Why has not one regulatory bill on the financial industry been proposed by the President?

[AllentownJake]

That is my number one question tonight.

[w4rma]

1. Obama's *entire* economic team are Wall Street hacks and DLC Rubinites. (nt)

[AllentownJake]

4. I'm thinking that's the answer to my question.

[Pirate Smile]

13. It is not.

[Ilsa]

2. I bet that will be the next order of business after he gets them "signed up"

for the bailout plans he wants. Re-regulation shouldn't have any strings attached.

[democrat in Tallahassee]

3. He's trying to stabilize things first. Then the regulations come.

That's what was just on Keith's show.

[AllentownJake]

6. So he's doing the opposite of FDR

Lets see how this plays out.

I'm sure once things have stabilized there will be a clamoring from wall street and the people for re-regulation

:sarcasm:

[Thrill]

5. Give the guy a little time to put it together. They've been working on the budget

The Financial Plan, Getting the Stimulus flowing, The foreclosure plan, etc....And he's been in office only two months. Jeesh

Regulation is something that should be thought out and rolled out accordingly.

[Median Democrat]

7. Regulatory Proposals Will Be Announced Tomorrow

I know some folks would have preferred regulations, then bank rescue plan.

[AllentownJake]

9. Well if its tommorow I'll shut-up

[Median Democrat]

15. Wait, I Was Wrong...

Its on Thursday...

http://www.google.com/hostednews/ap/article/ALeqM5i3Sr_SXzLPArFp1hMJVV81ERTwEAD973U4M03

/snip

Geithner to outline financial reg plan Thursday
5 hours ago

WASHINGTON (AP) — The White House says Treasury Secretary Timothy Geithner (GITE-nur) will visit Capitol Hill on Thursday to start outlining President Barack Obama's plans to update financial regulations.

White House spokesman Robert Gibbs said Monday the administration hopes to have regulatory legislation in place by the end of the year. Gibbs says those regulations are important to help stabilize the global market.

When asked about the White House's timetable for outlining its plan for financial regulations, Gibbs announced Geithner's testimony.

Gibbs says he isn't sure if Geithner would testify in the House or Senate. Geithner faces critics in both chambers.

/snip

[AllentownJake]

42. I'll keep my mouth shut on regulation till Thursday

and as a former compliance person in the financial service industry I'll be reading it with great interest.

[Kurt_and_Hunter]

8. I'll take Obama's side on this one...

It wouldn't make any sense to propose new regulations when not one person alive knows what the banking system will look like in three months.

And most of the lapsed regulations wouldn't be regulating much of anything right now so there's no pressing need.

(Not much financial excess right at the moment.)

Ask again in a year and I'll be with you.

[AllentownJake]

14. My fear

is that if things are stabilized than the political will to regulate Wall Street again will disapear over night. Once things stabilized in the 90s recession regulation actually was reduced.

[Kurt_and_Hunter]

46. As a practical matter, I certainly agree

[high density]

10. Damn people, why assume Obama is so fucking stupid?

Regs are coming. Right now the idea is to keep the financial industry in business.

[Hansel]

28. They're still traumatized by 8 years of Bush.

They'll get use to having a president with a brain eventually.

[AllentownJake]

32. I don't give a shit how smart he is

He is going to make mistakes appoint the wrong people, and take some bad advice.

I only know this because I spent 8 months on his campaign and not every decision made on there was awesome!

[high density]

36. Hold up! Nobody knows if this is a mistake or not

There is lots of hypothetical garbage being thrown about. Nobody can determine if this is a mistake until we try it. You just can't assume this is an error because we're in uncharted territory. People can say it's terrible and it's not what they want done, but that doesn't mean it's a mistake.

[Thrill]

47. So what? He said there would be mistakes. The guy never made himself out to be perfect

[AllentownJake]

48. So its ok to disagree with him and think a policy he's about to implement is a disaster

yet still like the guy?

[Thrill]

49. Sure. But quite frankly no one knows if its going to work or not

Considering the problem is like nothing we've ever seen before, as well as the potential solution

[Uzybone]

11. Arent you the one looking for some GOP cover on the bank plan

now you wonder why President Obama hasn't introduced a regulatory bill while we have a financial crisis. Which one is it? Do you want him to have GOP cover or would you rather see long drawn out legislative fights while the house burns down?

[AllentownJake]

16. I'd rather see the regulation as part of the damn plan if we aren't getting any GOP cover

But since it looks like we are giving away the farm with no political cover why don't we wait to the banksters have gotten out of their mess and than propose to them we regulate them. I bet they'll be so greatful they will write strict regulations on themselves for us.

[Pirate Smile]

12. It is coming before or at the G20. It is kind of complicated.

The Treasury are just kind of slackers who haven't proposed many major plans in the past two months - unless you count the plan to help refinancing and prevent foreclosures, the Recovery and Reinvestment Act, TALF, the small business lending plan and the toxic asset plan they unveiled today.

I know some people think they can snap their fingers and complex legislation and regulations just appear but I guess it actually takes some time and hard work. It has been TWO months.

[AllentownJake]

18. FDR seemed to have some ideas right away

[Pirate Smile]

24. FDR took office in March 1933, not January AND the stock market crashed in 1929, not four

months before he was inaugurated. But I'm sure this is really just because Obama sucks so much and is all about getting Wall Street fat cats and Bankers rich. He has shown that throughout his entire life.

edit to add - Obama mentioned re-regulating the financial system long before everything took a more precipitous descent in the fall any way so it was in the works.

[AllentownJake]

25. I worked for the man for free for 8 months for 40 hours a week

Trust me, I'd much rather be wrong on this than right.

[Aloha Spirit]

33. ...

This is why I'm sad that Obama doesn't inspire confidence for you... edit: on this issue.
I'm thinking, if Jake who made all those phone calls and canvassed all those neighborhoods for months is skeptical, what must the rest of America be thinking right now?
And I'm pretty sure that all this talk about bank bailouts is probably tiring for them, too.
I wish Obama would come out and say..
This week, we'll be doing this.
Next week, this is what we'll be tackling.
By this date, we plan to have this and that fixed.

[AllentownJake]

45. I don't trust anyone blindly

If I look at something and I think its wrong and it isn't going to work I'll say so.

I don't think this man is perfect. I don't think he is above being influenced by the wrong people. I also believe President Obama genuinely thinks this plan will work. I however, don't. I hope he's right and I'm wrong.

[Uzybone]

26. Great points

The Obama hate is too thick around here today.

[AllentownJake]

27. Yes my problem is I hate Obama

:rofl:

[Uzybone]

30. Something is definately up

Your not the only one who volunteered for Obama. If you talk shit and make dumb points then you deserve to have them thrown back at you. The same way you are flinging shit at Obama and Geithner tonight.

[AllentownJake]

31. I'm sorry questioning the actions of my President on a message board

Is talking shit now. I don't like this plan.

I can remember only a few nights ago when I was defending him over the stupid controversy with Special Olympics.

Maybe I don't worship the man as a fucking God like some here do.

[Uzybone]

34. The worship card shows a very weak hand

only played by those without imagination and ideas. Since you worked so hard for Obama you probably have been accused of worship too, so you should know how lame it is.

Talking shit is comparing Obamas' actions 4 months into our depression to the actions of FDR 4 years into the Great Depression. Its ok to not like the plan, but some of the criticism is ridiculous.

I just read a poster suggest Obama resign because he can't nationalize the banks at his whim. Whats going on here?

[AllentownJake]

37. When I look at policy

I take the name off of the person who proposed it in my mind to see if I would support it regardless of who is suggesting it. When I look at this plan, I cannot support it.

I hope I'm wrong on this one because it will make or break him.

[QC]

41. You are an enemy of the people. n/t

[AllentownJake]

44. I wonder if I'll be followed to my secret Krugman is 45 site

:rofl:

[elleng]

19. 'Kind of Complicated!'

LOL!!! THANKS!

[FrenchieCat]

17. He is working on it....

and will have both national and international regulation, with the international part to be dealt with that the G20 summit in early April!

The administration was expected to outline its plan for financial regulation overhaul later this week.
http://www.wjla.com/news/stories/0309/606294.html

[Aloha Spirit]

20. they're working on it.. Consider this: how do you effectively regulate banks that are multinational?

That's why, I suspect, Geithner is scheduled to speak before the Council on Foreign Relations on Wednesday.
He's also scheduled to present details of plans for regulatory reform to the House on Thursday..
I hope this reassures you a little.
Today's announced plan is just part of their plan for recovery, and regulatory reform, it looks like, will be given attention next!
Time to set C-Span to record ;-)

[AllentownJake]

21. I hope I'm dead wrong about this Geithner fellow

That is all I have to say.

[FrenchieCat]

22. I just think you are mistaken as to who is truly in charge.

I got a hunch it really is this guy!

[AllentownJake]

23. I'm not doubting he's in charge

However, he is fallible. Just because your smart doesn't mean your not capable of taking bad advice from other smart people.

[FrenchieCat]

39. Well, he has staked his presidency on it.....

so, I don't think he would do that if he wasn't thoughtful about what he was doing.
But underestimate him; most do.

[AllentownJake]

40. Why do people assume a disagreement over policy is underestimating him

[Traveling_Home]

29. Spitzer said there were enuf regulations ....

just not enuf of an enforcement attitude in the regulators.

[BlooInBloo]

35. Gawd the ihateobama people are so fucking stupid.

[AllentownJake]

38. Yes I hate Obama

That is my problem, I'm a secret PUMA troll...I played you all out well all through the primary and the General Election.

I think we both know I did more for that man than you have and will probably do more for that man in the future on the things I agree with him on.

[Jennicut]

43. Hey, its okay to be mistrustful. We went through a lot as a country in the last

8 years. Give him a chance to see what is proposed this week and then we will see what happens from there. The PUMA accusations are stupid.