Tag Archives: Olympia Snowe

One Vote

01 Thursday Jul 2010

Posted by in Congress, Democrats, economy, Politics, Republicans, Unemployment

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One vote. That’s all more than 2 million Americans needed to have their unemployment benefits extended. One vote.  That’s all that was needed to prevent the unprecedented action by Congress of failing to extend benefits when unemployment is anywhere near our current rate of 9.7%, the previous high being 7.2% in 1983. One vote

Senate Majority Leader Harry Reid had the votes of 57 Democrats, counting his own. He even had the votes of 2 Republicans, Olympia Snowe and Susan Collins. And in the post-January 20, 2009 climate of Washington, D.C. that is a major accomplishment. He needed one vote to get the sixty necessary to break the filibuster and pass the extension before the Senate recessed until July 12. One vote.

Unfortunately, not only for Senator Reid but more importantly for those 2+ million Americans, that one vote was, and is, in the possession of possibly the biggest damn fool ever to occupy space in the Senate chamber, Ben Nelson of Nebraska.

Nelson’s reasons for his opposition:

“Tough choices are possible and necessary to not add to the deficit,” Nelson said. “Some also say we need more emergency spending now to keep the recovery going. But in my view it could jeopardize the recovery and would add to our already enormous deficit, likely to be around $1.4 trillion for the second year in a row…. Congress should provide additional unemployment benefits but not as a bailout to the states that worsens the deficit and passes the bills onto our children.”

Do you know who’s making tough choices, you idiot? The long-term unemployed who now have to spend July 4th weekend wondering how, or if, they’ll be able to keep their house, or pay the rent, or keep the lights on. They’re not worried about passing bills on to their children; they’re worried about being able to feed their children.

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Obstructionist Republicans and Gullible Democrats

30 Wednesday Jun 2010

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

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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.

Lucy and the Football—Again

26 Saturday Jun 2010

Posted by in Congress, Democrats, economy, Politics, Republicans

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I don’t like to get my blood pressure up this early on a Saturday morning, but this latest action by the Senate in killing the extension of unemployment benefits really pisses me off. And every time one of these lying, elitist assholes opens their mouths it pisses me off that much more.

Like Olympia Snowe, who sent a letter to Harry Reid “urging” him to bring a stand-alone extension of unemployment benefits to the floor of the Senate next week. Nowhere in the letter did she say she would vote for it. That’s because she won’t. And neither would the other Republicans and that idiot Nelson. Snowe is just playing Lucy holding the football for Charlie Brown—again. Reid should tell her to take a flying f*****g leap.

When are Snowe, Nelson, and the rest of the obstructionists going to compromise on something. Ever? The bill was watered down to accommodate them–just like the stimulus, health care, and everything else—and they still voted against it. Everything but the $33 billion for unemployment extension was offset, just like they wanted. Still they voted no.

This just in, you morons. People who get unemployment checks don’t put them in the bank. They spend every dime of it on rent, or the mortgage, or food, or clothes. It’s called economic stimulus, dipshits. Get a clue.

Then there’s Diane Feinstein who, even though she voted for the extension, gives ammunition to the obstructionists when she continues to say stupid-ass things like this:

“We have 99 weeks of unemployment insurance now. The question comes, how long do you continue that before people just don’t go back to work at all?” she said…“And there isn’t a lot of documentation on this. Last night for the first time I had somebody from a company tell me they’ve offered jobs to individuals and they said well, ‘I want to not come back to work until my unemployment insurance runs out.’ So we need to start looking at these things. And, we need to start paying for it.”

Bullshit. Nobody’s getting rich off unemployment, Di. The average check for one of Feinstein’s constituents in California is $450 a week. In San Francisco, where Feinstein and her rich hubby live, the average rent for a one-bedroom apartment is $1709 a month. Which leaves $91 a month for things like food, electricity, water—minor things like that.

And forgive me but “somebody” from some unnamed company who says that “they’ve” offered jobs to people who would rather stay on unemployment is bullshit too. The unemployment rate in California is 12.4%, there are 6 people for every job opening. People want to work, there just aren’t any jobs to be had. But when you’re sitting on top of a cool 40 mil, like the Feinsteins are, you have no idea what life is like in the real world where the peasants live.

I won’t even get into Nelson. The man is just a hopeless, clueless idiot with a terminal case of HUHAD (head up his ass disease). Why he doesn’t just switch parties and be done with it, I don’t know.

[End of rant]

A Crucial Week for Financial Reform

26 Monday Apr 2010

Posted by in bailout, Congress, economy, Financial Crisis, financial reform, financial regulation, Obama, Politics, Republicans, too big to fail, Wall Street

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In what’s shaping up as a crucial week in the quest for financial reform there are some encouraging signs, some not so encouraging, and a demonstration by the executives at “the great vampire squid” (aka Goldman Sachs) give us an example of why meaningful reform is necessary.

First, the reasons to be hopeful. There appear to be some cracks in the Republican wall of solidarity. Sen. Olympia Snowe endorsed Sen. Blanche Lincoln’s tough stance toward derivative trading passed last week by the Agriculture Committee. (Sen. Grassley, another possible defector, was the lone Republican on the committee who voted for Lincoln’s proposal). In a letter to Majority Leader Harry Reid, Snowe wrote:

“I believe that strong derivatives regulation goes to the heart of an effective financial reform bill and that Chairman Lincoln’s legislation is a strong step towards realizing this fundamental component to financial reform……I believe that we should err on the side of caution and finally bring full transparency to these markets once and for all and allow regulators to preemptively identify these damaged firms.

“Accordingly, I believe the Senate should start with a comprehensive, strong derivatives reform proposal and defend attempts to weaken it, not the other way around and the legislation produced by the Senate Agriculture Committee includes the strongest safeguards and most robust transparency provisions on our expansive derivatives market.

I urge the Majority Leader to incorporate these provisions into the regulatory reform bill.”

On Friday, Sen. Chris Dodd, chairman of the Senate Banking Committee, “agreed to replace his proposed restrictions on derivatives with those of the Senate Agriculture Committee, chaired by Arkansas Democrat Blanche Lincoln.”

On This Week yesterday, Sen. Bob Corker said he intended to propose an amendment containing a “claw back” provision to the legislation “which would take away the personal earnings for the past five years of the corporate officers of failed institutions that fall under the government’s resolution authority.”

Another possible Republican defector might be the newly-elected senator from Massachusetts, Scott Brown. Will someone who was elected as a sort of “man of the people” want to be painted as a defender of Wall Street? Especially when he faces re-election in 2 years? Maybe not.

Also on the positive side, “President Obama and House Financial Services Chairman Barney Frank have personally urged Dodd not to cut a deal with Republicans…This is a welcome sign that Obama realizes that public opinion is moving in the direction of tougher banking reform, and that he learned from the health debate that bipartisan compromise on key reform issues is a snare and a delusion.”

Sen. Dodd has shown signs of weakening the legislation in order to compromise with Republicans leaders in the Senate, Mitch McConnell and Richard Shelby, who want to use the same tactics Republicans used on health care reform—stall and delay as long as possible. Hopefully, Dodd will be emboldened by support from President Obama and not dilute reform to try and pacify those whose intentions are to maintain the status quo.

Now to the crooks at Goldman. What were they doing as the housing market was collapsing and threatening to take the entire economy with it? Having a party:

“As the U.S. housing market began its epic fall nearly three years ago, top executives at Wall Street powerhouse Goldman Sachs cheered the large financial gains the firm stood to make on certain bets it had placed, according to newly released documents.

The documents show that the firm’s executives were celebrating earlier investments calculated to benefit if housing prices fell, a Senate investigative committee found. In an e-mail sent in the fall of 2007, for example, Goldman executive Donald Mullen predicted a windfall because credit-rating companies had downgraded mortgage-related investments, which caused losses for investors.

“Sounds like we will make some serious money,” Mullen wrote.”

To somewhat defend Goldman, what they were doing, “selling short,” (betting against certain investments) is something that happens on Wall Street every day. But, betting against instruments that they designed to fail, and which were sold to investors as AAA investments allowing Goldman to profit from on both ends, may not be illegal (although it should be) but it certainly shows that the execs at the “great vampire squid” have no interest in what’s best for the country. They have one party’s interests in mind—-their own.

Lucy Holds the Football……Again

30 Saturday Jan 2010

Posted by in Congress, Democrats, health care, Republicans

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Some people never learn:

“Sen. Olympia Snowe (R-Maine) said Friday that she has been in conversation with Democrats and Finance Committee Chairman Max Baucus about a way forward on health care reform.

“I have talked with several of my Democratic colleagues, including the chairman of the Finance Committee, just sorting through these issues, and the process, and what will unfold,” Snowe told Andrea Mitchell on MSNBC Friday afternoon.

…But Snowe made it very clear she could not support any form of a bill that came through the reconciliation process—a legislative move she called “wrong and untenable.”

Instead, Snowe believes Congress could pass a scaled-back version of insurance reform based on measures that would aid small business, a policy stance she has held since the summer with she voted in favor of the bill that came through the Finance Committee.”

Einstein was right.