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(CNN)   What's wrong with Congress when John McCain and Elizabeth Warren can't pass a bill that should be supported by the overwhelming majority of Americans?   (cnn.com ) divider line
    More: Asinine, commercial banks, Lehman Brothers, Federal Reserve Bank of Dallas, Glass-Steagall Act  
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7348 clicks; posted to Politics » on 17 Jul 2014 at 4:25 PM (1 year ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-07-17 03:43:10 PM  
Who says there's no cooperation acrosd the aisle?
 
2014-07-17 03:47:43 PM  
Same reason why Willie Sutton robbed the banks.
 
2014-07-17 03:52:45 PM  
That "overwhelming majority of Americans" who support it don't have as much money as the very few who oppose it. Moreover, very few of that majority give any to elected officials.
 
2014-07-17 03:58:18 PM  
I really hope she didn't get an old man stupid on her.
 
2014-07-17 04:07:33 PM  

what_now: I really hope she didn't get an old man stupid on her.

This typo is way funny and gross.
 
2014-07-17 04:28:21 PM  
to be fair, there is a blah guy in the WHITE house.  Not much will happen until that's fixed.

and replacing the blah with a biatch-lady (or just a lady) aint gonna help either
 
2014-07-17 04:28:27 PM  
Silly subby, thinking that Congress is responsive to the opinion of the majority.
 
2014-07-17 04:28:45 PM  
What's wrong with Congress?

/Louis Gohmert, Steve Stockman, Michelle Bachmann... the list goes on and on
 
2014-07-17 04:33:11 PM  
Stop attacking the job creators or they'll move overseas.
 
2014-07-17 04:33:40 PM  
www.mrconservative.com

There should be no mention of John McCain that *doesn't* include this picture, and mention "John McCain once, in a fit of stupidity, nominated this attention-whore post turtle to be the second most powerful person in the US Government, right behind an aged, crippled veteran."

When the phrase "Governmental Apocalypse" is Googled, this picture should appear.

\I am disappointed - in Ms Warren
 
2014-07-17 04:38:14 PM  
The vast majority of republicans don't want to so anything that would benefit America, or anyone at all. That goes double for a time when that urban fella is in the White House and therefore might get credit for it.
 
2014-07-17 04:38:35 PM  

CheapEngineer: post turtle


what
 
2014-07-17 04:38:48 PM  
Because their onerous regulations are stifling the Job Creators.
 
2014-07-17 04:39:46 PM  

CheapEngineer: \I am disappointed - in Ms Warren


Why? Reinstating Glass-Stegall is a pretty good idea, and right within Warren's wheelhouse. The surprise is McCain joining in on it.
 
2014-07-17 04:41:32 PM  
Because it would help to expose the Fraud and Usury that is Federal Reserve Private Banking, and there would be another revolution like 1776 and PTB can't let that happen cause they would find themselves in front a firing squad.
 
2014-07-17 04:41:43 PM  
The "overwhelming majority of Americans" are not the ones congress listens to.

/If people would pay farking attention to the issues they're voting for, maybe they would listen to us.
 
2014-07-17 04:45:55 PM  
Nobody was/is going to lose his or her seat in Congress over TBTF, so nobody in Congress is really going to care.
 
2014-07-17 04:46:39 PM  

Gecko Gingrich: That "overwhelming majority of Americans" who support it don't have as much money as the very few who oppose it. Moreover, very few of that majority give any to elected officials.


Dingdingdingdingding.
 
2014-07-17 04:51:12 PM  
The answer to that and most questions of politics these days is about six words long: Congress is bought and paid for. Full stop.
 
2014-07-17 04:51:46 PM  
Must be a stupid rider or ghastly amount of pork loaded into it.
 
KIA
2014-07-17 04:52:21 PM  
Im going to guess it is because if you want to try to revert banks back to the neighborhood ones featured in such classics as 'A Christmas Carol' and they are supposed to make all of their money solely by lending against savings and checking deposits, consumers are going to have to pay MUCH higher interest rates.

Higher interest rates will cause a collapse of epic proportions, so, no, adults who understand economics are emphatically not in favor of a "feel-good" law that will cause massive damage.
 
2014-07-17 04:52:37 PM  

what_now: I really hope she didn't get an old man stupid on her.


Old Man Stupid
Dat Ole Man Stupid
He must know somethin'
He don't show nothin'
Dat Ole Man Stupid
He jus' keeps rollin' along
 
2014-07-17 04:54:31 PM  
Congress - a wholly-owned subsidiary of the 1%.
 
2014-07-17 04:54:49 PM  

sprawl15: CheapEngineer: post turtle

what


"Every so often you will see a turtle on top of a fence post.  You know it didn't get up there on its own."
 
2014-07-17 04:56:06 PM  
Because all of government is bought and paid for with "campaign donation$"....
 
2014-07-17 04:58:13 PM  

KIA: Im going to guess it is because if you want to try to revert banks back to the neighborhood ones featured in such classics as 'A Christmas Carol' and they are supposed to make all of their money solely by lending against savings and checking deposits, consumers are going to have to pay MUCH higher interest rates.

Higher interest rates will cause a collapse of epic proportions, so, no, adults who understand economics are emphatically not in favor of a "feel-good" law that will cause massive damage.


Why didn't Glass-Steagle cause major damage the first time it passed? No snark, I am curious.
 
2014-07-17 05:00:51 PM  

sprawl15: CheapEngineer: post turtle

what

 
2014-07-17 05:01:32 PM  

flondrix: sprawl15: CheapEngineer: post turtle

what

"Every so often you will see a turtle on top of a fence post.  You know it didn't get up there on its own."


oh i have never heard of that before
 
2014-07-17 05:01:38 PM  
90% of Congress is re-elected with a 10% approval rating.

Only in America, land of the free manipulated wage slave, home of the brave corporation.
 
2014-07-17 05:05:25 PM  

KIA: Im going to guess it is because if you want to try to revert banks back to the neighborhood ones featured in such classics as 'A Christmas Carol' and they are supposed to make all of their money solely by lending against savings and checking deposits, consumers are going to have to pay MUCH higher interest rates.

Higher interest rates will cause a collapse of epic proportions, so, no, adults who understand economics are emphatically not in favor of a "feel-good" law that will cause massive damage.


A the hypothetical pain that would come versus the very real pain that did come when these conglomerates got too risk happy and overleveraged and tried to burn the world economy to the ground, and are now even bigger and just as if not more overleveraged and have no reason to be more risk averse because they have been taught that the government will protect them no matter what.

How repealing Gramm-Leech-Bailey wasn't a condition of the bailout is beyond me. Well other than Congress being bought and sold.
 
2014-07-17 05:07:53 PM  
Why can't the Do-Nothing Republican-driven Congress get anything done?

Seems like the question answers itself, really.
 
2014-07-17 05:10:17 PM  

http://www.rollingstone.com/politics/news/how-wall-street-killed-fin an cial-reform-20120510


There's a helluva lot more to this than Congress. For instance, meet Eugene Scalia, son of Supreme Court Justice Antonin Scalia.


How Wall Street Killed Financial Reform by Matt Taibbi



STEP 2: SUE, SUE, SUE


While death and taxes may be only relative certainties in today's economy - failing megabanks neither die nor pay taxes anymore - one thing that was always absolutely certain from the start was that Wall Street was going to sue the living hell out of Washington before the ink was even dry on Dodd-Frank. It took a little while, but the banks very quickly found a tried-and-true method of tying up the reforms in court.


Wall Street's first big win involved a small-but-important change known as the "proxy access" rule, which made it easier for people who own stakes in a company to remove directors from the board - giving shareholders more power to rein in corrupt or overpaid company executives. More democracy in business sounded like a good idea to almost everyone. But Wall Street has a dependable playbook for getting rid of any reform, no matter how small, that leads to greater accountability. "First, they hire a shiat-ton of lobbyists to go to the regulators," says Jim Collura, spokesman for the Commodity Markets Oversight Coalition. "Then, they beat the crap out of them during the rulemaking process. And then, when that's over, they litigate the hell out of them."


Sue their asses! For all the right's supposed hatred of "activist judges," conservatives immediately flocked to the courts in search of magistrates willing to casually overturn the work of elected officials. In the case of the proxy access rule, Wall Street convinced its two favorite lobbying arms, the Business Roundtable and the Chamber of Commerce, to sue the Securities Exchange Commission over a technicality, claiming that the agency had not done a proper cost-benefit analysis before it instituted the new rule. In an appropriately loathsome touch, the Chamber's legal team was led by one Eugene Scalia, son of Supreme Court Justice Antonin Scalia. The younger Scalia, who looks like the product of a twisted test-tube experiment that crossed his father with Ari Fleischer, pitched a federal appeals court on the idea that the proxy access rule was "arbitrary and capricious," and that the SEC hadn't spent enough time studying the rule's effects on "efficiency, competition and capital formation."


In fact, the agency had produced 60 pages of cost-benefit analysis and had spent, according to SEC chief Mary Schapiro, some 21,000 man-hours working on the bill and studying its effects. Still, the court wasn't impressed. In his opinion, presiding judge and Reagan appointee Douglas Ginsburg peed all over Dodd-Frank, vacating the rule, which he dismissed as "unutterably mindless." With striking chutzpah, considering that he was ruling in a case brought by the mother of all special interest lobbies, Ginsburg also denounced the shareholder rule as a gift to special interests, particularly "unions and government pension funds."


Almost immediately after the win, the gloating Scalia issued a thinly veiled threat to regulators, letting them know that any attempt to implement more limits on Wall Street would likely result in the same kind of lawsuit. "I would hope the agencies are taking to heart the potential consequences for Dodd-Frank rules," he chirped.


The success of the lawsuit cemented Wall Street's strategy for doing away with Dodd-Frank. Rather than challenge the constitutionality of the bill in one broad suit, the finance industry would take the bill apart by pulling out one fingernail at a time. "Dodd-Frank is not one thing but many," Margaret Tahyar, a partner at the white-shoe corporate defense firm Davis Polk, told reporters last year. "There is no reasonable constitutional or statutory challenge on the whole - only on the bits and pieces."

 
2014-07-17 05:11:15 PM  

Xythero: KIA: Im going to guess it is because if you want to try to revert banks back to the neighborhood ones featured in such classics as 'A Christmas Carol' and they are supposed to make all of their money solely by lending against savings and checking deposits, consumers are going to have to pay MUCH higher interest rates.

Higher interest rates will cause a collapse of epic proportions, so, no, adults who understand economics are emphatically not in favor of a "feel-good" law that will cause massive damage.

Why didn't Glass-Steagle cause major damage the first time it passed? No snark, I am curious.


Passed in 33.  The economy couldn't get much farther down and depressed.
 
2014-07-17 05:15:46 PM  
Seize the money.
 
2014-07-17 05:17:03 PM  

BalugaJoe: Seize the money.


Count the money
 
2014-07-17 05:17:14 PM  
Banks shouldn't be allowed to be public corporations. And allowing a single bank to be an investment bank, a consumer bank and a commercial bank all under one roof is not a good idea either.
 
2014-07-17 05:18:49 PM  

Saiga410: BalugaJoe: Seize the money.

Count the money


That's de Monet!

mgoblog.com
 
2014-07-17 05:28:18 PM  
Glass-Steagel is a nice theory and all, but will do nothing as long as Congress is making an implicit (and at times explicit) guarantee that it will bail everyone out next time.

We bailed out pure investment banks before, and we'll do it again.

Fark McCain specifically for going all in on that in 2008 when he had a lot of power to stop it.
 
2014-07-17 05:31:29 PM  

CheapEngineer: [www.mrconservative.com image 364x261]

There should be no mention of John McCain that *doesn't* include this picture, and mention "John McCain once, in a fit of stupidity, nominated this attention-whore post turtle to be the second most powerful person in the US Government, right behind an aged, crippled veteran."

When the phrase "Governmental Apocalypse" is Googled, this picture should appear.

\I am disappointed - in Ms Warren


Refusing to work with people you don't like even when they're trying to do something that you do like is a major part of what is wrong with the Republican party and a significant source of the dysfunction in the government right now. Let's not push for more of that.
 
2014-07-17 05:32:53 PM  

bdub77: 90% of Congress is re-elected with a 10% approval rating.

Only in America, land of the free manipulated wage slave, home of the brave corporation.


Trust me if I had the opportunity to vote against most of the assholes elected from other states, I would.

We all hate everyone else's Senators and Reps, and tend to really like our own (at least I'm mostly happy with my direct Congressional representation; there is no way I'd move to the sewerhole district that keeps sending Michelle Bachmann to DC even to vote against her).
 
2014-07-17 05:35:07 PM  

BMFPitt: Glass-Steagel is a nice theory and all, but will do nothing as long as Congress is making an implicit (and at times explicit) guarantee that it will bail everyone out next time.

We bailed out pure investment banks before, and we'll do it again.

Fark McCain specifically for going all in on that in 2008 when he had a lot of power to stop it.


I seem to recall he wasn't even on any of the committees talking about TARP and basically created political theatre by "suspending" his campaign to "work" on this even though all he did was mug for the camera and pretend he was doing something practical to pass TARP. If I'm reading your post properly though that's probably more like double the reason to hate on McCain just for being such a shameless poseur, essentially.
 
2014-07-17 05:35:10 PM  
Sen. Elizabeth Warren is a Massachusetts Democrat; Sen. John McCain is a Republican from Arizona, Sen. Maria Cantwell is a Democrat from Washington state; and Sen. Angus King is an independent from Maine.

Strange Bedfellows.
 
2014-07-17 05:36:43 PM  

Crotchrocket Slim: bdub77: 90% of Congress is re-elected with a 10% approval rating.

Only in America, land of the free manipulated wage slave, home of the brave corporation.

Trust me if I had the opportunity to vote against most of the assholes elected from other states, I would.

We all hate everyone else's Senators and Reps, and tend to really like our own (at least I'm mostly happy with my direct Congressional representation; there is no way I'd move to the sewerhole district that keeps sending Michelle Bachmann to DC even to vote against her).


I absolutely despise mine

/worthless carpetbagging teabagger POS
 
2014-07-17 05:38:14 PM  

kanesays: the Chamber's legal team was led by one Eugene Scalia, son of Supreme Court Justice Antonin Scalia. The younger Scalia, who looks like the product of a twisted test-tube experiment that crossed his father with Ari Fleischer


Thank you very farking much for that mental image. Sheesh.
 
2014-07-17 05:39:50 PM  

MaudlinMutantMollusk: Crotchrocket Slim: bdub77: 90% of Congress is re-elected with a 10% approval rating.

Only in America, land of the free manipulated wage slave, home of the brave corporation.

Trust me if I had the opportunity to vote against most of the assholes elected from other states, I would.

We all hate everyone else's Senators and Reps, and tend to really like our own (at least I'm mostly happy with my direct Congressional representation; there is no way I'd move to the sewerhole district that keeps sending Michelle Bachmann to DC even to vote against her).

I absolutely despise mine

/worthless carpetbagging teabagger POS


I was speaking overall as a nation (which is even though as a body we can't hate on Congress enough, we largely keep reelecting them) but fair enough.
 
2014-07-17 05:41:44 PM  

Gecko Gingrich: That "overwhelming majority of Americans" who support it don't have as much money as the very few who oppose it. Moreover, very few of that majority give any to elected officials.


Although this is true, it's really not the driving factor. The driving factor is that while someone can "support" something abstractly, if they won't change their vote based on it, then the issue makes no difference whatsoever. This is the major reason why advocates tend to vastly overestimate their support among the body politic. Ask voters if they want their taxes to be lower and 75% will say yes. Ask them if they want vastly increased spending on government services, and another 75% of them will say yes. And 75% want the government to have no debt.

But since they don't change their vote based on these opinions, or don't vote at all, politicians don't care. And why should they?
 
2014-07-17 05:45:16 PM  

Crotchrocket Slim: I was speaking overall as a nation (which is even though as a body we can't hate on Congress enough, we largely keep reelecting them) but fair enough.


I know you were, and sadly, I think you're right

/I just can't pass up a chance to express my loathing for my local congressturd
//did I mention he's a worthless POS?
 
2014-07-17 05:45:50 PM  

Crotchrocket Slim: I seem to recall he wasn't even on any of the committees talking about TARP and basically created political theatre by "suspending" his campaign to "work" on this even though all he did was mug for the camera and pretend he was doing something practical to pass TARP. If I'm reading your post properly though that's probably more like double the reason to hate on McCain just for being such a shameless poseur, essentially.


I would say, however, that of a Presidential candidate Congress out against it (as opposed to cheer leading it) during the campaign then it doesn't happen.
 
2014-07-17 05:48:09 PM  

MaudlinMutantMollusk: Crotchrocket Slim: bdub77: 90% of Congress is re-elected with a 10% approval rating.

Only in America, land of the free manipulated wage slave, home of the brave corporation.

Trust me if I had the opportunity to vote against most of the assholes elected from other states, I would.

We all hate everyone else's Senators and Reps, and tend to really like our own (at least I'm mostly happy with my direct Congressional representation; there is no way I'd move to the sewerhole district that keeps sending Michelle Bachmann to DC even to vote against her).

I absolutely despise mine

/worthless carpetbagging teabagger POS


Mine is Mark farking Sanford. I wish the retirees around here weren't such teabagging morons.
 
2014-07-17 05:58:00 PM  

KIA: Im going to guess it is because if you want to try to revert banks back to the neighborhood ones featured in such classics as 'A Christmas Carol' and they are supposed to make all of their money solely by lending against savings and checking deposits, consumers are going to have to pay MUCH higher interest rates.

Higher interest rates will cause a collapse of epic proportions, so, no, adults who understand economics are emphatically not in favor of a "feel-good" law that will cause massive damage.


As someone working on his masters in economics, I seek to be enlightened by the Au(ti)s(tic)trian school. Explain how allowing banks to over-leverage themselves with derivatives of derivatives, created and supported by systemic fraud, and then when yonder sh** hits yonder fan, asking for unconditional taxpayer assistance is a good thing. Use math and big words.

Points will be deducted for any variation of the phrase "free market magic"
 
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