Banks and securities firms were collapsing, the mortgage market disintegrating, Wall Street itself was on the rocks, people were losing their life savings, homes and cars, while their credit lines were being cut off for no particularly good reason.
While this was going on, dozens of "senior" SEC staffers were surfing a variety of porn sites as much as 8 hours a day! This excluded the surfing time on taxpayer time and dollars of Elliot Spitzer, Bill Clinton and Barney Frank.
Now, that aging and thankfully retiring genius, who was responsible for the mortgage collapse, Senator Chris Dodd, who also forgot he got a sweetheart mortgage deal from a failed mortgage provider, has been looking to force on the market another Federal monstrosity with no less than 12-14 new departments and bureaucracies to over see the financial markets and firms!
It was Dodd, and his look alike, Barney Frank ( the voice of Yosemite Sam in the cartoons), who fought every attempt to stop the failed policies of FANNY and FREDDIE who they defended their reckless policies and paid millions to their appointed Democrat leaders.
We already have so many overlapping government policing bodies for the securities industry, that I bet Mr. Dodd could not even name several, and he is the chairman of a Senate committee overseeing all types of financial markets. Thankfully he is being chased out of the Senate before the ray of light is shined on his illustrious career of greed, self dealing and ineptness.
This guy has done more to decrease the value of our homes, screwed up our lending industry and all the while enriching himself.
Now he wants to reform the industry...him reforming the industry? LOL.
Dodd is a dud, finally he is leaving. This guy never had a real job in his life and has lived off the public dole his entire life...thank you for finally quitting and don't let the door hit you on the way out....one down and 59 to go!
Senate Democratic leaders set Monday for a key vote on financial regulatory reform legislation, setting off frantic negotiations to complete a bipartisan deal, while President Obama, speaking in New York, urged Wall Street "to join us, instead of fighting us." Right, join us id further destroying the free markets, free enterprise and add countess needless incompetents federal porn surfers.
The effort to reach a compromise on the landmark bill is expected to stretch through the weekend. Negotiations are focused on easing some of the bill's tough proposals on consumer protection, a fund to handle future financial crises and controls on the complex financial derivatives markets.
It is doubtful that any of the writers of this bill even know what a derivative is!
"We cannot turn into a petulant organization that screams at each other," said Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.). Oh really Senator, what really should be done is your mom needs to put you over her knee and spank you till you can finally see the light.
"We are now confronted with another great challenge — whether or not we can address the kinds of issues that will avoid the next financial crisis," Dodd said. Yes the crisis caused by YOU!
"We're continuing to negotiate in good faith, trying to reach a common goal," said Sen. Richard C. Shelby (R-Ala.), who has been working with Dodd to craft a compromise. "I hope it's a bipartisan bill that we can gather a lot of people on both sides of the aisle.… But what is the main goal? To do it right."
Senator, you need to take your meds, so that you know what you are talking about.
The groundwork for the Senate's first vote on the issue was laid Thursday when Senate Majority Leader Harry Reid (D-Nev.) Who voted against his own Health care bill since he appears to have dementia, asked to bring the legislation up for debate. As expected, Minority Leader Mitch McConnell (R-Ky.) objected, delaying action and giving negotiators more time to reach a compromise. Even if no deal is reached, Reid could win over at least one Republican ( dazed or fooled, confused) to circumvent McConnell's objection with a 60-vote majority in Monday's vote to begin formal debate.
Sen. Charles E. Schumer (D-N.Y.), another genius, said he found it hard to believe that Republicans would "all vote no, blocking financial reform." They would not vote no if this was really reform.
"My guess is they won't," he said. But so far, no Republican has publicly announced support for the bill.
The landmark legislation would tighten financial regulations dramatically, alter free markets and create countless new federally mandated porn surfers, with great pension programs at taxpayer's expense.. It would create an agency to protect consumers in the financial marketplace; impose tough regulations on complex financial derivatives; grant shareholders a nonbinding vote on executive compensation ( wee need to vote on the salaries of the senators as well; and give the government authority to seize ( for any reason, and dismantle large firms whose failure would pose a danger to the economy or to their political agenda, to try to avoid future bailouts.
The financial industry, business groups and many Senate Republicans oppose several provisions, including a requirement that large banks such as Goldman and Bank of America spin off their derivatives-trading operations into subsidiaries. Industry executives argued that this could drive lucrative derivatives business overseas.
Democrats and Republicans also were haggling over how much power states would have to enforce national rules that the new consumer agency would write on financial products.
Another focus of dispute, however, appeared close to being solved. Many Republicans strongly oppose a proposed $50-billion fund to cover the costs if the government has to seize and dismantle a large financial firm on the brink of bankruptcy.
McConnell said having such a fund in place would allow it to be used for future bailouts. Dodd and Obama administration officials have said they are not wedded to the prepaid fund. They prefer that all taxpayers instead fund all the costs.
