POLITICAL PARTY POOPER

WE WON'T BE SAFE WHILE POLITICAL PARTIES ARE LEGAL

The Audacity of “Nope”: Republicans Seek Payback from Wall Street for Opposing Regulation

Posted by politicalpartypooper on February 4, 2010

Plutocracy

Blatant Plutocratic tendencies are being revealed in Republican attempts to collect a payback from Wall Street for opposing new Federal Regulations.

Last week, House Minority Leader John Boehner of Ohio made a pitch to Democratic contributor James Dimon, the chairman and chief executive of J.P. Morgan, over drinks at a Capitol Hill restaurant, according to people familiar with the matter.

Mr. Boehner told Mr. Dimon congressional Republicans had stood up to Mr. Obama’s efforts to curb pay and impose new regulations. Wall Street Journal

Call it a payback, or pre-bribe work, it makes no difference.  It’s just more evidence of a Republican plot to form their idea of a more perfect union; a Plutocracy.  The audacity of  the Republican Party in demanding more contributions for standing in the way of reform that could help AMERICA avoid another economic collapse is astounding.  Yes, Astounding audacity.  The Audacity of Nope.

Through the first nine months of 2009, about 54% of donations from Bank of America Corp.’s political action committee and employees went to Republicans, according to campaign-finance data compiled by the nonpartisan Center for Responsive Politics. That was a switch from the 2008 campaign, when 56% of the company’s donations went to Democrats. Shirley Norton, a BofA spokeswoman, said it doesn’t base PAC donations on party affiliation. Wall Street Journal

Of course you don’t, Shirley.  You base your donations on whoever is easiest to bribe.  Thanks for allowing me to complete that thought for you.

Now, here is where it gets muddy.  We’ve seen this before.  The Republican demand for compensation looks bad, it looks crooked, it looks like they are totally owned by Wall Street.  But we all know how they will spin this.  “The Republican Party is the only thing standing in the way of a government takeover of Wall Street and American Banks.”

The words “Government Takeover” are synonymous with irrational American fear.  It’s just Republicans calling a two hundred year old Party “Communists”.  Funny how that Party has had two hundred years to complete their Communist takeover, and here we are, still a Democratic Republic.  Not funny is how their tired, old line is still effective.

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16 Responses to “The Audacity of “Nope”: Republicans Seek Payback from Wall Street for Opposing Regulation”

  1. Jonah said

    Yes let’s conveniently forget facts:
    WASHINGTON (AP) — The Obama administration says it is removing the $400 billion financial cap it will provide to Fannie Mae and Freddie Mac to keep the mortgage giants from failing.

    Treasury Department officials said the cap will be replaced with a flexible formula to ensure the companies will have all the government support needed to stand behind the billions of dollars in mortgage-backed securities they sell to investors.
    (Copyright 2009 by The Associated Press. All Rights Reserved.)

    Date: Saturday, April 1 2000
    FANNIE MAE CHAIRMAN AND CHIEF Executive Officer Franklin D. Raines has pledged to help shrink the nation’s homeownership gaps through a new 10-year, $2 trillion “American Dream Commitment” to increase homeownership rates and serve 18 million …..

    On December 21, 2004 Raines accepted what he called “early retirement”[4] from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He is accused by The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses.

  2. Jonah said

    Who created the mess? Own up to it folks. ( and no, it was wallstreet… )

    • politicalpartypooper said

      Jonah,

      I have never said that Fannie and Freddie aren’t also responsible. That date of April 1, 2000 came with a Bush White House and a Republican Congress. But Wall Street lapped up the securities behind these mortgages, created a new security called Credit Default Swaps, which they lobbied Congress heavily to keep unregulated. It was those CDS sold by AIG that almost brought our economy to its knees. AIG had sold more insurance by far than it had cash to cover. And Wall Street believed that CDS allowed their buying of mortgage tranches to become risk free.

      There is more than enough blame to go around for both Parties, and for banks (Fannie and Freddie included) and Wall Street. And what is most sickening is that to date, the people who caused this shitstorm are the only people who were helped by our government. Wall Street and banks are STILL collecting or pursuing on mortgages that the Fed bailed them out of, while the poor citizens who are behind on those mortgages are getting no help whatsoever.

      • Jonah said

        Bush wasn’t elected until November, 2000.

        It was those CDS sold by AIG that almost brought our economy to its knees????

        Give me a break, what were these underwritten with? That’s right LOSER loans..
        Wallstreet thrives on winners and losers. To blame the beast for devouring lambs
        at it’s feet is being totally seperated from natural laws.

        Really tired of hearing this “There is more than enough blame to go around ..” bullshit, especially when Republican hater bashers are confronted with reality checks. Bob needs it daily, freaking child.

      • politicalpartypooper said

        Sorry, i was wrong about the Bush thing. Still, Repubs WERE in charge along with Bill “I can’t find my cigar” Clinton.

        Now, on to the LOSER loans. By that, I assume you mean loans for poor people who probably couldn’t afford the mortgage in the first place, right? Come on, Jonah, you know better than to go down that route. You know full well that no loan is approved unless an underwriter approves it, according to bank lending guidelines. “Losers”, as you so eloquently put it, do not make the rules, they only play by them.

        And actually, Jonah, those AIG CDS’ were, in the end, underwritten by nothing. CDS is an insurance product; it has nothing to do with the actual loan. AIG was betting that those mortgage tranches were decent, and was collecting huge premiums for their guarantee of very large mortgage tranches.

        Incidentally, CDS’ are STILL, incredibly, for sale! Without regulation!

      • Jonah said

        You just wrote this:

        “Love being robbed by your elected officials and big bank? Are you enjoying watching your Republican masters protect the very people that fried our economy?”

        I once thought you had some credibilty.

        Who is get a $100 Million bonus? Care to tell us?

        It’s most like distributed to amongst the 1,000’s of workers.

        Drinking Bob’s dram juice?

      • Jonah said

        Treasury Department officials said the cap will be replaced with a flexible formula to ensure the companies will have all the government support needed to stand behind the billions of dollars in mortgage-backed securities they sell to investors.

      • politicalpartypooper said

        Jonah,

        Lloyd (just call me Lord) Blankfein of Goldman Sachs is considering giving himself a $100 Million dollar bonus. The actual overall company bonus is far, far, far larger.But Jonah, if just the top fifty in that company receive a total of $1 Billion in bonuses, and there are maybe 800,000 invetsors, how much would that kind of money be worth to each investor? I’ll do the math for you. It’s $1250.

        Like I said, criminal theft, and it’s been going on for decades.

      • Jonah said

        who forced banks to make these losing loans?

        And what do you mean by ” you know better than to go down that route”?

        When I say Loser I mean HIGH RISK.

        Sheeesh

      • Jonah said

        BTW, Credit DEFAULT Swap, guess what they were betting on ….

      • Jonah said

        Apparently you find the guys of Google are guilty of criminal theft too….

    • Jonah said

      PPP, the government payed wallstreet some hush money.

  3. Jonah said

    * ( and no, it wasn’t wallstreet)

  4. Jonah said

    Speaking of Bonuses, perhaps you haven’t thought through the fact that for every 1 Million Dollar bonus, the federal government gets $250,000 of it, the state (NY) gets $100,000 and the city (NYC) may get up to $50,000 of that ‘greedy’ bonus. We all know the governments worked hard to earn that coinage.

    • politicalpartypooper said

      And perhaps you’ve thought through the fact that those bonuses are profit earned by SHAREHOLDERS, not by executives…making those bonuses at best nefarious, and at worst, criminal theft.

      • Jonah said

        Yet government spends $700 million an hour of the american peoples present and future profits, with nearly a sigh from you.

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