Financial Reform Bill Is A ‘Disaster’: Sen. Gregg

CNBC ^ | 24 MAY 10 | : Natalie Erlich

[kbennkc]

The financial regulatory bill is a “disaster,” and its proposed consumer protection agency would create a Fannie and Freddie “on steroids,” Sen. Judd Gregg, R-N.H. told CNBC on Monday.

“The bill is a disaster because it doesn’t address the fundamental underlining causes of the economic issue, which were real estate and underwriting,” he said. “This bill became, ‘I want to score the most points against Wall Street

[kbennkc]

No surprise .

[FlingWingFlyer]

Disasters 5, Americans 0 with Cap’n Tax on third base.

[Rembrandt]

After Obama’s coronation, he appointed Gregg to a Cabinet position and I figured Gregg to be just another northeastern RINO. Now, I must admit that I’m proud of Gregg and am happy to have him in Congress with an “R” after his name.

[ConjunctionJunction]

I’m glad Gregg turned the appointment down.

[tinamina]

I wonder if this was another “bribe” appointment to get Gregg out of Congress so they could replace him with another fellow traveller? I’m also glad that Gregg turned them down.

[Extremely Extreme Extremist]

This law can’t be all that bad. REPUBLICANS Brown, Snowe, Grassley, and Collins voted for it. I mean they’re Republicans right so it has to be good < /S >

[BradtotheBone]

Meanwhile, the provision on consumer protection will expand the reach of government and create conflicts with the banking industry, Gregg said.

“You’ll basically have a consumer protection agency which decides to go out and in the morning and say, ‘well everybody who’s XYZ should have a loan, even though the local community bank says XYZ shouldn’t have a loan, because if we give them a loan, we know they’re not going to pay back,’” he said. “It’s going to become an agency that defines lending on social justice purposes instead of safety and soundness purposes.”

ISN’T THIS WHAT GOT US INTO THIS MESS TO BEGIN WITH???