Skip to comments.All 41 GOP Senators United in Opposition to Financial Reform Bill (Collins finally agreed)
Posted on 04/16/2010 10:59:40 PM PDT by STARWISE
All 41 Republican senators have signed a letter to Senate Majority Leader Harry Reid saying they are opposed to the financial regulation bill put forward by Democratic Sen. Chris Dodd ....
The letter calls for further negotiations, but it does not go as far as to say all 41 senators would support a filibuster of the legislation.
The GOP's contention that the reforms amount to a "bailout bill" seem to follow the advice of a GOP pollster and focused on a provision in the legislation to create a $50 billion bank liquidation fund. The charge was sharply rebuked by the White House, but the administration is now conceding on the issue of the bank liquidation fund.
The provision in question would compel large financial institutions to provide the $50 billion, which the Federal Deposit Insurance Corp. would use to pay for dismantling giant failing firms. Instead, the administration wants the costs of liquidation to be paid by the financial industry after a firm has failed and been dismantled, according to
Three Senate Republicans are in the spotlight as possible votes for a Wall Street reform bill.
Sens. Susan Collins (Maine), Bob Corker (Tenn.) and Judd Gregg (N.H.) are all seen as gettable votes by Democrats, who plan to bring their financial overhaul legislation to the floor next week.
I genuinely believe that when history looks at this period, this will be seen as the bale of hay that broke the back of American fiscal policy, Gregg said before delving into a litany of oft-repeated GOP objections to the legislation."
Sen. Judd Gregg ~ March 31, 2010
They've got to stay united, rino Collins and all the weaklings and aisle crossers, and vote NO. This is madness.
Good night, STARWISE!
Sleep sweet ... busted on froggies ... ;)
I wish all 41 Republican Senators would oppose the Cap and Trade and the illegal immigration bill!!!! Some Senators just can’t leave well enough alone! Have to be bi-partisan huh?
Here we go again, we are being played. They will get the votes they need by hook or by crook.
I AM SO SICK OF THESE RINOS - THEY’RE NO BETTER THAN DEMOCRATS. IT IS SICKENING.
Oh, never mind, I guess there is a difference after all.
What can be squishy and wobbly at the same time?
Well, at least JELLO serves a useful purpose!!
Collins, Corker and Gregg, well known political prostitutes just waiting for the right price.
That’s a ridiculous comment about Gregg.
What is unbelievable is the idea that the GOP would conduct any business with the RATS after how they were treated on health care. They need to shut down the Senate, and tell the Smerican people why.
All Republicans have to do to be on the winning side is to couch everything the Dems propose as a “bailout” or a “stimulus”. Those two words have become so hated by the public, it would put Democrats immediately on the defensive.
Or takeover which is what it is.
I don’t understand why this is a a bad idea.
The biggest problems for the banks were that they were over leveraged. Traditional fractal banking practices put their loans to assets at 12 to 1. The banks in recent years were loaning at a rate of 30-40 to 1. They were over leveraged and very vulnerable to any problem loans.
The federal tarp loans bailed out the biggest banks and ALL==100% of the money was paid back with interest. (except for AIG and GM which are not banks.) but the profits on the loans to banks may well have covered even AIG and GM losses.
So the banks now realize they can either return to traditional fractal banking measures at 12-1 or they can create a pool of capital with which to dispose of a bad banks.
They choose the latter.
Why is this bad policy?
"The fundamental rethinking triggered by the economic and financial crisis provides the international community with a rare opportunity for reform -- reform that can ensure more stable growth, job creation and sustainable development," Ban told a General Assembly plenary session on financing for development.
"A true partnership for development can only be achieved through a combination of investment, trade, aid, debt relief and global economic governance reforms," he said.
The high-level meeting was the fourth of its kind held by the 192-nation body since the path-breaking International Conference on Financing for Development in Monterrey in 2002.
Senior officials from the world organization, the World Bank, the International Monetary Fund (IMF), the World Trade Organization (WTO) and other key relevant agencies as well as delegates from member states joined the plenary session.
"We need to reform the international financial system and architecture," Ban said. "We need better mechanisms to coordinate economic policy with representative, accountable and equitable governance."
Financial reform was one of the dominant topics at the two-day conference which will include three multi-stakeholder roundtables and an informal interactive dialogue.
(Obama will turn over America financial and economic system) to global economic governance) WAKE UP
I was looking for another article and came across this from 09/25/2008. Dodd wanted to nationalize banks then. Under Bush he would not get his wish. Now that he is leaving his seat he will push through his socialist plan under Obama’s regime and laugh like a hyena.
Senate Banking Committee Chairman Chris Dodd (D-Ct) has a draft bill that effectively nationializes the credit market under an Office of Financial Stability and an Emergency Oversight Board. Dodds bill would end free market capitalism in America.
Rather than the recession that Paulson and Wall Street fear, Dodd would create a depression.
Collins joined with the rest of the Republicans after Obama came out and “dared” republicans to oppose financial reform. I think his arrogance doesn’t go over well, even with RINO’s like Collins.
There you go, it’s not “Fascism” it’s “Reform”.
We’ll see how many RINOs the Dems can now buy off.
The longer the polls are against the BO Regime, the longer the RINOs will hold strong...except for Gramnesty - he’ll fold first.
Good to go.