Not One Republican Can Support Finance Reform? Really?

by jhwygirl

These guys and gals are really digging themselves a hole, aren’t they?

Finance reform is a another big important honey-do for Obama…but frankly, it shouldn’t matter who is president and what party you are a member.  The need for finance reform should not be lost on anyone.

Apparently it is lost on Republicans. Over the weekend, Republicans withdrew over 300 amendments to proposed reform. Finance reform has been kicking around for as long as health reform. Republicans have used every tactic to delay moving it forward.

Sound familiar?

Just about 10 days ago, as a whole bunch of us were getting sick and tired of inaction, Dodd set the stage to move reform forward with or without Republican support.

Today, in a party-line vote of 13-10 in Senate Banking Committee, Sen. Dodd moved his finance reform bill forward.

I find it unbelievable that Republicans won’t participate in the forward movement of anything with regards to domestic policy. Withdraw proposed amendments? How are they going to spin that one? Bill Clinton made ’em do it?

What possible justification do they have in objecting to finance reform that prohibits future bank bailouts?

Our own Senator Jon Tester seems to have had his own gut-fill of the situation, speaking out in a guest opinion in today’s Missoulian of the tactics employed by Wall Street to halt reform.

I’m glad Senator Tester is continuing his strong support of finance reform.

If this nation can regulate pork and wheat futures, we can darn well regulate banking futures. Frankly, the whole idea that banks can bank on futures and consider that solid investment seems obscene to me. It makes banking little more than a crap shoot.

Which is damned near what it was starting 2 years ago, remember?

Take time to contact Sen. Tester and thank him for standing strong in support of meaningful finance reform.

While you’re at it, contact Sen. Baucus and ask him to support finance reform.

Another one who should be getting a call is Rep. Dennis Rehberg.  It’s an election year…maybe he should be asked to commit to reform.

Does he support the current bill? If not, what does he support?

Rehberg should not get a free pass on this one. I do not want to hear him criticize that which he offered nothing meaningful or constructive.  Which is all he did on health insurance reform.

Let’s hope Montana’s media hold Rehberg to some sort of constructive position on finance reform. He should not be allowed to get away with just criticizing something without offering real solutions.

  1. Lizard

    please, stop being surprised by republicans. it has to be obvious by now that their only goal is to undermine any movement of anything that isn’t war.

    like with health care, it’s important to keep a close eye on what’s happening, and to understand not just what’s being proposed, but what is NOT being proposed.

    fixing the bloated, criminal finance sector will require not just political guts, but a willingness to risk future campaign donations by accurately defining what the problem is, and the problem is simple: corruption.

    corrupt accounting, corrupt oversight, corrupt monetary policy (like greenspan fueling the housing bubble with low interest rates) corrupt politicians from both parties on the take, corrupt rating agencies bestowing AAA rating on shit “exotic financial instruments” and deeply corrupt market manipulation.

    so far obama has kept the criminals close. geithner’s complicit role in the collapse of lehman brothers is just one example. as the year-long report that recently came out indicates, geithner should, at the very least, be fired. that would send a strong message to the rest of the craven financial wizards for helping conjure our national insolvency. anything less is just empty political theatrics.

    • Some of the things I know about the bill, Lizard, is that it will prohibit bailouts. It will leave banks that “get to big to fail” without the umbrella of our tax dollars.

      It will bring derivatives under regulatory control. By Goddess, if we can regulate pork futures, we can regulate bank futures.

      One of the things that I have been keeping on top of Tester about is the creation of a separate consumer protection agency. There is a debate on whether to bring it under the Federal Reserve.

      My thinking is that Tester is resistant to this primarily on the basis of big government – creating another agency….I believe it needs to be independent of the Feds because (a) the Feds had the power to create regulations for a lot of this crap that sent the banking and investment industry into the basement and it didn’t do a thing, and (b) it is an inherent conflict of interest to put a consumer protection agency under the wings of an entity who’s mission it is is to lend money.

      What do I know? What I do try and do is to make sure that our representatives know that someone is paying attention…I write, I call. I can’t simply give up, Liz.

      • Lizard

        prohibiting bailouts? well, the horse blew the barn on that one. and the scariest thing is, no one seems to agree on the cumulative price tag of all the toxic derivatives out there. it’s a global contagion. from iceland to spain, from greece to latvia, governments are scrambling to assess and mitigate their exposure.

        i don’t mean to go doomsday, or sound overly fatalistic, but we are experiencing the consequences of decades of reckless, greedy policies. that’s why i harp democrats about bill clinton so much, because his role is a critical piece to the broader picture of how we got here.

        paul krugman recently issued a controversial op-ed barking at china. on april 15th, some “official” report will declare whether or not china has been manipulating its currency. if trade wars flare up, protectionism could exacerbate and elongate this burgeoning depression.

        listen, j-girl, i’m not implying that the scope of the crisis should result in abandoning taking some kind of positive action. abandon the democratic party, yes, but keep paying attention, and do whatever you can to make your immediate environment a better place to live.

        the self-declared masters of the universe have yet to pay for the crimes they’ve perpetrated against the american taxpayer and the global economy. if anyone deserves bricks through windows, it’s them.

  2. Republicans siding with big bankers sounds ok to me….

    People really love big bankers these days…

  3. Pilot

    Rehberg should be held accountable for support or opposition to any measure where his position did not serve the public interest.

    The 2003 Medicare “Reform” and Prescription Drug “Improvement” Act screwed up health care immensely, jeopardized the future of Medicare and further subsidized extortionate pharmaceutical and insurance industry corporations while rolling up record deficits.

    The House measure needed Rehberg’s vote for passage. If he had voted in our interests, he would have voted “No.”

  4. I absolutely support financial reform. We must have fair competition. The current Republican Congress strategy of NO is not working. I want a good Republican Congress, but not this one. We can not go back to the failed strategies of the Bush Republican Congress. We must elect new Republicans. There are Republicans like me all over the country running for office. Also it is time for Montanans to vote on the Republican Ballot this primary. Many Republicans are running for office that offer distinct choices for the direction of the party. If we want effective government we need two responsible parties and this is a defining year to get the GOP back on track. Check out your legislative candidates and get the right Republicans in the general elections.

    • Okay, so one Republican supports it… But, let’s be serious AJ, you’re not the kind of Republican this post was directed at. You’re actually pretty progressive.

  5. Big Swede

    The “holes” the Reps are digging.

    They’re for some one else.

  6. RememberTheValdez

    A heads up for your campaign. I would suggest studying up and having a plan ready to propose to deal with rising fuel costs for consumers and businesses. There are any number of effective strategies.
    Over the past month Big Oil has been slowly and systematically moving the fuel market up. I think they are going as far as they can push it this time. If there is just the slightest hint of a recovering economy or a rise in interest rates or an uptick in consumer sentiment they are going to take serious profits . These guys want to make money, hurt Obama and the Dems and don’t give a sht if in the end if they kill the recovery. I do not think our economy can take 4 or 5 dollar a gallon gas this summer.

  7. gary

    Jon Tester is killing our future and killing small business.

    How is he killing our future?

    THE JON TESTER HEALTHCARE PORTA-POTTY BILL, festering away with disease and stink and bile, Tester’s virulent IRS tax bacteria waiting to crawl out of his healthcare Porta-Potty sewer hole, up into our most vulnerable parts.

    JON TESTER is screwing the voters over with his healthcare fiasco, and now the voters are supposed to forget all about his healthcare vote against Montana kids and focus on other business, like we are too stupid to see Tester’s real agenda, like we will divert our attention from the real problem—Socialist Jon Tester—and this will save his sold-out soul from defeat in the next election.

    Socialist JON TESTER, you are stealing our money NOW to pay a debt for things you took away long ago. You want my kids’ money to fund a system that does not work. This is the old way of business in Washington, but when it comes to transforming our country into your socialist utopia, your old-way, corrupt porta-potty agenda does not work.

    You are reforming nothing with your “healthcare reform.” You are stealing our money to pay for your socialist legislation. You aren’t from Montana. You sold us out. Your legislation is from the sewer and it should go back.

    We are on to you and we will not forget.

    Here in Montana, we consider you Big Sky bile and in the next election, we will flush you back where you belong.

  8. problembear

    jon tester – of course!
    (slaps forehead)
    how could i have missed that. finally revealed: jon tester is the nexus of evil in the universe…..

    and here all this time, i thought it might be this guy:

    (don’t look into his eyes)

    • Lizard

      the last person i would ever associate to be anywhere close to the real financial action in dc would be the freshman “socialist” senator, jon tester.

      gary: wow.

  9. Mark t

    Good god woman! At what point does your little light turn on and you realize you’re watching Kabuki theater? As with health care, both parties are agreed on the outcome. It is only a need to guide you to where they want you to go.

    Politics is not easy, and for you to make it seem simple good guys/bad guys is grade school stuff. If you do not learn politics, politicians will continue to have their way with you. Did health care teach you nothing?

    Apparently not.

    • Ty Webb

      Remember Mark- Two wrongs don’t make a right but three rights make a left.

    • Steve W

      One thing the Health Insurance Bill taught me is that when the Dems win the White House by the largest margin in a generation, and when they also hold almost a super majority in the Senate and a large majority in the house, then they can pass a group of laws that are clearly philosophically Republican, even if the Republicans in congress don’t want them to pass those philosophically Republican laws.

      Yes, it’s amazing but true. Who woulda thunk it?

      My opinion is that the bill that passed was just another in a long line of shitty bills that are hurting the country.

      But the fact that the Dems could do something the Repos didn’t want them to do was almost game changing.

      Maybe they will take the chance of passing a Dem bill sometime, even if the Repos say no.

  10. gary

    Jon Tester is marching in lock step with his social-justice boss man, Barack Obama, hell-bent on crushing Montana small businesses and causing an unprecedented transfer of wealth from the private sector to the government sector. Tester’s business-toxic policies and his socialist agenda threaten to destroy the future of Montana small business.

    Tester’s mechanism to effect this transfer is his healthcare fiasco, which will push Montana small businesses past the point of no return, and he fully understands this. The tax burden Jon Tester has levied upon Montana small businesses will be overwhelming and unsustainable. Tester’s crippling legislation will make it much more difficult to start and run a small business in Montana, and the end result will be less innovation and far fewer viable business startups.

    In response to complaints from Montana business owners, Jon Tester is offering “tax breaks.” But faced with bankruptcy and ultimate business insolvency, Montana business owners are ignoring these misguided and deceptive “tax-breaks.” In fear of Tester’s acidic government programs and socialist vision, Montana business owners are running for the hills and refusing to hire new workers.

    What good are tax breaks when the business environment—under the tremendous burden of Tester’s stifling legislation—has grown so toxic that it is impossible to make a profit in the first place? Since there will be no profits to tax, Tester’s supposed “tax breaks” are meaningless, and any savvy business owner understands this basic law of business.

    Tester and his socialist cronies do not understand this simple concept, however, and for one glaring reason: government entities never have to worry about making a profit—or breaking even. They are immune to and thus ignorant of the fundamental laws of business.

    Democrats have a long-standing tradition of stuffing anti-business legislation down the throats of their constituents, but this time two critical factors are different:

    1) The economy will not recover because of the overwhelming national debt burden
    2) Jon Tester’s socialist agenda

    Factor 1: The Economy
    Traditionally, when democrats take control of the lawmaking process, they are quick to implement excessive redistribution programs that blindly impose additional tax burdens, all in the name of “social justice.” This has two effects. First, freedom and innovation and free enterprise die to some degree. Second, an already over-bloated government swells ever larger, further choking the private sector, which ironically it relies on to sustain it (with tax dollars).

    In times past, the Democrats’ ill-conceived wealth redistribution programs were not as business-toxic because the economy was strong enough to sustain them and recover. But things have changed dramatically this time around. The national debt is so high that the economy has lost its resiliency.

    We can no longer deny it: we are in a DEPRESSION, not a RECESSION, and this time we are not bouncing back, at least not any time soon. Democrats have ignored this and they have ignored the national public opinion polls, which indicate that Americans are strongly against their programs. In defiance of their constituents, Jon Tester and his fellow Democrats have charged ahead blindly with their massive—and highly toxic—redistribution programs.

    Factor #2: Jon Tester is an angry socialist with a redistribution agenda.
    His anger is focused directly on small business and the American way of life. He plans to see the traditional American business sector—the backbone of Montana and of America itself—totally dismantled and destroyed.

    Jon Tester plans to transform America. He intends to replace our democracy with a European-style socialist government where he and his Democrat cohorts will remain in office in perpetuity, watching over our shoulders as we pass from cradle to grave. In Tester’s distorted worldview, the best way to accomplish this transformation is to destroy small business.

    Along with the failed American economy, Tester’s healthcare tax missile will deliver the second punch of a one-two knockout combination designed to incapacitate Montana small business-and the American way of life—forever.

    Jon Tester’s next target for a socialist missile: The Financial System

    • JC

      Why don’t you direct all of this vitriol at the person who designed this plan? Max Baucus?

      You know, the socialist senior Senator? lol. You guys are nuts.

  11. Lizard

    everyone should check out yesterday’s democracy now.

    the derivatives market was put, by the guest, at 300 trillion dollars. this market is largely unregulated, and chris dodd has already indicated he doesn’t have the stomach to create a consumer financial protection agency capable of being a strong, autonomous policing agency. housing it in the fed is insane.

    also, amy goodman talked about the increasing BIPARTISAN drumbeat to address the “crisis” of social security. so big banks put the entire financial system at risk, and instead of doing what needs to be done to ensure the system isn’t exposed to large systemic risk by greedy wall street criminals, democrats are putting their crosshairs on social security.

    unbelievable? hardly. this is the two-faced one party system america has been reduced to.

  1. 1 Finance Reform Moves to Senate Agriculture « 4&20 blackbirds

    […] just doing some checking on where finance reform is, given that it was just about 2 weeks ago when the Senate Finance committee voted to move the thing forward. Come to find that Senate […]

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