Comments on: Wall Street Hits Another Dubious Milestone

Dow Tumbles Below 7,000 For First Time In 12 Years As Investors Fret Over Financial Companies

[ubrew12]

ubrew12 said: "Schumer is a NY Senator, so OF COURSE, he supports Wall Street. The guy isn't stupid. "

For evidence of what happens to NY politicos who bite the hand that feeds them, read the short, sorry story of NY governor Democrat Eliot Spitzer. One of the ONLY NY politicians to actively take on Wall Street Banker fraud and graft, Eliot was destroyed. Schumer knew better than to go that route.

[ubrew12]

cpelzar--2008 said: "The bill was opposed by Mr. Schumer and other committee Democrats on the grounds that it would make it more difficult for people to get mortgages. Mr. Schumer said at the time that all the bill would accomplish ? other than shifting the risk from taxpayers to the private market ? was to have "reduced the commitment to housing."

In 2005, what Mr Schumer thought was irrelevant, as Congress was firmly in control of Republicans. If the bill you mentioned wasn't passed, or even brought to a vote, you can't blame Chuck Schumer, and you know it.

Why is it so difficult for Republicans to take responsibility for their actions (or, in this case, lack of action)??? Schumer is a NY Senator, so OF COURSE, he supports Wall Street. The guy isn't stupid.

[cpelzar--2008]

cpelzar--2008 said: "Glass-Steagall's repeal was heavily supported by the bankers best friend in the senate. Mr Chucky Schumer. "

And yet somehow it was McCain economic advisor, Republican Phil Gramm, who put his name down authorizing that repeal.

You have your fantasy, and I have somebodies signature.
Posted by ubrew12 at 7:19 PM : Mar 2, 2009

No fantasy, fact. The final bipartisan bill resolving the differences was passed in the Senate 90-8 (1 not voting) and in the House: 362-57 (15 not voting).

You are an idiot, Dems were all over this one as well. Mr. Schumer has, in one instance, taken his deregulatory stance to the Wall Street Journal. In a 2006 opinion piece co-authored with Mayor Bloomberg, Mr. Schumer called for improving "our corporate climate."

The piece spoke of reducing "frivolous lawsuits" and the financial costs caused by "corporate leaders focusing inordinate time on compliance minutiae" out of fear of "overzealous regulators." The two politicians warned that New York was in danger of losing its status as financial capital of the world to London.

It is amazing that Chuck Schumer was criticizing John McCain considering that less than two years ago he wrote an op-ed saying there was too much regulation in Wall Street.

He is responsible as one of the leading senators in the banking committee for much of the problems that we're facing today, He failed to regulate where there was an opportunity to reduce the taxpayers' liability.

This refers to a bill before the Senate Committee on Banking, Housing, and Urban Affairs in 2005. At issue was a Republican-supported provision that would have required Fannie Mae and Freddie Mac to sell off the $1.5 trillion in mortgage assets that the companies were holding as investments. The bill would have "considerably altered" the business models of the two companies by transforming them from "very large investment funds" into "conduits" that only bought mortgages, packaged them into securities, and sold them on the market, according to a Congressional Research Service report on the bill.

The aim of the bill was to prevent what ended up happening to Fannie and Freddie, when taxpayers were made to bail out the two companies after the housing market turned and wiped out their huge investment portfolios.

The bill was opposed by Mr. Schumer and other committee Democrats on the grounds that it would make it more difficult for people to get mortgages. Mr. Schumer said at the time that all the bill would accomplish ? other than shifting the risk from taxpayers to the private market ? was to have "reduced the commitment to housing."

[cpelzar--2008]

So, the top 1% are upset that their Free Ride on the backs of the Citizenry is coming to an end........I feel so sorry for the Little Sweeties............................not
Posted by veteran71 at 6:12 PM : Mar 2, 2009

You an idiot as well. Billions have been lost on 401k's and IRA's by tens of thousands not in the top 1% moron.

[ubrew12]

cpelzar--2008 said: "Glass-Steagall's repeal was heavily supported by the bankers best friend in the senate. Mr Chucky Schumer. "

And yet somehow it was McCain economic advisor, Republican Phil Gramm, who put his name down authorizing that repeal.

You have your fantasy, and I have somebodies signature.

[cpelzar--2008]

Its very much in keeping with the disease thats affected many in the GOP that todays DOW would be, for them, a reflection of policies intended to redirect the U.S. economy for decades to come. Sorry guys, but if next quarters profits are all you care about, then you deserve the plethora of totally useless, even counterproductive 'goods' capitalism has spit out over the last 20 years: Hummers, Big Macs, Monster Homes, worthless mortgage derivatives, Bernie Madoff, Enron, plastic surgery, cruise-ship vacations, chinese underwear, video games, and entertainment tonight.

Sit it out and let the grownups rebuild the economy, putting money where it needs to go: alternative energy, healthcare, education, infrastructure. All the places that measure profitability in terms of years, but that constitute real growth for America rather than fluff.
Posted by ubrew12 at 6:23 PM : Mar 2, 2009

Your an idiot.

[cpelzar--2008]

Glass-Steagall was repealed under Clinton not Bush. It was passed 90-8 in the Senate and 362-57 in the House. That is what I call overwhelming Bipartisan support.
Posted by on_alert247 at 7:01 PM : Mar 2, 2009

Glass-Steagall's repeal was heavily supported by the bankers best friend in the senate. Mr Chucky Schumer.

[cpelzar--2008]

Key Industry sectors down:

Insurance
Pharmaceuticals
Student Loans

All Industry sectors Obama has targeted. He owns this , he is the one tanking the market by attacking industry. BTW many IRA's, 401K's heavily invested in Insurance and Pharmaceuticals.

Hope anyone with a retirement plan that voted for Obama is happy, because they are paying for it. The market is down 22% this year and it is no accident. I think it is Obamas plan.

As Rahm Emmanuel said, this crisis is to good an opportunity to pass up (paraphrase).

[on_alert247]

Deregulation during Bush? What are you kidding? You don't know what your talking about. The Sarbanes-Oxley Act of 2002 added more regulation. Only hard core republicans were against it but it still became law with Bush's backing. Just because Obama said this was Bush's fault doesn't make it true. Obama is a lifelong activist and politician .. the most professional of sweat talkers.
Posted by on_alert247 at 4:07 PM : Mar 2, 2009

Hello, bright boy, Sarbanes has nothing to do with the removal of Glass Stegal. Sarbanes should have been there to begin with. From what I have read it is filling fraud loopholes.
Posted by curse914 at 4:50 PM : Mar 2, 2009

Glass-Steagall was repealed under Clinton not Bush. It was passed 90-8 in the Senate and 362-57 in the House. That is what I call overwhelming Bipartisan support.

[jsd330]

Let's see Las Vegas or Wall Street, it looks like the odds of making money are better in Las vegas, as long as Madoff or Stanton aren't dealing.