A big finger needs to be pointed at the justice department. In the early 90s the justice dept threatened mortgage companies with procecution of the mortgage companies did not comply with the law making mortgages for anyone breathing. The companies complied. Now they are to blame for a mortgage crash. How strange.
The Dodd Frank bill, 2300 pages and nothing to fix the mortgage giants responsible for the housing crisis, Freddie and Fannie. This supposedly ‘fixes’ all sorts of things, but leaves the big, gaping wound of Freddie and Fannie completely untouched. How conveniently named after the two who brought about the mortgage crisis in the first place.
OK, so first they had Sarbanes Oxley, which proved to be a commerce killer, sending IPO’s off shore, allowing the London Exchange to gain our lost business. Now, these fools are passing this hunk of garbage that is nothing more than a huge tax bill, and a weapon for large (read “too big to fail”) financial institutions to use against small banks – why BTW remained solvent and survived without stealing our tax dollars!
This bill is proof positive of two things:
1. Democrat either do not understand finance, or do not care about the economic impact of their bills on the poor and working class.
2. The Democrat Party absolutely hates business and is doing their level best to destroy small ones.
Either way, one has to be an absolute moron to vote for these people. Dodd and Frank are manipulative thieves, who are working for their own betterment, against what is best for the working class, the poor, and America. These people are sick pigs, as are those who vote for them.
If, as Democrat Party members say, the real problem lies with the deregulation of the financial industry, signed into law by Bill Clinton, why didn’t they produce a very short bill simply reversing the problematic portions? Oh yeah, because this has absolutely nothing to do with financial “reform”. This has to do with leftists protecting big banks, which detrimentally effects every American – especially the poor and middle class, in order to line their own pockets.
If you are unclear on how this is the case, please search the Internet for BOD members for Goldman Sachs and Citi over the past 10-15 years. You will find nothing but former democrat cabinet members. Mind you, the Republicans are only slightly better in this regard. But the democrats are simply evil incarnate.
The fact the bill is named after Barney Frank and Chris Dodd is astonishing.
It seems every day that passes I hear something more outrageous than the day before. Hopefully some sanity will return after the 2012 elections!
Federal Insurance Office aka FIO with no regulatory power (except surplus lines and reinsurance). The foot is now in the door. How long will it be before this Agency tries to trump the State Departments of Insurance?
Any bill named “Dodd-Frank” is by definition a piece of power-grabbing garbage. Karen Weldin Stewart, the corrupt high school dropout Delaware insurance commissioner, is bucking to head up this office via her connection with Biden. Look for her to be quietly installed without any confirmation hearings because not even the moron Democrats would confirm her.
I wonder what form “reinsurance reform” is going to take. They have no business messing with reinsurance because it doesn’t deal with consumers but with other insurance companies. We can expect tons more of this oppressive power mongering coming down the pike before and after November when these traitors are lame ducks and will care even less about Americans than they do now, if that’s possible.
Most recessions last 17 months. The “great” depression lasted 17 years if you count from the crash in 1929.
We are doing the same sort of foolishness they did in the 1930s. Count on high unemployment until at least 2020…if the country lasts that long.
In most states, maybe all, unemployment insurance premiums are paid as a tax to the employer. Higher job turnover results in a higher tax to the company. Imagine what the tax will be with the new 99 month benefit period. All the things that have been passed in the last couple years have been things that discourage hiring anybody.
How do you eat an elephant? A bite at a time. The elephant is now 50% consumed. The financial take-over is not for the American people but for the Federal Reserve Bank who unconspicously controls the US government not Obama or Congress.
Oh come on…even you guys can’t believe what you are writing.
You critique Sarbanes Oxley but what are we to do…allow the Enrons to just operate as business as usual?
Or the Madoff’s? Or the Goldman Sachs who REALLY helped to push this one over the edge with their sleazy packaging of sleazy bonds and doubling down and their selling to AIG the concept of “insuring” these rotten vehicles?
How did all this greed, avarice and double dealing by the “lions of finance” on Wall Street help the poor or Americans as we sit mired in this recession with no one able to sell homes and 5 job sekers for every job offered? The only way letting these institutions romp unfettered has helped the poor is by increasing their numbers.
Have any of you tried to underwrite and write a multistate admitted WC or a multistate non admitted policy? The state regulations are time consuming and payroll depleteting for no good reason. The bill allowing rules and rtaxes of the home state is a boone to ALL.
And another thing: Aside from Fannie and Freddie, what ELSE would you brilliant pudits have done to solve the issues? I would be interested in hearing ideas instead of the usual stupid anti Democrat, anti liberal cant. WHAT CONSTRUCTIVE IDEAS DO YOU HAVE? Or are you as mentally bankrupt as your inane posts would indicate? Please let that not be so…..give me some solutions for a change.
What I beleive the reason behind the meltdown is the entitlement mentaility. People that got the loan for their home that knew darn well they could not afford it, but felt that they “were entitled to the American Dream”. If they didn’t take the loans out in the first place, then they wouldn’t have defaulted on them. Short of brainwashing, it is darn near impossible to educate the ignorant.
1) Two of the three mentions, Enron and Madoff broke current laws. Goldman will get off, as they had the advantage of dealing with Tim Geithner. The 30,000,000,000 payoff from AIG was negotiatined by Tim Geithner.
2) What constructive ideas?
Free market allowed to succeed or fail on its own. You need no other answer. Everything from TARP, to the auto bailouts. to the stimulus etal, have only porlonged this morrass (or if you will malaize ala Jimmy Carter).
PS I see that you are concerned about over regulation by the states with filings. I find that no different than onerous rules and regulations on others including banks,
Tired of hearing Fannie and Freddie blamed for our financial meltdown. Some yes, all not. and tired of some happy little worker getting blamed for aspiring to home ownership. Where is the responsibility of the mortgage broker?
Agree that GS gets a free ride and should not due to political influence…on BOTH parties.
“Free market” does not work without restraints….see how well it worked with these dirivatives and CDOs…the greed of a few brought down the world financial market, has thrown hundreds of thousands or more out of work, is preventing banks from lending to small businesses and creating new jobs, and has unsettled those of us with some security and/or those of us at point of retirement.
OH, the “free market” when big corps spend millions on lobbysists? Have undue and overiding influence on our venal lawmakers (GOP or Dem)?
I’ll say it again….GET SERIOUS. We tried “free market” in the 1880s and 1890s and early 1900s. that worked out real well for all citizens, didn’t it…or don’t you know your history?
I believe in freedom and the free market over any government solutions.
You asked for a solution(s), I gave one, you just did not like my answer.
Its OK if you prefer government to solve your problems, I believe the free market is better at it and will stick with it.
Good luck counting on the government to solve your problems.
Cassie – I agree, the surplus lines reform was way overdue. I specialize in regulatory compliance so am very familar with the time and money brokers spend trying to be in compliance when a surplus line policy has a multi state exposure so I do see one good thing in this bill. In spite of the millions the big houses spend on surplus lines compliance they often are still out of compliance as it is almost impossible to be in compliance as the regs vary too much among the states.
My main gripe about this bill, besides being named for two politicians I can’t stand, is I have no confidence govt regulators will be up to the task of monitoring compliance properly. Everyone saw the mess of Fannie & Freddie while politicans had their heads in the sand (I’ll use polite language). When things go BOOM, politicians in both parties point fingers at each other and even more inane or useless legislation is passed. I agree, we need to try but I have no confidence this will really improve things much. These people will stand around and pat themselves on the back and try to use the legislation in their re election efforts and in the meantime the number one priority – the economy – still is in the dumps. Of course it may be better in the long run if politicians don’t try to tamper with it anymore…
Agree with much of what you say. The issue is how far the pendulum swings. It seings too far because every two bit pol has to get his words into the bill and adds stuff or amends stuff that had nothing to do with the poriginal issue.
I say, howver, and will continue to say it that only big govt can control the excesses of the insatiable greed of big corporations for profits and market share. The greed causes severe lapses in what is really in the “common good” as we have so recently have seen and continue to see. The problem is just fixing or regulating what the problem is without adding all the extraneous puffery that our pols feel compelled to include.
I am outraged at Goldman Sachs. What little Mad Man came up with those deals that not only put the screws to the taxpayer but all citizens? And yet the head cheeses pocketing millions in bonuses for their brilliant profit making play.
Reagan broke up AT&T in 1983 as a monopoly that was stiffling competition; can’t some smart lawyer break up some of these “too big to fail” insititutions that are large enough and unrestrained enough to cause true economic pain to normal folks who just want to raise families and have a modicum of the good life? That have no bounds of ethics nor any concern for their fellow citizens? that are greed driven? How much is enough? Too much?
I am disgusted more by the financial shenanigans than by the govt ones…although boh desire to be stopped cold. At some point, I suppose my opinion will be that the pendulum has swung to far…but not yet.
Yet another socialist/communist implementation by this reckless administration. Limiting the size and scope of banks? Where in the ever-relevant constitution of this great nation is the provision of power for that kind of action? As well, the rule under which this occurs is named after arguably the most disastrous fed chairman we’ve experienced; responsible for monetizing our debt, subsequently skyrocketing interest rates in this country.
The most embarrassing piece of all of this is the fact that the President himself had the guts to tout this under the guise of NO MORE BAILOUTS. Why in the hell do we need 2300 pages of political BS for that? Why doesn’t he try something simple like refusing to sign off on anymore bailouts.
Is anyone else having a hard time breathing as we choke on overhauls, healthcare, and rapidly increasing debt?
Government can only inhibit commerce, it cannot increase commerce. People striving to improve their lot in life produce commerce by providing a service or making a product.
The SEC did absolutely nothing to protect anyone from Maddoff, even when they were handed the information.
Don’t kid yourselves, individual goverments regulators themselves, the “boots” on the ground, are all too OFTEN incompetant appointees, often placed by Affirmative Action or favoritism, who not what they know, with no qualifications or expertice in their fields. They could not make it in the Private Sector. These kind of people were supposed to stop Bernie Madoff? He chewed them up and spit them out on a daily basis.
Dodd(D)-Countrywide, has been laughed out of the Senate by his own constituents who question his sweetheart mortgage, the fact that he had more liabilities than assets ten years ago, but he is Chairman of the Senate Banking Committee? And, the questions about his “cottage” in Ireland – how that was financed.
Barney Frank – what can we say about this operative, except that he had a good “buddy” at Fannie Mae, was pals with now disgraced former FNMA chairman Franklin Delano Raines – these are the clowns that wrote the legislation.
And, let’s not even bring up Charlie Rangel and his recent dirty dealings (he must’ve gone to the Rostenkowski School of Government Service).
I for one will take notice.
To Cassandra, For those that want a little bit of the American Dream, you have to earn it, not have it regulated to you. The mortgage debacle was in large part due to home buyers feeling they were entitled to a home, no matter what they could afford, and the government regulating that these mortgages be granted. On top of that, everyone spent to fill those houses with beautiful furnishings, all on the backs of credit cards. More debt they could not afford. You can’t always get what you want, sometimes you just have to learn to live with what you can afford. Not a popular theme in our instant gratification society. And if you thing the likes of Chris Dodd and Barney Frank and this Congress are the best at regulating financial reform, then all I can do is sit in amazement at your naivetee. Who do you think got us into this mess? Oh yeah, blame Bush.
A big finger needs to be pointed at the justice department. In the early 90s the justice dept threatened mortgage companies with procecution of the mortgage companies did not comply with the law making mortgages for anyone breathing. The companies complied. Now they are to blame for a mortgage crash. How strange.
The Dodd Frank bill, 2300 pages and nothing to fix the mortgage giants responsible for the housing crisis, Freddie and Fannie. This supposedly ‘fixes’ all sorts of things, but leaves the big, gaping wound of Freddie and Fannie completely untouched. How conveniently named after the two who brought about the mortgage crisis in the first place.
Better start looking for a job if you work for a state insurance department. It’s only a matter of time before your job is regulated out of existence.
OK, so first they had Sarbanes Oxley, which proved to be a commerce killer, sending IPO’s off shore, allowing the London Exchange to gain our lost business. Now, these fools are passing this hunk of garbage that is nothing more than a huge tax bill, and a weapon for large (read “too big to fail”) financial institutions to use against small banks – why BTW remained solvent and survived without stealing our tax dollars!
This bill is proof positive of two things:
1. Democrat either do not understand finance, or do not care about the economic impact of their bills on the poor and working class.
2. The Democrat Party absolutely hates business and is doing their level best to destroy small ones.
Either way, one has to be an absolute moron to vote for these people. Dodd and Frank are manipulative thieves, who are working for their own betterment, against what is best for the working class, the poor, and America. These people are sick pigs, as are those who vote for them.
I liked a caller on a radio show the other day who said the name is not Obama,it’s Obey Me. It’s good to be the king.
If, as Democrat Party members say, the real problem lies with the deregulation of the financial industry, signed into law by Bill Clinton, why didn’t they produce a very short bill simply reversing the problematic portions? Oh yeah, because this has absolutely nothing to do with financial “reform”. This has to do with leftists protecting big banks, which detrimentally effects every American – especially the poor and middle class, in order to line their own pockets.
If you are unclear on how this is the case, please search the Internet for BOD members for Goldman Sachs and Citi over the past 10-15 years. You will find nothing but former democrat cabinet members. Mind you, the Republicans are only slightly better in this regard. But the democrats are simply evil incarnate.
The fact the bill is named after Barney Frank and Chris Dodd is astonishing.
It seems every day that passes I hear something more outrageous than the day before. Hopefully some sanity will return after the 2012 elections!
Federal Insurance Office aka FIO with no regulatory power (except surplus lines and reinsurance). The foot is now in the door. How long will it be before this Agency tries to trump the State Departments of Insurance?
i can see november from here!
Any bill named “Dodd-Frank” is by definition a piece of power-grabbing garbage. Karen Weldin Stewart, the corrupt high school dropout Delaware insurance commissioner, is bucking to head up this office via her connection with Biden. Look for her to be quietly installed without any confirmation hearings because not even the moron Democrats would confirm her.
I wonder what form “reinsurance reform” is going to take. They have no business messing with reinsurance because it doesn’t deal with consumers but with other insurance companies. We can expect tons more of this oppressive power mongering coming down the pike before and after November when these traitors are lame ducks and will care even less about Americans than they do now, if that’s possible.
Most recessions last 17 months. The “great” depression lasted 17 years if you count from the crash in 1929.
We are doing the same sort of foolishness they did in the 1930s. Count on high unemployment until at least 2020…if the country lasts that long.
In most states, maybe all, unemployment insurance premiums are paid as a tax to the employer. Higher job turnover results in a higher tax to the company. Imagine what the tax will be with the new 99 month benefit period. All the things that have been passed in the last couple years have been things that discourage hiring anybody.
How do you eat an elephant? A bite at a time. The elephant is now 50% consumed. The financial take-over is not for the American people but for the Federal Reserve Bank who unconspicously controls the US government not Obama or Congress.
Oh come on…even you guys can’t believe what you are writing.
You critique Sarbanes Oxley but what are we to do…allow the Enrons to just operate as business as usual?
Or the Madoff’s? Or the Goldman Sachs who REALLY helped to push this one over the edge with their sleazy packaging of sleazy bonds and doubling down and their selling to AIG the concept of “insuring” these rotten vehicles?
How did all this greed, avarice and double dealing by the “lions of finance” on Wall Street help the poor or Americans as we sit mired in this recession with no one able to sell homes and 5 job sekers for every job offered? The only way letting these institutions romp unfettered has helped the poor is by increasing their numbers.
Have any of you tried to underwrite and write a multistate admitted WC or a multistate non admitted policy? The state regulations are time consuming and payroll depleteting for no good reason. The bill allowing rules and rtaxes of the home state is a boone to ALL.
And another thing: Aside from Fannie and Freddie, what ELSE would you brilliant pudits have done to solve the issues? I would be interested in hearing ideas instead of the usual stupid anti Democrat, anti liberal cant. WHAT CONSTRUCTIVE IDEAS DO YOU HAVE? Or are you as mentally bankrupt as your inane posts would indicate? Please let that not be so…..give me some solutions for a change.
What I beleive the reason behind the meltdown is the entitlement mentaility. People that got the loan for their home that knew darn well they could not afford it, but felt that they “were entitled to the American Dream”. If they didn’t take the loans out in the first place, then they wouldn’t have defaulted on them. Short of brainwashing, it is darn near impossible to educate the ignorant.
1) Two of the three mentions, Enron and Madoff broke current laws. Goldman will get off, as they had the advantage of dealing with Tim Geithner. The 30,000,000,000 payoff from AIG was negotiatined by Tim Geithner.
2) What constructive ideas?
Free market allowed to succeed or fail on its own. You need no other answer. Everything from TARP, to the auto bailouts. to the stimulus etal, have only porlonged this morrass (or if you will malaize ala Jimmy Carter).
PS I see that you are concerned about over regulation by the states with filings. I find that no different than onerous rules and regulations on others including banks,
Getting more serious….
Tired of hearing Fannie and Freddie blamed for our financial meltdown. Some yes, all not. and tired of some happy little worker getting blamed for aspiring to home ownership. Where is the responsibility of the mortgage broker?
Agree that GS gets a free ride and should not due to political influence…on BOTH parties.
“Free market” does not work without restraints….see how well it worked with these dirivatives and CDOs…the greed of a few brought down the world financial market, has thrown hundreds of thousands or more out of work, is preventing banks from lending to small businesses and creating new jobs, and has unsettled those of us with some security and/or those of us at point of retirement.
OH, the “free market” when big corps spend millions on lobbysists? Have undue and overiding influence on our venal lawmakers (GOP or Dem)?
I’ll say it again….GET SERIOUS. We tried “free market” in the 1880s and 1890s and early 1900s. that worked out real well for all citizens, didn’t it…or don’t you know your history?
I believe in freedom and the free market over any government solutions.
You asked for a solution(s), I gave one, you just did not like my answer.
Its OK if you prefer government to solve your problems, I believe the free market is better at it and will stick with it.
Good luck counting on the government to solve your problems.
Cassie – I agree, the surplus lines reform was way overdue. I specialize in regulatory compliance so am very familar with the time and money brokers spend trying to be in compliance when a surplus line policy has a multi state exposure so I do see one good thing in this bill. In spite of the millions the big houses spend on surplus lines compliance they often are still out of compliance as it is almost impossible to be in compliance as the regs vary too much among the states.
My main gripe about this bill, besides being named for two politicians I can’t stand, is I have no confidence govt regulators will be up to the task of monitoring compliance properly. Everyone saw the mess of Fannie & Freddie while politicans had their heads in the sand (I’ll use polite language). When things go BOOM, politicians in both parties point fingers at each other and even more inane or useless legislation is passed. I agree, we need to try but I have no confidence this will really improve things much. These people will stand around and pat themselves on the back and try to use the legislation in their re election efforts and in the meantime the number one priority – the economy – still is in the dumps. Of course it may be better in the long run if politicians don’t try to tamper with it anymore…
Agree with much of what you say. The issue is how far the pendulum swings. It seings too far because every two bit pol has to get his words into the bill and adds stuff or amends stuff that had nothing to do with the poriginal issue.
I say, howver, and will continue to say it that only big govt can control the excesses of the insatiable greed of big corporations for profits and market share. The greed causes severe lapses in what is really in the “common good” as we have so recently have seen and continue to see. The problem is just fixing or regulating what the problem is without adding all the extraneous puffery that our pols feel compelled to include.
I am outraged at Goldman Sachs. What little Mad Man came up with those deals that not only put the screws to the taxpayer but all citizens? And yet the head cheeses pocketing millions in bonuses for their brilliant profit making play.
Reagan broke up AT&T in 1983 as a monopoly that was stiffling competition; can’t some smart lawyer break up some of these “too big to fail” insititutions that are large enough and unrestrained enough to cause true economic pain to normal folks who just want to raise families and have a modicum of the good life? That have no bounds of ethics nor any concern for their fellow citizens? that are greed driven? How much is enough? Too much?
I am disgusted more by the financial shenanigans than by the govt ones…although boh desire to be stopped cold. At some point, I suppose my opinion will be that the pendulum has swung to far…but not yet.
Yet another socialist/communist implementation by this reckless administration. Limiting the size and scope of banks? Where in the ever-relevant constitution of this great nation is the provision of power for that kind of action? As well, the rule under which this occurs is named after arguably the most disastrous fed chairman we’ve experienced; responsible for monetizing our debt, subsequently skyrocketing interest rates in this country.
The most embarrassing piece of all of this is the fact that the President himself had the guts to tout this under the guise of NO MORE BAILOUTS. Why in the hell do we need 2300 pages of political BS for that? Why doesn’t he try something simple like refusing to sign off on anymore bailouts.
Is anyone else having a hard time breathing as we choke on overhauls, healthcare, and rapidly increasing debt?
Government can only inhibit commerce, it cannot increase commerce. People striving to improve their lot in life produce commerce by providing a service or making a product.
The SEC did absolutely nothing to protect anyone from Maddoff, even when they were handed the information.
Don’t kid yourselves, individual goverments regulators themselves, the “boots” on the ground, are all too OFTEN incompetant appointees, often placed by Affirmative Action or favoritism, who not what they know, with no qualifications or expertice in their fields. They could not make it in the Private Sector. These kind of people were supposed to stop Bernie Madoff? He chewed them up and spit them out on a daily basis.
TxLady…AMEN….the irony is incredible…do these guys think we dont notice?
Well maybe someone will take notice in November….
Dodd & Frank; that says it all.
Dodd(D)-Countrywide, has been laughed out of the Senate by his own constituents who question his sweetheart mortgage, the fact that he had more liabilities than assets ten years ago, but he is Chairman of the Senate Banking Committee? And, the questions about his “cottage” in Ireland – how that was financed.
Barney Frank – what can we say about this operative, except that he had a good “buddy” at Fannie Mae, was pals with now disgraced former FNMA chairman Franklin Delano Raines – these are the clowns that wrote the legislation.
And, let’s not even bring up Charlie Rangel and his recent dirty dealings (he must’ve gone to the Rostenkowski School of Government Service).
I for one will take notice.
To Cassandra, For those that want a little bit of the American Dream, you have to earn it, not have it regulated to you. The mortgage debacle was in large part due to home buyers feeling they were entitled to a home, no matter what they could afford, and the government regulating that these mortgages be granted. On top of that, everyone spent to fill those houses with beautiful furnishings, all on the backs of credit cards. More debt they could not afford. You can’t always get what you want, sometimes you just have to learn to live with what you can afford. Not a popular theme in our instant gratification society. And if you thing the likes of Chris Dodd and Barney Frank and this Congress are the best at regulating financial reform, then all I can do is sit in amazement at your naivetee. Who do you think got us into this mess? Oh yeah, blame Bush.