Jeez, Wall Street and Dodd-Frank, get a room already!
It turns out that all of the Dodd-Frank bashing that Jamie Dimon and the other heads of big New York banks constantly do is just their version of how married couples might use a little light S&M to keep things spicy in the bedroom.
But don't worry, Mitt Romney is on to their perverted games. At last night's debate, he declared that a key component of the financial-reform law was "the biggest kiss that's been given to New York banks I've ever seen."
This came as a shock to Wall Street, notes Politico's Ben White, who writes that it
"blew up [his] inbox like no other" line of the night. One such email, from a "New York" bank executive, said: "Doubt that most folks on Wall Street would have predicted that Romney would have taken the most direct shots at 'N.Y. banks' at this point. ... If he'd named names, it would have been his top five contributors."
The part of Dodd-Frank Romney was referring to was the part that designates several banks and other institutions -- not just New York banks, but also insurance companies and banks based outside of New York -- as "systemically important financial institutions." Firms that get the SIFI label have to provide a "living will" that lays out a plan for their orderly euthanasia in the event of a financial crisis. As Ben Protess of the New York Times writes, this is "hardly a wet kiss." The SIFI set has to hold more money against potential losses and is subject to tighter regulation.
This canard, that Dodd-Frank essentially sets "too big to fail" in stone forever, is one of Republicans' favorite arguments against Dodd-Frank. It sounds good and puts them on record as being against banks being "too big to fail," along with pretty much everybody (aside from the Jamie Dimons) in the world.
But it is a misleading argument, and repealing Dodd-Frank ultimately favors the banks. If they really enjoyed Dodd-Frank's wet sloppy kisses, why would they be spending so much money to furiously do away with it? (That approach is working pretty well, by the way, as demonstrated last week, when Wall Street won another round in court against Dodd-Frank, when a judge blocked new rules setting limits on speculation in commodities.)
As my former colleague David Weidner at the Wall Street Journal points out, this is of course Romney's ultimate goal -- to help the banks by doing away with Dodd-Frank. Sadly, though, President Obama's approach, aside from causing a few hurt feelings among hyper-sensitive bankers, has hardly been much more painful for banks.
Update: Rep. Barney Frank (D-Mass.), for whom the Dodd-Frank act was partly named, told the Huffington Post's Bonnie Kavoussi last night that Romney's charge was off-base, among other inaccuracies.
Update 2: Dennis Kelleher, founder of Better Markets, the non-profit group lobbying for financial reform, just emailed a statement about Romney's claim, calling it "false and misleading" and adding: "Romney wants to repeal [Dodd-Frank], which would be the biggest, sloppiest kiss possible to Wall Street banks and a kick in the pants to the American taxpayers who are going to get stuck with the bill -- again -- for their recklessness if financial reform is repealed by Mr. Romney."
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Obama Doubled The Deficit
When Obama took office in 2009, the deficit was projected to be $1.2 trillion during that year, and it <a href="http://www.nytimes.com/2012/10/04/us/politics/a-closer-look-at-what-the-presidential-candidates-said-in-the-debate.html?hp">ultimately turned out to be $1.4 trillion</a>, according to Congressional Budget Office data cited by <em>The New York Times</em>. The deficit is expected to be $1.1 trillion for fiscal year 2012.
Obamacare Killed Jobs
The Congressional Budget Office estimates that healthcare reform will reduce the health care industry's workforce <a href="http://www.huffingtonpost.com/2012/10/03/mitt-romney-obamacare-jobs_n_1937929.html">by only about 0.5 percent</a>, largely because workers will decide to retire early or work fewer hours. And if Romney's Massachusetts health care reform law is any indication, job loss won't be a big problem; employment trends in the state have mirrored national trends since Romneycare took effect.
Dodd-Frank Hurt The Housing Market
The Dodd-Frank regulations aim to prevent another housing crash like the one that helped to cause the 2008 financial meltdown by <a href="http://www.cbsnews.com/8301-505245_162-57517942/why-it-matters-wall-street-regulation-and-reform/">banning high-risk lending practices</a>, according to CBS News. In addition, the housing market has <a href="http://www.usatoday.com/story/money/business/2012/10/02/home-prices-rising/1608957/">been on a slow rebound</a> since Obama took office.
If anything, it may be banks that are holding back the housing recovery. Many are <a href="http://online.wsj.com/article/SB10000872396390443890304578006482230678780.html">slow to lend</a> because they're concerned Fannie Mae and Freddie Mac will make them take back any bad loans, the <em>Wall Street Journal</em> reports.
Medicare Cuts
The indirect effects of Obamacare have yet to be determined, since the law has yet to be implemented. But as the law is written now, <a href="http://abetteriowa.desmoinesregister.com/2012/10/03/obama-romney-debate-fact-check-claims-on-tax-cuts-and-job-gains-need-second-look/">Obamacare doesn't cut seniors' benefits</a> as part of its plan to curb health care costs, according to <em>USA Today</em>.
Obama's healthcare law would curb benefits to health care providers and insurers, but doesn't directly cut seniors' benefits. <a href="http://abetteriowa.desmoinesregister.com/2012/10/03/obama-romney-debate-fact-check-claims-on-tax-cuts-and-job-gains-need-second-look/">Critics allege however</a>, that the cuts in payments would have the unintended consequence of hurting seniors because doctors would stop accepting Medicare patients, according to <em>USA Today</em>.
Health Care Panel
Though Obamacare does create an independent board,<a href="http://www.sfgate.com/business/bloomberg/article/Romney-Plan-Needs-Economic-Growth-to-Add-Up-3918731.php#page-3"> the law prohibits the board</a> from making recommendations to "ration health care," or "otherwise restrict benefits or modify eligibility,” according to Bloomberg.
Employer-Based Health Insurance
Some workers may switch from their employer-provided health plans, according to the Congressional Budget Office, but that number is more likely to be closer to <a href="http://www.huffingtonpost.com/2012/10/04/obama-romney-debate_n_1938067.html">between 3 and 5 million</a> per year between 2019 and 2022.
"Trickle-Down Government"
President Obama's proposed budget is estimated to <a href="http://www.huffingtonpost.com/bernard-whitman/reason-22-1-trillion-in-s_b_1819355.html">cut about $1.1 trillion</a> over the next 10 years and, so far, Obama has signed $2 trilion worth of spending cuts into law, according to Democratic Party Pollster Bernard Whitman.
Balancing The Budget
President Bill Clinton managed to balance the budget during his time in office with a <a href="http://www.newsobserver.com/2011/07/16/1346965/under-clinton-the-budget-balanced.html">tax boost for those in the top 2 percent </a>of earners, according to Duke professor William Chafe.
Adding To The Deficit
Romney's tax plan would<a href="http://firstread.nbcnews.com/_news/2012/10/03/14207584-truth-squad-the-debate?lite"> cost the country $4.8 trillion</a> over the next 10 years, according to Tax Policy Center data, cited by NBC News.
Clean Energy Failures
Businesses that got government clean energy loans failed at a rate of <a href="http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/10/03/footnoting-the-debate/">about 1.4 percent</a> at the end of 2011, according to <em>The Washington Pos</em>t.
** ALECexposed.org ** -- info on the GOP/ Corporations/ KOCH Bros. Group/ Agenda.
ALEC is: American Legislative Exchange Council -- very powerful group. Members are listed above. Pro-Corporation! ANTI: Worker - right to a liveable wage, & safe workplace. Anti: EPA, FDA, Medicare, Medicaid, OSHA, Public Schools (want For Profit Corp. running them), Social Security, ANY 'help' programs like food stamps, etc.
They refuse to have the mega rich pay higher taxes Even though millionaires have gone before Congress asking for them to be raised. Warren Buffet wants his raised, too.
** ALECexposed.org **
Vote for the 99%! Vote for Obama!
"How sharper than a serpent's tooth it is to have a thankless child."
Shakespeare, William
Of course, that's not what Romney meant, since he is against regulation. But he has to make it sound like it is bad legislation so he can make a case for repealing it to help his banker friends.
ALECexposed.org ** -- The Pro-Corporation/ 1% Group of the GOP! (with KOCH Bros.)
The Bankers should not fret over Mitt Romney statement. He was playing to the gallery. Don't forget over 60 million people were watching. Later Mitt will go behind closed door like he did during the 47% episode to appease the Bankers, afterall, they're in the same both. Whatever Mitt said, was for the camera and the gullible people who can't read in between the lines are hoodwinked. You can see that in the new polls figures.
VOTE DEMOCRAT
Obama/Biden 2012
Don't forget that...
See: ALECexposed.org *** re: the GOP and Corporations and Koch Bros. AGENDA!
Romney did not mean anything he said last Wednesday night. He just wants the undecided to think he was for controlling the Banks and Wall Street.
This man makes his money when these guys are allowed to do as they please.
Do you not get it American? We are the next Corporate Take Over Project.
After that we are no more then the gum on the bottom of their shoes, frankly even less.
Romney will sell us out to the highest bidder just as soon as he and his friends raid what is left in the US Treasury. After all this is how he made his money.
All of this has the markings of a take over and the Rep Base thinks it as something to do with the color of the person in the White House. They are allowing this take over because of hatred.
Romney's only loyalty is to himself and his Bank Account.
Please Democrats do not let this happen. Please get out and Vote. Take 5 People with you.
Obama/Biden 2012 Lets send Romney and the rest where "off shore"
People are fired up.
It's hard to believe that he's well educated. He really doesn't seem like it with his lies, fact checkers proving he lied, etc. And his flip-flopping, also.
Vote for the 99%! Vote for Obama! And Democrats!