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STOP THE MADNESS!… Stop Bob Corker & the Godawful Banking Bureaucracy Boondoggle
gateway Pundit ^ | 03/04/10 | Jim Hoft

Posted on 03/03/2010 11:54:47 PM PST by American Dream 246

Do Republicans Not Get It? Did they not pay attention to the thousands of tea parties this past year? Did they not see the hundreds of thousands of tea party protesters across the nation? Did they miss the million protesters who marched down the streets of Washington DC on September 12th?



(Photo via Instapundit and Mary Katharine Ham) Are the Republicans really that blind? Do they Not Care? Even awful Speaker Pelosi is warming up to the Nazis tea party protesters.

After all of the posturing and preening and shouting and yelling and marching and tea party protesting, America is about to get the whole Democrat agenda shoved down our collective throat. Barack Obama announced today that Democrats are going to use reconciliation to jam Obamacare through Congress and essentially nationalize one-sixth of the US economy. And now, Republicans are about to offer them the rest of the American economy on a silver platter thanks to Senator Bob Corker. Congress is currently working to create a whole new consumer protection division within the Federal Reserve. This new division will give the Fed more power and focus on consumer protection. And, a Republican, Bob Corker, is for some reason leading the charge to create this whole new bureaucracy. The Wall Street Journal reported:

Several senior Republicans have joined negotiations with Banking Committee Chairman Christopher Dodd (D., Conn.) over how to construct consumer-protection rules, potentially bringing more Republican votes to a broader revamp of finance rules—if Democrats can stomach more concessions.

“We’re very, very, very close to a deal,” Sen. Bob Corker (R., Tenn.) said in an interview.

The development came after a closed door meeting Tuesday night between Mr. Corker and Sens. Mitch McConnell (R., Ky.), Richard Shelby (R., Ala.), Judd Gregg (R., N.H.), and Mike Crapo (R., Idaho).

The meeting was called after a Wall Street Journal story Tuesday said Messrs. Corker and Dodd were near an agreement on a compromise to create a new consumer protection division within the Federal Reserve…

…On Wednesday, Treasury Secretary Timothy Geithner and White House senior advisor Valerie Jarrett met with consumer and public interest groups and said new consumer protection rules would be formidable.

At the meeting, Mr. Geithner said it was an “empty argument” that safety and soundness regulation couldn’t be separated from consumer protection, someone familiar with the meeting said. Treasury officials also said they would only support new rules if the agency had an independent leadership, budget and decision making powers, and the power to set rules and enforce them.

Grassroots conservatives are rightly up in arms over Senator Corker’s game of footsie with far left Democrat Chris Dodd on President Obama’s effort to impose a massive new regulatory scheme on America’s economy. Dodd, of course, is one of the architects of the current financial crisis. His decades long support of ACORN, Fannie Mae, Freddie Mac and the Community Reinvestment Act should have disqualified him from these negotiations in the first place. But, this is Washington, after all, and apparently Bailout Bob was willing to look the other way and turn the other cheek.

This was even after the House of Representatives passed a similar bill in December, but it received no Republican votes. Close to two dozen Democrats voted against it.

The House passed financial reform bill, crafted by none other than Barney Frank (D-MA) contained a permanent bailout fund for banks and Wall Street firms and created a new agency of government that would be allowed to regulate any and all business in America. It received no Republican votes and close to two dozen democrats opposed the legislation. But, it is alive today thanks to Bob Corker.

The ironically named Consumer Financial Protection Agency will pile a new bureaucracy on top of an existing bureaucracy. It will spend hundreds of millions of dollars imposing job killing regulations on small business. It will have the power to strip consumers of their freedoms and restrict credit opportunities for small business. And, there’s more. Also tucked in the bill is a clause that gives the Federal Reserve the authority to bailout businesses to the tune of an astonishing $4 trillion.

The bill seemed to be dead until Corker decided to grab favorable headlines from the New York Times. According to news reports, Corker’s solution to the problem is to move the new regulatory agency to the Federal Reserve as opposed to leaving it a stand alone agency. Corker is misleading his colleagues and the public by telling them that this will some how save money.

Let’s be clear, the bill contains bailouts for big banks and Wall Street firms and new red tape nightmares for main street businesses. What difference does the location of this new uber-regulatory bureaucracy make? The only thing this bill will save is jobs, paychecks, yachts and third vacation homes for Wall Street bankers and irresponsible CEOs.

The fact is we need to reduce the size and scope of government not allow a government takeover of the financial sector of the economy.

The word from the halls of the Capital is Corker is still trying to cut a deal. But, honestly, what can conservatives possibly get from such a deal? If you strip out the bailouts and the new Washington bureaucracies and regulations, there is nothing left. So, any deal will be a bad one. A quick look at Corker’s financial contributors leaves one wondering whether Corker supports Wall Street more than Main Street. He is giving those at the top a handout while giving the middle class the bill. And as far as the tea party movement. Corker will forfeit any political ground conservatives have gained back recently.

Call Bob Corker and tell him to Stop the Madness. (202) 224-3344



TOPICS:
KEYWORDS: corruption; economy; education; elections; government; healthcare; independants; marxism; military; notbreakingnews; obama; obamacare; palin; republicans; teaparties; treason
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1 posted on 03/03/2010 11:54:47 PM PST by American Dream 246
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To: American Dream 246

Don’t be naive to how DC works. Corker has succeeded in moving the Independent consumer group inside the Fed, where it will not be independent.

It’s a huge win against the Left.

In one move Corker neutered their new attack group.


2 posted on 03/03/2010 11:59:10 PM PST by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: Southack

Please can you explain? Thanks :-)


3 posted on 03/04/2010 12:00:12 AM PST by American Dream 246 (Open your eyes. Freedom is not a one day fight. Enemies of Freedom are legion.)
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To: American Dream 246

As an independent group, the new consumer agency would have its own funding...and no bosses. It would be free to attack banks unless banks made loans to the right PC groups, for example.

But under the Fed, the new consumer agency has a boss...the Fed Reserve Board...and depends on Fed funding. The Fed Reserve Board is staffed by...bankers.

Now the new consumer group is no longer free to make unlimited attacks on bankers.


4 posted on 03/04/2010 12:02:06 AM PST by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: Southack

Well, if this a good news, then I will take it...You seem to know a lot. Thank for the explanation :-)


5 posted on 03/04/2010 12:07:34 AM PST by American Dream 246 (Open your eyes. Freedom is not a one day fight. Enemies of Freedom are legion.)
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To: Southack
But under the Fed, the new consumer agency has a boss...the Fed Reserve Board...and depends on Fed funding. The Fed Reserve Board is staffed by...bankers. Now the new consumer group is no longer free to make unlimited attacks on bankers.

How is the Fed protecting banks (other than throwing money at them) these days?

A consumer protection agency under the auspices of the wolves? Yep, I see it as a real winner for me. /s

6 posted on 03/04/2010 3:03:37 AM PST by raybbr
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To: Southack
…On Wednesday, Treasury Secretary Timothy Geithner and White House senior advisor Valerie Jarrett met with consumer and public interest groups and said new consumer protection rules would be formidable.

Exactly what formidable protections do we need?

Honestly, putting my purchases, of anything, under Fed control is not something I see as positive.

7 posted on 03/04/2010 3:05:51 AM PST by raybbr
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To: raybbr

We need politicians who understand the direction this country needs to move is away from more government, not toward it. That is the bottom line. We HAVE to get away from this RINO “We have a BETTER way to more goummint BS.”


8 posted on 03/04/2010 3:23:45 AM PST by wastoute (Government cannot redistribute wealth. Government can only redistribute poverty.)
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To: American Dream 246

stop the madness, stop putting stuff in breaking news that isn’t breaking news!


9 posted on 03/04/2010 3:36:57 AM PST by Perdogg ("Is that a bomb in your pants, or are you excited to come to America?")
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To: Southack

Ah, I thought the Federal Reserve was a private organization?


10 posted on 03/04/2010 3:50:30 AM PST by Jabba the Nutt (Are they insane, stupid or just evil?)
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To: Perdogg

I think you have that right, but this issue needs to be discussed at a lower level.


11 posted on 03/04/2010 3:51:16 AM PST by Nextrush (Slocialist Republicans and Socialist Democrats must go)
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To: Southack

Any new government agency that costs taxpayers more money is not a “win against the Left.”

The GOP game plan is to use health care as its emotional drawing point for conservatives while caving and cutting deals on other issues.


12 posted on 03/04/2010 3:53:20 AM PST by Nextrush (Slocialist Republicans and Socialist Democrats must go)
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To: Jabba the Nutt

I always wondered why the Federal Reserve Chairman was appointed by the President and approved by the Senate for a body that calls itself independent of Government.


13 posted on 03/04/2010 4:17:36 AM PST by kempster
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To: Jabba the Nutt

Quasi-governmental, LOL!


14 posted on 03/04/2010 4:19:44 AM PST by wolfcreek (http://www.youtube.com/watch?v=Lsd7DGqVSIc)
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To: Southack

The Fed is indeed staffed by bankers: fat-cat bankers from Goldman, Morgan, and Citigroup. These are the same guys that created this mess in the first place by enthusiastically supporting CRA, sub-prime loans, leverage, risk, CDO’s, and the like.

The big banks got their bailout while 200 (and counting) small and mid-sized banks were destroyed - often to be swallowed up by the big boys at fire-sale prices.

The solution to this problem is simple: the government should explicitly and irrevocably state that no financial firm will ever be bailed out ever again, then set very broad parameters for the industry (what Milton Friedman would call rules for the game) which will reduce risk, then get out of the way.

These rules should begin with stringent capital requirements to reduce leverage and the elimination of government meddling in the housing market (CRA, Fannie, Freddie).

For Republicans to support a new rule-making beuracracy simply worsens the problem while giving the Dem’s political cover and ignoring their role in the crisis.


15 posted on 03/04/2010 4:20:53 AM PST by Freedomlibertyjustice
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To: kempster

“Federal Reserve Chairman was appointed by the President and approved by the Senate”

I’ve wondered if it’s like the British queen gives parliament authority - she doesn’t actually have a choice & it’s purely ceremonial.

Also the Chairman does what he’s told by the money anyway.


16 posted on 03/04/2010 4:21:10 AM PST by chuck_the_tv_out ( <<< click my name: now featuring Freeper classifieds)
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To: Nextrush

NEWSFLASH! The Left controls the government today. You seem to not realize that they can do what they want.

That Corker was able to shift their new attack agency from being independent to being under the control of bankers is as big of a win as the Right was ever going to get on this matter, at this time in the political power-battle.


17 posted on 03/04/2010 6:44:43 AM PST by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: American Dream 246

Corker was what we got when we split the vote between 2 conservatives, when the least popular one refused to drop out. Call his office, give them an ear full.

OBAMANOMICS—TRICKLE DOWN DESTRUCTION of the economy
Bambi doesn’t keep his promises...so buyer beware!

SET THEIR LOCAL AND DC LINES ON FIRE!

PLEASE ASK THEM TO REPEAL THE BIG NEW FEES in TRICARE for Life, the retired Military over 65 secondary health ins. which they passed in a DOD bill. They promised our Military these benefits, and our Military have earned them.

Sen Scott Brown’s number is 202-224-4543
Capitol Hill switchboard is 202-224-3121

Lots of local demwit phone numbers on this thread
http://www.freerepublic.com/focus/news/2408217/posts

Rename, repackage, rewrite it a tad smaller, and sell another pig in a poke. NO COLAs for granny, retired Military or retired fed employees. BIG NEW fees for Tricare for Life retired over 65 Military’s secondary health ins. (DOD bill already passed, delayed but goes into effect 2011 NEEDS TO BE REPEALED!

OBAMA’s WAR ON SENIORS http://www.freerepublic.com/focus/f-news/2433867/posts/

New Dem mantra: Woof, woof eat dog food granny....ala let them eat cake.

Obama says slight fix will extend Social Security, http://townhall.com/news/us/2010/02/19/obama_says_slight_fix_will_extend_social_security
Health Care Rationing for Seniors Another Problem in New Obama Plan http://www.lifenews.com/bio3058.html

Medicare tax may apply to investment income (ObamaCare tax hike)
http://www.freerepublic.com/focus/f-news/2460988/posts

Obama: No reduced Medicare benefits in health care reform
http://www.cnn.com/2009/POLITICS/07/28/obama.health.care/index.html

Will healthcare reform mean cuts in Medicare for seniors?
http://www.csmonitor.com/USA/Politics/2009/1017/will-healthcare-reform-mean-cuts-in-medicare-for-seniors

Health Reform’s Hidden Victims Young people and seniors would pay a high price for ObamaCare.
http://online.wsj.com/article/SB10001424052970203517304574306303720472842.html

SOCIALIZED MED THREAD http://www.freerepublic.com/focus/f-news/2463709/posts

MILITARY & retired Military

TRI CARE FOR LIFE This from a google search:
http://economicspolitics.blogspot.com/2009/05/tricare-for-life-is-obama-trying-to.html

This option would help reduce the costs of TFL, as well as costs for Medicare, by introducing minimum out-of pocket requirements for beneficiaries. Under this option, TFL would not cover any of the first $525 of an enrollee’s cost-sharing liabilities for calendar year 2011 and would limit coverage to 50 percent of the next $4,725 in Medicare cost sharing that the beneficiary incurred. (Because all further cost sharing would be covered by TFL, enrollees could not pay more than $2,888 in cost sharing in that year.) http://www.cbo.gov/ftpdocs/99xx/doc9925/12-18-HealthOptions.pdf

Bill Would Restrict Veterans’ Health Care Options 11/06/09
Buyer and McKeon Offer Amendments to Protect Veterans and TRICARE Beneficiaries

http://www.vawatchdog.org/09/hcva09/hcva110609-1.htm

Congress plans to block Tricare fee increases
http://www.armytimes.com/news/2009/10/military_tricarefees_blocked_100709w
http://www.navytimes.com/news/2009/10/military_tricarefees_blocked_100709w/

By Rick Maze - Staff writer, Oct 7, 2009

Tricare fee increases imposed last week by the Defense Department will be repealed by a provision of the compromise 2010 defense authorization bill unveiled Wednesday by House and Senate negotiators.

The fee increases were announced on Sept. 30 and took effect on Oct. 1, but the defense bill, HR 2647, includes a provision barring any fee increases until the start of fiscal 2011.

Retired Army Maj. Gen. Bill Matz, president of the National Association for Uniformed Services, said the announcement of fee increases was shocking considering that the Obama administration promised earlier this year to hold off on any new fee Tricare fee increases until fiscal 2011.

“President Obama and DoD assured NAUS and the entire military family earlier this year that there would rightly be no increases in any Tricare fees” in fiscal 2010, Matz said. “We took them at their word, and I can’t believe that a co-pay increase like this was allowed to go forward,” he added.


18 posted on 03/04/2010 7:09:21 AM PST by GailA (obamacare paid for by cuts & taxes on most vulnerable Veterans, disabled,seniors & retired Military)
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To: American Dream 246

Corker is a snake-in-the-grass


19 posted on 03/04/2010 7:29:30 AM PST by Tennessee Nana
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To: American Dream 246

Corker is a snake-in-the-grass


20 posted on 03/04/2010 7:29:31 AM PST by Tennessee Nana
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