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Old 04-27-2010, 03:48 PM   #31
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So what are the real problems with this bill? With the GOP all saying NO again, is it because it's loaded up with liberal-speak? Higher/new taxes? Socialism? It's being rushed???

I guess i don't understand why the opposition to another bill that in theory is probably what nearly every american would want.
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Old 04-27-2010, 04:00 PM   #32
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So what are the real problems with this bill? With the GOP all saying NO again, is it because it's loaded up with liberal-speak? Higher/new taxes? Socialism? It's being rushed???

I guess i don't understand why the opposition to another bill that in theory is probably what nearly every american would want.

Yes, 60-65+ per cent of Americans want this.

The GOP will have to answer for this. And if (when) the Dems get it passed the GOP will not be able to campaign with something like Repeal Obamacare

the two main things the GOP are trying to water down
- the legislation sets up a new Consumer Protection Agency, the GOP want to water it down.

the other is the legislation requires Banks to set up a fund of 50 billion dollars to bail them selves out if they fail. You may recall tax payers money was used last time they failed.

The GOP is arguing that this fund guarantees more bail outs. Well, without the fund we had bail outs.

Does the FDIC guarantee that other smaller banks will fail? or set up a fund where risk is minimised?


Looking at these two main issues, I believe the GOP is running interference for the same bad actors that are responsible for the 2008 melt down.
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Old 04-27-2010, 04:00 PM   #33
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and GOP trying to water down any meaningful legislation to deal with these problems.
Both sides will try pass legislation most beneficial to their clients (I mean voters).
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Old 04-27-2010, 04:20 PM   #34
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Both sides will try pass legislation most beneficial to their clients (I mean voters).

ideally they should pass legislation that is beneficial for the American people and American Economy that allows businesses to succeed in a reasonable fashion.

but politicians pass legislation that they believe will help get them get reelected (for the most part)

and the GOP has carved out a position that they are "business friendly".

Most GOP voters don't drill down on all issues, they have there shot callers, be it Limbaugh, Hannity, or their local Chamber of Commerce, etc. (just my opinion, based of a life time of interactions with many, many GOP)
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Old 04-27-2010, 04:26 PM   #35
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based on today's stock market

I'd say the Money Changers expect this to pass.
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Old 04-28-2010, 12:01 AM   #36
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Blankfein, the head of investment bank Goldman Sachs, supports financial reform legislation -

Stop me, before I steal again?
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Old 04-28-2010, 12:31 AM   #37
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1.)They are unethical dishonest, robber barons who knew what they were selling was "shit" and went ahead and did it anyway.

2.)They, and Republicans, should not be standing in the way of common sense regulatory reform. There is unnecessary, heavy handed, counterproductive, monopoly creating anti competitive regulation out there, but this is ASSUREDLY not it.

3.)Deep is right regarding political consequences for the GOP in opposing this.

Does not exclude Goldman, but lets point out other less than perfect people in all of this:

4.)CONGRESS: Everyone here knows what party I align myself with, but please, we can all agree on this. Every single person up there, Democrat or Republican, has most certainly taken plenty of contributions from Goldman Sachs and every other investment bank that helped fuel this crisis that has gone under since. And they did it without the same level of questioning, curiosity and outrage they showed today, rest assured. No one is getting indicted or censured or held in contempt or going to jail over the testimony they provided today. Like many things with Congress, it is largely done with the knowledge that C-SPAN is always rolling the cameras! "Lets look good in an election year yelling at what we all agree are, to some extent, the villains." Ok, I agree, Goldman was wrong times infinity squared, but saying so over and over again takes no courage. Fixing the problem responsibly does.

The equation has not changed- If Blankfein called any of them up, and yes, that includes the aggressive, charged up McCaskill, Levin and Coburn, he would get them direct on the first try. You or I, good luck even getting one straight answer from the person who answers the phone! My Dad was a Vietnam combat Veteran, Chairman of our local Democratic Committee for 15 years and he had a hard time getting in touch with our Democratic Congressman! For all the shit he gets for being "aloof," John Kerry would often follow up a call to one of his office aides with a personal call to my Dad, but he was the exception for sure. Does anyone think robber barons 1-6 sitting at that table today would be getting a blow off answer or have to wait 6 months to talk to a member of Congress?

5.)Ted Kaufmann, D-DE, Biden's place holder and longtime Chief of Staff did touch on this today, but only briefly and he had no company. How about the American people? Didn't we want houses we could not afford? Didn't we think home and stock values were going to rise forever? Didn't we throw all economic/business/historical sense out the window and let greed take over and convince us everything would be just fine?

Carl Levin said the Goldman people are treating this as if it was some kind of natural disaster with no human culpability at all, like a hurricane or a tornado. Well, he is right, but aren't we doing the same right now? Ignoring the context in which the behavior of Goldman and others developed? They were not some evil people plotting late at night on how they were going to get all those old ladies and unsuspecting families, rather, they took what was an already irresponsible mindset and pushed it even further in response to the proliferation of that very mindset.

It is this mentality that creates the demand for creative, risky, "shitty" financial products in the first place. High risk means high return, a hell of a lot of government debt floating around, China is financing it. Do they want low interest rates on their investments? No, they want high returns, so to appease them, we create risky products. So the national debt contributed to it as well.

Again, not letting Goldman off the hook here, far, far from it. I am just pointing out that they were not an island of highway robbers in a vast ocean of perfect saints.
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Old 04-28-2010, 12:36 AM   #38
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Video - Breaking News Videos from CNN.com

shitty deal
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Old 04-28-2010, 05:48 AM   #39
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Congress knows all about poor ethics and shitty deals. Makes them perfect interrogators
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Old 04-28-2010, 09:46 AM   #40
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The one reform I think we really need, and probably won't get, is to not allow brokers/market makers to also trade. It was obvious from the Goldman hearing that the lines between serving clients’ interests and serving their own (in regards to market positions) are too often blurred.
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Old 04-28-2010, 07:20 PM   #41
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chalk up a win for Reid

The Associated Press: Obama welcomes Senate breakthrough on finance bill
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Old 04-28-2010, 09:53 PM   #42
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Is this bill meant to reform the finance industry or change the tax rates (or both?)
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Old 04-28-2010, 09:56 PM   #43
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I'm not a big fan of congressional hearings - but I really enjoyed Levin grill Goldman Sachs (even when it was apparent he didn't know what he was talking about).

All in all, I thought the younger executives did a better job under fire than the CEO.
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Old 04-28-2010, 09:58 PM   #44
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5.)Ted Kaufmann, D-DE, Biden's place holder and longtime Chief of Staff did touch on this today, but only briefly and he had no company. How about the American people? Didn't we want houses we could not afford? Didn't we think home and stock values were going to rise forever? Didn't we throw all economic/business/historical sense out the window and let greed take over and convince us everything would be just fine?
great quote
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Old 05-03-2010, 12:17 PM   #45
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Buried in the middle of the 901 pages of exhibits are four “self-reviews”. These are the reports that the Goldman bankers wrote about themselves for the year 2007 in which they listed their strengths and weaknesses.
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The first to hoist himself on his own petard is Daniel Sparks: “I delivered the best performance of my career this year . . . we didn’t just survive – we excelled.” Michael Swenson picks up the theme: “On the leadership front I performed exceptionally well over the past year.” Joshua Birnbaum concludes: “I believe I will be a very compelling partner candidate for 2008.”

All three pay lip service to teamwork while making clear the bulk of the success was due to them. Mr Swenson writes: “I am extremely proud of the traders that I have developed under my leadership,” noting that many of them weren’t top performers until they had the good fortune to work for him.

But what about weakness? Goldman bankers, it seems, don’t have any. They don’t even have “opportunities for improvement”. Instead there is a box for “development needs” and even more euphemistically, “unfulfilled accomplishments”, which is surely a contradiction in terms.

Most of them cite obscure and minor shortcomings such as a “need to leverage the firm” – whatever that might entail. Mr Birnbaum deftly makes his weaknesses strengths in disguise: “I command considerable respect from younger members of the department based on my experience and market impact. I need to spend more time converting their respect into a comfort and trust.” In other words: I’m so great my underlings understandably view me like a God.  






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