Why the Bank Bill Should Pass
By Steny Hoyer, Wall Street Journal
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Few days in the 27 years I've served in Congress were as remarkable as Monday. It's not every day that Republicans second Barney Frank. It's not every day that Democrats stand and cheer for Minority Leader John Boehner.
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Oct 06, 10:47 PM |
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If the banks are the economic engine of the world then money is the fuel that makes them run. Therefore, if we don’t fuel them it becomes harder for us to go from one point to the next. Placing money underneath your mattress will do you or any one any good because if the banks were ever to fail, you’ll have no more money to put under that mattress. We’re all part of the system, if the banks fail we’ll all be affected, instead those of us who doesn’t have a bank account should create one. Help the banks make the system work. If you’re concern about your deposit, you can check with your bank to see if your money is FDIC insured. They may be other insurance that you can take …I don’t know I’m no financial analyst. To inquire a banker about it would be the smartest thing to do or you may choose to do the research before inquiring.
This is DEJAVU …..The great depression of 1929 which started in the United State. They say those who don’t know their history are likely to repeat it. Well, folks there you have it; we’re now in the process of repeating our mistakes. In 1929 people were speculating that the banks will fail so people rush to retrieve their money from the banks and by doing so they intern facilitate the failure. Are we likely to repeat our mistakes? …..Of course without a doubt. I would hope not but hope has no guarantee.
This is DEJAVU …..The great depression of 1929 which started in the United State. They say those who don’t know their history are likely to repeat it. Well, folks there you have it; we’re now in the process of repeating our mistakes. In 1929 people were speculating that the banks will fail so people rush to retrieve their money from the banks and by doing so they intern facilitate the failure. Are we likely to repeat our mistakes? …..Of course without a doubt. I would hope not but hope has no guarantee.
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Oct 06, 12:38 PM |
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Steny Hoyer says:
"But most Democrats were persuaded by economists who told us the dangers of inaction. And we were moved by stories of a credit crunch already starting to endanger families and small businesses. "
Really, why the change of heart? When a regulator for Fanny and Freddie complained about the stupidity of sub prime loans, here was the answer from Barney Frank:
"The more people exaggerate a threat of safety and soundness [at Freddie Mac and Fannie Mae], the more people conjure up the possibility of serious financial losses to the Treasury which I do not see. I think we see entities that are fundamentally sound financially."
California Democrat Maxine Walters, said: "There were nearly a dozen hearings where we were trying to fix something that wasn't broke. Mr Chairman, we do not have a crisis at Freddie Mac and particularly at Fannie Mae under the outstanding leadership of Mr Franklin Raines."
How could anyone deny that this kind of leadership was criminally negligent?
Steny Hoyer says:
"We restricted executive compensation, because CEOs whose recklessness helped bring on this crisis do not deserve taxpayer-subsidized golden parachutes." Curiously, not a single word about the recklessness of Barney Frank, Christoper Dodd, Maxine Waters. For 20 years Chris Dodd benefitted immensly from the democrat slush fund called Fanny Mae, and Freddy Mac. Number 2 in the handouts was Barrack Obama. Any restricted compensation for these? Any demand for pay back? And I would doubt very seriously Mr. Hoyer's hands are clean.
Steny Hoyer also says:
"In the long run, the only way to prevent a crisis like this from recurring is to look to the crisis's roots. Because a failure of responsible regulation got us into this mess,..."
ABSOLUTELY! I finally agree with something Hoyer says. DEMOCRATIC SOCIAL ENGINEERING!!! And when the republicans called them on it, the democrats cried Racist!!!!
People should absolutely be on their way to jail over this.
"But most Democrats were persuaded by economists who told us the dangers of inaction. And we were moved by stories of a credit crunch already starting to endanger families and small businesses. "
Really, why the change of heart? When a regulator for Fanny and Freddie complained about the stupidity of sub prime loans, here was the answer from Barney Frank:
"The more people exaggerate a threat of safety and soundness [at Freddie Mac and Fannie Mae], the more people conjure up the possibility of serious financial losses to the Treasury which I do not see. I think we see entities that are fundamentally sound financially."
California Democrat Maxine Walters, said: "There were nearly a dozen hearings where we were trying to fix something that wasn't broke. Mr Chairman, we do not have a crisis at Freddie Mac and particularly at Fannie Mae under the outstanding leadership of Mr Franklin Raines."
How could anyone deny that this kind of leadership was criminally negligent?
Steny Hoyer says:
"We restricted executive compensation, because CEOs whose recklessness helped bring on this crisis do not deserve taxpayer-subsidized golden parachutes." Curiously, not a single word about the recklessness of Barney Frank, Christoper Dodd, Maxine Waters. For 20 years Chris Dodd benefitted immensly from the democrat slush fund called Fanny Mae, and Freddy Mac. Number 2 in the handouts was Barrack Obama. Any restricted compensation for these? Any demand for pay back? And I would doubt very seriously Mr. Hoyer's hands are clean.
Steny Hoyer also says:
"In the long run, the only way to prevent a crisis like this from recurring is to look to the crisis's roots. Because a failure of responsible regulation got us into this mess,..."
ABSOLUTELY! I finally agree with something Hoyer says. DEMOCRATIC SOCIAL ENGINEERING!!! And when the republicans called them on it, the democrats cried Racist!!!!
People should absolutely be on their way to jail over this.
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Oct 06, 11:21 AM |
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Unmitigated disaster, and it was not too difficult to see it coming.
From just before the vote by the HoR to now (Monday after, AM), the Dow has dropped over 1000 points.
When it had dropped a precipitous 700 points a few days back, most "leaders" were threatening a further decline if "something" was not done.
Well, you bozos did it! You did something (bailed the reckless ones out) and yet the markets continue to collapse.
I hope those making wooden arrows and drinking rum are happy.
Shame on you folks!
From just before the vote by the HoR to now (Monday after, AM), the Dow has dropped over 1000 points.
When it had dropped a precipitous 700 points a few days back, most "leaders" were threatening a further decline if "something" was not done.
Well, you bozos did it! You did something (bailed the reckless ones out) and yet the markets continue to collapse.
I hope those making wooden arrows and drinking rum are happy.
Shame on you folks!
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Oct 04, 05:51 AM |
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Since when is it Congress's place to bail out business owners and banks who cannot manage their credit? And if it is your place why are you not constantly holding them to brutal accountability (that's different than regulation) and requiring at the least COMPLETE VISIBILITY? Since when is it the responsisbility of those who can manage their credit to bail out (with taxes) those who fail to do so? How is it a good idea to add to an already insurmountable (never able to pay it off) national debt by placing an additonal $700 BILLION burden on tax payers who are in fact the backbone of the economy? Were we camels this would be the proverbial straw. You're lucky, we're Americans; we'll make due despite you. And let's face it, it is morally and ethically corrupt to look at this bill and this crisis in the light that it's "bringing us together to act in a non-partisan way to help America." Shame on you, sir, and on your colleagues on both sides of the aisle--you are United States Congressmen, Americans all. You should have been acting in a non-partisan way to get to what's good for America all along--you weren't, else there'd be no "crisis" now. You failed to do/be what America needs you to be. Statesmen, leaders, men and women of character. Proof of that failure is a bill that will spend nearly a trillion dollars of money you don't command, that you do not have, that WE will have to underwrite. There is a credit failure in America, a financial failure, an energy failure and consequently a National Security failure. It was precipitated by a persistent leadership failure in the United States Congress.