Posted on 05/24/2010 6:13:56 PM PDT by opentalk
Sen. Judd Gregg (R-N.H.) on Monday declared the recently passed financial reform bill a disaster since it failed to address the main reasons that caused the market to collapse.
"This bill is a disaster because it doesn't address the fundamental underlying causes of the economic issue, which were real estate and underwriting," he told CNBC's Squawk Box.
..."It's going to become an agency which defines lending on social justice purposes as versus on safety and soundness of purposes," he said, adding, "So you'll basically have a consumer agency which decides to go out in the morning, say, well everybody who is X, Y, Z should have a loan, even though the local community banks say X, Y, Z shouldn't have a loan because if we give them a loan, we know they're not going to pay [it] back."
(Excerpt) Read more at thehill.com ...
What woke Judd Gregg up???
Nice he is talking about it but it should have been addressed many moons ago....
Jugg Hedd has flashes of brilliance at times.
Actually this is why I didn’t take Bush or now Obama serious, when it came to fixes for what took place. We still have those bad loans out there and are making more of them all the time.
We’re going to revisit this in a few years, and the hobbling of our nation continues full speed ahead, while they demagogue people who were simply trying to deal with what was forced on them last time.
Firstly: this law should be opposed because it’s taking a bunch of rights from free people.
Secondly: the most irresponsible spenders and borrowers on the planet (our US Congress) are now going to lecture the rest of us about good credit? That’s funny.
This is madness. The 100% reason for our financial collapse was government policy to make crap loans to minorities and then guaranty those loans with your money. THIS INSANITY GETS WORSE WITH THIS BILL. I fear tremendous violence. The host will throw off this parasite or the host will die. This is an attack on our children and our grandchildren . Ill be damned if they have not made us the slaves. It is going to stop.
I said the exact same thing on the news two weeks ago. But it takes a RINO waking up to make the news.
Figures!
I guess that is how they will determine the social justice part -- who will get loans and who has too much.
link from CNSnews
...The bill, if it becomes law, would create the Bureau of Consumer Financial Protection and empower it to “gather information and activities of persons operating in consumer financial markets,” including the names and addresses of account holders, ATM and other transaction records, and the amount of money kept in each customer’s account.
--The new bureaucracy is then allowed to “use the data on branches and [individual and personal] deposit accounts … for any purpose” and may keep all records on file for at least three years and these can be made publicly available upon request.
/www.freerepublic.com/focus/f-news/2520441/posts
quote:
“If you talk to the Treasury on the phone, which I did regularly through this process — I’ve been sort of charged with the derivatives side — they tell you that what this bill did on derivatives was disastrous.
end quote.
They didn’t do a god damn thing.
That’s what is being said here.
Oh, the future looks so bright it hurts.
...they tell you that what this bill did on derivatives was disastrous.
You had the FDIC [Federal Deposit Insurance Corporation] telling you that;
you had the OCC [Office of the Comptroller of the Currency] telling you that;
you had the Fed regulatory agencies telling you that,"
"And yet there was a tacit of, well, let's go forward anyway and we'll fix it somewhere in the future."
Then why did he vote for it?
Four Republicans Sell Out to Pass Obama/Dodd Bank Bill from Dick Morris
--So how did it pass?
Four Republicans sold out, that's how! Among the RINOs were, of course, Susan Collins and Olympia Snow of Maine. But, surprisingly, Scott Brown, R-Mass., the newly elected Massachusetts Miracle, defected, as did the normally stalwart Chuck Grassley, R-Iowa
...The bill authorizes the secretary of the treasury a political appointee to seize any financial company (bank or non-bank) simply because, in his opinion, it is too big to fail and in danger of insolvency. This power can be used for political retribution, pressure for campaign funding or any other abuse that bureaucratic whim or partisan politics can conceive. It is a power Fidel Castro or Hugo Chavez would love to have!
--The legislation also requires that any business that extends credit, in any form, needs to clear the loan instrument in advance with the new consumer protection agency. The backlog of pending applications will strangle consumer credit.
Social Justice = Reparations.
Period.
My mistake. It was the two motions (one by Brownback and one by Hutchison) he voted for, after the bill passed.
bump
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.