The Down Range Forum
Member Section => Politics & RKBA => Topic started by: Hazcat on June 17, 2009, 08:29:21 AM
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Obama to propose strict new regulation of financial industry
President Obama is expected to unveil a plan that would give the government new powers to seize key companies whose failure jeopardizes the financial system.
The plan would give the government new powers to seize key companies whose failure jeopardizes the financial system, as well as creation of a watchdog agency to look out for consumers' interests.
By Jim Puzzanghera
June 16, 2009
Reporting from Washington -- The Obama administration this week will propose the most significant new regulation of the financial industry since the Great Depression, including a new watchdog agency to look out for consumers' interests.
Under the plan, expected to be released Wednesday, the government would have new powers to seize key companies -- such as insurance giant American International Group Inc. -- whose failure jeopardizes the financial system. Currently, the government's authority to seize companies is mostly limited to banks.
But critics say the easing of the financial crisis that gripped the country last year appears to have reduced the momentum for some of the most far-reaching proposals, such as merging several banking regulatory agencies.
They're also concerned that the proposed agency whose mission would be to protect consumers against financial misconduct wouldn't have the authority to do so for a wide-enough range of products.
"This is too little, too late," said Rep. Brad Sherman (D-Sherman Oaks), based on his understanding of the plan. "It's going to be way less than it should be."
On Monday, Obama administration officials sketched the outlines of the plan the president is to unveil Wednesday. They said it would seek to reduce gaps in regulatory oversight, rein in the use of mortgage-backed securities and other complex derivatives, reduce incentives for companies to take excessive risk and give the government new power to quickly intervene during any future crises.
"We had a system that proved too unstable, too fragile. . . . Those are things we have to change," Treasury Secretary Timothy F. Geithner said Monday at an economic forum in New York.
The administration also is expected to propose creation of a regulatory body for financial products marketed to consumers, such as credit cards, whose oversight is now spread over several agencies.
In addition, the administration wants to impose regulation over the market for derivatives -- the murky financial contracts used to hedge risky investments -- including new reporting and disclosure requirements. Institutions that originate loans would be required to retain 5% of the credit risk when the loans are turned into securities.
All the proposals would have to be approved by Congress in a process the administration hopes to complete by the end of the year.
In the heat of the financial crisis last year, there were widespread calls for the government to merge several banking regulatory agencies into one to reduce gaps in oversight and stop what might be called "regulator shopping."
For example, AIG was able to choose the Office of Thrift Supervision for its non-insurance financial business when it bought a small savings and loan in the late 1990s. That office has been viewed as a weaker regulator, and was strongly criticized in a government report this year for ignoring repeated warning signs about Pasadena-based IndyMac Bancorp before the thrift's failure last summer.
"I'm concerned that people think we've stepped back from the brink of disaster and so they're not as committed to seeing real meaningful reforms adopted," said Barbara Roper, director of investor protection for the Consumer Federation of America.
For their part, business groups have worried that the Obama administration might go too far in responding to the financial crisis with new regulations, stifling the market and hurting financial firms at a time when the economy is still weak.
They have been pushing back against some of the proposals floated by the administration, lawmakers and consumer advocates, such as a consumer protection agency for financial products.
But Scott Talbott, chief lobbyist for the Financial Services Roundtable, which represents large financial institutions, said there was still a strong impetus in Washington for regulatory reform and dismissed the suggestion that the Obama administration had missed its chance to implement it.
"This has moved at lightning speed," he said. "You're talking about a historic piece of reform."
Administration officials also have dismissed suggestions that they had moved too slowly, saying they had pushed ahead despite calls from some quarters for them to wait until the end of the crisis before acting.
"There are people who believe that the wrong time to reorganize the fire department is while the fire may still be burning," Lawrence H. Summers, chairman of the White House's National Economic Council and Obama's chief economic advisor, said in a speech Friday. "The president has concluded very strongly that that view is wrong. . . . Experience teaches that once the crisis has passed, the will to reform will pass as well."
Douglas J. Elliott, an economics fellow at the Brookings Institution and a former investment banker, said there was still enough political momentum to pass major reforms. But as the financial crisis has eased, there is less ability to tackle the difficult turf battles involved in merging regulatory agencies.
For that reason, Elliott said, the Obama administration appeared more focused on setting new rules and principles than on the blowing up the government's regulatory structure.
"There are entrenched interests that benefit and are allied with each of these agencies. . . . That just makes it hard," he said.
"As far as I can tell, the administration doesn't think it's as important to get that structure right as to get the rules right and make sure people are focused on acting the right way."
http://www.latimes.com/business/la-fi-financial-regs16-2009jun16,0,4262249.story
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Dear Leader
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This is an excerpt of an article written by Dick Morris from March 24, 2009.
“Obama has to oppose nationalization today in order to achieve it tomorrow. He has to show the country and the world that he is doing all he can to help the private sector to sort things out with government help. He must ostentatiously invite the hated demons of Wall Street to join him in rescuing the banks in order, later, to say that he did his best to avoid having to take over the banks. Only then will nationalization be an acceptable alternative — when he has run out of other options.”
Now we see the how maximum Berry will achieve his goal of nationalizing the banks.
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This is an excerpt of an article written by Dick Morris from March 24, 2009.
Now we see the how maximum Berry will achieve his goal of nationalizing the banks everything of substance in this country.
Updated it . . . . 8)
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Updated it . . . . 8)
And I disagree that he is trying to achieve it "later".
I think he is going full steam ahead, and this is nothing more then smoke and mirrors double talk. Its the same game he was played when he was mortgaging everything for the sake of the stimulus and then 2 days later claiming to be a fiscal conservative.
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And I disagree that he is trying to achieve it "later".
I think he is going full steam ahead, and this is nothing more then smoke and mirrors double talk. Its the same game he was played when he was mortgaging everything for the sake of the stimulus and then 2 days later claiming to be a fiscal conservative.
Da Comrade Ranger!
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Da Comrade Ranger!
I nodded off for a second and woke up in a foreign country. Maybe I'm still asleep and dreaming. This can't be our America.
This has gotten way out of hand.
WTF
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Sure am glad the shareholders have spoken up.....(crickets chirping),,,,,,,
There are literally thousands upon thousands of shareholders the "technically" own a given company. Where is their uprising?
My Father retired from senior mgt. at BB&T 12 years ago, his "golden parachute" consisted of a huge amount of stock options, they passed the "stress test", returned the bailout money they were "forced to take", but still have to cut dividends to their shareholders.
That is cash to retired folks.
The scary question of the article is:
Under the plan, expected to be released Wednesday, the government would have new powers to seize key companies -- such as insurance giant American International Group Inc. -- whose failure jeopardizes the financial system. Currently, the government's authority to seize companies is mostly limited to banks.
WHO DETERMINES THIS? Our Treas. Sec./ tax evader Sec. Geitner? The Fed? (almost as bad). BHO? An economy Czar lapdog for BHO?
These "powerful" business men/women that dominated the world economy in the corporate world have lost all testicular fortitude, as well as the shareholders that really OWN the business, and are COWERING to the BHO admin?
Rockefeller, Vanderbilt, Kennedy(the first one), Morgan, would have turned the tables on this political BS, Hell Trump ain't even got anything to say.
Like previously posted WTF?! >:(
Corporate America has caved.... Maybe we can be more like the French Corporations, backed by the gov't, and puppets for the business world..
Rantabus Endibus...
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TW posted " Maybe we can be more like the French Corporations, backed by the gov't, and puppets for the business world.."
I ask why don't we become like the English and Depose this usurping foreign born bastard,.
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from tom,
I ask why don't we become like the English and Depose this usurping foreign born bastard,.
At this rate, maybe the 1 year anniversary of the Divine Inauguration..
Even the MSM/ state run media, is acknowledging his poll numbers are falling. Wall Street, Gallup, all have his approval numbers falling.
Let them keep falling, by next year, I'm thinking/wishing tar and feathers....
Could that be interpreted as sedition?
Guilty
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The sedition law expired, Besides it's only sedition against a LEGITIMATE govt. and since this one is led by an illegal alien it isn't sedition.
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from tom,
I ask why don't we become like the English and Depose this usurping foreign born bastard,.
At this rate, maybe the 1 year anniversary of the Divine Inauguration..
Even the MSM/ state run media, is acknowledging his poll numbers are falling. Wall Street, Gallup, all have his approval numbers falling.
Let them keep falling, by next year, I'm thinking/wishing tar and feathers....
Could that be interpreted as sedition?
Guilty
TW & Tom,
I've never agreed with two people more. We need to seriously get rid of this socialist, one world order, nimrod. There must be some way we can engourage a Congressional investigation into his place of birth. If he is not a natural born American,,,,then he has to go.
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Check out this site :
http://www.obamacrimes.info/index.html
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Check out this site :
http://www.obamacrimes.info/index.html
Thanks Tom,
I've been feeling a serious need to do more than just bitch. We have to get our country back. The lamestream media has got way too many Americans content to just sit back and drink the kool-aid. I don't know if we'll get anywhere, but it can't hurt.
Thanks again.
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Thanks Tom,
I've been feeling a serious need to do more than just bitch. We have to get our country back. The lamestream media has got way too many Americans content to just sit back and drink the kool-aid. I don't know if we'll get anywhere, but it can't hurt.
Thanks again.
Pick up a copy of Kurt Saxons "Poor mans James Bond" read and consider ;D
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Pick up a copy of Kurt Saxons "Poor mans James Bond" read and consider ;D
Thanks again.
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Thank me only if you don't lose any fingers, it's a recipe book for explosives, incendiaries, and other fun stuff. It contains sections on urban combat, and suppressors as well. ;D
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Thank me only if you don't lose any fingers, it's a recipe book for explosives, incendiaries, and other fun stuff. It contains sections on urban combat, and suppressors as well. ;D
Oh, so it's a guide for us right wing domestic rabble rousers.
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That is only volume I, I haven't seen volume II yet
Here is a bio of him I found on Wiki;
http://en.wikipedia.org/wiki/Kurt_Saxon
History
During the 1960s, Saxon drifted into and out of several political organizations and new religious movements, including the American Nazi Party, the John Birch Society, the Minutemen, the Church of Scientology, and the Church of Satan. In August 1970, he appeared before a Senate Investigations subcommittee holding hearings on bombings and terrorism. According to newspaper accounts, he suggested police and "concerned citizens" use bombs to wipe out "leftists," and recommended that student demonstrators be machine-gunned in the streets.[1]
By the early 1970s he came to reject the political and religious groups of the 60s, and began writing on homesteading and preparedness issues. He claims to have coined the term "survivalism"[2] to refer to making preparations for a future collapse of society and/or a major disaster.
In the early 1990s, Saxon had a shortwave radio program over WRNO, New Orleans, Louisiana.[3]
Books and periodicals
Saxon is the author, under his birth name "Don Sisco," of The Militant's Formulary. After his legal name change to Kurt Saxon, he authored the biker book Wheels of Rage, an account of an Arizona based outlaw motorcycle club; the Poor Man's James Bond series of books on improvised weaponry; and Granddad's Wonderful Book of Chemistry as well as Granddad's Wonderful Book of Electricity, which are compilations of several out of print hobbyist booklets on home brew chemistry and electronics projects.
In 1975 he began publishing the newsletter, The Survivor, which combined Saxon's articles with reprints of articles on 19th century technology of interest to the survivalist movement. The Survivor is also the name of a series of books he compiled on this material. During the early 1990s when the militia movement was at its peak in the United States, Saxon published a short-lived magazine called U.S. Militia.
See also the "Bibliography" below.
[edit] Beliefs
Saxon is fond of describing contemporary society as a "Disneyland for Dummies" and predicts civilization's imminent collapse. When that occurs, only those who are prepared and rooted in practical knowledge--as opposed to any particular political or religious ideology--will survive. Saxon sees his mission as collecting and disseminating such knowledge and thereby ensuring the survival of the "best of our species."
Despite joining with the political right on many issues, Saxon has often announced his support for abortion and often spoke about his atheistic views.
Recently Saxon has authored several scathing attacks on Islam, which he outspokenly denounces as a primitive and barbaric religion and an enemy of civilization. Saxon derides Muslims as people of low intelligence with a violent agenda towards all outsiders.
Saxon claims to have initiated the "survivalist" movement, which predicts the collapse of society and advocates preparedness measures necessary to survive the ensuing chaos. He has written various survivalist and paramilitary books, including his well known The Poor Man's James Bond series. These publications include a range of tips and instructions, from how to slash budgets and cut down on bills to recipes for both medicines, poisons and blueprints for weapons. Saxon learned much of this information when he grew up in the Great Depression. He was the host of a shortwave radio show that aired on WRNO. Saxon also still writes, and has his own web page on which he posts new information relevant to survivalism in modern society. Currently, he resides in the town of Alpena, Arkansas and still teaches survivalism, though recently this has become less frequent due to his age and declining health.
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During the 1960s, Saxon drifted into and out of several political organizations and new religious movements, including the American Nazi Party, the John Birch Society, the Minutemen, the Church of Scientology, and the Church of Satan.
OK, I can buy into some of his thinking, but I can't hang with his 60s activities; Church of Scientology, American Nazi Party, Church of Satan. I'm out. As far out and far away as possible.
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During the 1960s, Saxon drifted into and out of several political organizations and new religious movements, including the American Nazi Party, the John Birch Society, the Minutemen, the Church of Scientology, and the Church of Satan.
OK, I can buy into some of his thinking, but I can't hang with his 60s activities; Church of Scientology, American Nazi Party, Church of Satan. I'm out. As far out and far away as possible.
None of that comes through in the book. But I can't fault him for examining different groups even if I don't agree with his choices, the important part is that after acquiring knowledge he settled into the conservative camp . After all, any of us who read and think are really searching for "truth" and there are many paths that lead to the same answers.
And to forstall some of the more Christian oriented I will say now that the Bible may be a spiritual answer, it is NOT a PATH TO answers. it is where the path leads.
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http://news.yahoo.com/s/ap/20090620/ap_on_go_pr_wh/us_obama_consumers
WASHINGTON – President Barack Obama said Saturday that current financial rules exploit consumers and he put critics of his proposed overhaul on notice: "While I'm not spoiling for a fight, I'm ready for one."
Obama used his weekly radio and Internet address to defend his recent proposal, which is intended to prevent a repeat of the breakdown that has sent the U.S. economy reeling. But such major changes face a fight in Congress and opposition from some leaders in the banking and insurance industries.
In the address, Obama focused on a consumer watchdog office that he wants to set up.
"This is essential," Obama said. "For this crisis may have started on Wall Street. But its impacts have been felt by ordinary Americans who rely on credit cards, home loans and other financial instruments."
The Consumer Financial Protection Agency would take over oversight of mortgages, requiring that lenders give customers the option of "plain vanilla" plans with clear and affordable terms.
"It will have the power to set tough new rules so that companies compete by offering innovative products that consumers actually want and actually understand," Obama said. "Those ridiculous contracts — pages of fine print that no one can figure out — will be a thing of the past. You'll be able to compare products, with descriptions in plain language, to see what is best for you."
More broadly, Obama's changes would begin to reverse the easing on federal regulations pressed by President Ronald Reagan in the 1980s. Democratic leaders in Congress are promising legislation will get passed this year, but that depends in part on how Congress answers big questions about the overhaul, including the role of the Federal Reserve.
"I welcome a debate about how we can make sure our regulations work for businesses and consumers," Obama said. "But what I will not accept — what I will vigorously oppose — are those who do not argue in good faith."
By that, Obama said, he meant those who defend the status quo at any cost. He didn't name any people or organizations, but said special interests are already mobilizing to fight change. He called that typical Washington.
"These are the interests that have benefited from a system which allowed ordinary Americans to be exploited," Obama said. The president said he would stand up for his plans, saying: "While I'm not spoiling for a fight, I'm ready for one. The most important thing we can do to put this era of irresponsibility in the past is to take responsibility now."
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http://news.yahoo.com/s/ap/20090620/ap_on_go_pr_wh/us_obama_consumers
WASHINGTON – President Barack Obama said Saturday that current financial rules exploit consumers and he put critics of his proposed overhaul on notice: "While I'm not spoiling for a fight, I'm ready for one."
Obama used his weekly radio and Internet address to defend his recent proposal, which is intended to prevent a repeat of the breakdown that has sent the U.S. economy reeling. But such major changes face a fight in Congress and opposition from some leaders in the banking and insurance industries.
In the address, Obama focused on a consumer watchdog office that he wants to set up.
"This is essential," Obama said. "For this crisis may have started on Wall Street. But its impacts have been felt by ordinary Americans who rely on credit cards, home loans and other financial instruments."
The Consumer Financial Protection Agency would take over oversight of mortgages, requiring that lenders give customers the option of "plain vanilla" plans with clear and affordable terms.
"It will have the power to set tough new rules so that companies compete by offering innovative products that consumers actually want and actually understand," Obama said. "Those ridiculous contracts — pages of fine print that no one can figure out — will be a thing of the past. You'll be able to compare products, with descriptions in plain language, to see what is best for you."
More broadly, Obama's changes would begin to reverse the easing on federal regulations pressed by President Ronald Reagan in the 1980s. Democratic leaders in Congress are promising legislation will get passed this year, but that depends in part on how Congress answers big questions about the overhaul, including the role of the Federal Reserve.
"I welcome a debate about how we can make sure our regulations work for businesses and consumers," Obama said. "But what I will not accept — what I will vigorously oppose — are those who do not argue in good faith."
By that, Obama said, he meant those who defend the status quo at any cost. He didn't name any people or organizations, but said special interests are already mobilizing to fight change. He called that typical Washington.
"These are the interests that have benefited from a system which allowed ordinary Americans to be exploited," Obama said. The president said he would stand up for his plans, saying: "While I'm not spoiling for a fight, I'm ready for one. The most important thing we can do to put this era of irresponsibility in the past is to take responsibility now."
BULL! It happened in the 90s under Clinton and BHO was one of the architects!
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The most important thing we can do to put this era of irresponsibility in the past is to take responsibility now."
Isn't that rich? The guy whose "stimulus" package has this country drowning in a sea of debt that our grandchildren will still be trying to pay off talking about "responsibility? The sumbitch wouldn't know responsibility if it jumped up and bit him on his foreign-born ass!!