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Tag Archives: Barney Frank

Obstructionist Republicans and Gullible Democrats

30 Wednesday Jun 2010

Posted by Craig in Congress, Democrats, economy, financial reform, financial regulation, Obama administration, Politics, Republicans, special interests, Wall Street

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$19 billion fee, Barney Frank, financial institutions, financial reform, loophole, Massachusetta banks, Olympia Snowe, Scott Brown, Susan Collins, Treasury Department, Volcker Rule

Scott Brown is a quick learner. In his short time in the Senate he’s become a master at the game of ‘How To String Along The Gullible Democrat’ aka Lucy and the Football.

Here’s how it goes: Obstructionist Republican says, “I would vote for this particular piece of legislation except for X.” Gullible Democrat believes Obstructionist Republican (although for the life of me I can’t figure out why) and changes or takes out X. Obstructionist Republican then says, “That’s all well and good, but I also don’t like Y. If you take that out too, I may vote for said legislation.” Gullible Democrat removes Y, and the process repeat itself over and over until said legislation is either dead or too weak to do anything remotely resembling its original intention.

The latest example is the so-called financial reform bill. Brown wanted a loophole in the Volcker Rule to exempt banks in Massachusetts from being subject to limits on risky investments. With the help of Barney Frank and (surprise!)  the Treasury Department, the loophole was inserted into the legislation. (BTW, also at the insistence of Senator Brown, another loophole was added to the Volcker Rule which may delay its implementation until 2022.)

Brown’s objection to the bill then shifted to a $19 billion fee to be collected from large financial institutions, calling it a “tax.” I’m sure Brown’s opposition has absolutely nothing to do with the $450,000 he received from executives at financial institutions in the six days before the election in Massachusetts. Strictly coincidence..

Guess what? The bank fee is out now, too

“Top Democratic House and Senate negotiators who worked out a deal on a sweeping overhaul of financial regulations regrouped Tuesday to eliminate a $19 billion fee on banks that had threatened to derail the legislation.”

Brown wasn’t alone. He had two other Lucies standing with him:

“Besides Brown, Republican Sens. Olympia Snowe and Susan Collins of Maine, both of whom also voted for the Senate bill last month, said they, too, had qualms about the bank assessment that negotiators inserted into the bill last week.”

I guess the only alternative to the Democrats being gullible and naive is that they are complicit and corrupt. That they don’t really want actual reform and are just using the guise of compromising with the Republicans to play their favorite game—giving the appearance of doing something while in reality doing nothing which might upset the goose that lays the golden eggs of campaign contributions.

Gullible and naive or complicit and corrupt? Either way it doesn’t bode well for the future of the Republic.

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Frank and Dodd Set to Serve Their Corporate Masters

10 Thursday Jun 2010

Posted by Craig in Congress, Democrats, economy, financial reform, financial regulation, Obama administration, Politics, special interests, Wall Street

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Barney Frank, Blanche Lincoln, change you can believe in, Chris Dodd, conference committee, derivatives, Finance Industry PACs, financial reform legislation, whores

With the conference committee set to start meeting today to come up with a final version of financial reform legislation, the finance industry whores on the committee (aka Barney Frank and Chris Dodd) are doing their best to backpedal on Blanche Lincoln’s provision to force the big banks to spin off their derivatives operations.

“Senate Banking Committee Chairman Chris Dodd [$3.1 million from Finance Industry PACs], a skeptic on the Lincoln plan, called it a “strong provision” and said she “was on the right track.” He did not, however, agree with his Democratic colleagues Wednesday who said Lincoln’s election win would make it harder to eliminate the provision.

And Frank [$2.3 million], who is chairing the conference committee, gave no indication Wednesday of where he intended to steer the House-Senate conference on the issue.”

No big surprise here either:

“The plan faces opposition from the administration, the Treasury Department and the Federal Reserve.”

Change you can believe in.

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