Brad Sherman: Finance Safeguards An Executive Power Grab, "TARP On Steroids"

Washington Independent :

In the wake of the recent financial meltdown, it sounds like a reasonable idea: A proposal granting the White House broad new authority to take over when a failing institution threatens to drag others -- perhaps the whole economy -- down with it.

Yet that proposal, included as a part of wide-ranging finance reform legislation moving through the House this month, is also sparking bouts of indignation on Capitol Hill, where at least one vocal Democrat says the provision represents an executive-branch power grab that would prop up too-big-to-fail institutions at the expense of smaller banks.

Read the whole story: Washington Independent

Comments

[carolm62]

Finally someone from the left worries about government power grabs! You go Sherman! And don't stop there!

[StephCaster]

If steroids, when used for performance enhancement, are supposed to be a bad thing, why is it acceptable in political discourse to praise something as good by calling it "[X] on steroids"? Doesn't that send the wrong message?

[PhilipTaylor]

Rep Sherman is 100% RIGHT!

This is INSTITUTIONALIZING BAILOUTS or CORPORATE WELFARE to the MOST CORRUPT MEMBERS OF SOCIETY Wall Street BANKSTERS!

[PhilipTaylor]

GEITHNER IS A COMPLETE CR00K!

This PROVES IT AGAIN! HE IS F-ing AMERICA OVER AGAIN!

http://www.youtube.com/watch?v=oielyQeyndE

[shivasquest]

dont let hume catch you with that...heh.

[PhilipTaylor]

[Source for Video: shivasquest]

[Carolab]

Am I supposed to take seriously a journal that misspells "Glass Steagall"?

[shivasquest]

Brad Sherman questions Geithner

http://www.youtube.com/watch?v=oielyQeyndE

[PhilipTaylor]

Excellent shivasquest!

[PhilipTaylor]

GEITHNER IS A COMPLETE CR00K!

This PROVES IT!

[Marcospinelli]

Obama's refusing to enforce the laws that are already on the books:

Wall Street's N@ked Swindle
A scheme to flood the market with counterfeit stocks helped kiII Bear Stearns and Lehman Brothers — and the feds have yet to bust the culprits
by Matt Taibbi in The Rolling Stone

http://www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle/print

Pay particular attention to the secret meeting held at the Fed by Bernanke and Geithner just prior to Bear Stearns' meltdown.

Obama's refusal to investigate and prosecute, his insistence on "looking forward and not back" on everything done by the Bush administration, from the war and t0rture to the biggest heist of Americans' money since the Savings & Loan heist during the Reagan administration (which had been the biggest heist ever), makes Obama a co-conspirator.

[shivasquest]

sorry to say this is old news.

[Matt Osborne - Huffpost Blogger]

Very disappointing to see a Democrat adopting wingnut code-words like "power-grab."

[flossophy]

What would you prefer to call it?

[ArmchairRevolutionary]

I would suggest you read the whole story because that is what it is. It is scary what these guys are doing. I participated in the campaign for Obama. I think I can now say for certain that I was fooled.

We have to remove this Congress (the entire Congress). We need to change them all at the primaries. I do not think this Congress is going to make it through main elections. If we do not change them at the primaries, we are going to end up with a bunch of wingnut republicans. Right now though, I am not sure which is scarier. Wingnut republicans or bought and paid for democrats? These are some lousy options.

[flossophy]

(0__o)

Stunning admission.

I'd suggest going with Conservatives. They're different from Republicans, and would rather have the market decide who succeeds and fails instead of faulty politicians.

[carolm62]

Sorry to burst any ideological bubbles, but Republicans and Democrats are equally bought and paid for. Time to consider that the wing-nuts might be correct. After all, it is the wing-nuts who predicted the melt down, who warned about it over and over and over again -- but they were only wing-nuts to be ignored.....

Why does it make sense to think that the people who could not see the financial melt-down coming suddenly know how to fix it. ..? How about listening to those who were right all along...?

http://www.campaignforliberty.com/article.php?view=309

[justplainfedup]

Brad's a good guy.

I know him. I know his mother.

[vinny]

i can see how that would upset your socialist sensibilities...

[macday]

They need to break up all these to big to fail companies like they did MA Bell several years ago and then stop these companies from gobbling up all these smaller companies.

[aflyinyoursoup]

The "gobble" is the objective.
....Absorb smaller businesses into the Ruling Class' mega-corpo­rations...­.
That's the plan.
And by golly that's what the Corporate Sock-Puppets inside the Beltway are gonna deliver.
Guaranteed!

[phatHawaiian]

we the people... should stop paying our bills and credit cards

[aflyinyoursoup]

And stop banking with the Big Boys...And stop investing in the Stock Market (Legalized Three Card Monte)...And stop participating in our Bogus Political Process (more Three Card Monty)...

[phatHawaiian]

legato bbt fudfhdufuf­ohhfiydodo­dkxktx

[flossophy]

Co-sign.

[Fred Hood]

reinstate anti trust laws and let them work..............

[TeeLolly]

The better approach would be to simply break up "too big to fail" entities and never let them become "too big to fail" in the future, by, e.g., separating investment functions from banking and subjecting them to strict antitrust regulations.

[bitohistory]

Or have a serious discussion on the fallacy of "corporate person hood".
http://reclaimdemocracy.org/personhood/
http://www.wordiq.com/definition/Corporate_personhood

read some of this and give it some thought, please.

[TeeLolly]

I'm waiting to see what the Supremes say in Citizens United v. FEC, No. 08-205, wherein the Supremes themselves raised the issue of whether corporations should be subject to McCain-Feingold campaign finance restrictions applicable only to corporations (but not natural persons). Personally, I think the Supremes will open the door to unlimited corporate campaign spending, and thus to unfettered corporate control of the human elected officials who depend on campaign donations (which already seems to have had an effect on our president in addition to the already tainted Congressional representatives) for their jobs (which provide better retirement and healthcare benefits than almost any other job they could get--and certainly better than anything they would legislate for the rest of us ...)

[edgarcaycedoc]

Give them the same bailout you give to mortgagees and the unemployed. They are "too big to fail."
We are "to small to succeed." Does the recovery not depend in part upon consumers being able to make purchases that make banks solvent and corporations successful?

[Fred Hood]

DITTO the little guy spending is what fuels the economy....I am putting mine away for a while

[wijg]

Why are there only 55 comments on this article?

[bitohistory]

Sadly, this is not what is called a "sexy story". This takes reading and research to comment.
Even though it is affecting a majority of lives in the U.S.
Perhaps if the tile said "Balloon Boy says new bill is......" Then they would flock in.

[Javani]

Most are at the Church of the Public Option still praying for the mythical public option their leader never really believed in, only used the idea to help distract Progressive assumptions over universal care from realising what is proposed is a complete ins. co. takeover.

Hope speaks louder than action. The action here about the TARP-like powers is written down, undeniable, such interferes with Hope. The Big Drugs Cos. deal is real, this also interferes with Hope since the Priests earlier said they would do the opposite. Maybe most important believers do not have good lie detector senses for Chicago Politicians who are the best, coolest nerved liars I have ever seen.

[bitohistory]

You are so right!! If every one would have voted for McCain and Palin and a Republican controlled Congress, the economy, 2 wars, net neurtality, Roe V. Wade and universal health care would have all been settled by now.

[bitohistory]

Least we forget.
Eighty Years ago!
http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929