Obama: GOP enabled "era of greed"

[bobthedrummer]

Source: Craig Gilbert Milwaukee Journal-Sentinel

Deriding opponent John McCain as a late convert to regulating Wall Street, Barack Obama used his speech here Monday to try to burnish his own reform credentials, vowing that as president he would attack abusive practices in Washington, from no-bid contracts to revolving-door lobbying.

Read more: http://www.jsonline.com/story/index.aspx?id=797605

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Here in Green Bay there was a fired-up, sharp delivery that struck home with the people-not captured in Mr. Gilbert's article. Obama got much more specific as to what he intends-most of all there was a repeated populist rapport as our next POTUS stressed the need for change came from the people and recalled the reform and progress that originated historically from the Wisconsin Plan. He has heard the voice of the people, that voice was strongly restated in his speech.

He was impressive today. He tore up the characteristics of greed from the Great Depression to Reagan to the Decider.

[berni_mccoy]

1. Boooyah! GOBAMA!

[bronxiteforever]

2. k & r

[unblock]

3. typo alert: late convert to regulating, not DEregulating, wall street

[bobthedrummer]

4. Done-thanks!

on edit-Obama also has been calling the crisis "a crisis" for some time...

[The Backlash Cometh]

5. Without question. He keeps talking like that, he might shame a few of the good ones.

[HopeHoops]

6. The GOP didn't "enable" it, the GOP CREATED IT!

[crossroads]

7. You got that right! Go Bama! nt

CR

[Tempest]

8. Something I found in Usenet a while back

Had he been successful, President Clinton would have brought the following reforms:

1) Stopping Auditor-Consulting Conflicts by Accountants

In 2000, Clinton Securities and Exchange Commission Chair Arthur Levitt, Jr. proposed regulations to prohibit accounting firms from simultaneously serving as consultants and auditors. Arthur Andersen and other accounting firms mounted a massive lobbying campaign against the Clinton-Levitt regulations, killing them. *The lead lobbyist for the accounting firms was Harvey Pitt. After being sworn in as President, George W. Bush named Pitt chair of the Securities and Exchange Commission. *

2) Greater Disclosure of Energy Derivatives

In 1997, Bill Clintons Commodities Futures Trading Commission Chair Brooksley Born proposed greater regulation (by way of more stringent disclosure) of energy derivatives, the key financial instrument in Enron's Ponzi-scheme empire. Her proposal was beaten back by House Republicans, including then-House Banking Committee Chair Jim Leach (R-IA) who scolded her for two hours at a hearing.

3) Oversight of Energy Traders

In 2000, William Rainier, Born's successor as chairman of the Commodity Futures Trading Commission, told Congress that he was "deeply concerned" about a bill to exempt energy trading from CFTC review, noting that those who trade energy derivatives were not subject to any other oversight. Rainer's objections were largely ignored by the Republican-controlled Congress, and the exemption, heavily backed by Enron, became law.

4) Cracking Down on Tax Havens

In 2000, Clinton Treasury Secretary Larry Summers proposed a crackdown on tax havens such as those used by Enron. With the US co-chairing the OECD's Forum on Harmful Tax Practices, Summers crusaded for a crackdown on money-laundering and tax havens. His proposal was opposed by the GOP Congress. When the Bush Administration took office, Treasury Secretary Paul O'Neill abandoned Summers' crusade, telling the Wall Street Journal, "The government has not been respectful of the cost it imposes on society." The New York Times reported that Bush's top economic adviser, Lawrence Lindsey (a former economic adviser to Enron) also opposed efforts to crack down on tax havens.

5) Protecting 401(k)s

In 1997: Sen. Barbara Boxer (D-CA) proposed banning investment of more than 10 percent of the total 401(k) plan in the employer's stock--the maximum that investment experts recommend a person sink into any company. The GOP Senate watered down her bill so much it no longer applied to any corporation in America;

6) Protecting Investors and Shareholders

On December 20, 1995, President Clinton vetoed the Public Securities Litigation Reform Act, which would have restricted lawsuits against corporation accused of securities fraud. In his veto message, Clinton presciently noted that while he supported the notion of reducing frivolous lawsuits: "I am not, however, willing to sign legislation that will have the effect of closing the courthouse door on investors who have legitimate claims. Those who are the victims of fraud should have recourse in our courts. Our markets are as strong and effective as they are because they operate -- and are seen to operate -- with integrity. I believe that this bill, as modified in conference, could erode this crucial basis of our markets' strength." The GOP Congress overrode Clinton's veto.

Wendy Gramm, wife of Texas Republican Senator Phil Gramm also aided Enron's rise to power. As the lame-duck chairwoman of the Commodity Futures Trading Commission, she pushed through a key regulatory exemption on Jan. 14, 1993, six days before Clinton took office. Five weeks later, she joined Enron's
board of directors.

The exemption was passed over the objection of the Clinton administration.

[Yo_Mama_Been_Loggin]

9. GOP means

(Gordon) Gecko's own party. Yon know, Mr. Greed is good.

[Maeve]

10. locking--LBN rules

4. When posting articles, always use the published title of the article as the title of the discussion thread. Additional information may be included in a thread title (in parentheses) if it helps to make the title more clear.

Actual title is "Obama says he'll bring reform to Washington, Wall Street"

Thank you.