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Jun 10 - While we were watching the Comey hearing GOP was fu-king the economy


 


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 2 years ago '06        #1
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NeverTrump 102 heat pts102
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Jun 10 - While we were watching the Comey hearing GOP was fu-king the economy
 

 
House Republicans voted Thursday to deliver on their promise to repeal Dodd-Frank the massive set of Wall Street regulations President Barack Obama signed into law after the 2008 financial crisis.

In a near party-line vote, the House approved a bill, dubbed the Financial Choice Act, which scales back or eliminates many of the post-crisis banking rules.

The legislation is the brainchild of House Financial Services Committee Chairman Jeb Hensarling, R-Texas.

"Dodd-Frank represents the greatest regulatory burden on our economy, more so than all the other Obama-era regulations combined," Hensarling told reporters Wednesday. "There is a better way: economic growth for all; bank bailouts for none."

Rolling back regulations

Hensarling's nearly 600-page bill would defang Dodd-Frank by repealing the so-called Volcker Rule, which prevents government-insured banks from making risky bets with investments. It would also scrap a requirement, which goes into effect Friday, that retirement advisers put their clients' interests ahead of their own.

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In perhaps the biggest partisan flashpoint, the bill aims to scale back the authority of the Consumer Financial Protection Bureau to regulate large banks and payday lenders.

The CFPB was created under Dodd-Frank and is designed to operate as an independent watchdog with a single director. Hensarling considers its structure to be undemocratic.

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"To think in a democracy that one un-elected individual can functionally decide what credit cards go in our wallets, what mortgages we can have on our home, whether or not we even have a checking account. I mean, that's just anathema to me to the founding principles of this republic," Hensarling said while speaking last month at the right-leaning American Enterprise Institute.

Financial reform advocates argue the Choice Act would leave the U.S. economy vulnerable to another financial crisis.

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"It is bad for consumers, it is bad for investors, and it's bad for the stability of the American economy which is bad for all of us," said Lisa Donner, executive director of Americans for Financial Reform. "People believe there should be more not less regulation of Wall Street. They're worried about regulators being too weak and being too afraid to take on the big guys. Not about their being tough."

"The bill even specifically exempts payday and car title lenders notorious for springing devastating debt traps for their already vulnerable customers from any regulation," added Yana Miles, senior legislative counsel for the Center for Responsible Lending.

The top lobbyist for the banking industry which supports parts of the Choice Act says the bill would bring relief to community banks, which many say have been overburdened by Dodd-Frank's onerous, one-size-fits-all regulations.

"We are not seeking to roll back all of the policy response, all of Dodd-Frank," said Rob Nichols, president and CEO of the American Bankers a*sociation. "That's not our intention. Our intention is to acknowledge what many regulators and legislators will tell you both publicly and privately, which is aspects of Dodd-Frank overshot."

The Senate has been working on a separate bill that is more focused on loosening regulations on community banks. Federal Reserve Chair Janet Yellin has endorsed efforts to "mitigate the regulatory burden" when it comes to small banks.

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Former Rep. Barney Frank of Massachusetts agrees despite having his name attached to the regulations, alongside that of former Sen. Christopher Dodd, D-Conn.

"Anytime you pass a very complicated piece of legislation, you don't get everything 100 percent right the first time," said Frank, who is the former Democratic chairman of the House Financial Services Committee.

Frank says his namesake financial reform law has been too restrictive on smaller banks. He also believes the threshold used to identify other banks "as too big to fail" should be higher.

"Beyond that what you have are Republicans including the chairman of the committee, Mr. Hensarling, who is a very honorable, very pleasant, deeply rigidly ideological conservative who is essentially against any regulation."

Democratic opposition can stop the bill in the Senate

Even though some Democrats recognize there are some problems with Dodd-Frank, they are unified in opposing the Choice Act.

"The Wrong Choice Act is a vehicle for Donald Trump's agenda to get rid of financial regulation and help out Wall Street. It's an invitation for another Great Recession, or worse," said California Rep. Maxine Waters, currently the top Democrat on the House Financial Services Committee.

Hensarling's bill is a revised version of legislation he proposed last year, which stalled in Congress. Waters says it's no surprise that Republicans see success in their sights this time around.

"With the majority that they have in the House and the Senate and President Trump, this is their big opportunity to deregulate, deregulate, deregulate and they're going to go for it," she said.

But the GOP will run into obstacles in the Senate, because Republicans in the upper chamber don't have the 60 votes needed to pass the legislation.

Hensarling says he's undeterred.

"If I live my life thinking that something might not pass the Senate, I would never even get up and bother to go to work," he said.

visit this link http://www.npr.org/2017/0 .. al-regulations

38 comments for "Jun 10 - While we were watching the Comey hearing GOP was fu-king the economy"

 2 years ago '10        #2
Hovi Bryant 682 heat pts682
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They may as well repeal Sarbanes-Oxley while they're at it. GOP has no morals at this stage in the game.

 2 years ago '16        #3
foshoVoodoo 247 heat pts247
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 Realist1 said
USA is officially open for businessssss!!

I understand your concerns gentlemen but give this a chance.

Pro Business for the win!
This is what they got sheeple believing

 2 years ago '06        #4
philly337 27 heat pts27
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Wow fu*king ridiculous

 2 years ago '08        #5
tdnupe3 14 heat pts14
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At this point we can basically consider the Obama presidency a band-aid that prevented the eventual collapse that has been inevitable since RR was in office. It's acutally kind of sad. If you look at Brazil, you basically only have 2 classes. The super rich, and the super poor. The super rich, have to live behind walls out of fear.

That is where we are headed folks.

 2 years ago '04        #6
rasheedwallace 57 heat pts57
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fu*k dodd-frank...


liberals believe whatever they're told, this is great news.



[video - click to view]


 2 years ago '04        #7
rasheedwallace 57 heat pts57
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[video - click to view]




[video - click to view]



bottom line is, folks...


trump's economy is about to take off and the democrats are TERRIFIED of the prospect.

 2 years ago '07        #8
RedMonkeyJunkie 11 heat pts11
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I work in the Mortgage industry, and while what they are doing actually helps me, it will hurt people in the long run.

 2 years ago '17        #9
fearlessherojg 
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 rasheedwallace said






bottom line is, folks...


trump's economy is about to take off and the democrats are TERRIFIED of the prospect.
If you remove regulations, indeed the economy grows. But that growth won't equate to sustainable jobs or higher wages. It will equate to more wealth, and that is about it.

The type of wealth created will be volatile, based highly on speculation and increasingly risky investments, and will only go to the already wealthy. It won't be redistributed in any meaningful long-lasting ways to the greater american public. This is especially true if you consider the proposed tax cuts to the wealthy, along with decreased regulations.

The crash will happen right after the euphoria; a euphoria based largely on debt financing (we might just see 200% private debt to GDP). Once the initial boom busts, lending and financing slows and so too will the economy. The jobs that were created are downsized as demand falls.

This is a wealth-generating measure, not a job-generating measure (although they will tell you this is one of the effects). The long-lasting positive effects will be felt mostly by the already wealthy who can afford to engage in the type of risk and speculation that one can profit from the most in the new deregulared environment (whos gains are bolstered even further through tax cuts). Because none of these gains due to deregulation will go directly to the greater american population in capital, but instead in debt, the average working american will be at a dangerous disadvantage.

 2 years ago '12        #10
44wade 304 heat pts304
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yeah, its crazy that in the Comey hearing they actually saying we will take a break and re-adjourn at 2:10 for the vote, but they didnt say what vote was about.

I knew what it was, but they slipped it in, and just like that it was voted repealed.

 2 years ago '17        #11
Longhorn 213 heat pts213
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OP is a moron. Dodd-Frank is trash. You have no knowledge of financial institutions or the fed


OP prolly thinks low-interest rates are a blessing

 2 years ago '17        #12
Longhorn 213 heat pts213
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 tdnupe3 said
At this point we can basically consider the Obama presidency a band-aid that prevented the eventual collapse that has been inevitable since RR was in office. It's acutally kind of sad. If you look at Brazil, you basically only have 2 classes. The super rich, and the super poor. The super rich, have to live behind walls out of fear.

That is where we are headed folks.
Another idiot

 2 years ago '08        #13
tdnupe3 14 heat pts14
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 Slavoj Zizek said
Another idiot
That's what your mom said when I caught her cutting her armpit hair with peanut shavings

 2 years ago '17        #14
Longhorn 213 heat pts213
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 tdnupe3 said
That's what your mom said when I caught her cutting her armpit hair with peanut shavings
Cornball liberal

 2 years ago '15        #15
Tw1tter Gang 64 heat pts64
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Idk playaz... I know erbody pissed but banks are so flush with cash right now it's cray. N that's why the market won't crash cuz of this Lil tech wreck we just saw Friday. The banks are ready for an interest rate and leg up on the stock charts... Dodd Frank don't let them lend. Banks needa lend......


Idk, I know mad ppl are pissed, but it really ain't the same as it was. Obama's policy worked.


Buy Citi $C ... Due for a big catchup to JPMChase n the rest

 2 years ago '08        #16
tdnupe3 14 heat pts14
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 Slavoj Zizek said
Cornball liberal

That's what your mom said when I caught her putting toenail clippings in your birthay cake.

 2 years ago '17        #17
fearlessherojg 
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 Slavoj Zizek said
OP is a moron. Dodd-Frank is trash. You have no knowledge of financial institutions or the fed


OP prolly thinks low-interest rates are a blessing
Deregulation would only work for the greater american population if the wealth is redistributed to them meaningfully and directly. Prior to and after Dodd-Frank, wealth inequality grew and continues to grow, GDP and the economic still grows (slowly, but still) yet wages still stagnate, and the focus was, is, and seemingly is perpetually on jobs.

Why, with a country of still immense and growing wealth as we have now, do a large portion of the population feel like they are underserved (a major Trump campaign platform) and if total wealth is no indicator of average working american success, then what would a further increase of total wealth do other than make the already wealthy population MORE wealthy? How would debt financed demand due to deregulation of the financial sector result in meaningful impacts to the average working american, who is either already burdened by debt, has no access to credit to finance investments, or perhaps even worse, has access to and receives a level of financing disproportionate to their risk level due to lax regulations?

Further, what happens when that environment previously described exists, and the rate of a standard redistribution method meant to benefit the public, taxes, is decreased?


Last edited by fearlessherojg; 06-10-2017 at 11:35 PM..

 2 years ago '08        #18
tdnupe3 14 heat pts14
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[pic - click to view]


 2 years ago '06        #19
NeverTrump 102 heat pts102 OP
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 Slavoj Zizek said
OP is a moron. Dodd-Frank is trash. You have no knowledge of financial institutions or the fed


OP prolly thinks low-interest rates are a blessing
The hilarious part is, you're the one who has absolutely no idea wtf you are talking about. Other than what you've heard Alex Jones say :jtlol: So please go play in fu*king traffic and exit from this thread.

 rasheedwallace said






bottom line is, folks...


trump's economy is about to take off and the democrats are TERRIFIED of the prospect.
I know right? The economy was just fu*king incredible the last time the banks were deregulated right? Just a wonderful time. You are 100% the most stupid poster on here.

You and DEDOS. The other five or six c*cksuckers, aren't nearly as stupid. Some of them are delusional and some of them (Pusee for example) are just flat out liars and mentally ill.

You, on the other hand, have absolutely no idea wtf you are talking about. EVER. You just repeat what you hear other cucks and Trump himself say. The world will be a better place when you k*ll yourself.

 2 years ago '17        #20
Longhorn 213 heat pts213
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 Bama Boy said
The hilarious part is, you're the one who has absolutely no idea wtf you are talking about. Other than what you've heard Alex Jones say :jtlol: So please go play in fu*king traffic and exit from this thread.



I know right? The economy was just fu*king incredible the last time the banks were deregulated right? Just a wonderful time. You are 100% the most stupid poster on here.

You and DEDOS. The other five or six c*cksuckers, aren't nearly as stupid. Some of them are delusional and some of them (Pusee for example) are just flat out liars and mentally ill.

You, on the other hand, have absolutely no idea wtf you are talking about. EVER. You just repeat what you hear other cucks and Trump himself say. The world will be a better place when you k*ll yourself.
Didn't read. Progressive economics have never worked

 2 years ago '04        #21
rasheedwallace 57 heat pts57
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 Slavoj Zizek said
Didn't read. Progressive economics have never worked
progressive economics is an oxymoron


look at how angry all these liberals are in this thread. cursing profusely, calling people stupid, it's hilarious.


how miserable these people must be in real life


Last edited by rasheedwallace; 06-11-2017 at 03:17 AM..

 2 years ago '07        #22
Jeet Kune Do 13 heat pts13
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 rasheedwallace said
liberals believe whatever they're told
So do trump cucks. Iron e

:jtlol:

 2 years ago '15        #23
JRob1125 2 heat pts
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 Realist1 said
USA is officially open for businessssss!!

I understand your concerns gentlemen but give this a chance.

Pro Business for the win!
We tried it under Reagan and got bailed out by the technology boom of the 90s.....tried it again in the 00s and damn near went into a depression......but I'm okay with this. This is an arrogant and stubborn nation who only learns the hard way....if that's what it takes, so be it

 2 years ago '06        #24
NeverTrump 102 heat pts102 OP
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 Slavoj Zizek said
Didn't read. Progressive economics have never worked
Of course you didnt read, you're a fu*king cuckservative. I doubt you can read past a third grade level to begin with...

and...

Yeah trickle down economics has worked beautifully

By the way the last time this country had a surplus, balanced the budget and had a truly BOOMING economy was under a liberal democrat :jtlol: You're extremely stupid.

 2 years ago '04        #25
fat_boyy21 329 heat pts329
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does anybody know how long it's going to take to know if this passes and becomes official?

and how long it takes to go into effect if it is passed?

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