Wall Street Regulation (TARP 2): MoveOn VS Morris

Wednesday, April 28, 2010

So the government wants to vastly expand it's regulatory powers even more over Wall Street. This of course is being sold to us in the context of the righteous politician's trying to protect people like you and I from the evil big corporations and their greedy exec's.

Here's MoveOn.org's opinion about how the Democrats are trying to save all of us and the Republicans are just protecting their friends at the big banks.

"It seems hard to believe that anyone would want to oppose Wall Street reform in the middle of a major financial crisis like this. But the Republicans are willing to do it to protect their allies at the big banks."

Dear MoveOn member,

Wall Street is spending $500 million to convince Congress to kill the reform bill that will finally curb their reckless behavior.

That's one investment that's paying off. Every single Republican is now on record opposing Wall Street reform.

That means every single Republican is on record protecting the big banks instead of the countless Americans who lost jobs, money, houses, or their pensions because of Wall Street's behavior.

We have to call them out right away. If we don't, their bogus arguments against reform will stick—just like they did on health care.

We're working on a hard-hitting ad that lays out for the American people exactly whose side Republicans are on. But we need to get it up on the air fast—while this story is hot. Can you chip in $5?


It seems hard to believe that anyone would want to oppose Wall Street reform in the middle of a major financial crisis like this. But the Republicans are willing to do it to protect their allies at the big banks.

They know this is a high risk strategy. Their pollsters say the only way they'll get away with it is if they lie about Obama's plan and say it will cause more bailouts—even though they know that it will do the exact opposite.

But if we don't expose them—their lies will stick. Remember health care?

The truth is that Wall Street reform will:

End the bailouts by forcing big financial companies to put aside money now, so if there's another AIG-like disaster, taxpayers won't be on the hook. We'll use the big banks' own money to shut them down.

Protect consumers by creating an independent watchdog that would finally stop credit card companies, mortgage brokers, and big banks from hiding information in the fine print.

Shut down the "shadow markets" by cracking down on the backroom trading that put our economy at risk. Unlike the stock market, these "shadow markets"—where trillions of dollars of "derivatives" are traded each year—are secret, highly risky, and virtually unregulated.

So we're fighting back. But we need help. Can you chip in $5?


Thanks for all you do.

–Nita, Laura, Daniel, Ilyse and the rest of the team

"But if we don't expose them—their lies will stick. Remember health care?" I find that interesting. Do you mean the lies like Obamacare will increase health care costs? Whose the liar here?

Dick Morris had a pretty good analysis of what financial regulation is really about here.

"Republicans complain, correctly, about the power the secretary of the Treasury is given under the bill to seize any financial institution he deems too big to fail and thinks is at risk of insolvency. They rightly worry about the constraint this provision imposes on business growth and the dictatorial powers it gives the administration to fire management, replace directors, liquidate stock value and sell off parts of the companies they seize."

So far the Dem's haven't been able to get the votes in the Senate. They haven't even gotten every Democrat on board. It's interesting also to see how after health care passed against the will of the American people some Liberals are deciding not to run for re-election since they know they'll lose.

Take Chris Dodd (D - Conn.), for example. Here's some of Ronald Reagan's opinion's of Dodd:

April 28, 1983

"Today named Dick Stone, former Dem. Senator as personal envoy to Central America. Sen. Dodd & other far out liberals & left wingers are all over the tube screaming foul. Dodd calls me ignorant. His claims to expertise on Central America is 2 years as a peace corps volunteer many years ago in Dominica."

This ones even better:

July 18, 1983

"Announced today in Florida that Henry Kissinger will be chairman of the Commission on Central America. One of the press yelled a question at me that Sen. Dodd says commission is a ploy to get around Congress. I wonder which side Dodd is on. He comes down against the U.S. on almost every issue."

Source: The Reagan Diaries

How can we trust corrupt politicians to regulate corrupt businesses? Think about that for a second. The left, like MoveOn.org etc. are trying to paint a picture that the Republican's are all corrupt liar's in Washington and that the Liberals are these perfect player's looking out for all of us. I think a majority of Americans see through that for the BS that it is.

There's plenty of corruption to go around in Washington. That is the secret to the Tea Party movement. It's not a party issue, it's the expanding government, ridiculous spending, special interest frat party going on in Washington that we're so sick of.

It's a message more tied to our founding than any serious movement in recent American history. If the best shot you have against it is that it's supporter's are "tea-baggers" or racist extremist then I don't think we have anything to worry about. A message that weak has no chance of success, much less a chance of swaying an election.


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