Democrats plan to pass financial overhaul quickly

[one...two...tree 2,762]

By ANNE FLAHERTY, Associated Press Writer Anne Flaherty, Associated Press Writer

WASHINGTON – Democratic leaders have committed to enacting by the end of the year the biggest regulatory revision to the U.S. financial system since the 1930s — an undertaking so ambitious it has some lawmakers worried about missteps.

"We have to evaluate it, weigh it, slow it down and make sure we do it right," said Sen. Richard Shelby of Alabama, the top Republican on the Senate Banking Committee. "Because if we don't, we will pay dearly."

Treasury Secretary Timothy Geithner was expected to outline the administration's plan on Thursday before the Senate panel and the House Financial Services Committee.

The proposal is aimed at filling in regulatory gaps and increasing oversight of the financial markets to prevent another economic calamity.

"We don't want to stifle innovation," said President Barack Obama in a speech Wednesday.

"But I'm convinced that by setting out clear rules of the road and ensuring transparency and fair dealings, we will actually promote a more vibrant market," he added.

Obama wants to empower the Federal Reserve to oversee the largest and most influential financial firms. He also wants to create a council of federal regulators, chaired by the treasury secretary, to monitor risk across the broader market.

A new consumer protection agency would be created to prevent deceptive practices by such companies as credit card lenders and mortgage brokers.

The plan comes amid public skepticism about the way Obama's handling some aspects of the economic crisis. A substantial majority of Americans — 60 percent — believe he doesn't have a strategy for dealing with the budget deficit, and almost half disapprove of Obama's handling of problems facing the auto industry, according to a New York Times/CBS News poll published Thursday.

Still, 57 percent approve of the president's overall handling of the economy, according to the telephone survey of 895 adults contacted Friday through Tuesday.

Obama's lofty job approval rating slipped a bit in a new Wall Street Journal/NBC News poll. The poll found 56 percent approved of the job Obama was doing, down from 61 percent in April.

Obama's financial overhaul proposal was well-received among Democrats on Capitol Hill, who said it would prevent another round of bank bailouts and protect consumers from predatory lending practices.

"We regard this as very pro-market," said Rep. Barney Frank, D-Mass., who chairs the House Financial Services Committee. "Unless you have investors that are well-protected, you don't have a market."

Senate Banking Committee Chairman Christopher Dodd said there would be "some debate," but "I think we're all seeking the same results."

But a swift legislative endorsement of the plan could be difficult.

Dodd, D-Conn., is leading a major overhaul of the nation's health care system, while the Senate also faces a debate on whether to confirm Supreme Court nominee Sonia Sotomayor.

In addition to the Senate's packed schedule, several lawmakers, including Dodd, have questioned whether Obama's proposal relies too heavily on the Federal Reserve and expressed concern that the Fed, as an independent agency, doesn't answer to Congress.

"It's certainly worthy of a thorough and full-throated debate and discussion as to whether or not that's a better alternative than vesting the Fed," Dodd told reporters after Obama's speech. "There's not a lot of confidence in the Fed at this point."

Geithner told reporters at a briefing that the administration had looked at a range of alternatives to giving the Fed expanded powers and had come to the conclusion that "we do not believe there is a plausible alternative."

House Republicans said Obama's plan would go too far and bury the market in unnecessary regulation.

Senate Republicans were less dismissive but stopped far short of endorsing the proposal. Shelby and Sen. Judd Gregg, R-N.H., questioned aspects of the plan but said they hoped to work with Democrats to make it stronger.

http://news.yahoo.com/s/ap/20090618/ap_on_...ancial_overhaul

[scandal 951]

When you think about it... the pace of things is pretty mind boggling.

They're trying for overhaul of the financial regulatory framework, healthcare reform, a Supreme Court confirmation, a cap and trade system for emissions, quite possibly another stimulus package, ending Gitmo, reshaping the war in Afghanistan, winding down the war and troop commitment in Iraq, a breakthrough in Israel/Palestine, ... all in the first year!

Talk about hitting the ground running.

I wonder what will happen when Obama takes office?

[NickD 203]

Hope they leave some loopholes so we can still screw each other. Screwing each other is what America is all about, my car dealer tried to screw this morning already and not even noon yet. But if the government makes laws to prevent us from screwing each other, that would just leave them to screw the whole bunch of us. That they know how to do very well.

[one...two...tree 2,762]

When you think about it... the pace of things is pretty mind boggling.

They're trying for overhaul of the financial regulatory framework, healthcare reform, a Supreme Court confirmation, a cap and trade system for emissions, quite possibly another stimulus package, ending Gitmo, reshaping the war in Afghanistan, winding down the war and troop commitment in Iraq, a breakthrough in Israel/Palestine, ... all in the first year!

Talk about hitting the ground running.

I wonder what will happen when Obama takes office?

Change? I don't see no change, son!

...my car dealer tried to screw me this morning already and not even noon yet.

Damn...I hope he bought you flowers.

[mawilson 2,133]

When you think about it... the pace of things is pretty mind boggling.

They're trying for overhaul of the financial regulatory framework, healthcare reform, a Supreme Court confirmation, a cap and trade system for emissions, quite possibly another stimulus package, ending Gitmo, reshaping the war in Afghanistan, winding down the war and troop commitment in Iraq, a breakthrough in Israel/Palestine, ... all in the first year!

Talk about hitting the ground running.

They *know* they are running out of time and are trying to push through as many reforms

as they can before the American people wake up and smell the stinking pile of debt.

[NickD 203]

When you think about it... the pace of things is pretty mind boggling.

They're trying for overhaul of the financial regulatory framework, healthcare reform, a Supreme Court confirmation, a cap and trade system for emissions, quite possibly another stimulus package, ending Gitmo, reshaping the war in Afghanistan, winding down the war and troop commitment in Iraq, a breakthrough in Israel/Palestine, ... all in the first year!

Talk about hitting the ground running.

I wonder what will happen when Obama takes office?

Change? I don't see no change, son!

...my car dealer tried to screw me this morning already and not even noon yet.

Damn...I hope he bought you flowers.

If I took flowers from him, he would really try to screw me, I can handle any private organization. But not with the government, when they say pay for services or whatever that I do not get, I have to bend over, way over, and take it like a man, and definitely do not get any flowers.

[spookyturtle 9,466]

When you think about it... the pace of things is pretty mind boggling.

They're trying for overhaul of the financial regulatory framework, healthcare reform, a Supreme Court confirmation, a cap and trade system for emissions, quite possibly another stimulus package, ending Gitmo, reshaping the war in Afghanistan, winding down the war and troop commitment in Iraq, a breakthrough in Israel/Palestine, ... all in the first year!

Talk about hitting the ground running.

I wonder what will happen when Obama takes office?

Things will happen even faster. This dude rocks. Yo, Barrack.

[I AM NOT THAT GUY 5,715]

When you think about it... the pace of things is pretty mind boggling.

They're trying for overhaul of the financial regulatory framework, healthcare reform, a Supreme Court confirmation, a cap and trade system for emissions, quite possibly another stimulus package, ending Gitmo, reshaping the war in Afghanistan, winding down the war and troop commitment in Iraq, a breakthrough in Israel/Palestine, ... all in the first year!

Talk about hitting the ground running.

I wonder what will happen when Obama takes office?

Things will happen even faster. This dude rocks. Yo, Barrack.

My wallet! Anybody seen my wallet? Damn, that b@stard was fast!

[scandal 951]

When you think about it... the pace of things is pretty mind boggling.

They're trying for overhaul of the financial regulatory framework, healthcare reform, a Supreme Court confirmation, a cap and trade system for emissions, quite possibly another stimulus package, ending Gitmo, reshaping the war in Afghanistan, winding down the war and troop commitment in Iraq, a breakthrough in Israel/Palestine, ... all in the first year!

Talk about hitting the ground running.

I wonder what will happen when Obama takes office?

Things will happen even faster. This dude rocks. Yo, Barrack.

My wallet! Anybody seen my wallet? Damn, that b@stard was fast!

I gots it ! I gots it! I gots yur wallet Mr. Bill!

[luckytxn 2,265]

Wonder what the next round of taxes wanted are going to look like. Thought it was the rich that was supposed to get soaked and us middle class folks pay even less under Obama the Socialist watch?

[I AM NOT THAT GUY 5,715]

When you think about it... the pace of things is pretty mind boggling.

They're trying for overhaul of the financial regulatory framework, healthcare reform, a Supreme Court confirmation, a cap and trade system for emissions, quite possibly another stimulus package, ending Gitmo, reshaping the war in Afghanistan, winding down the war and troop commitment in Iraq, a breakthrough in Israel/Palestine, ... all in the first year!

Talk about hitting the ground running.

I wonder what will happen when Obama takes office?

Things will happen even faster. This dude rocks. Yo, Barrack.

My wallet! Anybody seen my wallet? Damn, that b@stard was fast!

I gots it ! I gots it! I gots yur wallet Mr. Bill!

That's not my wallet, Jitsu!

[Ban Hammer 14,668]

Wonder what the next round of taxes wanted are going to look like. Thought it was the rich that was supposed to get soaked and us middle class folks pay even less under Obama the Socialist watch?

soon, you'll be classified as rich. then it's open season on your wallet.

[scandal 951]

Wonder what the next round of taxes wanted are going to look like. Thought it was the rich that was supposed to get soaked and us middle class folks pay even less under Obama the Socialist extreme Bolshevik Marxist-Leninist watch?

Fixxored that for ya.

We'll be convening the emergency Obama Politburo next week. Mandatory ideological indoctrination training of all non-Party members begins immediately following. Those who are found incapable of being indoctrinated and who refuse to accept Party ideology will be resettled to re-education labor camps in Montana, Idaho and Alaska.

The first trains to the resettlement labor camps will begin departing once we identify all of you troublemakers who refuse to acknowledge Supreme Comrade Obama's leadership of our holy national fight to preserve socialist Mother Amerika (formerly known as the Statue of Liberty). Once you are resettled, your tax soaking will be the least of your problems.

[I AM NOT THAT GUY 5,715]

Wonder what the next round of taxes wanted are going to look like. Thought it was the rich that was supposed to get soaked and us middle class folks pay even less under Obama the Socialist extreme Bolshevik Marxist-Leninist watch?

Fixxored that for ya.

We'll be convening the emergency Obama Politburo next week. Mandatory ideological indoctrination training of all non-Party members begins immediately following. Those who are found incapable of being indoctrinated and who refuse to accept Party ideology will be resettled to re-education labor camps in Montana, Idaho and Alaska.

The first trains to the resettlement labor camps will begin departing once we identify all of you troublemakers who refuse to acknowledge Supreme Comrade Obama's leadership of our holy national fight to preserve socialist Mother Amerika (formerly known as the Statue of Liberty). Once you are resettled, your tax soaking will be the least of your problems.

As long as I get my free medical, and my free dental, and food stamps, I'm a happy camper! Vive la revolucion!

[scandal 951]

Wonder what the next round of taxes wanted are going to look like. Thought it was the rich that was supposed to get soaked and us middle class folks pay even less under Obama the Socialist extreme Bolshevik Marxist-Leninist watch?

Fixxored that for ya.

We'll be convening the emergency Obama Politburo next week. Mandatory ideological indoctrination training of all non-Party members begins immediately following. Those who are found incapable of being indoctrinated and who refuse to accept Party ideology will be resettled to re-education labor camps in Montana, Idaho and Alaska.

The first trains to the resettlement labor camps will begin departing once we identify all of you troublemakers who refuse to acknowledge Supreme Comrade Obama's leadership of our holy national fight to preserve socialist Mother Amerika (formerly known as the Statue of Liberty). Once you are resettled, your tax soaking will be the least of your problems.

As long as I get my free medical, and my free dental, and food stamps, I'm a happy camper! Vive la revolucion!

Mr. Bill - it's hippie radicals like you that will be resettled to the forced labor camps FIRST!