Amid stalemate, Republicans float bank-reform plan

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Amid stalemate, Republicans float bank-reform plan

WASHINGTON (Reuters) – Senate Republicans on Tuesday floated their first counterproposal to rewrite financial regulations after blocking a more sweeping Democratic plan for a second straight day.

With the two parties locked in a stalemate on the Senate floor, the Republican proposal, obtained by Reuters, could propel the two sides toward common ground on the most ambitious rewrite of Wall Street rules since the Great Depression.

"The GOP bill is not conceptually that far from what the Democrats want ... We continue to believe that we will get a moderate financial reform bill as both sides have an incentive to reach a deal," said policy analyst Jaret Seiberg at investment firm Concept Capital.

http://news.yahoo.com/s/nm/20100427/pl_nm/us_financial_regulation_32

as i said the other day, their plan was strategic....nothing at all to do with closed door secrecy as jpp's resident partisans nigel and zappa would have you believe

:)
 
separate the investment banks from banks and let them fail if they screw up anything short of that is going to lead to another fiasco.
 
Yurt said:
Amid stalemate, Republicans float bank-reform plan

WASHINGTON (Reuters) – Senate Republicans on Tuesday floated their first counterproposal to rewrite financial regulations after blocking a more sweeping Democratic plan for a second straight day.

With the two parties locked in a stalemate on the Senate floor, the Republican proposal, obtained by Reuters, could propel the two sides toward common ground on the most ambitious rewrite of Wall Street rules since the Great Depression.

"The GOP bill is not conceptually that far from what the Democrats want ... We continue to believe that we will get a moderate financial reform bill as both sides have an incentive to reach a deal," said policy analyst Jaret Seiberg at investment firm Concept Capital.

http://news.yahoo.com/s/nm/20100427/pl_nm/us_financial_regulation_32

as i said the other day, their plan was strategic....nothing at all to do with closed door secrecy as jpp's resident partisans nigel and zappa would have you believe

:)
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I certainly never claimed that their plan was not strategic. I simply took issue with their goals for the bill . . . to weaken the to the benefit of the financial industry without doing so publicly on the floor of the Senate. And that's still their plan.

Where is their bill? Oh, right. They don't have one, notwithstanding that the Dodd bill has been debated and kicked around in the Senate Banking Committee for months and months. And now they come out with this "plan" and we're supposed to do what, exactly?
 
Yurt said:
please nigel...:rolleyes:
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Please what? Your boy Mitch McConnell is going to ditch the filibuster in short order so he can go to the Kentucky Derby this weekend. It's hilarious. And here you are standing up for him and his obvious bullshit tactics.
 
NigelTufnel said:
Please what? Your boy Mitch McConnell is going to ditch the filibuster in short order so he can go to the Kentucky Derby this weekend. It's hilarious. And here you are standing up for him and his obvious bullshit tactics.
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yawn...i know you don't bitch at dems for doing the same thing
 
Unless the republicans are even more suicidal than they appear, they need to get on board with regulatory policy. Damn, FDR was one hell of a president, took over fifty years to bring back Coolidge and Hoover. History does repeat itself, sadly it seems. The Bible is right, money is the root of all evil, hmm, or is that power, which leads to money.....or in the case of politicians the need for money.
 
midcan5 said:
Unless the republicans are even more suicidal than they appear, they need to get on board with regulatory policy. Damn, FDR was one hell of a president, took over fifty years to bring back Coolidge and Hoover. History does repeat itself, sadly it seems. The Bible is right, money is the root of all evil, hmm, or is that power, which leads to money.....or in the case of politicians the need for money.
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they are onboard you ignorant hack

just not onboard for the dems plan, they have their own and something will be hashed out shortly....:)
 
Yurt said:
they are onboard you ignorant hack

just not onboard for the dems plan, they have their own and something will be hashed out shortly....:)
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Yeah, they bailed on their dumbass filibuster when the Dems finally grew a pair and called them on it, thus potentially forcing Mitch to miss the Derby festivities. Mitch has his priorities and backed down so he can party a little bit this weekend.

And pray tell, Yurtle, what's the big difference between the Democratic bill and the "plan" the Republicans put out?
 
NigelTufnel said:
Yeah, they bailed on their dumbass filibuster when the Dems finally grew a pair and called them on it, thus potentially forcing Mitch to miss the Derby festivities. Mitch has his priorities and backed down so he can party a little bit this weekend.

And pray tell, Yurtle, what's the big difference between the Democratic bill and the "plan" the Republicans put out?
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No. You're just full of shit. You said the republicans did this to force secrecy, which is false and misleading as I've ably demonstrated. I'm not inclined to discuss the issue with you any further.

:readit:
 
Yurt said:
No. You're just full of shit. You said the republicans did this to force secrecy, which is false and misleading as I've ably demonstrated. I'm not inclined to discuss the issue with you any further.

:readit:
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Right. As is your custom you ignore the question asked of you. In any event, here is Dick Shelby's statement:

“I thank Leader McConnell and my Republican colleagues for providing an opportunity for my negotiations with Chairman Dodd to run their course. I believe we owed the American people our best effort to make whatever changes we could to this incredibly complex piece of legislation because it will have wide ranging implications for our economy. Chairman Dodd has assured me that he will address a number of concerns I have expressed with respect to ending bailouts. We have been unable, however, to make any meaningful progress on other important components of the legislation. It is now my belief that further negotiations will not produce additional results.

“This bill still contains a sprawling new consumer protection bureau that will find and force its way into facets of our economy that had nothing to do with the housing crisis. This massive new bureaucracy would have unchecked authority to regulate whatever it wants, whenever it wants, however it wants. I am aware of no other arm of the federal government this powerful, yet so unaccountable. In my negotiations with Chairman Dodd, I have consistently supported strengthening consumer protections. I have also advocated for a sensible and meaningful role for safety and soundness regulators in this new agency’s operations. Unfortunately, despite my demonstrated willingness to propose compromise solutions, this sensible step has proved to be a bridge too far.

“Also included in this legislation are critical provisions relating to derivatives. These provisions, which Democrats developed on their own behind closed doors, were only very recently inserted into the bill. In fact, I was not provided the opportunity to share my views on a single aspect of the derivatives provision. While I firmly believe we must end the casino-like atmosphere on Wall Street, I also believe we must protect Main Street’s ability to create jobs and grow the economy. In my judgment, the provisions as currently drafted would have far-reaching and devastating effects on these businesses and our economy, increasing the cost of nearly every product we use and negatively impacting job growth.

“Although I am disappointed that we have been unable to reach an agreement on across-the-board improvements to this legislation, I appreciate Chairman Dodd’s assurance that my concerns relating to ending bailouts will be included in his bill. I take him at his word. While these changes are significant and meaningful, they are not sufficient to garner my support for moving this bill to the Senate floor. Now that my negotiations with Chairman Dodd have reached an impasse, I thank my Republican colleagues for their support and defer to their individual judgments on whether the Senate begins a floor debate on this bill.”
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Shorter Richard Shelby: I tried to water-down the bill through secret negotiations with Senator Dodd but failed so I guess we'll have to try to defend the financial industry on the merits on the floor of the Senate.
 
NigelTufnel said:
Right. As is your custom you ignore the question asked of you. In any event, here is Dick Shelby's statement:





Shorter Richard Shelby: I tried to water-down the bill through secret negotiations with Senator Dodd but failed so I guess we'll have to try to defend the financial industry on the merits on the floor of the Senate.
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LOL....after you just ignored my question to you, you're so nuts you don't even realize i just used your words right back at ya....and you don't like it do you....hack

You crack me up, man. You're such an ankle-biting tool.
 
NigelTufnel said:
Right. As is your custom you ignore the question asked of you. In any event, here is Dick Shelby's statement:





Shorter Richard Shelby: I tried to water-down the bill through secret negotiations with Senator Dodd but failed so I guess we'll have to try to defend the financial industry on the merits on the floor of the Senate.
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and of course this proves your point how? you won't believe mitch or any other reasons, but you're believe YOUR version of what he said....

you have now rivaled onceler in hackmanship, bravo
 
I'm confused....why would anyone object to providing $50billion we don't have to bail out business that ought not exist in the first place....
 
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