Market Endorses Frank Pledge
May 26th, 2010 by David Anderson
The market had been sliding in reaction to the Senate financial reform bill, but House Democrat Financial Services Chairman Barney Frank became an hero of the Wall Street types with a pledge to keep the house provision on derivatives. Rep. Frank is right, I noted a similar concern that it seemed to be poorly drafted and did not make distinction based upon the nature of the derivatives. Some cut risk while others increase it. I guess sticking it Wall Street was merely campaign rhetoric. Remember that when you hear the silly Republicans are for Wall Street and Democrat for mainstreet talk. All of the evidence says Democrats talk mainstreet and vote Wall Street. Reality matters.
“Remember that when you hear the silly Republicans are for Wall Street and Democrat for mainstreet talk. All of the evidence says Democrats talk mainstreet and vote Wall Street.”
I think you forgot the part where Republicans do the same thing. Only difference is they talk wallstreet and vote wallstreet. This is certainly evidenced in the blocking of the bill containing unemployment extension. I know this will be semi- off topic, but my voice will hopefully be heard. I am a Marine who proudly served in Desert Storm (Hoo Rah). Since then I was employed nearly 20 years in the automotive industry at the same factory. If your keeping count thats 2 jobs i have had my entire life. I never took a day off for any reason, that is until the economic collapse. Since my layoff, i have sought employment in 38 of the 50 states (for those of you who don’t know how many states there are), with no luck at all. My family and I rely on unemployment to keep a roof over our heads, but, it appears, that republicans would rather see a real patriot, his wife and 3 children in a tent. To all you conservatives, thanks a million.
David seems conflicted again.
I think the larger point is that the rise and fall of the DJIA is not a very good measure of the the health of the economy.
Whereas, when GM sold more cars and the stock did well, that was a sign that the American middle class was doing well and a new factory was being built somewhere in Michigan. Now, the stocks listed in the NYSE are mutli-national concerns and they improve their margins and enhance their stock prices by moving operations to India.
The idle rich, like myself, do well – but middle class America is getting screwed by the whole set up.
Instead of the DJIA we need to look at employment and small business activity as the barometer of a growing economy. Small businesses employee 50% of the workforce, are much less likely to off-shore their jobs, and circulate money locally.
In short, I think we can all agree that our industrial policy needs to stop coddling parasites like me.
Disgruntled –
That’s the comment of the year. Email me at cmondelaware(at)gmail.com.
Since my layoff, i have sought employment in 38 of the 50 states (for those of you who don’t know how many states there are), with no luck at all.
I guess you are talking about Obama, when he said he campaigned in all 57 states.
There are 57 Islamic states though, maybe he meant those.
In a world economy, you need to be competitive- otherwise, nobody will buy your products. It’s really that simple.
fightingbluehen-
Typical conservative misdirection. Point to someone elses idiocy so people forget about yours.
fightingbluehen-
And by the way, what is your problem with Islam?
You have a point that Republicans do the same. At least they don’t play you for fools. Honesty is better than fraud.
Thanks for your service to our country.
It’s tough out there. I understand. My income fell by half last year though its recovering this year. There was nothing available. That is why I advocate a fundamental change starting with a tax code written by economists not lobbyists. A sound energy policy. Real financial reform. A sensible trade policy and sound money.
Shorter David:
All my conservative economic dreams have been tried; from tax cuts for the wealthy, to deregulated “drill baby drill” energy policy, to free trade – and it has all been exposed as complete bullshit. But if we pray harder, trickle down might work next time.
Dave-
Oh my, where do i start. I guess first I will agree honesty is better than fraud. The problem is, the vast majority of polititions, regardless of party, are liars and thieves. You and i could banter back and forth about this for days, but the fact will remain.
As far as what you have been advocating, I fail to see how this will benefit anyone other than the wealthy. After all, it is corporate america that gets them elected in the first place. (HINT: Campaign finance reform) Problem is, we can’t count on them to do it. The only way is for people to rise up and force them to enact legislation, or preferably amend the constitution, to prohibit any and all contributions and gifts. Until we get corporations out “We the People” will never be in.
Now on to “a sound energy policy”. This is a catastrphe in the making. I think we should take a closer look at Nikola Tesla’s work. Oops, sorry that won’t work, because nobody can get rich.
Now as far as trade goes, screw ‘em all. We can take care of ourselves.
I thought this was a forum of common sense, but I have failed to see much sense at all. What i have seen is this dem did that and this republican did this. What we need is a revolution, but unfortunately they have bigger guns, thanks to the patriot act. They got all the bases covered just like Hitler did.
Disgruntled, I don’t have anything against islam . I was pointing out that Obama said he campaigned in 57 states.
That was after you joked that some people may not know how many states there are. Here it is…..”for those of you who don’t know how many states there are”… stated by Disgruntled. Then I pointed out Obama’s Freudian slip about the 57 Islamic states. Because there are 57 Islamic states, and maybe that’s what he meant.
So,what was your point again ?….who’s the idiot ?
To be a freudian slip, Mr. Obama would have had to have known that the are 57 Islamic states, or rather 57 member states belonging to the OIC.
“Wall Street” 2008 donations to Barak Hussein Obama;
Goldman Sachs….$994,795
Citigroup…$701,290
JP Morgan….$695,132
Morgan Stanley….$514, 881
also, GE (PMSNBC’s parent company.)….$499,130
WHO is in the HIP POCKET of Wall Street?