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Ear to the Ground

New England Republicans Assure Financial Reform Passage

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Posted on Jul 13, 2010
Photo illustration

Scott Brown, the senator from Cosmo.

Scott Brown of Massachusetts has decided to support the anemic financial reform bill because, as The Washington Post reports, “he got nearly everything he wanted.” The bill is now expected to pass with the support of at least two other Republicans, including Maine’s Olympia Snowe.

That Brown was able to so easily win concessions from Democrats reminds us of what Sen. Russ Feingold said when he explained his principled opposition to the bill: “ ... The administration and conference leaders have gone to significant lengths to avoid making the bill stronger. Rather than discussing with me ways to strengthen the bill, for example, they chose to eliminate a levy that was to be imposed on the largest banks and hedge funds in order to obtain the vote of members who prefer a weaker bill. Nothing could be more revealing of the true position of those who are crafting this legislation. They had a choice between pursuing a weaker bill or a stronger one. Their decision is clear.”

Indeed, Scott Brown was able to support the final bill only because of the capitulation Feingold describes.

Democratic Sen. Maria Cantwell, who opposed a previous incarnation of the bill, has indicated that she will vote for the final version.  —PZS

Washington Post:

If Democrats remain united and win votes from Brown, Cantwell, Collins and Snowe, they will eclipse the filibuster-proof 60 votes needed to send the bill to Obama. If necessary, they could wait until the Democratic governor of West Virginia names a replacement for Sen. Robert C. Byrd, who died last month.

Like Snowe, Brown said that he reviewed the massive bill over the Fourth of July recess and that he appreciated the efforts to shape it more toward his liking, especially by removing the assessments on banks and hedge funds. True to form, however, he said his vote doesn’t imply total satisfaction.

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G.Anderson's avatar

By G.Anderson, July 13, 2010 at 6:16 am Link to this comment

So here we are again, the Democratic party is pleased with itself, for maybe passing reform, that’s not reform at all. Offering cosmetic change, then patting itself on the back, when instead they should be embarrased.

So, today I read that the FTC, wants the states to pass more regulations to halt the avalanche of frivolous debt collection law suits that are clogging the courts. I guess they realize that financial reform, is not really financial reform after all.

It’s just Democratic box of cereal, with lots of pretty packaging, but inside it’s just a lot of air and junk food. Essentially nothing at all.

But conservatives are saying that hidden inside the bill, there is funding to create of 20 offices to make sure that federal agencies hire women and minorities. I wonder if it’s true?

So, next time the elections come around the Democrats can say… Look we passed health care reform, and look we passed financial reform, both historic, bill… the Democratic party is the party of change…What more do you want people?

So, I’ll say it again, the Republicans create victims, but the Democrats institutionalize that victimization and exploit it for generations…

The Republican and Democratic party are a vast two- headed monster, a symbiotic parasite, that preys on the people, one part carnivore, one part blood sucker….leashed to the plutocracy..

http://www.huffingtonpost.com/2010/07/12/debt-collection-lawsuits-ftc_n_643920.html

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Fat Freddy's avatar

By Fat Freddy, July 13, 2010 at 5:34 am Link to this comment

It is impossible to regulate an industry that is based almost entirely on fraud, especially when that fraud is specifically enabled and protected by the government, and the fraudulent institutions the government created.

Anybody who even suggests that our current financial system even resembles a free market is either a fucking idiot, or a flat out liar.

The American people have been fooled into believing that fraud is necessary to maintain a healthy economy. Nothing could be further from truth. Fraud is necessary to maintain America’s #1 standing in the world. Eventually, the rest of the world will figure this out, or more likely, say, we’ve had enough of your bullshit. We’ve managed to destroy the economies of Mexico, Japan and Argentina, and the EU is next. Eventually, China, India and Brazil will opt out. They will realize that they don’t need us. Why do you think they are buying so much gold? They are well aware of Triffin’s dilemma. They know that the US dollar can not continue to be the world’s reserve currency indefinitely.

But, the fraud isn’t just being fueled by the greedy, power hungry bankers and politicians. It’s being fueled by the reckless desire of the American people for more and more consumable goods to satisfy their unquenchable desire for instant gratification. We are our own worst enemy.

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