Sen. Bob Corker R-TN ‘WH politics and healthcare have killed the bipartisan Financial Reform Bill’

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Corker sounded very sad that Dodd (D-CT-Friend of Tangelo) let him know yesterday that they will not be proceeding with the bipartisan talks on the Regulatory Reform Bill. Compare this announcement with the optimistic tone Warner (D-VA and Warner is also IMO the DNC choice to run against Hillary in ’16 no doubt) and Corker had just 2 weeks ago, remember ALL must bow before the almighty health care reform, even this, the most important thing they can do for the economy…

Recall this is the second time the Dems have screwed Corker after he put it all on the line for them, the same thing happened when he was trying to help in the GM bailout talks…fool me three times??

Corker has been taking serious heat for working with Dodd and the Dems and here is his reward,  he is dumped to the curb…let it be a lesson to others, these Congressional Democrats are NOT your Daddy’s Dems, they are ideologues and even those who WANT to work together (Corker kept going on and on about how wonderful Dodd and Warner D-VA were), the WH will put the kibosh on it….

So are they going to ram ahead on a partisan Financial Regulatory bill using reconciliation too?

CNBC:

A bipartisan effort to craft a financial reform bill fell apart in the Senate, with Senate Banking Committee Chairman Chris Dodd (D-Conn.) saying he would move ahead on a revised package without Republican support. At a news conference after Dodd’s announcement, GOP committee member Bob Corker said the “decision was very disappointing” but added he understood “the pressure he [Dodd] was under.”

“There’s no question the White House, politics and health care have kept us from getting to the goal line,” he added….

…”Dodd is going for broke, hoping that somehow he can push a bill out of committee even though he has not been able to work out crucial deals behind closed doors,” said banking analyst Bert Ely. “I have been highly skeptical for months about the prospects of major financial regulation legislation this year. I now am more skeptical than ever “…

Another key legislative issue biting the dust because Obama and Pelosi are OBSESSED with healthcare. Nice way to govern..NOT.

This is a great time to post NakedCapitalism’s EXCELLENT (should win Pulitzer for Truth in a world of propaganda hacks) Blog post on how Obama has TANKED meaningful financial regulatory reform already:

I’ve seldom seen so much rubbish written by people who ought to know better in a single day. Many able people have heaped the scorn and incredulity on three articles, one a piece on Rahm Emanuel slotted to run in the Sunday New York Times Magazine, another an artfully packed laudatory piece on Timothy Geithner by John Cassidy in the New Yorker and a more even handed looking one (I stress “looking”) in the Atlantic.

Ed Harrison has skillfully shredded parsed the Geithner pieces . Simon Johnson thrashed the New Yorker story

Continues after the break:

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March 11, 2010. Tags: , , , , , , . Economy, Finance, Healthcare, Obama Administration, Politics, TARP, Taxes, Wall St. Comments off.

Market Update: Bernanke Rally or Dead Cat Bounce??

DOW up 245 now to 7360..CNBC: Tony Crescenzi, Chief Bond Strategist of Miller Tabak thinks it is Bernanke’s leadership and testimony indicating he believes the banks will not fail post stress test as they will get capital they need and recover…thanks to GOP Sen Bob Corker Tenn for asking the questions!!!

Analysts torn between technical correction/dead cat bounce and the idea of Bernanke’s words of wisdom..

Trade em while you can…Cramer said sell at 10,000 and he is still down on the markets..(and so are we at MiM)

Bernanke predicted little inflation for the foreseeable future so GOLD is down (MiM is buying it on the dip :0))

February 24, 2009. Tags: , , , , , , . Economy, Finance, Politics, Uncategorized, Wall St. Comments off.

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