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Frank Dodd Act is Dodd Frank Act

Tuesday, July 6th, 2010

A 2000 page bill that calls for more than 350 regulatory rule-makings, 47 studies, 74 reports will cause major uncertainty, making it harder for business to raise capital, make investments and ultimately create new jobs going to be called either the Frank Dodd Act or the Dodd Frank Act. Source: Tom Donohue, President and CEO, US Chamber of Commerce

What we call this bill is very important, since the bill does nothing to help regulate financial markets. Giving it the proper name is, frankly, more important than making it law. If we could just skip the ‘making it a law’ part, well that would be great.

Frank and Dodd, the financial geniuses behind Freddie and Fannie Mac, didn’t bother to do a cost-benefit study on the effect on end users. If Dodd-Frank passes the Senate, U.S. companies could be forced to put up an additional $1 trillion in collateral to continue using derivatives to reduce their business risk.

It’s not like there was never a discussion on collateral requirements, there was and it was soundly rejected. Congressman Barney Frank and Senator Chris Dodd pulled an all-nighter to finish the bill before an arbitrary political deadline set by the White House. At 5:08 a.m. on Friday, June 25, the bill passed with the added $1 trillion cost to American businesses who have any dealings with derivatives.

The bill, frankly, is a bill of A Trillion Unintended Consequences. The treasurer of FMC Corp, a chemical manufacturer, said his firm will have to put up $1.5 billion in collateral, which means they can’t spend that cash on building plants and hiring workers.

“The Dodd-Frank Act is an Empty Effort at Financial Reform”
Congressman Kenny Marchant (TX-24) issued the following statement after the House passed the “Dodd-Frank Act” (H.R. 4173), which fails to reform Fannie Mae and Freddie Mac and will place more unrestrained power in the hands of irresponsible regulators.

“Today House Democrats chose to ignore the root causes of our financial meltdown and plowed irresponsibly ahead with an empty, politically motivated effort at “reform” that will continue to thwart our economic recovery. I, along with many of my fellow Republicans, am a staunch advocate for meaningful reform. However, this bill offers no such thing. A majority of its 2,300 pages are hollow and superfluous powers, and the rest takes punitive measures against those who had nothing to do with the financial crisis.

“While the risky behavior of those in the subprime mortgage industry infected the lion’s share of our financial sector, the regulators were asleep at the switch. Unfortunately, it is these very same regulators–many of them now top economic officials in the Obama administration–who are the real ‘winners’ in this bill.

“The American people would be well served by subjecting large financial institutions to structured bankruptcy proceedings. Instead, the Dodd-Frank Act institutionalizes ‘too big to fail.’ The American people would be well served by reforming Fannie Mae and Freddie Mac. Instead, we ignore them entirely and give them unlimited access to taxpayer money – a cost that could reach $380 billion. The American people would be well served by instituting an exacting standard for regulators. Instead, we just create more of them. Perhaps most importantly, the American people would be well served by implementing policies that empower businesses large and small to create jobs and spur economic growth. Instead, we penalize community institutions with burdensome changes to capital requirements, penalize large institutions with nearly $6 billion of increased FDIC premiums, and penalize non-financial institutions with limits on their ability to manage risk.

“This bill does not best serve our constituents. While they are demanding Congress to reign in spending, this bill hikes taxes and makes bailouts permanent. As a proponent of limited government, we must force the private sector to pay for their own mess through traditional bankruptcy rather than strap it on the backs of American taxpayers. Despite the vigorous opposition of the bill, Democrats continue to pass partisan legislation and ignore the voice of the American people.”

Where is the media on all of this today? Well if you are the Wall Street Journal, other financial news service, or a blogger, there are plenty of articles.

But if you are with the main stream media, you get no balanced news just one short story on Obama getting his way:

CBS News Reports:

Obama: Financial Reform Deal Has 90 Percent of What I Proposed

‎NBC News:

A search on NBC news on this bill results in no stories.

ABC News:

A search on ABC news on this bill results in no stories

Here are other great stories on the Dodd Frank Act:

Forbes: banks aren’t pleased.

Atlantic: 5 Ways Lobbyists Influenced the Dodd-Frank Bill

Washington Independent: Final Count: FinReg Orders 68 New Studies

Free Enterprise: Financial Regulation Bill Lacks Real Reform

Financial Times: Dodd-Frank bill is no Glass-Steagall

Other interesting read:

Introducing MyHold iPhone Application for SMBs

Uncovered Historic Event: United Democrats Fail to Pass Budget

Tuesday, June 15th, 2010

Harry Reid flashes his Message to all Americans

During an appearance Sunday on ABC’s This Week, Congressman John Boehner said Washington Democrats’ job-killing spending spree has gotten so out of hand that the Democratic-led House will not even pass a budget this year, which would be a first in the modern era.

This is the first time in decades that a single party controlled both houses of congress and the executive branch. This is also the first time since grandpaw was born that there will likely be no budget resolution. So where is ABC? The story was broken by 8th Ohio District House Republican Minority Leader Boehner, yet I see no reporting other than what was said on This Weak, I mean This Week.

Where are the newtorks? Where is the Clinton News Network (CNN)? Where are the white anchors over at  MS-LSD? too busy with figuring out how to get high off the oil fumes? And where is the Can’t Believe Shit (CBS) News? Busy with DRT -Dan Rather Training- on just how make up the news?

I know where they are. The are reporting on just how bad Big ‘BP’ Business really is. Yes, big business killing people will always trump boring stories about taking care of our tax dollars. Never mind that Big, Partisan Government not only is misspending our money, big government has a major fiscal responsibility that it isn’t living up to.

The same money that will be used to fund many things that we the people don’t want funded.

But just how much of what we don’t want is getting funds? How will the government operate without a sound budget? The world may never know. Just like how many licks it takes to get inside of a tootsie pop.

And the Main Stream Media just drives by without a care.

Stupid is what stupid reads.

Only 1 Side of the Tea Party Story on the TV News

Thursday, April 15th, 2010

What do the tv networks ABC, CBS, CNN and NBC all have in common? They all only tell one side of the tea party story. Never has the media been so biased against protesting Americans. Generally the Media covers protests from the protesters point of view. Not when it’s conservatives protesting. Conservatives have never protested before (that I can remember), so the media is in full defensive mode.

According to a recent article by Media Research Center, the networks first attempted to dismiss the Tea Party Movement, that didn’t work. By the fall of 2009, all the networks shifted to disparaging the Tea Party.

Yes, the Media is Biased against Conservatives

Bias against Black Conservatives
They’ve been called Oreos, traitors and Uncle Toms, and are used to having to defend their values. Now black conservatives are really taking heat for their involvement in the mostly white Tea Party movement — and for having the audacity to oppose the policies of the nation’s first black president.  Full Story on Black Americans being treated poorly due to their conservative values: http://www.onenewsnow.com/Politics/Default.aspx?id=963644 Where is the NAACP? The ACLU?

Bias against Women Conservatives
Free Speech isn’t free for Conservative Women. Conservatives are not granted the same Free Speech Rights as Liberals. Why is it that one side can shout down another? Full post: Free Speech isn’t free for Conservative Women Where are teh Women’s Rights groups? Where is Change.org?

Bias Against  All Conservative in The Tea Party Movement on ABC, NBC, CBS and MSNBC
ABC’s Diane Sawyer cast Tea Partiers as out-of-control marauders, “roaming Washington, some of them increasingly emotional, yelling slurs and epithets.”

CBS’s Bob Schieffer also cast a wide net, accusing “demonstrators” of hurling “racial epithets” and “sexual slurs,” and even conjured images of civil-rights era brutality: “One lawmaker said it was like a page out of a time machine.”

NBC’s Brian Williams trumpeted Jimmy Carter’s charge that the Tea Party was motivated by race: “Signs and images at last weekend’s big Tea Party march in Washington and at other recent events have featured racial and other violent themes, and President Carter today said he is extremely worried by it.”

MSNBC’s Keith Olbermann proves that he is a racest by asking the question, Is it a Tea Party or a White People’e Party?

[youtube=http://www.youtube.com/watch?v=hMdPTpOyUk4]

Read the MRC’s Special Report here: TV’s Tea Party Travesty

Thanks Fox for your unbiased reporting on the Tea Party’s!

Other Suggested Reading:

Al Gore Thaws to Spin new Fictional Global Warming Yarns

Chris Matthews *Hearts* Sarah Palin?

Saturday, January 16th, 2010

Chris Matthews Sarah PalinLike most of the rest of the country, I don’t watch NBC and I don’t think I have since “Friends” went off the air. Heck, until this week, I didn’t even know Conan O’Brien had taken over “The Tonight Show.”  I used to watch “Sunday Night Football,” until they added Keith Olbermann to the mix, and then I decided six hours of football was enough for one day. And I certainly don’t watch any of their “news”/political programming. I can’t even tell you where the network’s  liberal little sister, MSNBC, falls on my cable channel line-up or what time that show with that one chick who kind of looks like a mix between my 8th grade gym teacher and Anderson Cooper comes on. But what I can tell you is this: Chris Matthews has got to be one of the most vile human beings on earth.

What does one person have to have happen in their lifetime that makes them become so angry and hateful? I don’t watch “Hardball,” but it seems as though Matthews makes some other network’s  headlines every other day by putting someone down, taking things out of context and just flat-out lying about people he obviously doesn’t like or want to understand. This week alone, Matthews has gotten his thrills by by putting words in Rush Limbaugh’s mouth and calling tea party attendees “racists,” and obsessively calling Sarah Palin stupid and out-of-touch. 

I have to admit, I find his obsession with Sarah Palin kind of strange since she seems to be the person most likely NOT to give him a tingle up his leg.  But after watching a few clips from his shows, I’m willing to bet she gives him a tingle somewhere else.  Seriously, if you find someone to be such a waste of space, why would you spend the precious minutes of your national television show putting them down? We know it’s not for the ratings; Matthews bashes her consistently and has for the last year and a half, but as of the end of December, he was averaging, oh, about 58,000 viewers and  his numbers seem to be steadily declining. 

So, what did Matthews have to say this week?  First of all, upon announcing Palin had signed on to be a Fox News contributor, Matthews asked, “How can she be a pundit? She doesn’t know anything.”  Don’t worry, Chris, most of us wonder the same thing about you.

But on Thursday, after Palin appeared on Glenn Beck’s show (a show that coincidentally attracted over three million viewers; how many times does 58,000 go into three million?), Beck asked her who her favorite Founding Father was. Palin answered the question by essentially saying “all of them” and explaining why she said that, but eventually said she favored George Washington. Of course, this answer wasn’t good enough for Matthews, who if I had to guess, probably hates all the Founding Fathers for, ya know, founding this horrible country. He insinuated that Palin had no idea what she was talking about, that she was totally clueless on American history, and this is what makes her so darn out-of-touch. Yes, because when I think of out-of-touch, unpatriotic Americans, Sarah Palin is the first person who comes to mind.  Matthews said,

“You know in school when you didn’t read the book and you had to answer the essay question of the book and you hadn’t read it. “I thought the book was interesting at times, sometimes it was boring but a lot of it was very interesting.” The book you didn’t read. That’s her story. America is the book she didn’t read and yet she’s running around the country as this patriotic icon of American what? She doesn’t know us.”

Earlier in the week, Matthews took several other shots at Palin, while interviewing the authors of the book Game Change.  He had lines like, “Is it possible that her head was really that empty?…Has she ever taken an SAT afternoon exam,” “don’t put her on Jeopardy,” and something about “neo-cons” taking a “cruise to Alaska” where Palin was “standing at the docks with an empty head saying, ‘I’m willing to say what you want me to say.’”

I really don’t get why Matthews is so obsessed with her. As I said, it’s not like it’s helping his ratings. And I can’t think of any other single political commentator who appears to have such a need to constantly put down a person who doesn’t even hold a political office anymore and hasn’t in six months.  George W. Bush not withstanding.  Sure, people like Beck and Limbaugh are constantly picking on Obama, but um, he actually has the power to do things that affect their lives. Is he threatened? Is he jealous? Is it some sort of weird pent-up sexual energy (hey, if the POTUS gives him tingles, you never know). Maybe it’s a little bit of all the above, but I can’t help but picture Matthews, sitting in his home at night, cutting out articles and pictures of the former governor and taping them to his wall like some sort of crazed lunatic.

Here’s my advice to Matthews:  instead of focusing so much energy on someone who is essentially a private citizen, someone you, yourself, have dubbed unintelligent and irrelevant, how about focusing on the people who do matter?  When questioned about your biased reporting, you said, “My job is to help this country.”  How do you help the country by making the same old tired jokes about Sarah Palin? Don’t you owe your viewers more than letting on how much she gets under your skin?  Or are you such an elitist jackass that your show is not about helping this country or your viewers, but helping your self-centered agenda?