Dem Congessman: Dodd bill 'contains permanent, unlimited bailout authority'

politico ^ | Monday April19, 2010 | David Mark

[Bigtigermike]

Brad Sherman's (D) - represents California’s San Fernando Valley, and has served in the U.S. House of Representatives since 1997. Congressman Sherman is serving his seventh term in Congress.

Are Democrats or Republicans hurt more by ties to Goldman Sachs?

How can Democrats get out ahead of the Goldman Sachs story politically?

We can say, “No taxpayer money to Wall Street firms, their creditors and the counterparts.” Then we go to the voters and tell them there’s no money for Wall Street, but regulation instead. If you can’t run on that slogan, you’ve got a problem.

But there are serious problems with the Dodd bill. The Dodd bill has unlimited executive bailout authority. That’s something Wall Street desperately wants but doesn’t dare ask for. The bill contains permanent, unlimited bailout authority.

As an active member of the House Financial Services Committee were you surprised to see suspicious shorting – perhaps illegal – by a top financial services firm?

Goldman is accused of hand-selecting bad mortgages to sell. If that’s true it’s absolutely outrageous. There are two issues here. First, did they mislead their clients into buying this type of mortgage rule? And second, did they hand-select the worst?

[Bigtigermike]

WE ARE BEING SETUP BY THE GOLDMAN SACHS WHITE HOUSE!

This stinks to high water!

A good conservative can go out against the Dems and Obama Admin ties to Goldman Sacjs in 2012.....just spell out the urban legend isn't about Wall street and Republicans only and point to the TRUTH

[screaminsunshine]

The way they are going they will need it. We better bail out before they get us too.

[Spok]

This will become a device where politicians can exchange taxpayer money for political contributions, like money laundering.

[Extremely Extreme Extremist]

But the Republicans aren't pointing this out though.
They are allowing the Democrats to push the narrative that they are in bed with Wall Street.
The Republicans will cave because of phony bipartisanship and the bill will become law.

[StormEye]

"The Dodd bill has unlimited executive bailout authority. That’s something Wall Street desperately wants but doesn’t dare ask for."

Dodd and others will somehow be paid off by Wall Street for proposing this sort of legislation. This shows that Dodd and the Democrats are so corrupted that they're not even bothering to hide it. They know the Democrat Party run media will cover for them by ignoring the story or suppressing coverage of it.

[coaltrain]

‘contains permanent, unlimited bailout authority’

This is what the GOP must publicize. The Dems will not be able to use the Financial Reg Bill as any “winning issue” as long as bailouts continue. The public is still angry with the financial institutions and if the public knows this bill contains ongoing, unlimited bailouts, it will end up being a losing issue for the Dems.

In fact, I’d push for language that states no more bailouts. The banks will continue to take huge risks if they know there is no downside if bailouts continue.

[Nosterrex]

For me, it all comes down to trust. I am not an economist, nor am I particularly knowledgeable about Wall Street other than owning stock. I do not trust Senator Dodd, and he should not be trusted. He has proven himself to be unethical. If the Democrats were not in power, he would be up before the Senate Ethics Committee.

[Steamburg]

I believe the truth would be better served if the word Bailout were replaced with the word Seizure. This bill appears to give the President unlimited powers to seize any business he deems to be in need of Government Oversight. Since he has proclaimed himself Governmental Overall Director (GOD)this seems right down his alley.

[businessprofessor]

“For me, it all comes down to trust. I am not an economist, nor am I particularly knowledgeable about Wall Street other than owning stock. I do not trust Senator Dodd, and he should not be trusted. He has proven himself to be unethical. If the Democrats were not in power, he would be up before the Senate Ethics Committee.”

You are misinformed about Senator Dodd. If he were not associated with the ruling junta, he would be sitting in a jail cell and publicly scorned. Instead he is making laws to put the rats in charge of the financial services industry.

[GeronL]

Only those companies that donate to Dems and their causes get bailed out I guess.

[Kenny]

New Republican talking points.

This Administration doesn't want to REGULATE, they want to COMFISCATE!

______________________________________________

Excerpt:

BarackObama.com Admits His Aim of Marxist Financial Market 'Control'

President Obama means business.

He's committed his administration to reining in Wall Street and creating the strongest consumer protections in history. And on Friday he made it clear that we can't allow another devastating financial crisis -- so he'll veto any reform bill that doesn't bring the derivatives market under control.

[CatOwner]

LOL at believing that the GOP will do ANYTHING substantial to counter this.

[originalbuckeye]

I’m going to shout here........DON’T GIVE OBAMA ALL THE POWER IN THE COUNTRY! HE WILL CHOOSE TO SHUT DOWN REPUBLICAN BUSINESSES AND BAILOUT DEMOCRAT ONES! WAKE UP REPUBLICANS IN THE HOUSE AND THE SENATE! Don’t let us down!!

[okie01]

LOL at believing that the GOP will do ANYTHING substantial to counter this.

All 41 Republican Senators have agreed to filibuster it.

In which case, it's dead.

Pretty "substantial"...

[Bigtigermike]

Yep and the Republicans are stupid enough to not see or do anything about this....

[Chode]

and America takes another one in the........
rlmorel