[Phil1]

Good for Obama:

The global banking industry was thrown into turmoil on Thursday after President Barack Obama , responding to public rage over the financial crisis, proposed the most far-reaching overhaul of Wall Street since the 1930s.

In reforms that could force the restructuring of some of the biggest names in US finance, including JPMorgan Chase and Goldman Sachs, Mr Obama promised that “never again will the American taxpayer be held hostage by a bank that is too big to fail”.

More:
FT.com / US / Politics & Foreign policy - Obama hammers Wall Street banks

[Blue]

That's damn funny when you look at who his campaign contributors were when he was briefly a U.S. Senator.

Barack Obama: Campaign Finance/Money - Top Donors - Senator 2008 | OpenSecrets

1University of California$1,598,395

02Goldman Sachs$1,058,595

03Harvard University$892,397

04Microsoft Corp$837,117

05Google Inc$809,436

06JPMorgan Chase & Co$747,732

07Citigroup Inc$723,8400

08Sidley Austin LLP$618,598

09University of Chicago$616,115

10Time Warner$608,584

11Stanford University$590,557

12Skadden, Arps et al$584,910

13UBS AG$559,769

14National Amusements Inc$555,433

15Wilmerhale Llp$544,118

16Morgan Stanley$538,131

17IBM Corp$536,122

18Columbia University$532,052

19General Electric$511,380

20Kirkland & Ellis$502,698

[Blue]

Chris Dodd: Chris Dodd: Campaign Finance/Money - Top Donors - Senator 2008 | OpenSecrets

Of course McCain's looks a lot like old Chris': John McCain: Campaign Finance/Money - Top Donors - Senator 2008 | OpenSecrets

I wonder how much Dodd is getting so he won't run again.

[Phil1]

Well you have to give a little credit to Obama for getting after this or at least opening the can of big fat worms. We obviously can't trust the politico 'watch dogs' as they are being fed raw steak from the banks. Let see what happens.

There is inherantly something wrong with John Q underwriting all the banks' screw ups. If they need insurance then let them pay for the full boat ride. Rather than delegate the damage for thier mistakes to the tax payers, lets delegate the damage back to them, they caused the problem and it's obvious the phocking politicos can't control it. They failed with the S&L debauchle and now this deal.

If it goes down a third time we really are stupid.

My 2 cent over draft.

Regarding Dodd, I believe the polls have shown the DNC he couldn't manage getting elected to a dog catcher. This gives the DNC time to massage an approved sucessor to run. It speaks highly again for senate and house term limits. The senate term is 6 years. Todd has been in slot 30 years, enough already!!!

'Word of Dodd's retirement plans comes after months of speculation about his political future, his faltering poll numbers and a growing sense among the Democratic establishment that he could not win a sixth term in the Senate.'

more:
Connecticut Sen. Christopher Dodd won't seek reelection, will retire at end of term - washingtonpost.com

[Parallax]

Years ago interstate banking was not allowed. Some states didn't even allow branch banking, I can't believe that any of this crap would have happened if that were still the case.

[Phil1]

A little more on the general topic:
Obama Seen as Anti-Business by 77% of U.S. Investors - Yahoo! News

Well you have to give a little credit to Obama for getting after this or at least opening the can of big fat worms. We obviously can't trust the politico 'watch dogs' as they are being fed raw steak from the banks. Let see what happens.

There is inherantly something wrong with John Q underwriting all the banks' screw ups. If they need insurance then let them pay for the full boat ride. Rather than delegate the damage for thier mistakes to the tax payers, lets delegate the damage back to them, they caused the problem and it's obvious the phocking politicos can't control it. They failed with the S&L debauchle and now this deal.

If it goes down a third time we really are stupid.

My 2 cent over draft.

Regarding Dodd, I believe the polls have shown the DNC he couldn't manage getting elected to a dog catcher. This gives the DNC time to massage an approved sucessor to run. It speaks highly again for senate and house term limits. The senate term is 6 years. Todd has been in slot 30 years, enough already!!!

'Word of Dodd's retirement plans comes after months of speculation about his political future, his faltering poll numbers and a growing sense among the Democratic establishment that he could not win a sixth term in the Senate.'

more:
Connecticut Sen. Christopher Dodd won't seek reelection, will retire at end of term - washingtonpost.com

Even so Phil a person like Dodd doesn't step aside without compensation of some sort.

[Phil1]

'Even so Phil a person like Dodd doesn't step aside without compensation of some sort.'

I could not agree with you more. I am pretty sure ole' Chris' golden parachute has long ago been stashed away some where. It this case it's probably solid gold because the $$ ain't buying stuff like it used too.

Jesus we need better gov't and representation.
(I'm speaking to my illegal friend hey-zus here).

My view from the back of the bus.

[Parallax]

'Even so Phil a person like Dodd doesn't step aside without compensation of some sort.'

I could not agree with you more. I am pretty sure ole' Chris' golden parachute has long ago been stashed away some where. It this case it's probably solid gold because the $$ ain't buying stuff like it used too.

Jesus we need better gov't and representation.
(I'm speaking to my illegal friend hey-zus here).

My view from the back of the bus.

OTH Phil, I think we should be glad we aren't getting all of the government we're paying for.

[jogiba]

F**k Dodd, Phil Gramm is the one who screwed the middle class with banking deregulation laws.

Between 1995 and 2000, Gramm was the chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. During that time he spearheaded efforts to pass banking deregulation laws, including the landmark Gramm-Leach-Bliley Act in 1999, which removed Depression-era laws separating banking, insurance and brokerage activities.

[Phil1]

'Some economists state that the 1999 legislation spearheaded by Gramm and signed into law by President Clinton — the Gramm-Leach-Bliley Act — was significantly to blame for the 2007 subprime mortgage crisis and 2008 global economic crisis.[9][10] The Act is most widely known for repealing portions of the Glass-Steagall Act, which had regulated the financial services industry.[11]

Gramm responded to criticism of the act by stating that he saw "no evidence whatsoever" that the sub-prime mortgage crisis was caused in any way "by allowing banks and securities companies and insurance companies to compete against each other."[12] The Act passed the House by an overwhelming majority and passed by unanimous consent in the Senate, though it was introduced on the last day before Christmas holiday and never debated by either congressional body.[13]'

Yup and who of the banking committee being fed by the banks was watching the store?

[JnM_in_VT]

Government intervention in banking is what caused the banking problems. I neglect to see how further government intervention is the solution.

You do realize that the regulations in place that allowed what has happened were lobbied for heavily by the banking industry, right? And you do realize that the lobbying for these new regulations is also being conducted by those same lobbyists on behalf of the very same banks, right?

What's needed is competition in currencies and for the government to get out of banking.

[Blue]

F**k Dodd, Phil Gramm is the one who screwed the middle class with banking deregulation laws.

Between 1995 and 2000, Gramm was the chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. During that time he spearheaded efforts to pass banking deregulation laws, including the landmark Gramm-Leach-Bliley Act in 1999, which removed Depression-era laws separating banking, insurance and brokerage activities.

I don't have a problem sending Gramm over to Leavenworth to pound rocks along with Barney's Frank and C. Dodds. Barney can use a big wooden mallet to crack his rocks. Charlie Wrangel and The Clinton appointees (Jim Johnson & Franklin Raines) that headed up Fannie and Freddie can go with them. Dodd and Barney were heading up the respective committees in the Senate and House will Raines was embezzling $90 Million. I'm for all of the jerks regardless of Party pounding rock in the hot Kansas sun and cold freezing wind for 20 years.

I don't have a problem sending Gramm over to Leavenworth to pound rocks along with Barney's Frank and C. Dodds. Barney can use a big wooden mallet to crack his rocks. Charlie Wrangel and The Clinton appointees (Jim Johnson & Franklin Raines) that headed up Fannie and Freddie can go with them. Dodd and Barney were heading up the respective committees in the Senate and House will Raines was embezzling $90 Million. I'm for all of the jerks regardless of Party pounding rock in the hot Kansas sun and cold freezing wind for 20 years.

Let's go 40 years.