Tag Archives: financial reform

Politics

Another one I said I’d get to…

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Well…this is the second in the series of what you have to look forward to with the probable election of the repubs next week…this one deals with their promise to repeal the financial regulation bill that was passed this year. Really, they are going to go back to the wild west, free for all unregulated financial industry that cost everyone in this country but the rich and the perpetrators. Are you listening? they are going to go back to what caused the meltdown that cost almost 10 million jobs. But, hey, it only affected the middle class and the poor so why should they care? They never have so why start now?

Now let’s look at what this means..it means a return to their wonderful little world where when they bet right, they get rich, and when they bet wrong, you and I pay for it. A pretty sweet deal, huh? I’ll be you’d like to have that kind of a rigged market to take advantage of. How will this create jobs? How will this raise the wages of workers so they can share in the profits and benefits that the rich are stealing? The short answer is…it won’t…because the repubs are there for one thing and one thing only…to make themselves and their business buddies richer…that’s the simple bottom line and anything else they say is just lies…and they must be pretty good ones since a lot of people believe them. Or have people just gotten dumber over the last two years?

I have to agree with Paul Krugman…if you think things are bad now…just wait and hold your breath for the next two years…

Politics

Do we really want this stuff again?

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Well…I’m sure you know and I continue to point out how the repubs are so gung-ho for business to be unregulated; especially the financial industry…going so far as to call for the new regulations signed into law this week to be repealed before they even take effect. I don’t think the new regs go far enough…as evidenced by the revelations that all of the banks and insurance companies that were bailed out by you and me had continued to pay immoral bonuses to their employees…as a reward for what this time? Doing such a good job of trashing the economy? One of the firms is on track this year to pay out a record 30 BILLION dollars in those bonuses all the while saying it is too risky to lend to small business so they continue to do nothing but take, take, take and further concentrating money and power in the hands of the few. How can the repubs think this is a good idea? And, how can people that are being hurt by these shenanigans continue to support these guys and vote for them?

I know it sounds like I’m repeating myself but someone has to keep saying the emperor has no clothes….I think a tax rate of 80% on these bonuses is in order or make them non tax deductible….lets make it harder for these guys to steal, not easier….geez…

Politics

Never thought I’d thank a Republican…..

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Well…it’s kind of a strange state of affairs when I would even consider thanking a republican for anything except for being an easy target for these posts…but, today, I find myself amazed and confused by the actions of Scott Brown and Olympia Snowe; both Republican senators from the northeast who have gone against their party to support the overhaul of the financial system. As expected, the tea party idiots are apoplectic and vow to defeat both of them in the next election.

So, the tea partiers want there to be a system rigged in favor of the guys that caused the meltdown that has taken their jobs? All in the name of “states rights” since they feel the federal government doesn’t have the authority to regulate any part of the economy. So, for what they see as principle, they are ready to let the financial thieves steal more and more of the country?

Thank you Scott Brown and Olympia Snowe for doing what is right instead of what is right for your careers….

Politics

I’m not surprised…

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Well…as promised, I have to comment on the op-ed by Nolan Finley in the Detroit News today, in which he asserts that Obama is directing a “War on Business” since he wants to revise how corporations are taxed and regulated, and how trade is conducted. And the only evidence this guy presents is a “report” that was cooked up by some group called the Business Roundtable as a response to the imagined slight they felt when they met with Obama and he didn’t roll over and give them everything they wanted a la the Bushies. He then goes on to cite 5 areas that the righties and their business cronies are so concerned about: taxes (go figure), financial regulation, trade, energy, and healthcare. I think I’ll respond in that same format; paraphrasing his words and then giving my response.

Taxes. His take..we should cut corporate taxes so they will invest more here since we have a higher corporate tax rate than other countries. Mine…you have got to be kidding me….we may have a tax rate that is higher but look at the actual taxes paid and you see a different story since the repubs built in so many loopholes that only a company with a really stupid accounting firm pays their full tax bill. Disingenious Nolan.

Financial Regulation. His take…we re-regulate the financial industry since it will cost companies 5-6 billion dollars and maybe 120K jobs. Mine…ha, ha, ha, ha….again, and you have got to be kidding me! Not regulate the guys that cost the economy 8 million jobs and trillions of dollars? Just because it may cost them some money and we may lose some financial industry parasites? Take a look at Canada and what has happened there since they were NOT taken in by the calls for deregulation of their financial industry….much less losses in both jobs and money. Read a little about your neighbors across the river, Nolan.

Trade. His…we need more agreements like Nafta or we will lose jobs to our competitors. Mine….I can’t even laugh about this anymore. Nafta started the wholesale loss of jobs in this country and now he wants more of the same? Just so his business buddies can ship more jobs to low wage countries like China who then use currency and tariff manipulation to ensure we can’t sell to them?

Energy and environment. His take…limits on carbon emissions that are proposed will send business elsewhere. Mine…these are proposed regulations that are in the talking stages but the same thing was said when the first smog regulations were put into place for cars and when the first CAFE standards for fuel mileage were imposed. That worked out pretty well…for both business and regular people.

Health care. His take (or I should say business’s take) is that the new regs will cause uncertainty and change. Mine…I sure hope so..try being a 56 year old who needs to buy health insurance…you can’t unless you want to pay 1,200 to 2,000 dollars a month.

He then finishes with the Republican talking point that we need to do something about the deficit; well, where the hell were you, Nolan, when your repub buddies were taking the surplus Bush was given and then starting two wars you didn’t pay for using accounting tricks and then rewarding the rich for being rich with those massive tax cuts that did nothing for the economy? If you are so concerned about deficits, then you will support letting the Bush tax cuts expire. Do you even realize that what your are proposing (cutting spending during a recession/depression) was tried in the 30′s? Didn’t work then.

You seem to think that we all need to do what rep Joe Barton did last week: apologize to business and ask “pretty please” will you let us help you make obscene profits while telling the American middle class to go to hell. Geez….

Politics

More Boehner…..

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Well…in the last post, I neglected to mention another wonderful statement that came out of Boehner’s mouth today….another jaw-dropper that is breathtaking in its obtuseness…he stated that reforming the financial regulations that the Dems have been working on, regulations (or lack of them) that allowed the worst meltdown and recession in 8o years is like “killing an ant with a nuclear weapon”.
Oh, really, John? How did all that de-regulatin’ work out for the country? How many people are out of work because of you and your ilk whose only allegiance is to the corporations that buy your votes to stack the deck against ordinary folks?

Are you stupid or do you just not care what you say? Oh, that’s right, the repubs don’t care what they say because most of it is lies or comes form the little voices in their heads….

I’ve been working very hard to not be angry all the time about everything, and my friends can see I’ve had some success; but when I see this stuff from any public figure who is cynically using his position for the personal gain of his business friends…I can’t stay silent…I hope you can’t either…geez…

Politics

What is with these guys?

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Well…another day another and another time where the Repubs have gone schizo…I hope you can remember that when they were in charge of both houses of congress and had ole GW in the White House, they voted (along with the Dems) to bail out the large banks to the tune of 800 billion dollars. The cause of this has widely be attributed to the almost religious fervor that the repubs normally have for deregulation in any and all parts of the economy. Don’t they learn? Over the past few days, they are back to their old tricks in stating they will filibuster any Obama plan to put reasonable regulation back on the market to try to prevent the gaming caused meltdown of the economy. Where is the outrage except mine? Why do the tea partyers support these guys when they have thoroughly screwed them over the years? Geez….