Democrats look for little/no oversight and fascist boards in bailouts
 

"The 44-page Senate proposal, pulled together by Senator Christopher J. Dodd, Democrat of Connecticut and the chairman of the banking committee, would require the Treasury to run the rescue plan through a new "Office of Financial Stability" to be headed by an assistant treasury secretary. It would also establish an "Emergency Oversight Board" to monitor the bailout effort, made up of the Fed Chairman; the chairman of the Federal Deposit Insurance Corporation; the chairman of the Securities and Exchange Commission; and two non-government employees with "financial expertise" in the public and private sectors, one each appointed by the majority and minority leadership in Congress."

http://www.nytimes.com/2008/09/23/bu...xyifNXv010gBFA

Way to lead us dems! That and they are about to pass the bill that includes NO OVERSIGHT. :thumbsup

They are damned if they pass it and damned if they do not.

http://www.congratstothewinners.com/...on-bailout.jpg

just sit back and take the cock in the ass like a winner

You forgot to put Obama's and Dodds head on there..(if you made it lol)

yeah i didnt know who else to add last night and it was late,... couldve added a bunch in retrospect

It is ironic that Dodd is the point man on this considering he is the person who bears the most responsibility for this whole mess.

Well the FED holds all the responsibility. But ya Dodd is right up there on the crock list.

I hope lots of people end up in jail because of this. Its also pretty short sighted to think they can just throw a bunch of money at it and hope the problem goes away.

How is that?

Dodd who was the Chairman of the Senate Banking Committee was taking sweetheart personal loans from Countrywide Financial at the same time Countrywide was unloading billions in junk sub-prime mortgages onto Fannie and Freddie. Coincidently Dodd helped block legislation in 2005 that would have placed limits on how many mortgages Fannie and Freddie could hold. Had that legislation passed the whole crisis would have been avoided.

Wow, that is crazy. I had no idea that Dodd alone blocked the only legislation that could have ensured "the whole crisis would have been avoided". Where was Bush and McCain, they should have been railing against Dodd for NOT legislating these private businesses! Now we have a socialized insurance company, mortgage company...at least we don't have socialized medicine.

The Bush administration was trying to do something about Fannie and Freddie back in 2003. The Democrats; well, they provided some priceless quotes.

Good old Barney has been signing a different tune on TV the past few weeks.

Good piece on bloomberg today about how the Democrats blocked the legislation in 2005. I bet they wished they listened to Greenspan back then.
This guy was spot on as we have been witnessing this past week

What was Obama doing?

Sometimes I get aggravated at all of these idiots who try to rewrite history and stick by their guys and their philosophies even in the face of overwhelming evidence that they're wrong.

Here we've got a guy (who thinks the federal reserve is solely responsible for the great depression btw) starting a thread saying it's the democrats who want no oversight on the bailouts....when we all know that precisely the opposite is true.

Then I remember that almost 40% of the country voted for Herbert Hoover in 1932....so no matter how obvious the facts are to people who think logically....there will always be a significant minority that finds a way to twist the facts and blame the other side for the problems their side caused.

I am confused, if the Republicans were in charge of Congress and the White House back in 2003 and 2005 when all this was going down, how were the Democrats able to block legislation? They were the minority, weren't they?

Apparently you never read the link that had the speech of Ben Bernanke saying the FED caused the Great Depression.

How is this bill that Dodd offers oversight? How is it not fascist?

For the record I am no fan of the Republicans either. They share most of the blame.

isnt it amazing nothing is ever the republicans fault 911,this current crisis. They seem to forget about phil gramm getting deregulation passed and all the reps voting for it. OR that Mccain got 100k in may of 2008 from a freddie mac director.

Or how Dodd and other democrats got sweetheart deals from Countrywide. They are all to blame.

Well you should take "stock holders" off of that, because they aren't getting bailed out, they are getting fucked over worse than the average person. The stock owners get to watch their investment turn to shit and their taxes get to help pay for the bail out the rich CEO's and big busines banks.

I will go with they are all whores and to blame its not one sides fault.THe problem is these lifetime politicians it should be 8 yrs and youre out for everybody.

i thought the administration put it through congress..

I like it. It seems like they run just to get elected and then don't do shit so they can get re-elected again and again...unless they get a big bucks offer from one of the major corporations that they supported while in office.

Look at that we agree! The sky must be falling :1orglaugh

Essays on the Great Depression
Ben S. Bernanke
http://press.princeton.edu/titles/6817.html

Bernanke is trying to scare congress to act quickly, while saying to all of us don't worry it's OK, we have it under control.

on the internet when it comes to political images, facts mean very little.

Yeah that's kind of what the gov't did with the Patriot act and the Iraq war......so for me personally, let the Democrats take their sweet time making sure this is done right and with proper oversight.

The idea that passing the law in two weeks instead of today will cause all of us to become homeless and jobless is flat out ridiculous.
Every executive branch wants to operate without congressional oversight because it would be easier that way....but that's not the way our government is set up and it's about time congress stopped grabbing their ankles for this President.

Don't forget, it was actually Clinton who initiated the deregulation of wall street. They are all crooks and we are being fucking robbed folks. Double anal with no lube, that's the best visual I can give.

CALL YOUR FUCKING SENATORS, CALL YOUR FUCKING CONGRESSMEN!

100% agreed. There needs to be TONS of oversight here including a full audit of the FED. But what Dodd is offering is not real oversight.

Bush has had a free ride for far to long. But then again so has the FED.

This message is hidden because IllTestYourGirls is on your ignore list.

Get off your fucking asses, get off this stupid message board and call your fucking senators. Tell them that if this shit goes through, you will kill a kitten or throw a puppy off a cliff.

http://www.senate.gov/general/contac...nators_cfm.cfm

:2 cents: <--- The American Dollar

:1orglaugh:1orglaugh:1orglaugh

Any bailout plan for the wall street bankers should include some relief for the regular joe's out there who are facing impending eviction from their own fucking houses.

What's fair is fair.

Of course it won't go down like that :disgust

McCain cosponsored the bill which would have placed portfolio limits on Fannie and Freddie limiting the amount of mortgage paper they could hold. If the bill had passed and the portfolio limits had been implemented then they would not have collapsed. The bill was blocked by party line opposition by the Democrats in the Banking committee headed by Dodd (while Dodd was getting sweetheart loans from Countrywide and huge campaign contributions from Fannie and Freddie). I guess if the left is unable to face the uncomfortable facts regarding the nature of this crisis they will just try and muddy the waters.

http://www.nytimes.com/2008/09/22/us...in&oref=slogin


director of freddie mac
BOISI, GEOFFREY T. MR.
NEW YORK, NY 10017
PRIVATE INVESTMENT FIRM

MCCAIN VICTORY 2008 05/21/2008 100000.00 28932242732
http://query.nictusa.com/cgi-bin/qind/
http://www.fec.gov/finance/disclosure/norindsea.shtml

They are all whores

Limiting the amoung of paper Fannie and Freddie could hold would only limit the number of people who could own homes. It wouldn't have done anything to prevent the current crisis we're in.

Fannie and Freddie had to be taken over because they couldn't raise enough capital to continue buying mortgages from other lending institutions....they basically suffered from the same credit crunch that's crippling the rest of the economy right now.

Unless you can show me where in McCain's proposed bill down payments would have been required for mortgages or proof of income and assets would have been required for mortgages or how it would have regulated CDO's and CDS's so that we could know what they're actually worth, then nothing in his bill could have prevented this crisis.

It is kind of amazing to see the Democrats blamed for this. I mean they weren't in power at all for 6 years. The Congress has been controlled since 1992. The Fed Chariman and Treasury Secretary are put in by the President. Yet somehow, the Democrats are the ones that screwed it all up and the Republicans were powerless to stop them.

Revisionist history at its finest.

Im blaming everyone. The lack of action from the Dems the last few years makes my blood boil. They have done nothing they have promised and done little in the way of trying to fulfill those promises.

Now if they rush this like congress has rushed everything else (patriot act) then they are to blame as much as Bush. How many times can the dems say "the white house fooled us" or "the white house said we needed to act fast so we did". How many fucking times can the dems be "fooled" by Bush?!

What about the people who were not dumb enough to buy a house on the high end of the market? Or those not dumb enough to take on the bad loans?

Those who took the bad loans on the wrong side of the bubble are just as much to blame for this mess as the lenders.

If you owe the bank money it is not your house until you pay that loan off.

I agree. Democrats are pussies who would rather sit, whine and point fingers than actually change something. But this mess took place under a Republican watch and no one came out and said anything. They knew the bubble was building yet gave speeches that stated the economy was strong and on the right track. They refused to call it a crisis and hid behind words like "slowdown" and "bumps in the road".

Yeah watching the spin on cable news has been hilarious. (I keep telling myself I'm going to quit watching cable news....but I just can't help myself)

All of the republican spin doctors keep talking about how the democrats have controlled congress for the past 2 years and this is happening on their watch........I'm like WTF??

Repubs controlled congress from 1994-2006 and the White House from 2000 until now....and now that everything's falling apart it's the Democrats fault?

Not to mention, since the dems took over congress in 2006, the republicans have filibustered or the President has vetoed every significant piece of legislation they've tried to pass, and then the republicans go on TV and blame the democratic congress for not accomplishing anything in the past 2 years.

The moral of this... THE FED GOVERNMENT AND ITS 'OVERSIGHT' AND MEDDLING are what caused the great depression. MORE government programs ARE NOT the answer!