Financial overhaul bill gets wary reception

[NeoConsSuck]

Source: Yahoo

WASHINGTON (AP) -- An Obama administration plan to dissolve large, struggling financial firms rather than bail them out is encountering Republican resistance, Democratic doubts and only qualified support from regulators.

At a House Financial Services hearing Thursday, lawmakers from both parties worried that the proposal would give regulators and the executive branch unprecedented power.

"I'm not a man that fears this administration or you," Rep. Paul Kanjorski, D-Pa., told Treasury Secretary Timothy Geithner. "But I do fear the accumulation of power exercised by someone in the future that can be extraordinary."


Read more: http://finance.yahoo.com/news/Financial-overhaul-bill-gets-apf-3530908886.html?x=0&sec=topStories&pos=main&asset=&ccode=

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Obama has great ideas. It is too bad he is being sabotaged by people in his own party. Just as his plans for health care were watered down by the Blue Dog traitors, you can expect the same from this group to protect their banking friends.

[pattmarty]

1. Exactly when then, do we start to hold "Bill" Obama accountable for the economy, healthcare, etc???

[AllentownJake]

2. The FDIC Chairwoman had a point

Focusing the power in the Treasury and the Federal Reserve might not be the best idea.

[Frank Booth]

7. Yeah, but it's still better than focusing the power in Wall Street,

like it is now.

[GreenTea]

3. That's what happen to Clinton, his own party was the majority & fought him at every turn....

including health care for all....and that's when the republicans moved in after two years later of Dems fighting Clinton the republicans took over the majority for the next 14 fucking years....Dem's just don't learn or care about their mistakes they always fight each other instead of moving along with progressive legislation.

[high density]

4. Forced liquidation sounds fine to me

Too big to fail needs to end. I don't see how this is any worse than FDIC closing troubled banks. I have seen no such concern about the FDIC's current powers and there is nothing wrong with expanding it to wind down larger financial firms as well. The status quo simply can't stand. We can't afford it, and we know big business is going to continue to abuse this socialized losses/privatized profits system unless it is changed.

[earcandle]

5. How can we help Obama?

Get rid of the Blue-dogs, now that we know they are there, and
who they are! 
When are they up for re-election?  Or can we recall them?  Or
impeach them? 

[Psephos]

6. So the answer to concentrated power is more concentrated power?

Treasury Dept. isn't exactly inspiring a lot of faith in me these days.

I'd like to see a different approach. This one seems half-designed by the corporatists it deems to "regulate" and half-designed by those who have been handling public business with no transparency.

TARP has soured me deeply. Who even knows what's off the books and behind the doors in Treasury's backing of esoteric swaps and derivatives?

[optimator]

8. more good cop bad cop bullshit

none of these people have any intention of reforming anything