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TomCADem Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-16-10 07:53 PM
Original message
Why's Sen. McConnell trashing Wall Street regulation bill?
Edited on Fri Apr-16-10 07:54 PM by TomCADem
Source: The Miami Herald

President Barack Obama took a hard line Friday on derivatives, saying he'd veto any bill "that does not bring the derivatives market under control in some sort of regulatory framework and assures that we do not have the same sort of mess that we've seen in the past."

Critics alleged that there was a connection between a trip that McConnell and Sen. John Cornyn, R-Texas, the chairman of the Republican Senate campaign committee, took to New York City last week for meetings and fundraisers with Wall Street executives.

In one instance, the two met with hedge fund investors for about an hour, urged listeners to understand the GOP position on financial overhaul — and asked them to consider donating money. The senators also raised money at KKR, a major private equity firm.

"He's raising money from investment bankers and hedge fund managers in return for policy," said Larry Forgy, a Lexington, Ky., political observer and attorney. "I have always felt these decisions of a major policy nature should not be combined with fundraising campaigns as he appears to be conducting in New York. I don't think the average person in Kentucky has a damn bit of sympathy for hedge fund managers."


Read more: http://www.miamiherald.com/2010/04/16/1583442/whys-sen-mcconnell-going-ballistic.html



The corporate censorship continues with the media obediently repeating Frank Lutz's lies about bailouts while ignoring McConnell's effort to protect the Wall Street derivatives industry. What is hilarious is that the Tea Partiers who are allegedly angry about Wall Street will rally in support of Republican efforts to protect Wall Street from regulation.

I bet Fox News could even convince Mothers Against Drunk Driving (MADD) to demonstrate in favor of lowering the drinking age!
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Orrex Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-16-10 07:56 PM
Response to Original message
1. Regarding McConnel and Cornyn, nearly any question of "why?" can be answered with:
"Because he's an asshole."
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TomCADem Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-16-10 07:59 PM
Response to Reply #1
2. More Why - Businessweek - "Banks Would Be Forced to Push Out Derivative Trading Under Plan"
It is almost hilarious to see the amazing lengths to which the corporate media will go to loudly play and re-replay Frank Lutz's talking points/lies while trying to hide Republican efforts to protect the derivative industry from regulation!

http://www.businessweek.com/news/2010-04-14/banks-would-be-forced-to-push-out-derivative-trading-under-plan.html


Lincoln, an Arkansas Democrat, will propose a “no-bailout provision” as part of an overhaul of derivatives regulation she plans to unveil today, according to the aide, who declined to be identified because the plan isn’t public. The measure aims to ensure banks don’t endanger depositors’ money with risky trading of over-the-counter derivatives, the aide said.

The proposal is already drawing opposition from banks that dominate the $605 trillion over-the-counter market. Derivatives regulation being weighed by Congress could cost JPMorgan from “$700 million to a couple billion dollars,” Jamie Dimon, the bank’s chief executive officer, said yesterday during a conference call with analysts.

“I imagine their lobbyists have already contacted their best contacts in the government,” said Darrell Duffie, a finance professor at Stanford University in Palo Alto, California.

The five biggest dealers in the largely unregulated market -- all commercial banks -- earned $28 billion from derivatives trading last year, according to reports collected by the Federal Reserve and people familiar with the matter.

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subterranean Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-16-10 08:39 PM
Response to Reply #2
4. "the $605 trillion over-the-counter market." Not $605 billion. $605 TRillion.
That is hard to comprehend.
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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-17-10 08:57 AM
Response to Reply #4
12. Especially when one notes that there is only $8-10T in US currency in the world.
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-18-10 10:36 AM
Response to Reply #2
17. Repeating talking points of one major Party or the other seems to be a pandemic.
See also http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4346732 (WH wants Congress to delete "too big to fail" correction fund from bill, apparently on the advice of Treasury.)

http://www.democraticunderground.com/discuss/duboard.php?az=post&forum=102&topic_id=4346303&mesg_id=4347695 (link to Friday's Moyers' Journal are in this post)

Bill Moyers also did a good interview with reporters from Mother Jones. http://www.pbs.org/moyers/journal/01082010/profile.html

Mother Jones had done a series of articles on the ties between government and the financial industry, including folks like Timmeh Geithner.

http://motherjones.com/special-reports/2010/01/accountability-deficit

As for Senator Dodd, the author of this bill, I'm sure he has a good career ahead of him after he retires.

Opensecrets.org reports Dodd has received over $223,000 from AIG employees, many of whom were Connecticut residents, for his recent campaigns.<64> Additionally, it has recently been revealed that Dodd's wife is a former Director for Bermuda-based IPC Holdings, a company controlled by AIG. She held this position before she married him.<65> On May 3, 2009, the Courant reported Dodd's wife served on a number of corporate boards, including the CME Group and could be earning as much as $500,000 annually for her service on said boards.<66> On March 30, 2009, it was reported that former AIG Financial Products head Joseph Cassano personally solicited contributions from his employees in Connecticut via an e-mail in fall 2006 suggesting that the contributions were related to Dodd's ascension to the chairmanship of the Senate Banking Committee.<67>

http://en.wikipedia.org/wiki/Chris_Dodd
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sweetloukillbot Donating Member (378 posts) Send PM | Profile | Ignore Sat Apr-17-10 04:36 AM
Response to Reply #1
11. +1000!
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keroro gunsou Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-16-10 08:19 PM
Response to Original message
3. because
he's a tool and knows what side his bread is buttered on.
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earcandle Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-16-10 08:41 PM
Response to Original message
5. Anything less than Glass-Stegall is BULLSHIT. Give us our REAL REGULATIONS BACK AND PROSECUTE NOW!
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dmosh42 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-18-10 09:54 AM
Response to Reply #5
15. You would need a "Real" Att'y Genr'l for prosecution! n/t
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Jefferson23 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-16-10 08:57 PM
Response to Original message
6. Amazing how much they hate Americans.
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tomm2thumbs Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-16-10 09:16 PM
Response to Original message
7. $$$$ $$ $$$$$$$$ $ $$$$$$ $$$$$ $$$$ $$$$$$$$$$$ $$$$$ /nt
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mvd Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-18-10 11:53 AM
Response to Reply #7
18. Exactly.
:hi:
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sam sarrha Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-16-10 09:26 PM
Response to Original message
8. TOO Rich to Regulate.! wealth is proof of gods favor of a man, thus it's a sin to tax/regulate them.
and the poor are being punished by god so it is a sin to help them...the government is infested with Dominionists.. the GOP is Theocratic Cargo Cult of OCD psychotic narcissistic wealth/power hoarders.. they are mentally ill

http://doggo.tripod.com/doggchrisdomin.html
"snip...Leo Strauss was born in 1899 and died in 1973. ... He is most famous for resuscitating Machiavelli and introducing his principles as the guiding philosophy of the neo-conservative movement. ... More than any other man, Strauss breathed upon conservatism, inspiring it to rise from its atrophied condition and its natural dislike of change and to embrace an unbounded new political ideology that rides on the back of a revolutionary steed, hailing even radical change; hence the name Neo-Conservatives.

Significantly, Dominionism is a form of Social Darwinism.<48> It inherently includes the religious belief that wealth-power is a sign of God’s election. That is, out of the masses of people and the multitude of nations, wealth, in and of itself, is thought to indicate God’s approval on men and nations whereas poverty and sickness reflect God’s disapproval.

(It was not until I read this article that I realized that this is a fundamental tenet of Dominionists.

Worldly wealth and power are signs of God's favor -- to attempt to limit or decrease one's wealth and power is to disrespect God.

On the contrary, God's elect on Earth are called upon to increase their wealth and power.

It is not sufficient for a man to be a millionaire, or for a country to have sovereignty within its borders -- a man must strive to increase his wealth as much as possible, and a Dominionist government's behavior toward its neighbors must be "invade their countries, kill their leaders and convert them to Christianity".

Furthermore, any attempt to decrease a person's or a country's wealth and power -- to take from the rich to give to the poor, to reduce military spending and power -- is a direct attack on God.)

If “Secular Humanists are the greatest threat to Christianity the world has ever known,” as theologian Francis Schaeffer claimed, then who are the Humanists? According to Dominionists, humanists are the folks who allow or encourage licentious behavior in America. They are the undisciplined revelers.

Put all the enemies of the Dominionists together, boil them down to liquid and bake them into the one single most highly derided and contaminated individual known to man, and you will have before you an image of the quintessential “liberal” -- one of those folks who wants to give liberally to the poor and needy -- who desires the welfare and happiness of all Americans -- who insists on safety regulations for your protection and who desires the preservation of your values -- those damnable people are the folks that must be reduced to powerlessness -- or worse: extinction.

What would a “reconstructed” America look like under the Dominionists? K.L. Gentry, a Dominionist himself, suggests the following “elements of a theonomic approach to civic order,” which I strongly suggest should be compared to the Texas GOP platform of 2002, which reveals that we are not just talking about imaginary ideas but some things are already proposed on Republican agendas.<60> Dominionism’s concept of government according to Gentry is as follows:

“1. It obligates government to maintain just monetary policies ... fiat money, fractional reserve banking, and deficit spending.

“2. It provides a moral basis for elective government officials. ...

“3. It forbids undue, abusive taxation of the rich. ...

“4. It calls for the abolishing of the prison system and establishing a system of just restitution. *...

“5. A theonomic approach also forbids the release, pardoning, and paroling of murderers by requiring their execution. ...

“6. It forbids industrial pollution that destroys the value of property. ...

“7. It punishes malicious, frivolous malpractice suits. ...

“8. It forbids abortion rights. ... Abortion is not only a sin, but a crime, and, indeed, a capital crime.”<61>
. . .

* Gary North describes the ‘just restitution’ system of the bible, which happens to reinstitute slavery,
like this:


“At the other end of the curve, the poor man who steals is eventually caught and sold into bondage under a successful person. His victim receives payment; he receives training; his buyer receives a stream of labor services. If the servant is successful and buys his way out of bondage, he re-enters society as a disciplined man, and presumably a self-disciplined man. He begins to accumulate wealth.” ...snip"

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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-16-10 09:54 PM
Response to Original message
9. This is a rhetorical question
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certainot Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-17-10 01:19 AM
Response to Original message
10. this shit doesn't sell without 1000 UNCONTESTED radio stations
repeating the lies all day. the only reason the GOP corporate stooges can repeat the shit and not get laughed out of the country is because when they repeat the talking points they know the heritage foundation already fed them through limbaugh and hannity and clones and they've been pounded into the earholes of tens of millions by the end of each news day. fox ads the cream and cherry on the lie turd pie and the left, completely ignorant of the dominant role the talk radio monopoly plays in causing this undermining of democracy since reagan killed the fairness doctrine, and reacts after the fact as if the country really is turning right, getting punked once again.
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TomCADem Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-17-10 11:35 AM
Response to Reply #10
13. Exactly, There Should Be A Scandal With McConnell Fundraising From Wall Street...
...Then immediatetly trying to kill the financial regulation bill, and derivatives regulation with Frank Lutz approved lies. Yet, the media is entirely silent about such meetings, and willingly plays and replays such lies.

If Fox News puts its mind to it, it could probably have PETA demonstrating against efforts to regulate whaling by repeatedly insisting that the whaling restriction bill mandates the slaughter of whales. Up is down in the world of corporate media.
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-18-10 08:53 AM
Response to Original message
14. Speaking of meetings, Biden has one on April 20 with Rubin.
Edited on Sun Apr-18-10 08:58 AM by No Elephants
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alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-18-10 10:27 AM
Response to Original message
16. His largest contributor until recently was the healthcare
industry. I guess he wants more Wall Street money.
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TomCADem Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-18-10 01:49 PM
Response to Reply #16
19. So, did any Sunday News reporters ask the Republicans why they won't allow debate?
Or, ask about their opposition to derivatives regulation?
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alfredo Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-18-10 04:19 PM
Response to Reply #19
22. Not sure, I slept through them..
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dchill Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-18-10 01:52 PM
Response to Original message
20. "Kentucky" is a red herring...
McConnell is the Senator from Wall Street, by way of Big Coal.
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annabanana Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-18-10 02:25 PM
Response to Original message
21. Luntz told him to.
Disingenuous bastard. .
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