Let me take you back to a time... a simpler, gentler era known as 2006. Money was easy, banks were giddy with their chance to throw dollars in every direction. Let me take you forward 3 years. Replace the words 2006 with 2009, and banks with US taxpayer. We not only have forgotten the lessons of 20, 50, 80 years ago. We've forgotten the lessons of 1 year ago. But not to worry, I'm sure it will work...
Entrepreneurs go on strike By C. Edmund Wright | American Thinker With the threat of this administration and congress, what is the possible motivation for anyone with ideas and capital to invest their time, talent and money into a risky endeavor? There appears to be none. In fact there appear to be powerful incentives not [...]
“”Almost two-thirds of all bad mortgages in our financial system were bought by government agencies or required by government regulations.” - PETER J. WALLISON “Representative Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee, said in an interview that he planned to introduce legislation next year raising the maximum F.H.A. loan...
Many observers believe that enacting specific federal legislation governing covered bonds will be essential to foster the development of covered bonds as a funding source in the U.S. The following story — hot off the presses — documents a potentially momentous step in that direction: WASHINGTON, D.C. — U.S. House Financial Services Committee Chairman Barney [...]
Glenn Greenwald explains why Ron Paul's victory in the House Finance Committee regarding his legislation to audit the Federal Reserve was such a big deal -- and such a great thing. Excerpt: Our leading media outlets are capable of understanding political debates only by stuffing them into melodramatic, trite and often distracting "right v. left" storylines. While some debates fit comfortably...
Ryan Grim at Huffington Post has the details on the intrigue going on in the House yesterday with efforts to finally audit the Federal Reserve and find out where all those trillions of dollars are going. In an unprecedented defeat for the Federal Reserve, an amendment to audit the multi-trillion dollar institution was approved by the House Finance Committee with an overwhelming and bipartisan 43-26...
USA: Dems Fight Over Funds Left From Bailout Congressional Democrats could be careening toward a head-on collision with the White House over $200 billion in leftover bailout money — money that Republicans think should simply be returned to taxpayers (hat tip: Black & Right ). The Treasury Department wants to use the money to pay down the deficit and keep a small rainy-day fund in case of...
Huge win for the good guys, by which I mean taxpayers: House Finance Committee overwhelmingly and with true bipartisan support votes to audit the Fed. Barney Frank, previously a supporter, voted against. He’s going to need a damn good explanation. Welcome to the 21st century, beehortches: Muslims want an anti-blasphemy law? Well, I want a jet [...]
/object> Clearly Grayson has this story cold. Equally as clearly, Barney Frank is a liar who never supported a true audit the Fed proposal in the first place. Sen. Dodd of Connecticut is another slithering weasel who loudly and publicly pretends to champion financial reform but when the votes come, backs the banksters. Ron Paul and Alan Grayson [...]
Hmm, you know, it’s what been perplexing me, too … how some of the people who are pushing hardest for “our issue” are the people who stand to lose the most (in the short-term at least) should the Barney Frank or Robert Menendez bill(s) pass. The only explanation I can come up with is religious [...]
The US Senate Banking, Housing and Urban Affairs committee has taken up legislation dealing with financial regulatory reform. Mondaq had more on the bill: Senate Banking Committee Chairman Christopher Dodd has introduced a discussion draft of the Restoring American Financial Stability Act of 2009 (the "Dodd Bill"), which comprehensively addresses financial regulatory reform, encompassing...
Yesterday something truly startling happened. The American people won and the Establishment lost-- IN CONGRESS. That never happens. Alan Grayson and Ron Paul teamed up and made it happen-- against the wishes of their party leaders and, more important, against the wishes of the big banks that donimate the country and finance the campaigns of most of Congress. (Which probably means the bill-- we'll get...
It is not just the American voters that are unhappy with Barack Obama's job performance , the Congressional Black Caucus has just blocked the Regulatory Reform Package that has been debated for months, saying that Obama has not done enough to "help African American communities suffering in the economic decline." Wapo : The House committee had been set to vote to send the final piece of its...
Monkeys on a cupcake. John Larson (D-CT) wants some kind of jobs program. Hah. Barney Frank (D-CT) want more mortgage loans for people who can't pay them. Nancy Pelosi (D-CA) sees plenty of places to spread around the remaining $200...
House Financial Services Committee Chairman Barney Frank, House Appropriations Committee Chairman Dave Obey and Representative John Murtha want a War Tax tacked on to our income tax to pay for the Afghan war, starting in 2011. “Regardless of whether one favors the war or not, if it is to be fought, it ought to be [...]
American Politics Hot News: Obama Cross the Reefer Rubicon Obama Chief of Staff Rahm Emanuel is loath to hand talking points to Republican cultural warriors. And though House Speaker Nance Pelosi hails from pot-friendly San Francisco, she too is staying away from the issue. "Even best friends like (Massachusetts Rep.) Barney Frank say, 'Cool your jets,'" St. Pierre told me. Read More From Orginal Site
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