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(Think Progress)   Tim Pawlenty, who stepped down as co-chairman of the Romney campaign to take a job as a bank lobbyist, says that banks should regulate themselves   (thinkprogress.org) divider line 195
    More: Obvious, Tim Pawlenty, Fox Sports Radio, Minnesota Governor, retirements, Round Table, lobbyists, Colorado, Dodd-Frank  
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1776 clicks; posted to Politics » on 24 Sep 2012 at 5:49 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-09-24 04:26:41 PM  
Surprise!
 
2012-09-24 04:27:39 PM  
In his first press conference since being named head of the Financial Services Roundtable, former Minnesota Gov. Tim Pawlenty said he would seek a "refinement" of the Dodd-Frank Act, but also added that banks need to do more to regulate themselves.

This coupled with

Of course, the anticipation that banks would self-regulate - rendering federal regulations unnecessary - was part of what caused the financial crisis in 2008. Romney has pledged to repeal the Dodd-Frank law.

this has me doubting they'll do it without being forced to. Sorry Timmeh.
 
2012-09-24 04:28:47 PM  
When left alone businesses always do the right thing, always.
 
2012-09-24 04:30:27 PM  
"Stop doing stupid things."

Ball is in your court, Tim.
 
2012-09-24 04:32:49 PM  
They never freakin learn, do they?
 
2012-09-24 04:32:59 PM  
1.bp.blogspot.com

Too bad you didn't do the right thing the first go round.
 
vpb [TotalFark]
2012-09-24 04:33:28 PM  
Yes, and criminals should arrest and prosecute themselves.
 
2012-09-24 04:38:53 PM  

vpb: Yes, and criminals should arrest and prosecute themselves.


Citizens should be trusted to pay the taxes they owe. The IRS is completely unnecessary and onerous oversight.
 
2012-09-24 04:40:51 PM  
former Minnesota Gov. Tim Pawlenty said he would seek a "refinement" of the Dodd-Frank Act, but also added that banks need to do more to regulate themselves.

We tried that in 2004.

The Securities and Exchange Commission can blame itself for the current crisis. That is the allegation being made by a former SEC official, Lee Pickard, who says a rule change in 2004 led to the failure of Lehman Brothers, Bear Stearns, and Merrill Lynch.

The SEC allowed five firms - the three that have collapsed plus Goldman Sachs and Morgan Stanley - to more than double the leverage they were allowed to keep on their balance sheets and remove discounts that had been applied to the assets they had been required to keep to protect them from defaults.


Link

Agency's '04 Rule Let Banks Pile Up New Debt
 
2012-09-24 04:46:14 PM  
Also, if the laws aren't needed, because banks will just do it anyway, why do the banks want those laws removed?
 
2012-09-24 04:47:03 PM  
I think Romney's comment on Pawlenty moving to be a banking lobbyist speaks volumes about how Romney thinks. Romney: While I regret he cannot continue as co-chair of my campaign, his new position advancing the integrity of our financial system is vital to the future of our country.

Really? That's what a lobbyist for the banking industry is going to be doing in Washington? Really?
 
2012-09-24 04:48:10 PM  

Calmamity: vpb: Yes, and criminals should arrest and prosecute themselves.

Citizens should be trusted to pay the taxes they owe. The IRS is completely unnecessary and onerous oversight.


I like this game. With Romney's "self-deportation" plan we can also get rid of ICE.

Think of the savings!
 
2012-09-24 04:54:34 PM  
And bridges repair themselves.
 
2012-09-24 05:04:02 PM  
"Bank lobbyist". I have to take a sonic shower just after reading those words.
 
2012-09-24 05:06:26 PM  
Pawlenty...expects the banking industry to self-regulate,ostensibly having learned from their mistakes?

................

media.tumblr.com
 
2012-09-24 05:13:46 PM  
Why are organizations with the word "roundtable" always so farking evil?
 
2012-09-24 05:17:35 PM  
You know what other regulations we should do without? RICO. Let the mob self-regulate.
 
2012-09-24 05:17:50 PM  

vartian: Why are organizations with the word "roundtable" always so farking evil?


I don't recall the Arthurian Knights ever earning such a reputation,but of course,they're...Well,you know.
 
2012-09-24 05:18:29 PM  
What could possibly go wrong?
 
2012-09-24 05:20:42 PM  
ABANDON SHIP!
 
2012-09-24 05:47:22 PM  

Apos: vartian: Why are organizations with the word "roundtable" always so farking evil?

I don't recall the Arthurian Knights ever earning such a reputation,but of course,they're...Well,you know.


Socialist?
 
2012-09-24 05:51:04 PM  
Sure.......cuz it worked out so well last time.

/idiot
 
2012-09-24 05:51:36 PM  
OK, sounds great, but if he's wrong, do we get to hang him?
 
2012-09-24 05:51:53 PM  
banks should regulate themselves

They should. They failed in 2008 because there were still too may regulations in place.

*coughs*
 
2012-09-24 05:51:58 PM  
This is as clear of a sign as anything that Pawlenty is running in 2016. He has the credentials (to the GOP) from his time as governor, now he's going to shore-up the financial sector support by crusading for them and padding his Rolodex....and coffers.

My words. Mark them.
 
2012-09-24 05:52:15 PM  

Calmamity: vpb: Yes, and criminals should arrest and prosecute themselves.

Citizens should be trusted to pay the taxes they owe. The IRS is completely unnecessary and onerous oversight.


Other countries can be counted on to not invade anyone. We have no need for a military.
 
2012-09-24 05:52:29 PM  
When you privatize the profit and socialize the risk where is their motivation to self-regulate??

Sorry T-Paw, you're a farking moron.
 
2012-09-24 05:53:39 PM  

palelizard: Calmamity: vpb: Yes, and criminals should arrest and prosecute themselves.

Citizens should be trusted to pay the taxes they owe. The IRS is completely unnecessary and onerous oversight.

Other countries can be counted on to not invade anyone. We have no need for a military.


We can trust people not to enter the country without the proper approvals. The border patrol should be disbanded.
 
2012-09-24 05:54:09 PM  
And presidential campaigns should chair themselves.

wait a second - now I know whose idea this was.

www.poynter.org
 
2012-09-24 05:55:43 PM  
Yeah, that worked out so well in 1928 and '29.
 
2012-09-24 05:56:51 PM  

Diogenes: I like this game. With Romney's "self-deportation" plan we can also get rid of ICE.

Think of the savings!


No no no no no, a thousand times no. Self-regulation only works for rich straight white Christian people.
 
2012-09-24 05:58:11 PM  
I agree that child molestation is bad, but ultimately it's up to the molesters to regulate themselves. Control your urges people, geez! And problem solved.
 
2012-09-24 05:58:36 PM  
Can we have the Glass-Steagall Act back please before these arseholes destroy what left of the economy?
 
2012-09-24 05:59:16 PM  
Because that worked SO WELL the last time.

So, here are two options:
Very strict regulations to prevent too-big-to-fail banks, no bailouts for failure, minimal regulations otherwise (you fark up, you fail, you go out of business - self-interest says don't fark up)

OR

You can become a behemoth and have some sort of safety net, BUT subject to strict regulations so that you can't fark up so badly

Which do we do?
 
2012-09-24 06:00:43 PM  
Son, you're going to have to make up your own punishment
 
2012-09-24 06:00:47 PM  
I remember once arguing with a man who was in favor of deregulation of utilities, because it would lower prices.

When I pointed out it actually tends to raise prices, he claimed they just were not deregulated correctly. He then went on to argue for the elimination of the EPA, as things weren't all that bad during the pre-EPA days, despite environmentalist propaganda.
 
2012-09-24 06:03:14 PM  

Apos: Pawlenty...expects the banking industry to self-regulate,ostensibly having learned from their mistakes?

................

[media.tumblr.com image 381x212]


Yes!!!!! I love Supernatural. Dean is my favorite. That got you on my favorites!
 
2012-09-24 06:03:30 PM  
So Pawlenty is an ardent supporter of Standard Charter Bank's money-laundering scheme with Iran? It's nice to know a leading Republican supports terrorists regimes.
 
2012-09-24 06:03:46 PM  
He is completely right.

However, banks must also be allowed to fail due to their own mistakes.
 
2012-09-24 06:04:32 PM  
Inmates should run their own asylums.
 
2012-09-24 06:05:09 PM  
Let banks fail. No bailouts or freebies they stand on their own without one cent from the taxpayer. Sounds good to me.
 
2012-09-24 06:07:12 PM  

Nome de Plume: Let banks fail. No bailouts or freebies they stand on their own without one cent from the taxpayer. Sounds good to me.


NO! NO! NO! What the banks want is Socialism, that's right Socialism. They want to socialize the loses and privatize the profits. Socialism at it's best.
 
2012-09-24 06:09:11 PM  
Wow the derp is starting to pile up in here.
 
2012-09-24 06:10:04 PM  
He is right. Banks should regulate themselves. Since they don't we have create laws to regulate them.
 
2012-09-24 06:10:49 PM  
imageshack.us

Ask your grandparents how well that turned out last time.
 
2012-09-24 06:11:58 PM  
And when a bank craters and your Mom's retirement fund goes up in smoke and she's forced back into the working world at 68 years old, well, thanks to Magic of the Free Market she can then select a NON-failed bank to put all those dollars she earns doing the Madagascar Lemur Squat for all those Chinese sailors down by the docks!
 
2012-09-24 06:12:56 PM  
Yes, and prisoners should watch over themselves. You'll probably get the same effect.
 
2012-09-24 06:13:12 PM  

basemetal: [1.bp.blogspot.com image 850x564]

Too bad you didn't do the right thing the first go round.


They got into that mess because liberals made them do it! Who created government-sponsored entities Fannie Mae and Freddie Mac? LIBERALS! Who FORCED the banks to give affirmative action mortgages to minorities, illegal immigrants, welfare queens, and other 47 percenters? LIBERALS!

Do you think lenders WANTED to make billions and billions of dollars originating bad loans and selling them off to Fannie Mae? NO! They HAD to, because of LIBERAL regulations!

[libslibslibs.jpg]
 
2012-09-24 06:17:12 PM  
Sorry to threadjack, but why in the hell is there no greenlit thread for this story yet?

ROMNEY: Well, we do provide care for people who don't have insurance, people - we - if someone has a heart attack, they don't sit in their apartment and die. We pick them up in an ambulance, and take them to the hospital, and give them care. And different states have different ways of providing for that care.
 
2012-09-24 06:18:47 PM  
Sure, as long as they leave the Federal Reserve, practice 100% reserve banking, do not deal in government issued MBSs and make it clear to customers that any deposits are NOT backed by the full faith and credit of the US government. No takers? Ok, then. No.
 
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