Obama Financial Reform bill maintains Too Big To Fail bailouts: Geithner admits to Brad Sherman (D-CA) the financial reform bill will allow Treasury to give unlimited funds in future ‘failures’..

Update: CSPAN has the full hearing up here, see here for the testimony of the examiner who did the forensic accounting on the Lehman collapse. He starts out explaining how highest levels of regulators were ‘concerned’ about Lehman in 2007 but did absolutely nothing, not the NYFed not the SEC. None of them took action.

Treasury Secretary Tim Geithner tells Rep. Brad Sherman that “You cannot know in advance how much money you will need to resolve a Lehman.” This confirms the Democrats want to set up a bailout fund without limits.

Perfect. The big behemoths who brought us to our knees will get nifty low rates since everyone will know once this is passed, their debts are protected by taxpayers funds in bailouts of hand selected collateral debtholders by Treasury in future failures…kill this bill it is a giant gift to JPMC, GS and whomever is making money on FAN FRED FHA Citi BofA, see the excellent analysis at Naked Capitalism:

In a letter to Senate majority leader Harry Reid and minority leader Mitch McConnell, luminaries including former SEC Chief Accountant Lynn Turner, former Labor Secretary Robert Reich, hedge fund owner Jim Chanos, former Lehman Brothers Vice Chair Peter Solomon, former S&L investigator Bill Black, former Senate Banking Committee Chief Economist Rob Johnson, economists Dean Baker, Barry Eichengreen and others pointed out that Dodd’s proposed financial reform legislation wouldn’t have prevented the current crisis … and won’t prevent the next crisis.

Dodd himself has admitted that his bill “will not stop the next crisis from coming”.

In fact, the bill is wholly ineffective, failing to address the core things which need to be done to stabilize the economy. See this, this and this….

The House Financial Services Cmte heard testimony from SEC head Mary Schapiro, Bernanke and Geithner on the regulatory failures during Lehman. I support a well regulated free market. Not a market with tons of regulations that no one enforces on the select few who payoff the regulators or otherwise ‘capture’ them.

It was CRYSTAL clear that they HAVE THE POWERS THEY NEED already in the case of Lehman, and they were victims of REGULATORY CAPTURE and failed to act. Tim Geithner specifically admitted to Ed Royce R-CA that yes as head of NY Fed under his purview Lehman FAILED stress tests, yet they did..nothing. Here is Royce telling Geithner LAST JULY that the permanent bailout authority they had in the bill then was unacceptable

Sarbanes Oxley was the regulation needed, Dick Fuld signed the financial statements under SarbOx he should be prosecuted. We got better results from Dubyah with Enron for Gawd’s sake.

They don’t need more unchecked power to proclaim bailouts and seize large American firms without Congressional approval and dole out bailouts a la GM and Chrysler in the way they deem fit. That is exactly what the Dodd bill does.

Team Obama has repeatedly told Mark Warner D-VA, Chris Dodd, D-Countrywide, Blanche Lincoln -D-AR, to pull out of negotiations with the GOP, specifically Bob Corker R-TN and Shelby R-GA. They portray Obama as entering the fray early on this one. HA! AS IF!! Dodd and Shelby and sometimes Corker have been hammering at this for over a year already. Pullllease….

This is all kabuki from the team of ubergeniuses that funded Os campaign and who apparently have killed the Volcker Rule..again. We really have no one to fight for us here IMO.

The GOP will not allow the Volcker Rule which would effectively limit some of the risks of collapse and TBTF,(since we have no earthly idea what the banks are really holding, Repo 105s and all)  (and the bank taxes the Left is levying globally will assure financial business doesn’t flee to UK for now) and the Dems are in bed with these guys calling the shots on regulation, see Dodd, Chris and the WH which wants to leave the rule vague and they claim that is by design:

…Banks for months have groused that the Volcker rule, which proposes to ban banks that take deposits from trading securities for the firm’s benefit only, doesn’t offer a well-defined description of what constitutes proprietary trading activity.

Banks including JPMorgan Chase, Morgan Stanley and Goldman Sachs argue that there are gray areas in which they are engaging in proprietary trading to hedge their own activities as financial intermediaries with clients.

“What [lawmakers] are outlining is the idea of what we are trying to prevent,” the official said. “These are guidelines. What the banks are saying is, ‘We want that to be written into the law — the details of which kind of transactions should count — and I think that that’s a bit disingenuous.”…

Exile on Main Street baby. Hey I’ll party with the people patriots anyday of the week. When push comes to shove, people look out for each other here in ‘the Middle’. I love Main St. It is my favorite part of Disneyland in fact, lol.

Main St, U.S.A. Disneyland

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April 20, 2010. Tags: , , , , , , , , , , , . Economy, Finance, Housing, Obama Administration, Politics, Popular Culture, TARP, Taxes, Wall St. 1 comment.

YGN: ‘Kick-Ass’ Review: Brutal, Bloody, Brilliant…

By Matt and Nat, follow them at YourGeekNews/BSGcast:

We couldn’t have been more blown away by Kick-Ass. A top-notch story, great performances, incredible humour and a surprisingly meaty film-going experience were disguised as a goofy superhero comedy by Lionsgate’s one-dimensional advertizing campaign. If you haven’t seen Kick-Ass, and you can take some gruesome violence and potty-mouthed humour, you owe yourself a night out at the movies to let Matthew Vaughn and Mark Millar Kick your Ass!

April 20, 2010. Tags: , , , , , , , , , , , , , , , , , , , . Art, Comedy, Entertainment, Fantasy, Film, graphic art, Horror, Popular Culture, Sci Fi. Comments off.

Twofer Tuesday: Shout out to the Big Dawg – Stop all of your sobbing…

Update: AP at HA puts me some knowledge. Big Dawg did in fact discuss the rhetoric against Chris Christie R-NJ, so he has the left in mind too when he cautions this way. Great to know. I still think the water is too muddied for him to raise Oklahoma City in this context.

…In fairness, Clinton mentioned Christie as being a target of incendiary rhetoric in his Oklahoma City interview with Tapper over the weekend. What he didn’t mention, conveniently, was any culpability for mainstream liberals in inspiring this sort of reaction to smaller government….

Okay Big Dawg. I mean this in the nicest way possible, please Stop Your Sobbing and Shuddupayourface.

You know I am a fan. I watched you resist the Obama-Carter push to label us as racist earlier this year. You knew after they played that card on you it wasn’t true. Now I am asking you to consider that we are not inciting anything by expressing ourselves freely.

I know you were scarred in a way by Oklahoma City and the VRWC. But we Tea Party Patriots are as peaceful a group as any I have ever seen.  Maybe you didn’t mean to tar us as extremists tossing incendiary rhetoric that could lead to violence. I certainly hope it is the lamestream media twisting your words.

I would like to think you realize your comments would do far more good were they taken to heart by Trumka of AFLCIO and by SEIU who are marching on Wall St next week in the thousands as part of their class warfare rhetoric. Or by the lamestream media who is ratcheting up the sense of anger on the left. Or by OFA which sends out endless emails dehumanizing anyone they perceive as interfering with the implementation of the Obama ‘transformative’ process. But after what happened to Hillary, you should know better than to talk to the NYT, they are carrying water for Team Obama.

We are peaceful. We are patriots. We are proud of our country, our rallies, our voices and our right to speak freely. If you are too insulated to see this is not 1994, that Obama is not you and that what he is doing is an incredible overreach of government into our lives, that is your cross to bear. But please stop labeling Americans.

Many of us are lifelong Democrats who voted for you and Hillary. We love America and we cannot be ‘guilted’ into withdrawing our support from the Tea Party so please stop.

Pew Research finds more Americans distrust their government than ever, and that it not because we are speaking out. We are speaking out because of the overhanded, overreaching, overregulating, overspending, overtaxing, and overweening pride and arrogance of Team Obama and their top down transformation of we the people into something we do not want to be.

April 20, 2010. Tags: , , , , . Music, Politics. Comments off.

Update: Gutierrez (D-IL) asks Obama to ‘intervene’; Kyl & McCain call for 3k Nat’l Guard troops at border; AZ Illegal Immigration enforcement bill goes to Gov Brewer for signature by Sunday to enact…

Update: Oh look Luis Gutierrez (d-il)  is pulling Obama’s chain again on immigration, Is it gonna be Kerry and Cap and Tax or Gutierrez and immigration this May? and with  Grahamnesty on both!? This will hurt MACs campaign… tick-tock..

Hispanic lawmakers want President Barack Obama to intervene if Arizona Gov. Jan Brewer doesn’t veto a sweeping illegal immigration bill that would require police to stop anyone suspected of being an illegal immigrant.

“The governor of Arizona should veto the bill, and if she doesn’t the president of the United States, Barack Obama, should assert the federal government’s preeminent role in regulating and enforcing our nation’s immigration law,” Rep. Luis Gutierrez (D-Ill.), said Tuesday.

A senior administration official said the White House was studying the bill….

Update: Video added

Update: Sen Kyl and MAC (in his continuing evolution to ‘tuff’ on illegal immigration) outlined a 10 point plan to secure the southern border yesterday h/t AZ StarNet:

10-step border security action plan unveiled by Sens. John McCain and Jon Kyl:

• Immediately deploy 3,000 National Guard troops along the Arizona-Mexico border and add 3,000 Custom and Border Protection agents to the Arizona-Mexico border by 2015.

• Fund and support Operation Streamline in Arizona’s two Border Patrol sectors to ensure that repeat illegal border crossers go to jail for 15 to 60 days.

• Provide $100 million, an increase of $40 million, for Operation Stonegarden, a program that provides funds to Arizona’s border law enforcement for additional costs related to illegal immigration and drug smuggling.

• Offer hardship-duty pay to Border Patrol agents assigned to rural, high trafficking areas.

• Complete the 700 miles of fencing along the U.S. border with Mexico and construct double- and triple-layer fencing at appropriate locations along the border.

• Increase the 25 mobile surveillance systems and three Predator B aerial drones in place along the Arizona-Mexico border. Send additional fixed-wing aircraft and helicopters to the Arizona-Mexico border.

• Increase funding for vital radio communications and interoperability between agencies.

• Provide funding for additional Border Patrol stations in the Tucson Sector and explore the possibility of an additional Border Patrol sector for Arizona. Create six additional permanent Border Patrol forward operating bases, and provide funding to upgrade the existing bases to include modular buildings, electricity and potable water. Complete construction of the planned permanent checkpoint in Arizona. Deploy additional temporary roving checkpoints.

• Require the federal government to fully reimburse state and local governments for the costs of incarcerating criminal aliens.

• Place one full-time federal magistrate in Cochise County and provide full funding for and authorization of the Southwest Border Prosecution Initiative to reimburse state, county, tribal, and municipal governments for costs associated with the prosecution and pretrial detention of federally-initiated criminal cases declined by local offices of the U.S. attorneys.

Senate gave the final approval to some changes and the bill is now with the Governor waiting for signature. I sent her an email asking her to sign it and letting her know that hubby and I although lifelong Dems support this bill. Never hurts to let a pol who is running for office know they have bipartisan support on an issue! Hopefully she will sign it.

AZDailySun:

The question of whether police will be required to ask people if they are in this country legally is now in the hands of Gov. Jan Brewer.On a 17-11 margin Monday, the state Senate gave final approval to a package of changes in state law that proponents say will help crack down on illegal immigration. Sen. Russell Pearce, R-Mesa, the architect of the plan, said state action is necessary because of the political failure in Washington to secure the border.

While some changes are minor, like making it a crime to stop in traffic to solicit a day laborer, the heart of the bill is aimed at what Pearce said is “removing the handcuffs” from local police.

To that end, SB 1070 would overrule any policy or procedure of a city council or police department that keeps officers from enforcing federal immigration laws. It also says that, when practicable, police must inquire about the immigration status of those they encounter as part of their regular activities.

And to ensure compliance, the legislation permits anyone who believes police aren’t doing all they should to file suit, with judges required to impose fines of up to $5,000 a day if the citizen suit succeeds.

It also lets police arrest illegal immigrants and charge them with the state crime of not carrying their visas or resident alien documents issued by the U.S. government….

Key provisions of SB 1070

— Prohibits any government agency or official from restricting enforcement of immigration laws “to less than the full extent permitted by federal law.”

— In situations where “reasonable suspicion exists” someone is in this country illegally, “a reasonable attempt shall be made, when practicable, to determine the immigration status of the person” except if it would hinder or obstruct an investigation.

— Says police “may not solely consider race, color or national origin.”

April 20, 2010. Tags: , , , , , , , , , , , , . Economy, Immigration, Obama Administration, Politics, Popular Culture, Taxes. Comments off.

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