Turf War Over Financial Oversight Plays Into Hands Of Lobbyists

New York Times:

WASHINGTON -- The Obama administration scrambled on Friday to defend major elements of its plan to overhaul the nation's financial regulatory system in the face of significant criticism from lawmakers, the financial services industry, and even senior regulators whose authorities would be eliminated under the proposal.

Read the whole story: New York Times

Comments

[stunsitfel]

Make no mistake, in order to mop up all the excess liquidity, the Fed will need to raise interest rates substantially to attract buyers for all the bonds that the Treasury must sell. Fed officials know that our economy is completely dependent on cheap money and limitless government credit, and can’t tolerate the loss of either. Of course, the longer the monetary spigot remains open, the more addicted to low rates we get, and the harder it will be to kick the habit. If the Fed could not remove the punch bowl during the years before the bust, how will they do so while the economy is far weaker? Even if they do start the process, the minute the “recovery” seems in jeopardy, look for the Fed to turn the showers back on.

[FHTB]

This is no turf war...let's not fool ourselves...a deliberate effort by Obama people and lobbyists and Fed Fools like Gheitner, Bernanke, et al. to con the public and rip us off...nothing more.

[Spesabsquemetu]

Brother, can you spare a REGULATION that protects WE THE PEOPLE?

Brother, can you spare a cramdown that affords the middle-class the SAME PROTECTIONS FOR THEIR FINANCIAL SECURITY, that you DO PROVIDE for the wealthy?

And while you're at it, can you re-write the pledge of allegiance to end with the words: "with liberty and justice for some.." until we straighten out a few things about FINANCIAL EQUITY AND JUSTICE that currently subjugates the American people as serfs to their Congress while it appears congress sells public policy to the biggest millionaire lobbyist donor, in exchange for lording over the people unaffordable health care, unaffordable interest rates, unaffordable pharmaceuticals, unaffordable insurance, unaffordable burdens on existence in America while our pensions and savings are seized through corrupt financial models that provide NO PROTECTION TO WE THE PEOPLE, while we the people are denied transparency and accountability concerning WHAT was done with OUR MONEY, where it was distributed and to whom, and under what terms and whose authority, while homes are lost almost as fast as jobs and no provisions for SECURING PROTECTIONS FOR THE AMERICAN PEOPLE seem to be in sight.

Brother, can you manage to work thru August, and get us a health care reform bill that actually includes HEALTH and REFORM, HEALING and CARE in the package?

Brother, can you spare some ethics and integrity?

[LononSmith]

Does anybody really think President Obama is even remotely capable of sacking Geithner? This is a man who seems to live in awe of the bankers, brokers and billionaires who took this country to the river and drowned it while they counted their swag. Obama may be an improvement over the last enfeebled occupant of the White House if only because he can speak in complete sentences, but, to be a true reformer, he will have to speak truth to power -- and he'll have to throw some of our oligarchial masters under the bus to do that.

[Scoppertop]

The 'Lobby' is inherently unconstitutional, as in the 'unelected' are making our laws.

[wizedollars]

The endgame is to collapse and get the US economy under the regulation of the IMF.

[Scoppertop]

Too late, the IMF already runs (owns) the IRS, the FED, SSA, and Dept. of Treasury.

[LononSmith]

Or maybe it's just the opposite. America runs the IMF and, while it's quick to point out the oligarchial domination of small countries that have this the wall, God forbid that the IMF should point out the same thing here.

[LunaPark]

We will never get out of this mess unless the Federal Reserve is audited and restrained. Elliot Spitzer calls it the bank bailouts, “America’s greatest theft and cover-up ever.

Spitzer said: “The Federal Reserve has benefited for decades from the notion that it is quasi-autonomous, it’s supposed to be independent. Let me tell you a dirty secret: The Fed has done an absolutely disastrous job since [former Fed Chairman] Paul Volcker left.

“The reality is the Fed has blown it. Time and time again, they blew it. Bubble after bubble, they failed to understand what they were doing to the economy.

“The most poignant example for me is the AIG bailout, where they gave tens of billions of dollars that went right through — conduit payments — to the investment banks that are now solvent. We [taxpayers] didn’t get stock in those banks, they didn’t ask what was going on — this begs and cries out for hard, tough examination.

[nomorefed]

I think that it's time that we acknowledge, not only that our paper-economy has lost touch with reality, but also that it has become entombed in a morass of crime and high-crime that, as it turns out, has very real costs. "New jobless claims" are declining because the funds for unemployment insurance are becoming exhausted. And yet, the crime and the rapacious pillaging does not stop; doesn't even slow down.

good articles: http://www.iamned.com

[einstein10]

At the same time the US Government is fast-tracking bailouts to multinational corporations, the Treasury Department has a policy right now to sic the IRS on small businesses and the self-employed. This will really hurt the economy. There should be a moratorium.

Recovery? For who?

[ErnestineBass]

Them.

[betterus]

Here is how the Chinese are dealing with economic crisis for inspiration perhaps.
Report: 30,000 China steelworkers in deadly clash By: The Associated Press | 25 Jul 2009 | 04:36 AM
Workers were angry that Chen was paid some 3 million yuan ($438,000) last year while some retirees received as little as 200 yuan ($29) a month, the center said and they beat him to death.
http://www.cnbc.com/id/32140197

[Tom95134]

Dear Mr. President,

It is time to throw Geithner under the bus. He is doing you no favors in the way he is allowing Wall Street and his friends to run wild. This latest round of announced profits from GS should be the last straw but WE HEAR NOTHING. To top it off, he is allowing the banks that received TARP funds to buy back their warrants at a price that amount to a giveaway of 34% of taxpayer's money to the banks. THIS HAS GOT TO STOP!

By the way, one other thing that needs to be done. The SEC has got to stop the sweetheart deal where high-frequency traders on Wall Street get to see trades 30 ms before the trades appear on the ticker to the rest of the street. No 30 ms doesn't sound like a lot but it is enough to allow them to manipulate trades for themselves and game the system. You shoudl read the NY Times article about this. Read it and weep... http://www.nytimes.com/2009/07/24/business/24trading.html

[ErnestineBass]

Re: the (illuminating) NYT article:

Dear Mr. Brooks,

The markets lost their "integrity" some time ago.

[01202009]

This along with healthcare is the president's make or break. If Goldman keeps running off with the cash, AIG keeps taking expensive jaunts to the beach and Mr. Obama doesn't ashcan Geithner and Bernanke and a few others I’ll be looking for another ‘Yes We Can’ in a couple of years. I don't want Bush lite!

[OB-GYN]

Ditto.

[rosal]

However, for millions of us this does not mean we will ever vote for a Repb. Never, ever.

[viperhawk2k4]

Well!, Thanks a F$#Wking! heap CONGRESS! Well, since they will be out of town (for a g.d. month!)I suggest WE THE PEOPLE! TAKE BACK OUR COUNTRY! MARCH ON WASHINGTON! TAKE OUR CAPITOL BACK FROM THE CROOKS!

[OB-GYN]

"Turf War Over Financial Oversight Plays Into Hands Of Lobbyists"

That's the whole idea!

[sueinmn]

So in other word, the President has no say in regulation or oversight regs. How did this happen and how do we change this? Democracy gives into corporatism cannot remain. Congress must step in and do whats right, if not

Possible WE MUST!