[x]
Welcome to the Stink Eye Discussion Forum!
Join the Discussion! Click Here for Instant Registration.
The Stink Eye Conservative Forum; Politics, News, Republican Election Headquarters
August 07, 2020, 10:48:52 am *
Welcome, Guest. Please login or register.

Login with username, password and session length
 
   Home   Help Search Login Register  
Pages: [1]   Go Down
  Print  
Author Topic: House Financial Services Committee OKs powers to break up large firms  (Read 686 times)
0 Members and 1 Guest are viewing this topic.
JohnBrowdie
Administrator
Hero Member
*****
Offline Offline

Posts: 8296


The Stink Eye is Watching You, Barry


« on: November 19, 2009, 10:08:07 am »

holy CRAP.  this is a prime example of the cure being worse than the disease.  who decides what is "too big"?  there is also a tax in this bill on the largest companies to fund a future "bailouts" -- which assumes that we will have a crisis of this magnitude every few years.  since larger companies are by definition more successful, why penalize them?  and who has faith that the geniuses in congress are to be trusted with this sort of awesome power?  have we forgotten that the first dominoes to fall in the current crisis were caused by this very committee when they turned fannie and freddie into fair housing programs?

never let a good crisis go to waste, as rahm emanuel said.

Quote
House Financial Services Committee OKs powers to break up large firms

A key House panel voted on Wednesday to give the federal government broad new powers that could be used to break up large financial firms before they fail.

The House Financial Services Committee voted 38-29 to support an amendment sponsored by Rep. Paul Kanjorski (D-Pa.) that drew strong objections from Republicans and wariness from some centrist Democrats.

Kanjorski said his amendment to the sweeping financial overhaul legislation was inspired by a belief that lawmakers would not vote for future emergency bailout funds like they did a year ago with the $700 billion bailout package.

“We’ve gone to the edge. We’ve almost seen a world meltdown. What I’m saying is before we get back into those circumstances, we’re going to cure that,” Kanjorski said.

Democrats Reps. Gregory Meeks (N.Y.), Dan Maffei (N.Y.) and Melissa Bean (Ill.) joined all Republicans in opposition to the amendment.

The Obama administration and congressional lawmakers have been wrestling with how to end government bailouts and the problem of firms that are “too big to fail.” But Kanjorski’s measure goes a step further than lawmakers and President Barack Obama had originally proposed.

More
Logged

"Dumb people elect dumb people." -- Natstew
Pages: [1]   Go Up
  Print  
 
Jump to:  

Contact Us by Email
Powered by MySQL Powered by PHP Powered by SMF 1.1.11 | SMF © 2006-2009, Simple Machines LLC Valid XHTML 1.0! Valid CSS!