Obama '08?

Second, as former Bush administration economist Larry Lindsey points out, the Dodd bill gives the Treasury and the FDIC authority to grant an unlimited number of loan guarantees to "too big to fail" firms. CEOs might want to have receipts for their contributions to Sen. Charles Schumer and the Obama campaign in hand when they apply.

From the Desk of Judicial Watch President Tom Fitton:
Beware Obama Financial “Reform”

Here’s one early lesson we’ve learned from the Obama administration: Beware the word “reform.” First there was Obamacare, which was nothing more than a government takeover of our nation’s health care system masquerading as “reform.” And now the Obama administration has set its sights on “reforming” Wall Street. In fact, on Thursday, the President took to the pulpit in New York, just blocks from Wall Street, to pitch his vision for so-called reform in a high profile speech.

No matter what Obama says, this much we know " his ultimate goal is to increase government control of the private sector. And he’s trying to do it quickly, before the elections this fall, just in case Democrats lose control of Congress and the mood in Washington further sours for the President and his statist agenda.

Throughout the debate over financial reform legislation, Republicans and Democrats have been in a heated contest to see which party can claim the mantle “tough on Wall Street.” According to The Associated Press:
If there's any election-year support in the Senate for future bailouts of the big banks on Wall Street, it isn't immediately apparent.

Instead, President Barack Obama and his Democratic allies compete daily with Republicans for the title of opponent in chief, and six months before midterm elections the fate of legislation to regulate the financial industry remains clouded.

Democratic legislation "not only allows for taxpayer-funded bailouts of Wall Street banks; it institutionalizes them," Senate Republican leader Mitch McConnell of Kentucky said recently.

Obama responded a few days later in his weekly radio and Internet address, accusing McConnell and another top Republican of meeting with Wall Street executives to discuss ways to block the legislation…

Now, however, with members of both parties eager to redirect populist angst somewhere else " anywhere else " it appears some Republicans will join Democrats to get a bill passed through the Senate. I doubt any Republican filibuster will hold and will result, at best, in making any final bill only slightly less monstrous. And this is the worst possible news for American taxpayers. The financial reform package is a complicated piece of legislation, so I cannot go into all of the details in this space, but here are just two items that have been discussed: A $50 billion “bailout fund” for big Wall Street firms that would be denied to small and mid-size firms and a new Consumer Financial Protection Agency that could exert control over vast new areas of the private economy.

here are just two items that have been discussed: A $50 billion “bailout fund” for big Wall Street firms that would be denied to small and mid-size firms and a new Consumer Financial Protection Agency that could exert control over vast new areas of the private economy.

Your correspondent misunderstands what the bill includes.

1st, the '50 billion dollar fund' was never intended [never intended? never will be?] as a 'bailout fund,' but for use to resolve these companies; that is to say, money to purchase their assets while they are wound down.

Second, there is no 'vast new area' of the private economy which is going to be under control.

Portions of Blacked-Out Subpoena Suggest ...
Obama Advised Blagojevich on Senate Replacement

I await your evidence!

Obama caught in another lie.

Portions of Blacked-Out Subpoena Suggest ...
Obama Advised Blagojevich on Senate Replacement

H2O MAN wrote:

Obama caught in another lie.

Portions of Blacked-Out Subpoena Suggest ...
Obama Advised Blagojevich on Senate Replacement

No surprise there.

I agree, it'd ___ impossible to understand ____ the document ____ be saying since _____ of the ______ are ______ out.

Cycloptichorn, I await your evidence that the failure to rectify Fannie & Freddie prior to these organizations being the first cause of America's current depression, is primarily the responsibility of the Republicans in the Senate in 2005 and 2006.

Nothing that Congress did with either Fannie or Freddie in 2005-6 would have prevented the financial crisis.
Cycloptichorn