Barney Frank: Finance law won’t steer cos. offshore

Boston Herald ^ | 10/25/10 | Jessica Van Sack

[Nachum]

U.S. Rep. Barney Frank said yesterday he’s not concerned that the mammoth financial regulation and consumer protection bill he co-sponsored will drive banks and businesses offshore, vowing that any country promising to be a haven for bad-news banks will incur the wrath of U.S. leaders. “If any small country decides to hold itself out as a haven, we mandated that countries be denied access to the Federal Reserve and other institutions, Frank said at a Boston College forum. “We have a capacity to do that.”

[Nachum]

This man is a clear and present danger

[coloradan]

Seems like Mr. Fwank can’t tell the difference between “will not” and “better not” steer business off shore. They are different, Mr. Fwank.

[FrankR]

In other words, if this bill passes they will have the banks, companies, and the people by the balls...how lucky for barney frank.

[taxtruth]

That's why gold rules barney dum dum.Who wants federal reserve notes in the world?Only a fool!

[hampdenkid]

So, the presidents and his comrades who told us they would restore America’s prestige abroad are now threatening to bludgeon any little country that attempts to escape their dictates.

[Just mythoughts]

First glance seeing Barney Frank and ‘steer’ in the same word grouping grabbed my attention.

[utherdoul]

watch his mouth do the opposite. Watch his money do what he does.

[acapesket]

That’s what makes him so well loved with the Moonbats.
It’s that self destructive tendency so inherent in liberal looney land.

[Secret Agent Man]

Barney also reiterated that Fannie Mae and Freddie Mac were doing just super. /s

[Navy Patriot]

Barney will find out that the debtor doesn’t call the shots.

[theBuckwheat]

““If any small country decides to hold itself out as a haven, we mandated that countries be denied access to the Federal Reserve and other institutions, Frank said at a Boston College forum. “We have a capacity to do that.”

Tax competition is important to keep high tax states from having even higher taxes. Big government advocates like Frank have coerced many countries into signing tax information sharing treaties. Other US laws now have the effect that non-US financial institutions are increasingly refusing to accept accounts from US Persons, and thus US expatriates are finding that the “land of the free” wants to make them serfs, even if they have not lived in the US in years, or ever. This is one more bad fruit of an income-based tax coupled with a government that has an insatiable appetite for revenues.

see Articles on Tax Competition from the Center for Freedom and Prosperity:

http://www.freedomandprosperity.org/Articles/articles.shtml

[flowerplough]

When US Representative Barney Frank spoke in a packed hearing room on Capitol Hill seven years ago, he did not imagine that his words would eventually haunt a reelection bid.

The issue that day in 2003 was whether mortgage backers Fannie Mae and Freddie Mac were fiscally strong. Frank declared with his trademark confidence that they were, accusing critics and regulators of exaggerating threats to Fannie’s and Freddie’s financial integrity. And, the Massachusetts Democrat maintained, “even if there were problems, the federal government doesn’t bail them out.’’

http://www.boston.com/news/politics/articles/2010/10/14/frank_haunted_by_stance_on_fannie_freddie/

[theBuckwheat]

Allow me to add that people like Frank love to support the opposite policies when it comes to foreign money being invested in US-based securities markets. The US is the largest “tax haven” in the world, that is for any person or corporation that is not a “US Person”. The US does not tax gains from the sale of stock or real estate, that is as long as the owner of the asset is not a US Person. The US will also resist having to inform or verify the financial accounts of a non-US Person to foreign governments.

When the shoe is on the other foot, supporters of big government are happy to do all they can to encourage investment here.

[Liz]

The Frank/Dodd financial reform bill makes it illegal for 99.6 percent of the population to invest in needed new and promising start-up companies while at the same time ensuring that the 33 largest banks, which control 92 percent of all bank assets, will be required to purchase more federal government debt before giving loans to businesses and individuals.

Quite simply, the government is continuing to practice financial fascism. The new health care bill will require us to buy specified health insurance, whether it is appropriate for us or not. Government-run ads encourage people to buy tickets in government-run lotteries, where the expected value can be less than one-sixth of the ticket price.

Yet the new financial reform bill will make it illegal to invest in a new venture or start-up company for anyone who does not have a liquid net worth of $2.2 million or an annual income of roughly $450,000 if single or $675,000 if married - which rules out all but fewer than 1 percent of the population. Signed into law, Congress and the president will be saying to the American people, "Ninety-nine-plus percent of you are too stupid to know how to invest your own money." (snip)

The 1,300-page financial reform bill will, in essence, make the biggest banks (those considered too big to fail) wards of the state - which is classic financial fascism. The Obama Treasury, not the semi-independent Federal Reserve, will decide what these banks are allowed to invest in, in exchange for an unlimited US government guarantee. Since September 2009, banks have been lending more to the government than to private industry. One does not have to be a rocket scientist to see where all this is headed. (Excerpt) Read more at washingtontimes.com ..

==========================================

CIRCA Sept 15, 2009 A SHOCKING DISPLAY OF OBAMA'S THIRST FOR POWER FOX News' Judge Napolitano notes: if implemented, the unconstitutional proposals Obama urged in his Sept 2009 speech to Wall Street will amount to a final coup d’état by banksters, their technocrats and enforcers, at the Federal Reserve (*the privately-held bankster cartel that masquerades as a government agency).

Obama's "reforms" would install a dictatorial regulatory power controlled by international bankers oer the entire US economy — down to the local grocer and hot dog vendor on the corner. It will control our lives down to the smallest detail. It will require us to ask permission for the most mundane and routine of financial transactions. IT MUST BE BE RESISTED AT ALL COSTS.

VIDEO LINK AVAILABLE Judge Andrew Napolitano On Obama/Bankster Takeover

[Liz]

Bwaney's sucking up where Chris Dodd left off---hoping to snag the big buck financial donors who no longer will contribute to the tainted Dodd. (Dodd dropped out when he could not raise the millions needed to run again.) Read on.

Cong Frank lauds Dodd's fight for US financial watchdog: Chairman of the Financial Services Committee Congressman Barney Frank (D-Mass), attended the World Economic Forum in Davos, Switzerland. Frank emerged from a two-hour banking meeting, and made it clear that governments were now calling the shots after spending billions to bail out the industry.

SEN DODD'S CAMPAIGN CONTRIBUTORS FROM FINANCE INDUSTRIES

Citigroup, $310,294;
SAC Capital Partners, $282,000;
United Technologies, $263,400;
AIG, $224,678;
Bear Stearns, $205,600;
St. Paul Travelers, $205,400;
Royal Bank of Scotland, $203,750;
Goldman Sachs, $175,600;
Morgan Stanley, $155,000;
Credit Suisse, $154,550;
Merrill Lynch, $134,950;
The Hartford, $94,350;
Bank of America, $91,300;
JPMorgan Chase, $129,150;
USB, $101,900;
Hartford Finance Services, $101,500
Lehman Brothers, $128,400;
KPMG, $113,100;
General Electric, $108,250;
Deloitte Touche, $108,000

[Mad_as_heck]

A big part of this whole mess derives from our own arrogance. There are people in this country, like Mr. Frank, that just don’t understand that we now live in a global world where we can’t just dictate things.

Barry Frank, Obama, Pelosi, can’t force capitol to stay in this country to be looted. If we want to have a prosperous future we need to make the USA once again an attractive place to invest money and do business.

[Vendome]

You guys are such flipping morons!

What the hell did Sarbanes Oxley do?

Jerkoffs.

[winner3000]

He also didn’t see any problem with Freddie Mac and Fannie Mae. What kind of credibility has this guy still got?

[bray]

From the man who claimed Fannie Mae was stable. He hates America and capitalism.

Pray for America

[CutePuppy]

Barney Frank: Finance law won’t steer cos. offshore

You guys are such flipping morons! What the hell did Sarbanes Oxley do?

Exactly, SarbOx / SOX drove businesses (those who could afford it) offshore, and drastically reduced the amount of foreign direct investment capital in the U.S. And Dodd-Frank is even worse, on many levels, including the creation of consumer protection czar (Elizabeth Warren) with the budget of about $750M and unchecked powers to regulate.

A fee-ding frenzy - NYP, by Kaja Whitehouse, 2010 October 26

The days of free checking are going the way of the dodo bird. Banks and thrifts across the country are zapping consumers' wallets at record rates this year, jacking up fees for trips to the ATM and to maintain a checking account, according to a new report from Bankrate.com. ..... < snip >

..... Under new rules passed by Congress over the summer, banks now have to let consumers decide whether they want to pay for costly overdraft protection. Banks also face lower fees from retailers for credit-card transactions. Rather than just take their medicine, the nation's banks -- which have been posting healthy profits despite overarching economic woes -- are passing on the cost to the little guy. ..... < snip >

Both SarbOx and Dodd-Frank need to be repealed, and pronto!