All 41 GOP Senators United in Opposition to Financial Reform Bill
All 41 Republican senators have signed a letter to Senate Majority Leader Harry Reid saying they are opposed to the financial regulation bill put forward by Democratic Sen. Chris Dodd, Senate Republican Leader Mitch McConnell's office announced today.
The letter calls for further negotiations, but it does not go as far as to say all 41 senators would support a filibuster of the legislation.
"Inaction is not an option. However, it is imperative that what we do does not worsen the current economic climate or codify the circumstances that led to the last financial crisis," the letter says. "As currently constructed, this bill allows for endless taxpayer bailouts of Wall Street and establishes new and unlimited regulatory powers that will stifle small businesses and community banks."
The letter calls for a "bipartisan and inclusive approach" and asks Reid to support bipartisan negotiations in the Banking and Agriculture Committees.
The GOP's contention that the reforms amount to a "bailout bill" seem to follow the advice of a GOP pollster and focused on a provision in the legislation to create a $50 billion bank liquidation fund. The charge was sharply rebuked by the White House, but the administration is now conceding on the issue of the bank liquidation fund.
A senior Treasury official said Friday the administration is urging Senate Democrats to drop the fund because it is unnecessary, the Associated Press reports.
The provision in question would compel large financial institutions to provide the $50 billion, which the Federal Deposit Insurance Corp. would use to pay for dismantling giant failing firms. Instead, the administration wants the costs of liquidation to be paid by the financial industry after a firm has failed and been dismantled, according to AP.
President Obama today did, however, draw a line in the sand and promised to veto any financial regulatory reform bill that doesn't bring "the derivatives market under control."
"This is reform that will force banks and financial institutions to pay for bad decisions that they make - and not have taxpayers pay for those bad decisions," Mr. Obama said at the start of a meeting with his Economic Recovery team. "And that means no more bailouts."
Republicans had sought to send Democrats a letter threatening a filibuster of the financial reform bill, but Sen. Susan Collins of Maine would not sign onto the letter, the Hill reports.
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GOP......you lost credibility with the people.....and it is up to you, to prove you deserve to get it back.
This is the end plan for this current President - federal government control of everything and everyone. That is what the health care bill was all about - it had very little to do with health care, as it will cause premiums to go up and frustrate doctors at every turn. It was about control. Same thing about student loans, and bailouts - federal control of who gets loans and conditions - and federal control of the auto industry. Now the President wants federal control of Wall Street. In the mind of this President, the federal government needs to control everything.
Question: When has the federal government run anything efficiently? It has run Social Security and Medicare into the ground, and it will do the same for anything it controls. No - I do not want federal control of Wall Street (main street's resource for retirement wealth and investment capital), or of the banks, or of health insurance, or of the auto industry. This is a disaster in the works.
Tell that to all Americans who have been "screwed" lately by Wall Street's "controls". People critsize Obama and the Democrats and the Federal Government about "backroom deals", doesn't Wall Street operate in similar fashion? Suppose you'd say "no".
While the republicans are caught in the 'NO' trap of their own design force them to publicly proclaim their allegiance to Wall Street bankers.
This will be their undoing.
It's time to fix the problem. The 41 Republicans have sided against the American people. Arrogant, partisan jerks.
?Ok guys. Gather up your Frank Luntz Health Care play books and where appropriate, cross out Health Care and replace it with Financial Reform. And good god, do not make the same mistake as the Republican congressman in the house did and tie job numbers in with Health Care and Financial reform. We need to make jobs a separate entity and not tie it in with Wall Street. We got the banks to tighten credit to stymie job recovery, so lets keep fighting for banks and Wall Street so they can use that credit for campaign donations instead of jobs. Also, play up health care as much as possible so we can distract voters from Financial reform since Wall Street is about as popular as a root canal right now.
While out there talking on Fox, don?t forget Karl Rove/Bush?s Scare Tactics 101 which is still the heart of the GOP platform ? if there is not a problem with the Financial Reform bill, you can make one up or take a provision of the bill and spin it so it seems like a threat to middle class way of life. You know, like I did with the endless tax payer bailout spin when we know that the bailout money will be put up by the Banks, not tax payers. While we are at it, get the tea baggers on board by screaming socialism, big government, etc. They are a fairly simple crowd, so tying socialism to a black president is all we should need to do to get them riled up about Financial Reform. I?m pretty sure Fox news will help us out in the tea party area as well as get our propaganda out to the air waves as much as possible. If anyone happens to see John Boehner, please pass on this memo so we are all on the same page. And please guys, stop letting our memos and racial presentations lying around for the media to discover. It sets back our agenda a few days and we have to double down on our lies to cover up your carelessness.
Republican Senator Asking Mitch a Question: Are you saying that basically we should be pushing the same Bush trickle down economics giving tax breaks to the rich while telling middle class it will trickle down into jobs even though under Bush it trickled down to their greedy pockets in huge salaries while the wealthy and Wall Street got away with not paying their fair share of taxes.
Mitch?s Reply: Yes, but obviously you need to word it according to Karl Rove strategy under Bush. See section 8 of the Frank Lutz play book, it outlines Karl Rove?s brilliant scare tactic platform to get middle class support.
Another Republican Senator Asking Mitch a Question: What about us contributing to the bill. Is that ok?
Mitch?s Reply: Not unless we get Wall Street and Banker Execs approval first. Besides, I think we got the American public pretty well snowed that the lack of bipartisan is Obama?s fault even though each time he reaches out we slap his hand. Health Care did not quite turn out to be the waterloo we were hoping for so we have to keep the ship of lies afloat until we gain back power. Didn?t you guys like your life style under Bush? I know our wealthy contributors did. So we need to keep politicalizing anything Obama or the Democrats do for the middle class so we can win back power at all cause.
Mitch Departing Remarks: Ok, got to run, don?t want to keep Wall Street waiting. They are really ticked at Obama so I can see some huge donations if we play our cards right, guys. By the way, after my meeting with the Wall Street and Banking Execs, I may have some more talking points. They have some brilliant ideas on how to snow the American public and if all goes as plan, we should have some great TV ads coming out that will make Obama and the Democrats seem like villains and us heros. Now go, Fox News is ready to get your lies on the air waves as soon as possible.?
?Ok guys. Gather up your Frank Luntz Health Care play books and where appropriate, cross out Health Care and replace it with Financial Reform. And good god, do not make the same mistake as the Republican congressman in the house did and tie job numbers in with Health Care and Financial reform. We need to make jobs a separate entity and not tie it in with Wall Street. We got the banks to tighten credit to stymie job recovery, so lets keep fighting for banks and Wall Street so they can use that credit for campaign donations instead of jobs. Also, play up health care as much as possible so we can distract voters from Financial reform since Wall Street is about as popular as a root canal right now.
While out there talking on Fox, don?t forget Karl Rove/Bush?s Scare Tactics 101 which is still the heart of the GOP platform ? if there is not a problem with the Financial Reform bill, you can make one up or take a provision of the bill and spin it so it seems like a threat to middle class way of life. You know, like I did with the endless tax payer bailout spin when we know that the bailout money will be put up by the Banks, not tax payers. While we are at it, get the tea baggers on board by screaming socialism, big government, etc. They are a fairly simple crowd, so tying socialism to a black president is all we should need to do to get them riled up about Financial Reform. I?m pretty sure Fox news will help us out in the tea party area as well as get our propaganda out to the air waves as much as possible. If anyone happens to see John Boehner, please pass on this memo so we are all on the same page. And please guys, stop letting our memos and racial presentations lying around for the media to discover. It sets back our agenda a few days and we have to double down on our lies to cover up your carelessness.
Republican Senator Asking Mitch a Question: Are you saying that basically we should be pushing the same Bush trickle down economics giving tax breaks to the rich while telling middle class it will trickle down into jobs even though under Bush it trickled down to their greedy pockets in huge salaries while the wealthy and Wall Street got away with not paying their fair share of taxes.
Mitch?s Reply: Yes, but obviously you need to word it according to Karl Rove strategy under Bush. See section 8 of the Frank Lutz play book, it outlines Karl Rove?s brilliant scare tactic platform to get middle class support.
Another Republican Senator Asking Mitch a Question: What about us contributing to the bill. Is that ok?
Mitch?s Reply: Not unless we get Wall Street and Banker Execs approval first. Besides, I think we got the American public pretty well snowed that the lack of bipartisan is Obama?s fault even though each time he reaches out we slap his hand. Health Care did not quite turn out to be the waterloo we were hoping for so we have to keep the ship of lies afloat until we gain back power. Didn?t you guys like your life style under Bush? I know our wealthy contributors did. So we need to keep politicalizing anything Obama or the Democrats do for the middle class so we can win back power at all cause.
Mitch Departing Remarks: Ok, got to run, don?t want to keep Wall Street waiting. They are really ticked at Obama so I can see some huge donations if we play our cards right, guys. By the way, after my meeting with the Wall Street and Banking Execs, I may have some more talking points. They have some brilliant ideas on how to snow the American public and if all goes as plan, we should have some great TV ads coming out that will make Obama and the Democrats seem like villains and us heros. Now go, Fox News is ready to get your lies on the air waves as soon as possible.?
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NO to the Secular Humanist that want to take God out of society!
===============================================
We need to work hard and rid our government of the
Morongelical christian (aka America's version of the Taliban)
influence.