterrents for Wall Street CEO’s

The financial reform bill just passed in Congress is lacking in teeth, lacking in strength and for CEO’s there is no jail time or deterrents.  As we see from Goldman’s 500 million dollar fine, it was a slap on the wrist which has no real teeth other than a debt in Goldman’s rich bank accounts.

The lawmakers forgot the most important part which is punitive damages and deterrents to make the gamblers think twice.  The Ponzi schemes will continue simply because they can devise greater hidden clauses, obscure information and bite taxpayers once again without any personal penalties except a fine.

Obama Fails to Rein in Wall Street Banks- No Deterrents
Obama Fails to Rein in Wall Street Banks- No Deterrents

There will be no reform bill until these bozo’s go to jail and do some hard time for 20 years, then you will see Wall Street clamped on for real reform. 

There appeared to be nothing more rewarding to those who lost millions and their investments to Bernard Madoff than to see him in handcuffs, in an orange jumpsuit and doing some hard time in jail.

Did Obama go easy on Wall Street for campaign donations?

There is no better reform than justice and that means punishment for banks as they are measured so succinctly to the average citizen.  The reform means “change” and what is missing is a clear outline of further criminal penalties to any stockbroker, CEO, investment firm who wishes to defraud Americans or foreign banks again.

The American taxpayers are in no mood to see their money wasted in running the Obama administration when they come out with wimpy legislation that has no back up, no deterrents and no teeth to stand up in court.   After seeing the billions of taxpayers dollars being given out on bonus money to executives of the Wall Street banks, Americans want to puke at any whimsical laws made up by likes of Tim Geightner ( Pee Wee Herman) for his friends on Wall Street who were his former employers.  What Obama has effectively accomplished is a slap on the hand to Wall Street most likely to continue his campaign contributions for 2012 and a toothless bill.

Scott Brown Passes on 19 Billion to his Grandchildren

In fact Barney Frank and Chris Dodd actually removed a 19 billion dollar bank tax to garner Scott Brown’s vote for the bill, and they did somehow manage to relieve the banks from a tax and a source of revenue for the coffers.

Why Scott Brown would want less taxes for banks is also strange since his platform was greater power for the people in government – not big banks but he did the exact opposite.  It seems the banks got to Brown and convinced him otherwise. Yes it seems that Darth Vader the savior of Mass., voters rescued us from a fate worse than death- he got the banks a tax break!!

Brown must be proud of the way he held the American people hostage for his own self centered gains and we need to investigate which banks are contributing to his campaign funds. Scott remained faithful to his constituents namely the banks such as: State Street Corp., Mass Mutual and Bank of New York Mellon who all saved money thanks to Scott Brown.  Ted Kennedy will have already turned over in his grave. Scott Brown chose to pass that 19 billion on to his grandchildren and again saved the banks from a higher tax on profits.

The 2,300 page bill written mostly by Chris Dodd the Democrat from Connecticut who said ” no one will know until this is actually in place how it works”.  How about that for legislative experience?  It affects people’s lives more than Wall Street reforms and the regulators still failed to accomplish the goal of protecting the Financial  health of the nation’s money system. Dodd will not have to answer to this mess since he is retiring finally

The Financial Reform bill establishes a Financial Stability Oversight Council (FSOC) which is composed of some regulators who will watch for risks to the financial system.  The council is said to have unlimited powers to even sell off or close pieces of banks and investment firms.  The bill also establishes a permanent bailout capacity in the FDIC which will use tax payers dollars to dismantle large firms that are too big to fail.

Again we have no assurances that the ponzi schemes will not continue even today after the reform bill is passed. Secondly,  if you need provisions such as in the FSOC to break up a private bank or institution there will be other investors affected and lawsuits will surely be the result.

Fannie Mae and Freddie Mac

The problems of Fanny Mae and Freddie Mac have not been addressed in this bill which received the greatest amount of bailout money of all the nefarious lenders.  This is another failure of the Financial Reform bill of 2010 – it does not cover all the mistakes of the 2008 meltdown.

Republicans Had No Hand in Financial Reform Bill

It was ludicrous to believe that Republicans would support financial reform when they had played such a major role in deregulating Wall Street banks and prefer the Wild Wild West of yesterday where gambling and ponzi schemes would continue to rule the financial system.  The vision of Republicans backing up Wall Street and encouraging another meltdown has just scored them a loss of credibility in the polls.

We do know that the Republicans did not approve of the bill so there must be some good in it since most of their campaign funding comes from Wall Street and this is why they tried to block the bill.  The opposition had nothing to do with protecting the financial system but mostly again it was about politics.  On the one hand leading Republicans did call for financial reform, but had little or nothing to offer as to regulating Wall Street.

This is one regulation that people voted for, this was one place for Obama to show some stuff but he failed again to regulate the bank players that put 350 million people’s lives on hold for the next five years.  Another meltdown will surely bankrupt the United States of America – as we knew it.

Reforming the Financial Reform Bill

Editors Note: Already there are groups setting out to reform the Financial Reform Bill that failed with their legion of lobbyists to cut the hurt and soften the blow of regulations.  If Obama does not appoint Elizabeth Warren as the head of this commission to ensure the rules are applied, this legislation is as wimpy as those who wrote it.

Ed

Canadian Govt Bailout for – GM Canada

Just announced moments ago the Canadian government is prepared to go ahead and give the automakers that build cars in Canada the 20 percent bailout that affects Canadian autoworkers.

Tony Clement announces an agreement with the Ontario and Federal governments have negotiated a contract bailout which would make up 20 percent of the US bailout.

The US bailout is expected to be announced this evening from the Bush administration and there have been bilateral negotiations between the Canadian government and the US government in this co-ordinated effort to keep the automakers in business.

Plant shut downs were very close to becoming a reality and this bailout of the two countries does not mean that jobs will not be lost. A major cut back on jobs will be expected as part of the cost savings measures that the US automakers have to undergo to remain viably profitable.

It was announced by Democrat Chris Dodd that after last night’s no vote on the US automakers loan that banks were calling car dealers and calling in their loans.

The effects of the no vote last night sent markets tumbling in the world wide stock markets abroad and the economy was already starting to fail on the news of the bailout rejection by the US government houses. Senator Richard Shelby of Alabama who led the charge by the GOP minority has been accused of making concessions for foreign automakers such as Toyota, and turning his back on American autoworker jobs.

A mysterious memo was circulated by the UAW President this morning stating that the GOP was trying to break the Automakers Union the UAW of the United States.

Keywords:   Canada announces Bailout for Canadian automakers, Canadian government, Bush administration, Auto plant shutdowns, Richard Shelby, Chris Dodd, Richard Shelby, Alabama.

Obama Say’s It’s Going to Get Worse

December 6, 2008

President elect Barack Obama has not taken office yet, but already has analyzed the economy he is taking over as President in six weeks which will be worse.

In a weekly address Obama stated that we need action and now, in a vain attempt to speak to the current administration under George Bush which is totally out to lunch for the rest of his term.

Several key factors this week have led President elect Obama to be much less enthusiastic for speaking about the economy when he said that it is going to get worse, and most economist agree that it will be much worse. Obama stated the structural problems of the economy before the bailout of the financial industry made recovery more difficult. These days reminded him of what his parents had gone through with the Great Depression.

Obama has not seen any agressive steps in the housing market which he vowed to fix when he becomes President, namely in a freeze on foreclosures to give people breathing space before foreclosure proceedings.

Jobless Figures Released:

Employment fell sharply in November and the numbers of the unemployed rises to 6.7 percent of the total population as the figures were released from the US Department of Labor on Friday. In September 403,000 were added to the number of unemployed workers and November rose to 533,000 people out of work in one month as the recession deepens further. Job fairs are crowded and unemployment lines are long, as layed off factory workers look for jobs that do not exist.

Bailout of the Auto Industry:

Obama supports the bailout of the auto industry but with strings attached, namely a complete restructuring and asking for conditions to be met and holds the industry responsible for recovery. A 15 billion dollar loan will be floated to keep the big 3 alive until Obama takes office.

Senator Chris Dodd struggles with the fact that you cannot keep the same management that failed to make necessary market changes to keep the automakers in business namely smaller more fuel efficient cars.

The reasoning behind floating the loan to the automakers is the number of auto workers that would be out of work due to the failures of their company. Millions of workers would be added to the already record high unemployment figures released today.

TAGS: unemployment rates, jobless rate, Chris Dodd, President Elect Barack Obama, automakers, big 3 bailout, fuel efficient cars, unemployment rate rises to 6.7 percent, Jobless figures released, economy, bailouts, its going to get worse, news, media, politicol news.