Skip to content


‘What are you so afraid of?’ Reid taunts GOP

reid What are you so afraid of? Reid taunts GOPSenate sets new clash on Wall Street rules

President Barack Obama’s Democratic allies in the Senate set a new vote Tuesday on a sweeping bill to rein in Wall Street, looking to heap pressure on Republicans blocking the popular measure.

Lawmakers were to vote on whether to formally start debate on the most ambitious regulatory overhaul of its kind since the Great Depression of the 1930s — the same proposal they narrowly defeated late Monday.

Polls show the legislation enjoyed support of nearly two-thirds of the US public, amid still-smoldering anger at big banks blamed for the 2008 collapse that was expected to shape the November mid-term elections.

The move came as a key Senate committee grilled top Goldman Sachs executives Tuesday about the embattled Wall Street investment giant’s controversial actions in the run up to the worldwide meltdown.

Democratic Senate Majority Leader Harry Reid, wielding parliamentary rules, set up a 4:30 pm (2030 GMT) vote on the issue, amid no signs that back-room talks had moved much closer to a compromise bill Republicans would accept.

Reid denounced the “absurd, stunning, unheard of” Republican resistance to starting debate on the measure until a middle-ground version has been worked out and accused the minority of siding with Wall Street over US families.

“Senate Republicans are claiming we’re moving too fast,” he said. “The American people undeniably demand we protect them from Wall Street, which has run wild.”

Reid claimed that Republicans were too afraid to discuss the issue out in the open.

President Kennedy once said, ‘Let us not be afraid of debate or discussion – let us encourage it.’ I ask my Republican colleagues, What are you so afraid of?

As I have said before, the right response to disagreement is not dismissal; it is discussion.

For far too long there has been too much secrecy and too little transparency on Wall Street. The American people have paid the price with their jobs and their life savings, and they demand we fix what’s broken.

As long as Republicans insist on secrecy and resist transparency here in the Senate – and if they don’t let us address the problems we were sent here to solve – we will never fully recover.

Democrats and the White House have been eager to portray Republicans as in the pocket of Wall Street, while Republicans say they want tough new rules but that the bill as currently crafted is not ready and must be changed.

“Last night, the Democrat majority forced a vote on a bill that wasn’t ready for prime-time,” said Republican Senate Minority Leader Mitch McConnell, who highlighted media accounts of worries about the measure among businesses including iconic motorcycle maker Harley Davidson and candy maker Mars.

“Does anyone really believe that the people who make Harley Davidsons and Snickers bars are responsible for the financial crisis?” he said.

“Unfortunately, the Democrat majority seems less interested in fixing this bill than in some political win they think they’re scoring by not fixing the bill,” said McConnell. “It’s a total waste of the people’s time.”

The US Senate voted 57-41 late Monday to open debate, falling short of the 60 needed under parliamentary rules to move ahead with Obama’s top domestic goal, and drawing a swift rebuke from the president.

“I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate on Wall Street reform to begin,” Obama said in a statement.

Republicans “may believe that this obstruction is a good political strategy, and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether,” said Obama.

Democratic Senator Ben Nelson joined 39 Republicans in voting against the motion, while two Republicans did not vote.

Reid voted no for procedural reasons — it enabled him to bring up the bill again at a moment’s notice.

The bill aims to usher in sweeping new regulations on Wall Street a decade after Democrats and Republicans together stripped the system of rules enacted after the Great Depression.

The measure, championed by US Senate Banking Committee Chairman Chris Dodd, a Democrat, would erect a mechanism for dissolving rather than bailing out financial institutions whose collapse could risk crippling the US economy.

The legislation — which would need to be merged with the bill the House of Representatives passed in 2009 — would also establish a new agency to protect consumers from risky lending practices and products.

The legislation also aims to tighten regulations on the giant market in derivatives — complex, privately traded instruments tied to the underlying value of a commodity and seen as vehicles for dangerous speculation.

Reid’s full statement follows:

####

“The American people undeniably demand that we protect them from a Wall Street run wild.

“Two-thirds of Americans support us cracking down on big bankers’ reckless risk-taking. And a majority supports us asking banks to pay for their own funerals – that’s the fund financed by the big financial firms to cover the cost of their liquidation. Not to bail out banks that threaten the larger economy, as some have mischaracterized it, but to shut them down for good.

“The American people also demand that their leaders discuss these details and improve on these ideas. They have two simple requests: One, that their leaders look out for their economic security; and two, that their legislators legislate. In other words, they want us to look out for their jobs and they want us to do our own.

“Right now, Senate Republicans are refusing to do either.

“Yesterday they stood together, en bloc, to block us from moving this bill to the floor. They didn’t even want the Senate to talk about legislation as part of the normal legislative process.

“More than two years after the financial collapse that sparked a worldwide recession, Senate Republicans are claiming we’re moving too fast.

“They are claiming that only a fully negotiated and agreed-upon bill can come up for debate. They want all the details to be worked out beforehand, behind closed doors and out of view from the public.

“That is unprecedented in the 220 years of the United States Senate. As we all learned in civics class, that’s not how the legislative process works.

“We want to bring our bill to the floor so we can discuss it, debate it, amend it and improve it. We want to do it out in the open.

“After all, if we are not debating – if Senators refuse to let the Senate do its job – what are we doing here?

“What purpose does the Senate serve? Why do we have rules for debate and the opportunity to offer amendments?

“President Kennedy once said, ‘Let us not be afraid of debate or discussion – let us encourage it.’ I ask my Republican colleagues, What are you so afraid of?

“As I have said before, the right response to disagreement is not dismissal; it is discussion.

“For far too long there has been too much secrecy and too little transparency on Wall Street. The American people have paid the price with their jobs and their life savings, and they demand we fix what’s broken.

“As long as Republicans insist on secrecy and resist transparency here in the Senate – and if they don’t let us address the problems we were sent here to solve – we will never fully recover.”

####

(with AFP story)

View the original article

Related Posts with Thumbnails

Posted in Finance & Economics, Politics.

Tagged with , , .


0 Responses

Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.



Some HTML is OK

or, reply to this post via trackback.

Support #altnews & keep Dark Politricks alive

Remember I told you over 5 years ago that they would be trying to shut down sites and YouTube channels that are not promoting the "Official" view. Well it's all happening now big time. Peoples Channels get no money from YouTube any more and Google is being fishy with their AdSense giving money for some clicks but not others. The time is here, it's not "Obama's Internet Cut Off Switch" it's "Trumps Sell Everyones Internet Dirty Laundry Garage Sale". This site must be on some list at GCHQ/NSA as my AdSense revenue which I rely on has gone down by a third. Either people are not helping out by visiting sponsors sanymore or I am being blackballed like many YouTube sites.

It's not just Google/YouTube defunding altenative chanels (mine was shut), but Facebook is also removing content, shutting pages, profiles and groups and removing funds from #altnews that way as well. I was recently kicked off FB and had a page "unpublished" with no reason given. If you don't know already all Facebooks Private Messages and Secret Groups are still analysed and checked for words related to drugs, sex, war etc against their own TOS. Personally I know there are undercover Irish police moving from group to group cloning peoples accounts and getting people booted. Worse than that I know some people in prison now for the content they had on their "secret private group". Use Telegrams secret chat mode to chat on, or if you prefer Wickr. If you really need to, buy a dumb phone with nothing for the NSA/GCHQ to hack into. Ensure it has no GPS tracking on it and that the battery can be removed. These are usually built for old people to get used to technology storing only a set of numbers to call. However they have no games, applications to install or other ways people can exploit the computer tracking device you carry round with you most of the day - your smart phone. If you are paranoid ensure that you can remove the battery when travelling around and do so to prevent GPS tracking or phone mast triangulation. Even with your phone in Flight mode or turned off, it can be turned on remotely and any features like front or back cameras, microphones and keylogging software can be installed to trace you.

So if your not supporting this site already which brings you news from the Left to the Right (really the same war mongering rubbish) then I could REALLY do with some..

Even if it's just £5 or tick the monthly subscription box and throw a few pound my way each month, it will be much appreciated. Read on to find out why.

Why?

Any support to keep this site would be appreciated. You could set up a monthly subscription for £2 like some people do or you could pay a one off donation as a gift.
I am not asking you to pay me for other people's articles, this is a clearing house as well as place to put my own views out into the world. I am asking for help to write more articles like my recent false flag gas attack to get WWIII started in Syria, and Trump away from Putin. Hopefully a few missiles won't mean a WikiLeaks release of that infamous video Trump apparently made in a Russian bedroom with Prostitutes. Also please note that this article was written just an hour after the papers came out, and I always come back and update them.

If you want to read JUST my own articles then use the top menu I have written hundreds of articles for this site and I host numerous amounts of material that has seen me the victim of hacks, DOS plus I have been kicked off multiple hosting companies, free blogging sites, and I have even had threats to cease and desist from the US armed forces. Therefore I have to pay for my own server which is NOT cheap. The more people who read these article on this site the more it costs me so some support would be much appreciated.

I have backups of removed reports shown, then taken down after pressure, that show collusion between nations and the media. I have the full redacted 28/29 pages from the 9.11 commission on the site which seems to have been forgotten about as we help Saudi Arabia bomb Yemeni kids hiding in the rubble with white phosphorus, an illegal weaapon. One that the Israeli's even used when they bombed the UN compound in Gaza during Operation Cast Lead. We complain about Syrian troops (US Controlled ISIS) using chemical weapons to kill "beautiful babies". I suppose all those babies we kill in Iraq, Yemen, Somalia and Syria are just not beautiful enough for Trumps beautiful baby ratio. Plus we kill about 100 times as many as ISIS or the Syrian army have managed by a factor of about 1000 to 1.

I also have a backup of the FOX News series that looked into Israeli connections to 9.11. Obviously FOX removed that as soon as AIPAC, ADL and the rest of the Hasbra brigade protested.

I also have a copy of the the original Liberal Democrats Freedom Bill which was quickly and quietly removed from their site once they enacted and replaced with some watered down rubbish instead once they got into power. No change to police tactics, protesting or our unfair extradition treaty with the USA but we did get a stop to being clamped on private land instead of the mny great ideas in the original.

So ANY support to keep this site running would be much appreciated! I don't have much money after leaving my job and it is a choice between shutting the server or selling the domain or paying a lot of money just so I can show this material.

Material like the FSB Bombings that put Putin in power or the Google no 1 spot when you search for protecting yourself from UK Police with "how to give a no comment interview". If you see any adverts that interest you then please visit them as it helps me without you even needing to give me any money. A few clicks per visit is all it takes to help keep the servers running and tag any tweets with alternative news from the mainstream with the #altnews hashtag I created to keep it alive!

However if you don't want to use the very obvious and cost free ways (to you) to help the site and keep me writing for it then please consider making a small donation. Especially if you have a few quid sitting in your PayPal account doing nothing useful. Why not do a monthly subscription for less money instead. Will you really notice £5 a month?



css.php