- Dec 10, 2009
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Sen Judd Gregg said the financial reform bill is a disaster.
Gregg Was Obama's first pick for Commerce Secretary. He declined the post because of the stimulus and the hijacking of the census by the White House.
GD:
The bill is a disaster because it doesnt address the fundamental underlining causes of the economic issue, which were real estate and underwriting, he said. This bill became, I want to score the most points against Wall Street. Most of the initiative of this bill wasnt directed at solving the problem, but it was directed at scoring political points...
Meanwhile, the provision on consumer protection will expand the reach of government and create conflicts with the banking industry" Gregg said...
Youll basically have a consumer protection agency which decides to go out and in the morning and say, well everybody whos XYZ should have a loan, even though the local community bank says XYZ shouldnt have a loan, because if we give them a loan, we know theyre not going to pay back, he said. Its going to become an agency that defines lending on social justice purposes instead of safety and soundness purposes.
http://www.cnbc.com/id/37314297
Dick Morris also wrote about the bill:
"FINANCIAL REGULATION BILL IS SOCIALISM"
President Obama has taken the United States one more giant step towards socialism by ramming through the Senate his financial regulation bill.
The bill authorizes the Secretary of the Treasury - a political appointee - to seize any financial company (bank or nonbank) simply because, in his opinion, it is too big to fail and in danger of insolvency. This power can be used for political retribution, pressure for campaign funding, or any other abuse bureaucratic whim or partisan politics can conceive. It is a power Fidel Castro or Hugo Chavez would love to have!
The legislation also requires that any business that extends credit, in any form, needs to clear the loan instrument in advance with the new consumer protection agency. The backlog of pending applications will strangle consumer credit.
And the bill fails to do the one thing it must do - regulate derivatives and make them transparent. Senator Chris Dodd (D Ct) bowed to pressure from his sponsors on Wall Street and deleted the regulatory provision and set up a commission to study the situation for two years! Senator Maria Cantwell (D Wash) protested the cop out with a no vote against the legislation.
So how did it pass? Four Republicans sold out, that´s how! Among the RINOs were, of course, Susan Collins and Olympia Snow of Maine. But, surprisingly, Scott Brown (R Mass), the newly elected Massachusetts Miracle defected as did the normally stalwart Chuck Grassley (R Iowa).
http://www.dickmorris.com/blog/2010/05/21/989/
Gregg Was Obama's first pick for Commerce Secretary. He declined the post because of the stimulus and the hijacking of the census by the White House.
GD:
The bill is a disaster because it doesnt address the fundamental underlining causes of the economic issue, which were real estate and underwriting, he said. This bill became, I want to score the most points against Wall Street. Most of the initiative of this bill wasnt directed at solving the problem, but it was directed at scoring political points...
Meanwhile, the provision on consumer protection will expand the reach of government and create conflicts with the banking industry" Gregg said...
Youll basically have a consumer protection agency which decides to go out and in the morning and say, well everybody whos XYZ should have a loan, even though the local community bank says XYZ shouldnt have a loan, because if we give them a loan, we know theyre not going to pay back, he said. Its going to become an agency that defines lending on social justice purposes instead of safety and soundness purposes.
http://www.cnbc.com/id/37314297
Dick Morris also wrote about the bill:
"FINANCIAL REGULATION BILL IS SOCIALISM"
President Obama has taken the United States one more giant step towards socialism by ramming through the Senate his financial regulation bill.
The bill authorizes the Secretary of the Treasury - a political appointee - to seize any financial company (bank or nonbank) simply because, in his opinion, it is too big to fail and in danger of insolvency. This power can be used for political retribution, pressure for campaign funding, or any other abuse bureaucratic whim or partisan politics can conceive. It is a power Fidel Castro or Hugo Chavez would love to have!
The legislation also requires that any business that extends credit, in any form, needs to clear the loan instrument in advance with the new consumer protection agency. The backlog of pending applications will strangle consumer credit.
And the bill fails to do the one thing it must do - regulate derivatives and make them transparent. Senator Chris Dodd (D Ct) bowed to pressure from his sponsors on Wall Street and deleted the regulatory provision and set up a commission to study the situation for two years! Senator Maria Cantwell (D Wash) protested the cop out with a no vote against the legislation.
So how did it pass? Four Republicans sold out, that´s how! Among the RINOs were, of course, Susan Collins and Olympia Snow of Maine. But, surprisingly, Scott Brown (R Mass), the newly elected Massachusetts Miracle defected as did the normally stalwart Chuck Grassley (R Iowa).
http://www.dickmorris.com/blog/2010/05/21/989/
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