Obama no longer insisting on consumer protection agency, speculative investments limit (WP)

[heli]

http://www.washingtonpost.com/wp-dyn/content/article/2010/02/24/AR2010022405573.html

Obama may compromise on consumer agency to pass financial regulation
By David Cho and Brady Dennis
Washington Post Staff Writer
Thursday, February 25, 2010

The Obama administration is no longer insisting on the creation of a stand-alone consumer protection agency as a central element of the plan to remake regulation of the financial system.

In hopes of quick congressional approval of a reform bill, White House officials are opening the door to compromise with lawmakers concerned about creating a new bureaucracy, according to congressional and some administration sources.

President Obama's economic team is now open to housing the consumer regulator inside another agency, such as the Treasury Department, though they still prefer a stand-alone agency. In either case, they are insisting on a regulator with political autonomy and real teeth so it can effectively enforce rules designed to protect consumers of mortgages, credit cards and other financial products.

The administration may also have to compromise on Obama's recent proposal for a rule to limit risky activities at banks by prohibiting them from engaging in many kinds of speculative investments. Treasury officials are preparing to send Capitol Hill a toughly worded measure that would bar banks from making certain investments that benefit only the firms' bottom line rather than their customers. But there is little support among either Democratic or Republican lawmakers for this proposal, known as the "Volcker rule," and Senate leaders are now closing ranks around legislation that would leave it to banking regulators, rather than the law, to decide which activities to ban...

[QC]

1. Hopetastic! n/t

[Captain Hilts]

2. Ain't that just grand? nt

[Individualist]

3. Changealicious!

[jgraz]

4. Yeswecangasmic!

[FrenchieCat]

5. See now that would piss me off.......

so I went to read the article.....

and now, I'm not quite as pissed as I was before I read it all....

Here's what I found there that calms me so....

President Obama's economic team is now open to housing the consumer regulator inside another agency, such as the Treasury Department, though they still prefer a stand-alone agency. In either case, they are insisting on a regulator with political autonomy and real teeth so it can effectively enforce rules designed to protect consumers of mortgages, credit cards and other financial products.

But I'm not a happy camper.

Certainly the Senate is the big problem. That is what one can certainly understand reading this WAPO article.

We shall see what happens. I'd rather not compromise in this case.

[flyarm]

8. Oh I will be so fucking thrilled that the regulations will be under treasury with Geithner in charge

whippee fucking do!!

Geither,..the protoge to Kissinger..more of the stinking rotten fox guarding the hen house..whippeee dippy doo!

Timmy boy regulating..any fucking thing..just makes me see sunshine and roses..with lots of Kool aide to wash it down!!:sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :nuke: :nuke: :nuke: :nuke: :grr: :grr: :grr: :grr: :nuke: :nuke: :nuke: :nuke: :grr: :grr: :grr: :nuke: :nuke:

Shortly after taking office..Obama asked Henry Kissinger..knick name.."The Butcher of Cambodia"..to represent his administration in Talks with Russia..

lets look as some serious connections here of Geithner , Kissinger and Obama...shall we..( edit to add: much of this i have posted many times in the past.)


TIMOTHY GEITHNER

Biography

Early life and education
Geithner was born in Brooklyn, New York.<2> He spent most of his childhood living outside the United States, including present-day Zimbabwe, Zambia, India and Thailand, where he completed high school at International School Bangkok.<3> He then attended Dartmouth College, graduating with a B.A. in government and Asian studies in 1983.<4> He earned an M.A. in international economics and East Asian studies from Johns Hopkins University's School of Advanced International Studies in 1985.<4><5> He has studied Chinese<4> and Japanese.<6>

Geithner's paternal grandfather, Paul Herman Geithner (1902–1972), emigrated with his parents from the German town of Zeulenroda to Philadelphia, Pennsylvania in 1908.<7> His father, Peter F. Geithner, is the director of the Asia program at the Ford Foundation in New York.

During the early 1980s, Peter Geithner oversaw the Ford Foundation's microfinance programs in Indonesia being developed by S. Ann Dunham-Soetoro, President Barack Obama's mother, and they met in person at least once.<8>

Timothy Geithner's mother, Deborah Moore Geithner, is a pianist and piano teacher in Larchmont, New York where his parents currently reside. Geithner's maternal grandfather, Charles F. Moore, was an adviser to President Dwight D. Eisenhower and served as a vice president of Ford Motor Company.

Early career

After completing his studies,

Geithner worked for Kissinger and Associates in Washington, D.C., for three years and then joined the International Affairs division of the U.S. Treasury Department in 1988.

He went on to serve as an attaché at the US Embassy in Tokyo. He was deputy assistant secretary for international monetary and financial policy (1995–1996), senior deputy assistant secretary for international affairs (1996-1997), assistant secretary for international affairs (1997–1998).<5>

He was Under Secretary of the Treasury for International Affairs (1998–2001) under Treasury Secretaries Robert Rubin and Lawrence Summers.<5> Summers was his mentor,<10><11> but other sources call him a Rubin protégé.<11><12><13>



In 2002 he left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department.<14> He was director of the Policy Development and Review Department (2001-2003) at the International Monetary Fund.<5>


In October 2003, he was named president of the Federal Reserve Bank of New York.<15> His salary in 2007 was $398,200.<16> Once at the New York Fed, he became Vice Chairman of the Federal Open Market Committee component. In 2006, he also became a member of the Washington-based financial advisory body, the Group of Thirty.<17>


xxxxxxxxxxxxxxxxxxxxxxxxxx

Timmy's dad :


Peter F. Geithner, is the director of the Asia program at the Ford Foundation in New York. During the early 1980s,

Peter Geithner oversaw the Ford Foundation's microfinance programs in Indonesia being developed by

S. Ann Dunham-Soetoro,

President Barack Obama's mother, and they met in person at least once



Geithner's maternal grandfather, Charles F. Moore, was an adviser to President Dwight D. Eisenhower and served as a vice president of Ford Motor Company.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


now this should alarm every true democrat on these boards!!!!!!!


and From an April post of mine here at DU: and please, don't believe me ...click the link..it was in the CFR publication!!!!!!!!!!!!!



Remarks by National Security Adviser Jones at 45th Munich Conference on Security Policy

Published February 8, 2009




Speaker: James L. Jones


U.S. National Security Adviser Jones ( edit to add: new advisor hired by Obama!!!!) gave these remarks at the 45th Munich Conference on Security Policy at the Hotel Bayerischer Hof on

February 8, 2009.





"Thank you for that wonderful tribute to Henry Kissinger yesterday. Congratulations. As the most recent National Security Advisor of the United States, I take my daily orders from Dr. Kissinger, filtered down through General Brent Scowcroft and Sandy Berger, who is also here. We have a chain of command in the National Security Council that exists today.




Source: http://www.cfr.org/publication/18515/remar ... ...

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Report: AIG bailout money behind banks' recent profitability

http://blogs.usatoday.com/ondeadline/2009 /...

snip:
The financial blog Zero Hedge has posted an "exclusive" that claims that according to an insider's account, AIG (yes, that AIG) "was responsible for the banks' January and February profitability."


Saying it is "rarely speechless," ZH offered "a moment of silence for the phenomenal scam that continues unabated in the financial markets, and now has the full oversight and blessing of the U.S. government, which in turns keeps on duping U.S. taxpayers into believing everything is good."


ZH says the insider perspective came in an email from "a correlation desk trader." Unless you're a finance whiz (and who is these days?!) you might get lost in the explanation of how AIG supposedly engineered this feat of profitability. But ZH tries to explain the "mumbo jumbo" in "layman's terms":


AIG, knowing it would need to ask for much more capital from the Treasury imminently, decided to throw in the towel, and gifted major bank counter-parties with trades which were egregiously profitable to the banks, and even more egregiously money losing to the U.S. taxpayers, who had to dump more and more cash into AIG, without having the U.S. Treasury Secretary Tim Geithner disclose the real extent of this, for lack of a better word, fraudulent scam.


In simple terms think of it as an auto dealer, which knows that U.S. taxpayers will provide for an infinite amount of money to fund its ongoing sales of horrendous vehicles (think Pontiac Azteks): the company decides to sell all the cars currently in contract, to lessors at far below the amortized market value, thereby generating huge profits for these lessors, as these turn around and sell the cars at a major profit, funded exclusively by U.S. taxpayers (readers should feel free to provide more gripping allegories).

[FrenchieCat]

13. The Ford Company and Kissinger run the world?

:shrug:


:tinfoilhat:

[flyarm]

15. the Ford Foundation divested itself from Ford Motor in beginning in 1956

go look it up in Wiki..you know how to look things up right?

and do check the Indonesia connections of the Ford Foundation...

and it's connections with NSA and the CIA..

[Name removed]

16. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[Lorien]

6. Smells like Hopeiness!

[FrenchieCat]

7. Smells like Senate Skunk Stink to me!

[Nikki Stone1]

9. Oh good Lord. And that consumer protection legislation was already weak.

Weak and compromised administration.

[grytpype]

10. This fucking board is turning into Free Republic, looking at the comments here.

It's a Free Fire Zone on Obama.

And it's a Reality Free Zone.

I've been a member for over ten years, and I'm about to delete my account because of the jeering, screaming, crying libs on this board.

[Nikki Stone1]

11. Nothing like yelling "Hitler" in a crowded movie theater.

:rofl:

[FrenchieCat]

14. Nothing like using a WAPO story with a headline that includes the word "May"

and watching DU posters ignore that qualifier totally while blowing a casket! :crazy:

[flyarm]

17. you are so right it reminds me of FR as well..

anyone who told the truth about what Bush was doing was called all kind of names..and the credibility of anyone telling the truth was thrown under the bus..sound familiar?

People who exposed the lies about torture were slanderized..sound familiar? and the only ones held accountable were the lowly underlings..still sound familiar? All the big dogs who authorized the torture walked free..and the Freeps critisized anyone wanting to hold the big guys responsible..we were smeared and stomped on and thrown under the bus...and so were anyone even with direct knowledge were treated with pure distain.
sound familiar? ( Yoo and Bybee ring a bell and their get out of jail free card by Obama's DOJ)

Anyone who told the truth about 9/11 was called liars and worse , much worse..even professionals who worked in the airline business and flew for the airlines involved.

anyone who told the truth about the lies to war were really smeared..Paul O'Neill ring a bell?????

And anyone who told the truth very close to the White House were all but castrated by FR..remember Richard Clark ??

Yep I remember Valerie Plame and Joe Wilson getting called all kinds of nasty things..but most of all called liars by FR..sound familiar now ??????

And Dr Kelly?? remember him?? .. .. the f'ing witch who was the last to communicate with Dr Kelly was their hero..Judith Miller..ms liar supreme...yes i remember the smears at anyone telling the truth about Bush..and Cheney,.the freepers couldn't smear anyone enough that tried to tell the truth..sound familiar??? sure as hell does to me!!

Heck one of our own, Andy Stephenson was called all sorts of horrible things..even on his death bed...he was accused of drinking umbrella drinks on some damn island on FR..when he came out of one of the most horrible surgeries anyone could possibly imagine.....I know..and i know what those MTF'ers said about him..because i was taking care of him ..both in the hospital and in my home after that excruciating surgery..and i know the hurt it did to a very sick man who was dying ...to be called a liar ..when his guts were cut open and he couldn't eat and he couldn't sit up and he couldn't sleep..he was not given the basic dignity any person should have in their last days on this earth...and why?? He dared to expose the truth of what Bush was doing and had done..he fought till his last breath for this nation...the nation he so loved...no matter what the Freepers did to him..or called him..he fought for truth..

sound familiar?

Andy fought for your and my votes..he fought to expose Jeff Gannon in the White House press briefing room..he fought for truth..at the cost of his life.

Yes this place does sound like FR some days..where excuses for FISA spying and this current White House occupant has fought to give immunity to those who violated our constitution..sound familiar..just as Bush did ..

And NSA spying on us and data basing us...against our constitutional rights...yes i have now heard all the exsues from both party;'s and now on Du as well as FR.
sound familiar???

And The excuses about making the patriot act even worse..well i never thought i would hear such excuses here on DU..didn't we fight against it for 8 years???? and now..nothing but excuses about it.

and Signing statements..excuses , excuses , excuses..

and wars of lies..and endless death ..and endless profiteering by the MIC and their corporate masters..and now accelerating these fucking wars?

And when do the renditions end..bwecause they have not to date.

When does Gitmo get closed?

When do our kids come home from the war zones..and how many times do they have to be sent back and back and back again?

And when do we stop a damn mercenary military from operating in our name..mercenaries that have killed so many innocent human beings in our name???????

When do we stop the drones killing innocent human beings..just so we can say our military did not go into Pakistan.

When do we stop going to war to steal other nations natural resources?

tell me when did we stop being democrats and become FR??????????

I would really like to know..because i see smearing here daily of those who have been our allies in exposing the lies of GWBUSH..BUT NOW THEY ARE BASICALLY CALLED SCUM BAGS BECAUSE THEY ARE EXPOSING DEMS DOING THE SAME AND IN SOME INSTANCES WORSE!

YES INDEED ..IT IS MORE LIKE FR ..BUT IN MY EYES... FOR THE OPPOSITE REASONS YOU HAVE STATED!

[dysfunctional press]

19. maybe you need to pay more attention to what's going on in d.c. than what's going on on this board.

:shrug:

kinda seems that way, anyway.

[Political Heretic]

21. Exactly.

[c brand]

12. Five former secretaries of the Treasury call for the implementation of a Volcker rule::

<http://online.wsj.com/article/SB10001424052748703983004575074123680183534.html>
We who have served as secretary of the Treasury in both Republican and Democratic administrations write in support of the proposed legislation to prohibit certain proprietary activities of commercial banking organizations—the so-called Volcker rule, as part of needed financial reform. The principle can be simply stated. Banks benefiting from public support by means of access to the Federal Reserve and FDIC insurance should not engage in essentially speculative activity unrelated to essential bank services.......
We urge the United States to take the lead in the forthcoming G-20 meeting and other appropriate forums to achieve broad agreement on this principle among the leading financial centers.

W. Michael Blumenthal

Nicholas Brady

Paul O'Neill

George Shultz

John Snow

[rucky]

18. Isn't the FTC supposed to do this already?

not like they do, but the concept is there.

[Political Heretic]

20. Related: Volcker Rule Being Deep-Sixed, WH excludes Public Option, DOJ Clears Torture Lawyers

It makes me so sick I could just vomit..... on them! Projectile vomit as a form of protest...

Heh...gallows humor.