“Senate Passes Finance Bill,” WSJ:
The Senate on Thursday approved the most extensive overhaul of financial-sector regulation since the 1930s, hoping to avoid a repeat of the financial crisis that hit the U.S. economy starting in 2007.
[…]
“Simply, the American people are saying, ‘you’ve got to protect us,’ and we didn’t back down from that,” said Senate Majority Leader Harry Reid (D., Nev.). “When this bill becomes law, the joyride on Wall Street will come to a screeching halt.”
Opponents of the bill worry that the government is overreacting, and over-regulating the financial industry. They worry the measures will crimp the free flow of capital in the U.S. economy.
“It will inevitably contract credit,” said Sen. Judd Gregg (R., N.H.), who says the Senate bill “is probably undermining the system…probably making for a weaker system.”
Sen. Gregg was one of 37 Republicans to vote against the 1,500-page bill. But the legislation ultimately passed with a narrow bipartisan majority. Four Republicans joined with 53 Democrats and the Senate’s two independents in support of the package. Two Democrats voted against the bill, and two senators weren’t present for the vote.
Now Congress will need to reconcile the Senate bill with a companion House package adopted in December on a 223-202 vote, with 27 Democrats joining unanimous Republican opposition.
Obamacare and now this.
It’s over, people. The government now owns you. Voting from here on out will only determine which party owns you for that particular election cycle.
Enjoy the rest of your day. Me, I’m going to take the afternoon and walk around so I can commit to memory what my country looked like before we decided to kill the poor fucker dead.
So, a Peripatetic eh? What Yeats said, then:
I was thinking more, “what rough beast,” but have it your way.
Enjoy the rest of your day. Me, I’m going to take the afternoon and walk around so I can commit to memory what my country looked like before we decided to kill the poor fucker dead.
Shouldn’t you be tending your victory garden?
“Simply, the American people are saying, ‘you’ve got to protect us,’ and we didn’t back down from that,” said Senate Majority Leader Harry Reid (D., Ne
FUCK YOU Harry. Fuck fuck fuck.
that just blows my gasket. Sorry.
Let’s toss a little mob action
Credit has already contracting to the danger point, inyoursoup. Further contraction? I hope you don’t currently need a job.
Of course. meya is perpetually wrong about policy, wrong about money, wrong about liberty. Progressivism!
I suspect inyoursoup is employed by some community college or other, which of course is never, ever going to run out of money.
Motionview -that story is awful. One bright spot:
Carin – That dishonest little twit considers that a feature, not a bug.
And then we went through an enormous retraction, which is where we stand now. Idiot.
Creating the framework on which the next bubble will form and stumbling thereafter, fail. Goddamn assholes think they’ve got it all figured out, they’re going to fix it. They don’t know what they don’t know.
So when do we get a bill that makes that happen to Washington?
“What, are you going to shoot all of us?”
“No. Just you, Ace.”
Ok, needed a dictionary and the services of google for this one.
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity.
Yes, it will work against credit booms, in much the same manner as cyanide works as a cancer treatment.
If banks refuse to lend money (and they are, because they can have no faith that the laws requiring repayment will be enforced), then only those like say George Soros who are independently wealthy and in cahoots with the government will be able to invest.
So this bill will work against credit booms. This is not a problem.
No, dipshit. the further contraction of an ALREADY contracted credit atmosphere means no businesses expand. No new hires. No investment in the future. Except by government entities in green jobs. Which, if you read the paper, you know how that ends, right?
Dang, the current Congress really does hate the USA…
Puts me in mind of a Michael Schenker song – ‘Cry for the Nations’
This bill is a disaster for the financial services industry and the economy in general. I don’t doubt the sincerity of some who voted for this, but as someone said above, they don’t know what they don’t know.
It’s getting harder and harder to resist the call of the gold bugs and not put everything in precious metals against the near certainty of economic stagflation and the possibility of a spread of the contagion of sovereign debt default.
Instead of turning the wheel and avoiding the cliff, this administration has hit the gas.
Mandacious meya needs to distinguish between the this hyper-keynesian fiat currency system we’re all shackled to by our masters — which, if sound monetary reform were to take the form of the demise of that system, then hallelujah — and more-of-the-same corruption at the top, courtesy of Obarky & Co.’s cozy relationship with the Fed & Co. Which is what this piece of shit represents and worse.
That big bank stuff is interesting and the whole lot of them should be railroaded for all the crony corporatism, but let’s go back to sources and motivations and causes and effects, shall we? A natural system that doesn’t need constant reform and tinkering because it simply reflects markets instead of policies, now that would be reform.
So how about it, meya? A little honesty would be delightful, no?
Or monkey’s could fly out of Bernacke’s portfolio, whichever comes first.
Carin – Features and bugs … focus ;-)
At the end of the day, they could have achieved their stated goals by reimplementing aspects of Glass-Steagall, namely, the separation of banking from other financial services.
What we get instead is an enormous hodge podge bill that contains provision after provision with effects that are entirely unpredictable. Which one of them or which collection of them will we point to in ten or twenty years and say, “Well, that was obviously a mind shatteringly stupid idea”? No one knows.
Speaking of credit, does anyone really believe the Dems want to make sure people can’t take out loans (like on, I don’t know, houses) they can’t afford? That’d be news to me. Shit, it’d be news to me that very many Reps would even admit this on camera themselves.
From the link:
In other words, create a shadow economy. The Fed is a corporation and the font of Wall Street bankster power. The Democrats just cemented that power and amplified it.
Any puny partisan on the left who thinks this trainwreck does anything but strengthen the further erosion of what remains of their constitutional rights is either delusional or lying.
Thanks Scott Brown. Good to know you are willing to give in to Harry Reid every time he comes callin.
So. Break the “free market” system by way of synthetic, faulty, fiat-currency monetary policy. Next, the left will take that inevitable result and conflate it with capitalism in order to demand the opposite of capitalism. Namely communism.
It’s all falling nicely into place.
Goddamn assholes think they’ve got it all figured out, they’re going to fix it. They don’t know what they don’t know.
You’re assuming that they’re telling us what they believe instead of telling us a cock-and-bull story to cover for their enormous power grab.
I hope you’ve been following Glenn Beck’s “Crime Inc.” series. He’s uncovering a web of Chicago-style corruption on a scale .
Shelby’s speech did a good job of outlining many of the issues with this. Conspicuous in their absence was any attempt at trying to rein in Fannie and Freddie, who are bleeding out at $8,000,000,000 a month, and counting. Last I checked, when had bailed them out to the tune of $150,000,000,000+. But that reform was “too hard”.
How many different names do you plan on using, meya?
“…where we stick with boom-bust…”
No-one, so far as I know, has yet accounted for the phenomenon, let alone proposed “cures” that demonstrably work to prevent it, as opposed to “cures” that have demonstrably brought on more of the same. So you’re just another more of the samer, which, figures.
…beyond the Birchers’ worst nightmares.
is the last part of my last.
We’re going to come out of it.
Your normalcy bias is showing. The ship has already hit the iceberg: it’s just a matter of when the water starts pouring into all there rest of the compartments.
Could be any day now, any month, any year. When the ship tips vertical, be in a safe place with lots of canned soup, is all I’m saying.
sdferr – it never occurs to the likes of meya and its leftist statist ilk that their cures could/will perpetuate or worsen the problem they are trying to fix.
“…the problem they are trying to fix.”
It may be that the apparent “problem” is a mere misdirection and not the focus of their attention at all, so no wonder. Power and its acquisition fits the data far better. And bonus, they will often tell us so.
Also in the “we’re screwed: we just don’t know by how much” folder, apparently there are some satellite images being released by Goddard that purport to show “sunglints” off the oil slick but that probably are not. Anthony Watts is on the story, providing this shot and larger story on what is oil and what ain’t.
I’ve got a friend who is an executive at BP in Houston. I asked him if the MSM were getting the coverage right, and he responded thus (reproduced with his permission):
I asked if the drilling were being done so far out in the water because of offshore regulations, and he said
So.
meya always hated on the right for all the institutional eevill. Good times, good times.
It would appear that mendacious meya is a dishonest partisan.
We’re in an economic contraction caused almost entirely by federal government manipulation of the financial markets, so the solution is more federal government interference?
Really?
I think the finance bill is a blessing in disguise. The more we stifle the economy now, the less distance there is to fall when the bottom drops out.
I’m gonna start working on my Lord Humungous uniform.
the solution is more federal government interference?
The solution to the bubbles the Fed was supposed to put an end to ninety years ago is clearly more federal government interference. I mean, it’s obvious…when and where progg whim trumps reality itself. Like Washington DC.
QED³
My daughter won a spelling bee today. I bet that scares the holy hell out of Willie the racist hilljack skin fluter Yelverton who is scared shitless of brown people that spell well.
“The current contraction is cyclical. We’re going to come out of it.”
Why that almost sounds exactly like how Ric Locke pointed out of the Left – they believe that money just is or just appears somehow. All that needs to be done is have wise government mangement and use of it…
It’s all going swimmingly perfect.
JHo,
What is it that’s said of “good intentions”?
That they provide fantastic cover for bad intentions, Spiny Norman. ;o)
But count ye on the left. They of extreme prejudice against any loss of personal sovereignty. It’s the democracy in Democrat.
The Eurekalert page has already been taken down, with no explanation.
Meya and her 14 personalities seem intent on proving exactly how mendoucheous they can be.
The system will change in some radical way when the compounding debt interest of fiat reserve banking plus reckless fiscal policy can no longer be met by the artificial expansionism induced by central interest manipulation (zero percent, anyone?) plus, as last resort, the blatant policy rigging such as we see today. Heaven knows it’s not coming from growth, not with this crew in charge.
I.e., debt is growing faster than it can be serviced. About this point all the interlinked defaults naturally start breaking down, weakest first with 2 Big to Fail™ jumping last.
Sound familiar? We’re kinda at that point and the proggs had it dead wrong, not least of which was they started defending virtually criminal corporatism once it turned a nice deep shade of Democrat last November.
Feel good, does it?
At Insty I noticed that Austin Bay invites us to take the North Koreans as we might the rumored Japanese stragglers hiding in remote Pacific Island jungle, years after WW II had ended, still carrying on the struggle unawares. So with the Norks, still carrying-on the ColdWar struggle, long after its end. Oh but did it end? Or from tiny seed are might oaks born?
I bet that scares the holy hell out of Willie the racist hilljack skin fluter Yelverton who is scared shitless of brown people that spell well.
Dunno about Yelverton, but I’m pretty much terrified of ANYONE who can spell well.
Why didn’t the sheep include derivatives whick could amount to $600 triltion?
What about derivitives ? w aren’t they included in the bill? Estimates are $600trillion.Also giving the government control over who lives or dies in the market place spells disaster since the government can’t even run the post office or amtrac.Enough is enough 1/3 of the economy and 1/6 for medical reform,spells socialism at it’s worst
Pablo : “When this bill becomes law, the joyride on Wall Street will come to a screeching halt.”
So when do we get a bill that makes that happen to Washington?
Hear, hear. The only ones I want protection from are the arrogant ignoramouses in D.C..
While the spammer above is sort of funny, I’ll note that we still don’t know if banks will be allowed plain vanilla interest rate swaps. Or if the Lincoln amendment will survive committee. Plenty of uncertainty remains.
I would also like to put in my order for a Squid Brand Lord Humungous uniform. I will also take one of those cool boomerang things with the blades attached if you have any in stock.
Fresh out of razor boomerangs, but I think I have a couple of Glaives in the back. Not the one Jesus used in South Park, though. That’s one’s MINE!
Mad Max is the only movie that showed you what really happens when you put razor blades on boomerangs.
A cylical cycle that doesn’t go up and down. Yeah, that’s the ticket.
You know what isn’t cyclical? Stupidity.
Meanwhile:
Fuck.
Curing boom and bust is their Moby Dick B Moe:
You can have rain without thunderstorms, too. But you can’t have unicorns without horns.
Just won’t do.
Fuck Scott Brown.
BMoe – that thingie’s stupidity is a constant. No boom or bust there.
the intertube boom
#59
When you have no idea what you’re talking about, you should quit talking.
I mean,like the the July noonday sun shining off the newly polished chrome bumper, your idiocy is.
#14
It’s that Yeats asshole.
William Butler Yeats (1865-1939)
THE SECOND COMING
Turning and turning in the widening gyre
The falcon cannot hear the falconer;
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity.
Surely some revelation is at hand;
Surely the Second Coming is at hand.
The Second Coming! Hardly are those words out
When a vast image out of Spiritus Mundi
Troubles my sight: a waste of desert sand;
A shape with lion body and the head of a man,
A gaze blank and pitiless as the sun,
Is moving its slow thighs, while all about it
Wind shadows of the indignant desert birds.
The darkness drops again but now I know
That twenty centuries of stony sleep
Were vexed to nightmare by a rocking cradle,
And what rough beast, its hour come round at last,
Slouches towards Bethlehem to be born?
Fuckin’ poets.
It doesn’t even goddamn rhyme!
Al Capone used to be very concerned with providing protection, too.
I liked this comment on a thread at Belmont Club.
Seems to sum it up well, and not just overseas.
The same one?
Not.
Slarti – it really does just like to make shit up.
[…] Trout Fishing in America, post script […]
Nope not the same one. One involved credit to vaporware and nose-ring.com companies that promised lots but produced little. The second one came about due to real estate speculation and shenanigans. They were separated by about 10 years.
My that was easy.
I think I see where the problem lies.
maya thinks she’s part of the 30% of the population what thinks it’s smarter than everyone else and therefore needs to tell the other 70% what they need.
Where in fact she’s somewhere near the middle of the 70%.
I ,on the otherhand, is wicked smart.
[…] Trout Fishing in America, post script […]
[…] Trout Fishing in America, post script […]