Skip to comments.Geithner calls repeal of Wall Street reforms 'inconceivable'
Posted on 07/22/2010 7:40:06 AM PDT by afraidfortherepublic
sury Secretary Timothy Geithner on Thursday said a Republican repeal of the Obama administrations financial overhaul law is inconceivable.
House and Senate Republicans over the past week have argued for a repeal of the financial bill, arguing that it represents government overreach and threatens the growth of the U.S. economy. House Minority Leader John Boehner (R-Ohio) was the first to call for a repeal of the regulatory changes.
Republican senators, including Richard Shelby (Ala.) and John Thune (S.D.), have also called for a repeal of part or all of the law.
The reason why this bill became law was because Republicans decided they could not block it, that they could not, that it was untenable for them to block it, Geithner told reporters at a breakfast held by The Christian Science Monitor. It is inconceivable to me that they would find it compelling to try undo the basic architecture of reforms, and I think thats a good thing, he said.
President Obama signed the 2,315-page financial rewrite into law on Wednesday. The changes include a consumer protection bureau; new regulation of the $600 trillion derivatives market; a council of regulators to oversee broad financial risks, and a new system to wind down failing financial firms.
Geithner said the bill reflected input from Republicans who voted against it in the end. He mentioned Sen. Bob Corkers (R-Tenn.) work to craft tougher rules for how the government winds down failing financial firms.
Somehow, I am not reassured when our Treasury Secretary feels the need to flog Mr. Skittles reforms. Is this another “vote for it to find out whats in it” moment?
This should do nicely. Crank up the bureaucracy machine, wind down the cogs of business. Very shortly, we will have a Federal dictatorship under the control of Barack Hussein Obama. All business will be regulated, all records will need to go to the Feds.
We are about done. This is the hand on the plug for the respirator.
I wonder if any of our Congresscritters ever read the Bills that they pass? I think they need to enact a rule that no Bill can be longer than 100 pages. Anything that takes more than 100 pages to explain is burdensome to the public, or can be broken into smaller pieces.
It used to be that an 11-percent Congressional approval rating was inconceivable. These two phenomena may be linked.
Would that be like paying taxes such as the rest of
captive Americans do in Obama-Geithner-DNC neoslavery?
Obviously Timmy doesn’t watch good movies, or he’d know not to use that word. (Thanks for putting those up.)
He’s right. The Rinos will not permit any of Obama’s fascist “progress” to be turned back.
What really is, inconceivable. is the fact that Timothy Geithner is running anything more than an ice cream stand.
How did the Nation survive this long without it? Geithner is using hyperbole!
A man who can not conceive of multiple paths to reconstruct the finance industry has no place running the Department of Treasury.
Now all we need is a Westley.