Dodd: GOP Leader Lied About Finance Bill

Source: The Ledger

Dodd: GOP Leader Lied About Finance Bill
Senator delivers blistering speech on "naked political strategy" by Republicans.

By Kevin G. Hall
McClatchy Newspapers

Published: Wednesday, April 14, 2010 at 11:02 p.m.
Last Modified: Wednesday, April 14, 2010 at 11:02 p.m.

WASHINGTON | The architect of sweeping legislation that would revamp financial regulation took the Senate floor on Wednesday to accuse the Senate Republican leader of lying about the bill and being in Wall Street's back pocket.

Senate Banking Committee Chairman Christopher Dodd, D-Conn., delivered a blistering, 20-minute speech that included the revelation of a political talking points memo from a Republican strategist that was virtually verbatim to the criticism voiced Tuesday by Senate Minority Leader Mitch McConnell, R-Ky.

McConnell had accused Dodd of drafting partisan legislation, even though the Banking Committee chairman has worked for roughly half a year with key Senate Republicans and incorporated many of their ideas into his bill. McConnell also said the bill continues controversial bank bailouts, but it doesn't.

"It's a naked political strategy," thundered a visibly upset Dodd.

Read more: http://www.theledger.com/article/20100414/NEWS/4145038/-1/preps01?Title=Dodd-GOP-Leader-Lied-About-Finance-Bill

at the dept. of labor, that have blood on their hands?
Another rethug p.o.s.

who was appointed by GWB as Labor Secretary and who was responsible (or irresponsible) for enforcing the OSHA standards for workplace safety on Massey Mines but didn't.

I would like to see the fact that McConnell is married to Elaine Chao who headed the Labor Department when it failed to enforce safety regulations on Massey Mines get more attention than DUers petty squabbles about who is or is not loyal to Obama.

Please respond to my post and the post of sasquuatch55 if you agree that discrediting that greedy liar Mitch McConnell by getting the news out about McConnell, Elaine Chao and the crimes at Massey Mines is more important than chastising each other about loyalty.

Elain was/is the Wicked Witch of the Right - one of them anyway.

I had no idea it was Chao. I'll have to refresh my memory on her now. Thanks for the reminder.

two P O S's

...........We got a healthcare bill that is crap and now we will get another "reform" bill that is shit and doesn't do very much to protect the majority of citizens in this country. More of the Obama shuffle, one step forward and two steps back.

Democracy ain't pretty sometimes.

We have corporatism which is basically fascism. Although FDR was far from perfect, I wish I could live long enough to see another President like him.

...........a "monarchy" have to do with really shitty legislation? ALSO, one COULD argue that this is not a "democracy" anymore.

doing exactly what YOU want. Or did I misunderstand? What does "Obama shuffle" mean?

.

It's about what is good for America, the correct thing, not about exactly what Pattymarty wants. And everything is not about President Obama, ffs.

A so-called health care reform bill that transfers wealth from consumers/taxpayers to obscenely rich and bloodless health insurance companies, pharmaceutical companies and big health care providers is not good for America.

Neither is a so called financial reform bill that places oversight of banks--which we also transferred wealth to-- under the watchful eye of the fox.

If Republicans had done either of those things.DUers would be screaming.

Very few bills are perfect, but ALL can be changed. We can argue about whether the HC bill is better than nothing, but the fact is it is what we have. There was very strong and effective opposition to ANY bill like this, but people are still going to slam Obama for getting a foot in the door, the most significant social legislation in probably 50 years? I mean, what is the problem? That he's a WEAK President? Oh please.

And again, it's not all about Obama.

Have some more KoolAid.

Or the upcoming banking bill? I just don't get what you are commenting about.

return to passing taxpayer/consumer/people oriented legislation, instead of passing so-called reform bills that are corporation friendly. Amazed you missed that.

And, I've been commenting about your posts.

It's a little late to oppose the so called health care reform bill. And it's not a matter of opposing ANY bill, only opposing a lousy bill.

connecting that to the other person's apparently blaming Obama for compromise bills that pass something despite strong opposition. The guy can't win you know? If he pulled the plug on it I suspect many of the same people would complain that he's not getting anything done.

politicians, to stop pretending that corporatist bills are the very best we can possible expect from a Democratic Congress and a Democratic President. I'd like them to join me and others in demanding they do what's best for the country again. I'd like them to be willing to hold corporatist Democrats accountable by primarying them.

I agree 1000%
And will do the same with other legislation

The conservative judges on the Supreme Court did appoint a President in 2000 after all....

Conservatives are pure evil, and they run our government.

... grow up or get off the dock, some of us are sick and tired of the toilet mouth rants that go on here.

Yep, it is time to start asking about Mitch and his wife, sure haven't seen much in the news about her for a few years.

They are extremely effective as the Party of No, but when you look deeper, there's no one home with any real ideas. Their gramophone needle keeps skipping from the 1980's the same old track again and again... and they really need to come up with something new to show they mean business. The problem is that Democrats IMO are out-Repulicaning the Republicans by taking some of the ideas that they did have in the 1980s and tweaking them for the 21st century - so Republicans thunder has been stolen... they scream Socialist - when they don't even know the meaning of the word.

to be.

different from what they would enact themselves. The so-called health care reform bill with which we were recently bless is more conservative than the one Nixon proposed. I doubt that they could have come up with less of a financial reform bill than Dodd did. And the nation is demanding reform. In fact, McCain's backing of return of Glass Steagall is more liberal.

We now live in a coporatocracy full of deception, not a democracy.

And we could change it again if we choose to. The fact that we don't doesn't make us not a democracy. We can be both.

Just because we're easily manipulated by corporate media or too apathetic to care doesn't make us any less of a democracy. It just means that the democracy doesn't function to serve the people as well as it should.

a democracy? I don't want to be both. Fuck that noise.

just saying that because we are one doesn't automatically mean we aren't the other.

is so crappy about them, since you have led us to believe you have examined them ???

.........you ain't been payin' attention. As far as the bank "reform", does consumer protection agency ring any fucking bells? Now, tell all us here what YOU think about these so called reforms.

This ...

 Independent Head: Led by an independent director appointed by the President and confirmed by the Senate.
 Independent Budget: Dedicated budget.
 Independent Rule Writing: Able to autonomously write rules for consumer protections governing all entities – banks and non-banks – offering consumer financial services or products.
 Examination and Enforcement: Authority to examine and enforce regulations for banks and credit unions with assets of over $10 billion and all mortgage-related businesses (lenders, servicers, mortgage brokers, and foreclosure scam operators) and large non-bank financial companies, such as large payday lenders, debt collectors, and consumer reporting agencies. Banks with assets of $10 billion or less will be examined by the appropriate bank regulator.
 Consumer Protections: Consolidates and strengthens consumer protection responsibilities currently handled by the Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation, Federal Reserve, National Credit Union Administration, and Federal Trade Commission.
 Able to Act Fast: With this bureau on the lookout for bad deals and schemes, consumers won’t have to wait for Congress to pass a law to be protected from bad business practices.
 Educates: Creates a new Office of Financial Literacy.
 Consumer Hotline: Creates a national consumer complaint hotline so consumers will have, for the first time, a single toll-free number to report problems with financial products and services.
 Accountability: Makes one office accountable for consumer protections. With many agencies sharing responsibility, it’s hard to know who is responsible for what, and easy for emerging problems that haven’t historically fallen under anyone’s purview, to fall through the cracks.
 Works with Bank Regulators: Coordinates with other regulators when examining banks to prevent undue regulatory burden. Consults with regulators before a proposal is issued and regulators could appeal regulations if they believe would put the safety and soundness of the banking system or the stability of the financial system at risk.


... versus ...

 Apply to “consumer financial products or services.” These are understood to include financial products or services that are to be used primarily for personal, family or household purposes.
 Address all forms of credit, deposit, and payment products and services offered to consumers. It can also address related products and services such as prepaid debit cards, loan servicing, debt collection, and debt-related services.
 Have the power to determine that products, features, or practices are unfair, deceptive, abusive or unsustainable. Its powers should include banning, restricting, or imposing conditions on practices, products or features, creating product standards, and requiring special monitoring, reporting and impact review of certain products, features or practices.
 Require that all disclosures are clear, simple and concise.
 Take a lead role in educating consumers about all credit matters. Review and streamline existing financial literacy programs.
 Test disclosures regularly to see if they are clear and reasonable.
 Have a five-member board - Four appointed by the President, and subject to confirmation by the Senate and the fifth is the Director of the National Bank Supervisor.
 Provide a unified mortgage disclosure.
 Require credit card companies to provide calculators that give payoff terms under different circumstances (i.e., only making minimum payments or paying off in only a year).
 Require credit card issuers to offer "plain vanilla" credit cards in addition to other, more complex products for consumers who want basic cards.
 Review mandatory arbitration clauses in consumer financial contracts to assess fairness. If needed, develop standards for fair dispute resolution or ban mandatory arbitration clauses in certain products (such as mortgages).
 Have jurisdiction over debt collectors and debt buyers..


So which of these do you absolutely love and which do you hate so much that you are swearing at your fellow DUers? And why?

...surely your teachers did not fail you so badly that you cannot come up with proper adjectives and invectives. The "F bomb" again, have someone message me when you leave adolescence and your nads descend.

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"pottymouth" your smelly asshole...

to reforms than anything the Repubs would offer on their own.

I don't subscribe to the my way or the highway view of things.

I have not read the proposed legislation, but according to the article, it says it is NOT a bailout:

""Nothing could be further from the truth. The bill as drafted ends bailouts," Dodd said, describing how regulators would get new powers to dissolve large financial institutions, even healthy ones if their size is deemed to threaten the broader financial system.

Additionally, the Dodd bill would require large institutions to present plans for how to liquidate their companies, if necessary.

Both the Senate bill and one the House of Representatives passed in December also would create a fund that large financial firms would have to pay into to cover the costs to dissolve their foundering brethren."

So how is this bad legislation if it is supposed to end bailouts?

Second, the bill does not put an end to "too big to fail."

If a Paulson and a Bernanke of the future return to Congress and scream again that the globe is about to fall into worldwide economic collapse unless Congress bypasses this bill ASAP on a "one time" (wink wink) basis, Congress can do so.

Read up on Elizabeth Warren and her comments about this bill and other issues.

Don't be so pessimistic.

which it seems like we might be seeing the start of. Melikey! Squash those fuckers simply by showing what they really stand for.

"framing." Behind Republican spin AND Democratic is a bottom line reality that affects Americans.

Please see Reply ##s 51 and 63. And maybe watch some podcasts of Bill Moyers Journal, too.

towards the financial reform bill.

They're positively giddy at the fact that they have the GOP over a barrel on a bill that has widespread support.

American consumers.

Please see Reply 63.

Maybe your area is different. :shrug:

Using the very same talking points. Apparently he is going to run for Senate from New York. Pataki was a misinformation machine this morning and got no push back on any of it. What is sad is that these talking points have been fact checked and found to be false yet nobody ever calls anybody from the GOP on their false statements. It is just disgusting to be constantly bombarded with misinformation, whether it is Palin or Pataki, they all use the same false talking points that are poll tested by Frank Luntz.

We can frame this though. The Republicans are protecting and defending the profit margins of the banks.

And what does that have to do with the Morning Joe show?

Of couse everyone is entitled to his or her point of view. But I make up my own mind on things. I think this is a good thing and I like the idea of creating a time of insurance that the banks pay into so that we are not bailing them out again.
I get the idea you don't like it. But, that doesn't change my point-which was the Republicans were using the same PR driven talking points and if Warren and Moyers are using them too, then I am very curious as to why they would be siding with the banks along with the Republicans.

They are Repugs pure and simple. You can bet your bottom dollar that if Dod was on the program, he'd get tons of pushback.

fixed typo

and gets strong reform passed - even if he has to go through reconciliation.

since he had a bad 2008 and 2009, it would tarnish his legacy if he didn't go out strong.

Like sponsoring the Family and Medical Leave Act. He did have a rough past couple of years here, no denying that. I would like to see him go out strong too.

his bill is not strong reform. The house bill is better, but still not great.

puts us on the defessive and gets the people rally around them. We need pass this, but we really need to have the public on our side. We need to explain that the Republicans are protecting the profits margins of the bank. This allows the bank to do whatever it wants and not have to be held accountable for its failure again. The very idea that the Republicans are promoting that we should just let them fail is bad. They know, we can not do that without ruining our economy. They have never ever been for that in the past.

something negative to say, no matter what Democrats do or how they do it.

Worrying that Republicans will say something negative about Democrats is one of the biggest wastes of time and energy. Of course they will, NO MATTER WHAT. So, that's one less thing to worry about.

Besides, Democrats have been doing a pretty good job at protecting profit margins of banks, too.

Not the Tea Party or other concervatives. The Republicans were able to frame HCR in a negative way, and most people are confused and upset because they don't know what to think. I think Democrats should be better than Repubs and make our intentions clear in order to take the fear out of change.

like health care was. One in the Senate, one in the house. The house bill is stronger

...the one 'talking point' that's pertinent, namely that Republicans have long ago committed to do anything and everything necessary to undermine, sabotage, ridicule, use the 'big lie'...all of it...to see to is that no Democratic Administration or Congress accomplishes anything - even if it's something they would have wanted in the first place. I mean if Dodd had told that bastard from Kentucky that the Obama administration had discovered a way to turn horseshit into gold, McBastard would have countered with - 'Well, we've already got all the gold we need.'

Just think about it...in '68 Nixon and Kissinger sabotaged the Vietnam Peace talks so they could win, and as a result another 50,000 US troops died before it finally did end...in '80 Reagan/Bush and their despicable 'spy-man' Casey, negotiated with Iran to keep the hostages in return for military supplies just to make sure Carter wouldn't be able to get them out sooner...they orchestrated the systematic attack/investigation on Whitewater, that ended up with a sexual mess and impeachment - how many times you figure GHWBush got some strange from somebody other than that screw of a wife (who wouldn't, by the way) and never ever got a mention...now they're going after Obama and this Democratic-led Congress, all with the goal of using the prejudices and paranoia of the right and the uninformed to see to it that little or nothing is accomplished. These people are vermin and need to be labeled as such every damn day.

The amazing thing is they label themselves obstructionists every day. The party of "Hell No". I mean, who falls for that?

They must be called on every lie. This Party of No is bordering on treason. Dedicating themselves to block Obama from making any progress, after the horrible mess that was left at his feet from Day 1, is treason.

How much further would this country have progressed if Bush 43 hadn't been in office and Obama was allowed to make the changes he deemed appropriate? What they are doing should be criminal.

He held up a leaked memo attributed to GOP strategist Frank Luntz that advises Republican lawmakers to accuse Dodd and other Democrats of perpetuating bailouts for giant banks.

The public disliked the bank bailouts, so framing the Democrats' financial overhaul legislation as a "bailout" could win Republicans votes.

By not creating a fund, the Repubs are protecting the bank's earnings. The Repubs want the banks to continue doing what they have been doing and not have to be held accountable or to contribute their earnings into a fund that protects the taxpayers from bailing them out again. The argument that this money to be set up in the fund was our money initially and money made bank from investments is ridiculous and is not-I repeat-not the same as taking our tax money and using it for a bail out. The fund cuts into their profit margin and this is what the Repubs are protecting- The banks profit margin.
We can frame this issue, but we need to get on top of this now.

Democrats should be able to frame this easily to make the Republicans look like the bad guys - which the Republicans really are. But, I've long ago given up on thinking Democrats even know what the phrase "frame an issue" means.

We need to rally the presstitutes to our side though.

...Except that in both cases, environmentalists and the Democrats trying to push financial reform and confronting interests with billions of dollars on the line.

So, simply hiring a savy PR firm is not going to do it when you have the corporate media, and network wide propaganda shops like Fox News telling people that up is down.

Well all Repugs have to do is send a memo to the media outlets and they read it on the air hot off the fax machine.

If only Dems had their own "news" station..... that all the others wanted to be.

Last night Rachel went into excruciating detail on the Luntz "talking points" and showed examples of each one being used.

She said the entire memo was on line and we could follow along as the repukes went thru their prescribed litany.

...and I'll read them on the Senate floor as if they were my own words.

Just give me the f*cking six-digit salary, the perks, the health insurance, the retirement package, and I'll fucking read Mr. Strategist's "talking points" like they were my own thoughts! Like I was a public servant with vision. Like I was dedicated to the principles of the US Constitution. Like I was "the best and the brightest" this country could offer! :grr:

every Senator lives very well and is a multi-millionaire--and it's not their salaries. Of course, SOME of them were rich before they ran for office, but ALL of them are multi-millionaires now.

Most that are were independently wealthy before being elected or have a rich spouse. One can leverage their office into an incredibly lucrative career AFTER retiring from the US Senate but not while in office.

Sorry to be losing the one senator we have here in CT.

Please, God, not another "Mahtha" Coakley.

He'll likely be the nominee. He's been staying out of this race for years and years, biding his time, I guess. But he's pretty popular, since he's been doing a good job as AG.

The GOP will field either the WWE owner and rich lady, Rob Simmons (former Congressman) or Peter Schiff (rich guy).

the last paragraph from this article:

Both the Senate bill and one the House of Representatives passed in December also would create a fund that large financial firms would have to pay into to cover the costs to dissolve their foundering brethren.


Sounds like insurance to me. I thought the GOP loved insurance companies? Maybe all those Health Insurance companies that would have gone under if we had a public option coulda filled this niche! I mean, all insurance companies do is push paper and crunch numbers. It's not like they really know anything about what they insure.

How can Dodd imagine a repuke lied and say it out soft.

I'm going to close my eyes and listen to Fox.

PS ALL GOOD. Since its not effecting the legislation.

Aaaaarrrrrrrrrr

Just because Mitch looks like an Owl don't mean he has the wisdom of one.

The tea party minions believe any lies the repukes spout - it's just pathetic.

Glad Dodd is getting angry at the lying, whoring repukes.

even odds on this bill either dying outright or morphing into another bank raid on the treasury. I would imagine you can get very long odds on it passing as proposed. :smoke:

http://www.foxbusiness.com/story/markets/industries/government/street-execs-pols-earful-financial-reform/

It's a meeting between McConnell, Cornyn and Wall Street.

This proves beyond any doubt, if there were any, who the GOP really represents in this fight and it's certainly not the middle class. This gives us a preview of just what we can expect from Republican leadership, if they take over.

It's what they do.

actually told the truth about something....

But then, if a republican ever did tell the truth, they'd have no one supporting them besides the rich and the corporations....because that's what republican policy, agenda & ideology is ALL about....giving more & more to the rich and to the corporations.

that a republican lied but that a democrat called him on it. The republicans lie constantly but are never called on it no matter how big the lie is.

and his ability to do the right thing when the time comes.

And, besides, he is retiring from the Senate so he certainly has no vested interest in keep the banks happy for contributions.

He's a Republican, it's what they do.