#189467 - 07/18/10 06:35 AM
Disturbing Look at What's Happening
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ævory
Member
Registered: 04/04/05
Posts: 9657
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The President's Truce with Business
Obama is out of ammunition – money.
BY IRWIN M. STELZER
July 17, 2010 12:00 AM
SHARETHIS
President Obama wants to declare a truce in his war on the business community. And, well, he might. For one thing, he has won almost all of the ground attainable between now and the November congressional elections. His health care “reform” is law of the land, and his financial-sector regulation bill was passed by the Senate on Thursday and awaits his signature.
Although each of these tomes is more than 2,000 pages long, they are mere barebones outlines, to be fleshed out by thousands of regulators. House speaker Nancy Pelosi, a San Francisco Democrat, said of the health care bill, “We have to pass the bill so that you can find out what is in it.” And one of the co-authors of the financial regulation bill (“finreg” in the new jargon), retiring Senator Chris Dodd, a Democrat from Connecticut, added to bankers’ uncertainty by observing, “We won’t know the full results of what we have done until the very institutions we have created, the regulations we have suggested and provided for are actually tested…. All we can do is … hope that good people will be appointed who will attract other good people…”.
The regulatory and administrative bodies will be spewing regulations faster than BP spewed oil into the Gulf of Mexico, and with as damaging an effect on the business environment as the oil spill has had on the natural environment. Legal experts estimate that the good senator’s finreg bill will require eleven different regulatory agencies to write 243 new rules, with the Securities and Exchange Commission accounting for 95 of them. Many of these rules will run more than 100 pages; all will be drafted far from the annoying glare of public scrutiny. A job creation scheme for lawyers, lobbyists, and bureaucrats – not for the American people writ large.
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#189471 - 07/18/10 10:49 AM
Re: Disturbing Look at What's Happening
[Re: ævory]
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ghoti
Member
Registered: 04/06/02
Posts: 8469
Loc: Ishpeming, MI 75.128.229.255
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Much of big business and especially banking have had free reign to do whatever they like without regulation, thanks to the Bush administration's removal of controls. The volatility and violent lurches up and down of the stock market and the economy were part of the consequences.
When huge institutions are allowed to operate without regulation they make decisions designed to maximize their short-term profits with no regard to how those decisions impact our country. That's good for them, and many individuals became wildly wealthy as a result.
Unfortunately for the average Joe, it meant watching their life savings and net worth bouncing up and down like a yo-yo. Younger people can afford to sit those things out and hope that stability eventually returns, but people who were already retired and relying on their investments to provide a major part of their income were sometimes devastated by it.
IMO that's why so many elderly people are supporting groups like the Tea Party. They're terrified by watching their life savings being plagued by instability and desperately want a return to the days when they could count on reasonably safe and steady growth of their money.
Unfortunately, many miss the point - it was massive deregulation that contributed to the economy going haywire, and the only way to restore stability is to go back to keeping a close watch on the financial dealings of banks and big business. That's exactly what Obama and the democrats are trying to do, and if people understood the whole picture better they'd be more in support.
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Feisty survivors populate this site. Avoid controversies unless you have a very thick skin.
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#189483 - 07/18/10 04:21 PM
Re: Disturbing Look at What's Happening
[Re: ghoti]
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Paulwa_dup1
Member
Registered: 02/12/05
Posts: 4951
Loc: Washington
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yes that along with spending us into bankruptcy!
Paul
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#189486 - 07/18/10 05:23 PM
Re: Disturbing Look at What's Happening
[Re: ghoti]
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flicka
Member
Registered: 04/06/00
Posts: 24616
Loc: SLO County, CA - 66.122.77.142
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When huge institutions are allowed to operate without regulation they make decisions designed to maximize their short-term profits with no regard to how those decisions impact our country.
When you think about Obama's accomplishments in those terms, it is obvious that his only option is to reestablish regulations on business & industry. That is pretty much what the health care bill is all about...
If we need a visual to understand what happens when regulation is lax, the BP leak can represent every situation. With that in mind, imagine the financial crisis as leaking oil and see how widespread it is...it's a global disaster.
I have faith that Obama is doing what he thinks is in the best interest of our country.
_________________________
"A lot of things were acceptable--until we stopped accepting it." -- Al Sharpton '12
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#189493 - 07/18/10 07:02 PM
Re: Disturbing Look at What's Happening
[Re: ævory]
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starlight.2
Member
Registered: 02/19/09
Posts: 793
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The President's Truce with Business
Obama is out of ammunition – money.
BY IRWIN M. STELZER
July 17, 2010 12:00 AM ...
your source?
_________________________
Where ignorance is our master, there is no possibility of real peace.
--Dalai Lama
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#189499 - 07/18/10 08:15 PM
Re: Disturbing Look at What's Happening
[Re: starlight.2]
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Paul I
Member
Registered: 02/24/00
Posts: 7913
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The guy has conservative leanings but this article doesn't appear to reflect it which is fine. I fail to understand why these bills such as health care and "finreg" need to be so complex.Who can digest 2000 pages of technical drivel and expect to understand or project all the overlap. interconnectivity and ramifications of such a bill? It's the same racket that lawyers have had for years-
create laws that are some complex that one needs a lawyer to understand it. It's self perpetuation.
_________________________
"...only the shadow knows"
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#189548 - 07/19/10 03:15 PM
Re: Disturbing Look at What's Happening
[Re: Paul I]
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Johnboy 64
Member
Registered: 11/16/01
Posts: 15944
Loc: a nice place
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paul, i've been saying that since day 1, but some or should i say most ppl on here seems to think is is easy to read and comprehend all the if, ands, and buts. in reality i dont thnk any one person knows exactly how this thing will be put in full force... imagine the hospital clinic etc, personnel trying to understand all the new rules.
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#189553 - 07/19/10 03:43 PM
Re: Disturbing Look at What's Happening
[Re: Johnboy 64]
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Paul I
Member
Registered: 02/24/00
Posts: 7913
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I think they call it camouflage. What are they hiding?
_________________________
"...only the shadow knows"
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#189574 - 07/19/10 05:06 PM
Re: Disturbing Look at What's Happening
[Re: Paul I]
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Johnboy 64
Member
Registered: 11/16/01
Posts: 15944
Loc: a nice place
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I think they call it camouflage. What are they hiding?
that's what worries me... thing in pretty packages are very seldom pretty when opened.
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#189626 - 07/20/10 09:42 AM
Re: Disturbing Look at What's Happening
[Re: Johnboy 64]
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ghoti
Member
Registered: 04/06/02
Posts: 8469
Loc: Ishpeming, MI 75.128.229.255
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I'm guessing that, as with all major legislation, a good part of it is pork. There are lots of A-holes in congress of both parties who insist on adding special project money for their state or district in order to buy their vote. Who knows?
The reality is that unless we re-establish some controls on banks and big business our economy is going to continue with wild ups and downs, and that's intolerable. I'm hoping this bill accomplishes that.
_________________________
Feisty survivors populate this site. Avoid controversies unless you have a very thick skin.
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#189737 - 07/21/10 12:25 PM
Re: Disturbing Look at What's Happening
[Re: ghoti]
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paradocs
Member
Registered: 11/20/04
Posts: 2323
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This author feels that the so-called banking "reform" bill gives banks pretty much what they wanted -- the right to continue to do business as usual with the assurance the taxpayers will bail them out the next time they screw up.
http://www.bloomberg.com/news/2010-06-29...avid-pauly.html
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#189739 - 07/21/10 12:36 PM
Re: Disturbing Look at What's Happening
[Re: paradocs]
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Paul I
Member
Registered: 02/24/00
Posts: 7913
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Today I heard that banks have plenty of money to loan but don't trust the value of the equity people can put up.
I also heard that Obama's health care plan will increase everyone's
health care bill about 35%
_________________________
"...only the shadow knows"
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#189774 - 07/22/10 12:52 PM
Re: Disturbing Look at What's Happening
[Re: Paul I]
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Paulwa_dup1
Member
Registered: 02/12/05
Posts: 4951
Loc: Washington
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Yep I think Obies money sixshooter is empty. But that won't stop him from loading with blanks and threatening big business to gain social control of the market and industries of America. He is quite an articulate blusterer but America is onto him and soon his ratings of re-election against anyone even unknown GOP candidates will finalkly rest sat zero in the dust of his presidency. Then we can begin hasnding out bandaids to all the businesses he has destroyed and let good old American initiative and elbow grease get us out of the grand canyon he has dug us into in his short presidency which has been show to fly like a brick airplane though he painted it up to look so lovely on the exterior, it is filthy and politically dirty inside regardless of whast people try to explain away and close their eyes too.
Paul
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#189775 - 07/22/10 12:52 PM
Re: Disturbing Look at What's Happening
[Re: Paul I]
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Paulwa_dup1
Member
Registered: 02/12/05
Posts: 4951
Loc: Washington
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Yep I think Obies money sixshooter is empty. But that won't stop him from loading with blanks and threatening big business to gain social control of the market and industries of America. He is quite an articulate blusterer but America is onto him and soon his ratings of re-election against anyone even unknown GOP candidates will finalkly rest sat zero in the dust of his presidency. Then we can begin hasnding out bandaids to all the businesses he has destroyed and let good old American initiative and elbow grease get us out of the grand canyon he has dug us into in his short presidency which has been show to fly like a brick airplane though he painted it up to look so lovely on the exterior, it is filthy and politically dirty inside regardless of whast people try to explain away and close their eyes too.
Paul
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#190025 - 07/25/10 10:11 PM
Re: Disturbing Look at What's Happening
[Re: Paulwa_dup1]
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Paul I
Member
Registered: 02/24/00
Posts: 7913
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To be honest I believe Barney Franks had a lot to do with fueling this crash.
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"...only the shadow knows"
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