Eliot Spitzer: Republicans Could Seize Bank Reform Issue

newdeal20.org:

Gauzy words describing the possibilities for change are always more comforting than defending the current dire straits. That is why -- in addition to all the substantive arguments -- the current White House plan for banking reform is so troubling.

Read the whole story: newdeal20.org

Comments

[nexxtep54]

...wouldn'­t want to see that face in the change-room.

[sweetwhine]

I would.

[lvdragonlady]

Not likely Eliot. The GOP is to busy lining their own pockets to care about the American people.

[need more jobs]

All this economic recovery talk in BS. Something democrats & republicans can agree on.

good articles; http://financeopinionss.blogspot.com

[Daniel Leyva]

That would be the end of the world, seriously.

[PhilipTaylor]

EL1OT IS RIGHT!

Wall Street WARNS REGULATIONS+PAY LIMITS = NO INNOVATIONS

ARE WE SUPPOSED TO LOSE SLEEP IF G0LDMAN DOES NOT INVENT A NANOSECOND THEFT TOOL TO EXTRACT VALUE FROM OUR ECONOMY?

Are there Credible People worried capitalism will NOT survive with pay LIMITS and Reforms?

Here is what Wall Street Means by Innovation:

Wall Street Innovation = Smart allocation of capital? Like it did 10+ years ago? N0!
Wall Street Innovation = THEFT of VALUE from the REAL ECONOMY? Yes!
Wall Street Innovation = PhD’s huddled over computers developing Nanosecond THEFT Tools
Wall Street Innovation = Massive Hidden FEES in Derivatives Skimmed into Employee Pockets
Wall Street Innovation = Selling High Risk obligation bearing delusional “AAA” SAFE rating?
Wall Street Innovation = Hidden paragraph explains Professionals don’t need to be overseen!
Wall Street Innovation = Senator an agency to protect consumers jeopardizes safety+soundness
Wall Street Innovation = F!ght taxing securities transactions = “disastrous” for entrepreneurs!

IN SHORT LETS STIFLE THESE KINDS OF INNOVATION! BRING ON THE THREATS!

[Source: Bloomberg Susan Antilla]
http://www.bloomberg.com/apps/news?pid=20601039&sid=afCVGLt3daN8
__________­__________­____

You might think WALL STREET bosses would agonize over how they are depicted in history books.

Certainly you would think people would happily clean up the mess for a pittance.

BUT You would be both silly and wrong!

[PhilipTaylor]

45% of traders+ analysts+ fund managers polled by Bloomberg expect equal or bigger 2009 bonuses!

Frustrated taxpayers wonder WallSt got $23 Trillion in loans+$700 billion to bailout people pocketing record incomes (9%).

Financial Industry = Attitude of entitlement so THREATEN limits on pay will boomerang!

65% said limits on pay would choke innovation! Doesn't that Sound GOOD?

[socialtalker]

repcons and libertarians are NOT going to push regulations to put a leash on the gangsters, its against their fundamental philosophy. they are, well the libertarians anyway, "free market anarchists" .
i dont understand much economics, but i cant see a multi-trillion dollar economy not having a central bank, does anybody out there know of any actually real world examples?

[MichaelMcKLA]

I am sure Republicans will seize a ho.ok.er instead.

[watchTVgetSTUPID]

Corizine voted out. The public knows not to trust a former Goldman Sachs CEO. Spitzer is right about the Republicans. It does not mean they are more honest than the Democrats. It just means they are willing to turn the flame throwers on their opponents and fry them.

[PhilipTaylor]

Government is CHEAP to BUY for the Wall Street Banks+ Swiss +German+ London Banks!

It is less than a "00.001%" investment for them! A mire $5 Billion Total!

Remember the BIG BANKS own over 66% of the FED Reserve System!

TRACK THE MONEY - Wall Street Caused the ENTIRE CRISIS and the BAILOUTS and RUNS THE GOVERNMENT

1. Corporations have excess ill-Gotten L00T to spend!
2. Congress needs L00T for Reelection Campaigns!
3. Corporations Buy FAV0RS and V0TES from Congress and the Corruption Spreads
4. Corporations Control Government causing an Oligarchy of the EL1TES!
5. M0NEY ALL FL0WS from Corporations to the Government - the SOURCE of BAD G0vernment!

If Wall Street is NOT FULLY REGULATED then Europeans and Asians will avoid Wall Street completely, plus many Americans will move to and invest in foreign markets (NOT US-based foreign products) that are better controlled by their respective countries!

If you TRACK the L00T it tells the story that BAD Government comes from ONE SOURCE: Wall Street & Corporations buying INFLUENCE in Congress and the Wh!te H0USE!

Bad Government is when Government is RUN by BANKSTERS!

[PhilipTaylor]

Just watched on CSPAN three so called "EXPERTS" say "Unfortunately WallStreet Broke NO LAWS!"

Nearly Fell out of my chair in Amazement!

* G0LDMAN + WallSt set up subsidiaries to develop sub-prime loans to feed into their DERIVATIVES MAKING MACHINES. Sub-prime loans were "SURE FAIL TRICK&TRAP" Mortgages, and were legal through buying their legality. No Crime!

* It is what they then did with those "SURE-FAIL" mortgages that is Illegal violating TWO important Laws: Manufactured "1nsider Trading" and Selling "Product they Misrepresented" to their buyers.

1. “PREMED1TATED MANUFACTURED 1NSIDER TRAD1NG”
a. Make Sure Fail Mortgage Products knowing they will fail
b. Buy Massive and Repeated A1G Credit Default Swaps Bets that the “SURE FAIL Derivatives” would FAIL!

Make it to Fail & Bet it will fail: "Manufactu­red-Inside­r-Trading" 100% Sure BETS.

2. Misrepresentation DURING SALE of High Risk Products sold as Low Risk"AAA" Product all over the World.
__________ __________ _

Laws on books - LACKING IS AN HONEST ADMINISTRATION TO PROSECUTE!

“Misrepresentation” is contract law concept, meaning false statement of fact made by one party to another party, which has effect of inducing that party into a contract. For example, false statements/promises made by seller of goods regarding the quality/nature of the product that the seller has may constitute misrepresentation.

“Insider Trading” is trading securities by individuals with access to non-public information about product/company. Taking advantage of non-public information by an insider during performance of insider's duties, or in breach of fiduciary duty/relationship of trust/confidence.

[JPMorganEmp]

Silly Spitzer, it's a good thing he doesn't have his job in NY anymore. I'm not too worried about any of the parties when it comes to any reforms.

[swift goat pet for truth]

You should be.

Any reforms the GOPers pass will be pro-Corporation, anti- American citizen

[peacegurl48]

The Republicans won't give up their gravy train. The Republicans could never even pretend to be for reform because they are too busy scapegoating so to divert their base from the truth that corporate greed is destroying the middle class. Perhaps real Progressives could take on true reform and harness the support and power of those of us who see what has been going on since the inception of Trickle Down.

[anthonytaurus]

It's impossible. There is too much greed at the bottom. They don't want to limit their own potential therefore they're going to fight hard for the rich. They expect to one day be rich as well. It's quite pitiful actually. There's so much they don't understand, they don't realize they'll never get that rich.

These are the same people that win millions in the lotto and, 5 years later, end up in debt. They just don't get why they'll never be wealthy. Unfortunately, that ignorance is translated into votes that hurt us all.

[martin2]

We need Eliot Spitzer in Washington. He will clean out the crooks.

[sweetwhine]

We do. I hope he runs.

[jerrypl]

;Because Obama has failed to do much of anything since taking office and especially hiring the likes of those who were culpable in this economy disaster, such as Summers, Geithner, Bernanke,Gensler he will be tagged as a perpetuator of the economic crisis by supply the mega investment banking syndicate with operational cash instead of repairing the real economy and rescuing drowning Americans.

Obama maybe about to hand the Repugnicons a 2010 victory.

http://eye-on-washington.blogspot.com

[mom2sons]

I agree, he hired the same crooks that helped cause the crisis. How stupid is that. Letting the foxes guard the hen house. These people want nothing less than the American public in full revolution. This is what it will come to in the next couple of years. The middle class has been beaten to a bloody pulp by the greed and transfer of wealth in the last 30 years. The thing is that they couch this by keeping the people distracted and divided over racial and other issues. They can't see that they have been duped by the rethugs all of this time. As we see, the extremists are taking over the rethug party. The ones that want something different have got to come together if there is any hope for this country. If the ship goes down, they may think they have a life vest, but just like the Titanic, rich and poor will go down alike.

[textynn]

Eliot Spitzer is right about one thing. The Repugs will pretend to want to stop the corruption of WAll street at the hands of the Dems just like the Dems pretend to want to stop the curruption of Wall street at the hands of the Repubs. HMMMMM Could it be that we actually have Fascism instilled by both parties. Yep I think the proof is pretty much in.

[martin2]

Both parties are employed by the Bankers the people are the patsies.

[anthonytaurus]

Conservatives aren't only Republican. The blue dogs exist for a reason. They're doggin the nation. I think we should all learn to ignore Democrat and Republican and be more mindful of who identifies or gets support from the conservative movement.

[textynn]

Yeah but like in this health care debate we find out too late. and it seems all the dems are pretty much in the pockets of the onepercenters.

[sposton]

They can certainly run on it and win and then do nothing. It is hard to imagine Republicans running as reformers but Obama's actions have opened this door wide open for them. How pathetic is that?