A Day Late, and a Dollar Short - Again

For your consideration, another weak attempt at appearing to be concerned about bankers and stockborokers, but again, a bit too late.

Three months ago, the Obama administration was really playing up the idea that they were going to change some of the practices that expose our economy to so much risk, so that bankers and stockbrokers can make outrageous profits.

Washington Post

President Obama introduced his plan to reform financial regulations yesterday as a key to reviving the economy, setting up an intense battle over the particulars that is likely to rage on Capitol Hill for the rest of the year.

Implementing the entire plan would require scores of separate actions, including new laws, rewritten rules and international coordination.

Rep. Barney Frank (D-Mass.) and Sen. Christopher J. Dodd (D-Conn.), whose committees will hammer out most of the details, were invited by the White House to sit alongside the president's senior advisers during the speech. Afterward they expressed broad agreement with the principles but said that many of the specific proposals needed to discussed and modified, and that some were unlikely to survive.

Still, Frank said as Dodd nodded, "This will be on the president's desk before we adjourn for the year."

Three months ago. Meanwhile, we continue to argue about healthcare reform, while seemingly ignoring the economy and the people making so much money on risk.

Here are a couple links on ATS that you should visit.

ATS- Banks 'worse than before crisis'

ATS - Banking Problems Are Now Bigger Than Pre-Lehman

From CNN:

Fixing the financial rules: Slow going
A year after the big panic, Obama is still pushing for new oversight. Some fear an improving economy and health care focus may further slow momentum.

Source

Meanwhile, traders continue to buy and sell unregulated and complex financial products, like those sold by bailed out insurance giant AIG (AIG, Fortune 500).

So, traders are STILL making the risky transacations that screwed up our economy in the first place. Obama sees that it is a problem, but is more concerned about healthcare right now than American markets?

You know what Mr. President? If we can't afford a loaf of bread, do we really need healthcare? I can't help but question the priorities.

Obama is set to make yet another speech today. Yay! Speeches really change things, don't they?

Edit to protect the interests of BAKERS. Thanks Frat.

[edit on 14-9-2009 by KSPigpen]

Originally posted by KSPigpen
For your consideration, another weak attempt at appearing to be concerned about bakers

So, not only do we have to worry about the Financial Brokers, Bankers and Investors on Wall Street, but now we have to worry about the Bakers too! I knew there was something that smelt fishy the last time I walked into the Bagel Shop! (Oh, maybe that was just Lox!)

Typographical errors aside...

Obama attempting to bring about change in the Financial Sector is much like Eisenhower attempting to bring about change in the Military Industrial Complex he personally created during WWII. All the best intentions in the world aren't enough to make it happen unless the People help in the process.

And you are right, we've gotten so embroiled in other issues (equally as important) that we've lost sight of the other fish we were getting ready to fry.

We the People can't allow our selves to continuously fall prey to Weapons of Mass Distraction and have to learn to Multi-Task until our Will is done.

Thanks for bringing this up again and giving us a healthy reminder that as the MSM keeps trying to turn our focus to Health Care Reform, we shouldn't forget that we Wall Street has some Accounting to do to the American People, and that whether they like it or not, their practices are not only under scrutiny but are going to be reformed.

Whether you are personally for or against Obama doesn't really matter. Financial Reform on Wall Street is necessary and pertains to all Americans, regardless of what side of the fence you are on. Obama can't take on the TPTB that bankroll every American Paycheck, including his, alone. If we leave it entirely up to him, he's going to fail as surely as Eisenhower failed in dismantling the Military Industrial Complex a decade after he created it. Let's give the man some help and put some bite behind his words!

Clearly these reforms are critical. In point of fact, they never should have been removed after being put in place post-Great Depression. I'm not sure I understand why you are dissing the Administration's move toward doing this. Is it that you believe that these sorts of changes should have been made already? I'm afraid that's not an easy task.

Keep in mind that these changes should and could have been implemented many years ago. But they weren't because the powers working against them (the same powers that had them removed in the first place) are very well-funded and quite powerful. It's all but politcal suicide to oppose them.

I was having a meeting in 2007 in the Senate office building with senior people very much 'in-the-know'. They were very much aware of the teetering bankinging/financial system then and were openly concerned. But did anyone do anything about it? Hell no.

So it's a politically dangerous battle to fight and will take considerable time to achieve (if ever). It's antything but a snap-your-fingers-and-it's-done fix.

Thanks for the heads up on my fat fingers, Frat. I appreciate your civility.

I am also thankful that you have shared your insight with us.

It's easy to get sidetracked these days. I do it all the time. It's also hard to determine what is most important. I DO realize that healthcare is a very big deal. My costs are through the roof and I know a lot of folks don't have healthcare. That needs to be fixed.

I think you just uncovered a new conspiracy, Frat. When we are all in soup kitchens and starving because we don't have five billion dollars for three eggs, (See Rawanda) then healthcare will HAVE to be reformed. It's perhaps just paranoia, but I appreciate you setting it off. (I know you probably didn't mean to. )

Originally posted by jtma508
I'm not sure I understand why you are dissing the Administration's move toward doing this. Is it that you believe that these sorts of changes should have been made already?

I'm not dissing the move towards accomplishing this. I'm dissing the administration's lack of action, and the 'rushing to the rescue' BS that we get to listen to today from the Prez after hearing all this last weekend how the system is just as screwed up as it was when we had to spend a few dollars to bail out the idiots that had committed so many assets to risky 'instruments.'

Talk is what we get. Action is what we need. Change is a great word, but if it's a concept and not an action, it really doesn't mean very much.

reply to post by KSPigpen


Well, like I si in my previous post. It's all well and good to expect action but this is anything but an easily achievable objective. You have an industry (banking/finance) that has waged a billion dollar war AGAINST reform and oversight doing everything in their power to roll back any kind of restrictions opting instead for the 'self-regulating' model. And previous administrations beginning with Reagan (remember the savings and loan debacle?) played along.

Expecting Obama to have fixed all this is unrealistic in the extreme. The fact that he is even talking about it just put yet another bullseye on him.

Well, another thread made me realize that in Politics, especially when Democrats are concerned, it is the Squeaky Wheel that gets the most attention. Democrats, for all their faults, want to make people happy. They genuinely want to be the "good" guys. Because of that, they fall prey to Weapons of Mass Distraction more than the next.

Our political process requires Active Participation by the Constituents. If left to their own devices, our elected Representatives and Congresspersons are going to be making back-office deals and selling their votes to the highest bidder. If we want them to do the Will of the People, then the People can't allow themselves to get distracted and can't just sit idly by expecting our Representatives to do the "Morally Correct" thing in the interests of the People.

We have to scream louder than the MSM, and louder than those screaming for or against Health Care Reform, and demand attention be brought to bare on the Financial Sector until Reform and Safe-Guards are actually in place. We cannot expect our Government to do this work for us to hold the Financial Sector accountable unless we are holding our Government accountable by overseeing them.

Obama and the 111th Congress has a lot on their plate. There is a lot of money circulating to keep their attentions elsewhere. Money is a pretty powerful incentive, but thankfully (especially when a Democrat Majority are concerned) Public Opinion still carries an awful lot of weight (especially with another Election Year coming up in 2010). Now would be the ideal time to cry out loudly for "Financial Reform or Else!"

Now where did I put my pitch-fork and torch? Maybe a few effigies hanged and burned on Wall Street might be in due order as well.

Well, after having watched the speech today, I have to say that I'm getting awful used to the lack of real substance in Obama's speeches. I know it's not his fault.

One thing that concerned me was when he said, 'The reforms I've laid out WILL pass and these changes WILL become law.' (He emphasized those words in the speech)

(full text available HERE) Linkymabobber

How arrogant is that? Who need congress, senate, all that other nonsense when you have Obama?

[edit on 14-9-2009 by KSPigpen]

Well, considering who he was addressing, you can't make veiled threats to the Financial Industry that say "You better change your ways because if I have my way, laws might get passed that might make your evil-doing illegal. How do you like them apples?" Doesn't quite have the same threat as "Your days are numbered and it would be better for you to reform now ahead of the game or you will face the penalty later when these laws get passed. It is only a matter of time."

Besides, Obama has a Democratic Majority in both the House and the Senate. It is pretty much a done deal. There aren't even enough Republicans to Filibuster to delay it. The only thing that is going to change his proposals are if Democrats want to attach one Rider Bill after another in order to pass it...although generally it is the opponents to a Bill who have a Filibuster who attach a Rider as terms for ending the Filibuster and allowing a Bill to pass.

However, unless Obama has an inside person in the House and Senate, he isn't going to have any say over how it is drafted, proposed and voted on. What he may ask Congress to do may not come out anything like he intended. Most likely it will be watered down and without teeth.

But one thing I realized today is that just as our Liberties get eroded away one small infringement at a time, so can the Power be taken away from the Financial Behemoths that wield so much leverage on our Government Officials.

The Financial Industry isn't willing to surrender all their Power to our Government or to the People...however, if you propose a single law as a concession requiring them to use plain language in your dealings with consumers, they'll chose to acquiesce. Then, another law later, you require that the Bonuses of Executive Officers be put up for a shareholder vote. Again, considering what Congress could be asking for, it seems like such a trivial concession that the Financial Industry lets it go without a fuss. Then, another law later, you require that the Financial Industry submit to annual audits if they receive Bail Out Funding from the Government. They'll make a huge stink about it, but still considering the Regulations they could be finding themselves under they won't protest so loudly as to draw unwanted scrutiny and attention. Little by little you are dismantling them, in baby steps, and each time it gets easier and easier for Congress to let the hammer fall as one precedent after another exists to legitimize their actions.

What this means is Financial Reform won't happen in it's entirety during Obama's Administration, even if he ends up serving 2 terms, however he can get the ball rolling and even though A.G.E., G.S., M.L. and the others on Wall Street have such a tight grip on our Government, they will be powerless to stop it, especially once the ball picks up velocity over time.

20 years from now, if future Administrations continue on the same direction, we may see it come to fruition...but chances are more likely a future Administration in the pocket of Goldman Sachs might undo all of it with a single wave of the Presidential Pen.

But yes, you are right about Obama using the "Royal We" when giving speeches. He refers to himself as the Nation on a whole, which is pretty presumptuous but it shows that he at least has his intentions for the people, even if he speaking for us on our behalf as a whole as if he knows what the majority of us communally want. On the same vein, he has Al Gore Complex where he talks about things he will do, which are actually being done by other people, as if he somehow is responsible for it. Lastly, he does count his proverbial chickens before they hatch...which sounds great on paper, but it's going to bite him on the backside one day if they all don't hatch after all.

That Obama is a wasckily wabbit. He really is a remarkably charismatic speaker if you ignore the frequent "uhs" and "ah"s. It does takes a bit of discernment therefore to dissect his speeches to see those word-plays he uses to sucker people into believing in his plan for America.

I'll give the man one thing though, he has come back out of his corner of the ring from the August Break fighting. He might actually have what it takes to be a Contender after all. He certainly is making a stronger showing right now than he did a month ago. (He must have gotten a Pep Talk from his Life Coach while Congress was out of session.)

The Financial Sector might not want to get too cocky and dismissive about Obama...especially when the majority of Americans, whether they support Obama's plans or not, universally agree that the Financial Sector needs Accountability and Reform.