House passes new financial industry power grab with CBC payoffs

By Michelle Malkin  •  December 11, 2009 03:07 PM

I noted Barney Frank’s cave-in to CBC demands for a $6 billion payoff on the House Dems’ financial industry power grab yesterday.

Well, the “reform” package passed this afternoon 223-202 with all Republicans and 27 Democrats voting no.

The roll call vote is here.

Democrat Rep. Barney Frank’s counterpart in the Senate, corruptocrat Sen. Chris Dodd, is shepherding a parallel version of the banking “reform” package on the other side of the Hill:

In the Senate, Banking Committee Chairman Christopher Dodd last month released a draft that departed from Obama’s proposal. His plan called for a single bank regulator, stripping the Federal Reserve and Federal Deposit Insurance Corp. of bank oversight powers and eliminating the Treasury Department’s Office of the Comptroller of the Currency and the Office of Thrift Supervision.

Republicans rejected the plan as making permanent taxpayer- funded bailouts and objected to Dodd’s proposed Consumer Financial Protection Agency.

In response, Dodd asked lawmakers to form four groups with two lawmakers from each party to devise a compromise measure. Senators are negotiating provisions of the legislation, including executive pay, derivatives, corporate governance, systemic risk and resolution authority. No bill has yet been introduced.

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Comments


  1. #1
    On December 11th, 2009 at 3:18 pm, Pasadena Phil said:

    A new bigger slush fund to corrupt the corruptocrats. “Too big” is now the “new normal”. “Fail” will depend on the graft activity.

  2. #2
    On December 11th, 2009 at 3:22 pm, Flyoverman said:

    My Congressman is nothing more than a Pelosi Puppet. Why even put up with the expense? Just give Nan an extra vote, close his office, amnd return the savings to the district.

  3. #3
    On December 11th, 2009 at 3:24 pm, Truesoldier said:

    On December 11th, 2009 at 3:18 pm, Pasadena Phil said:
    A new bigger slush fund to corrupt the corruptocrats. “Too big” is now the “new normal”. “Fail” will depend on the graftpolitcal donation activity.

    Thought that would work too.

  4. #4
    On December 11th, 2009 at 3:27 pm, J S Ragman said:

    Why is it that in every picture Michelle posts of Bawney Fwank, he looks like he just took a big swig of Summer’s Eve?

  5. #5
    On December 11th, 2009 at 3:28 pm, letget said:

    The way this dc bunch is spending money in 2009 before the end of the year, 2010 our Republic will be but a distant memory.
    L

  6. #6
    On December 11th, 2009 at 3:30 pm, Dan Lee said:

    2010 baby.. Talk to your friends, & tell them that they need to talk to their friends!!!

  7. #7
    On December 11th, 2009 at 3:39 pm, graysonret said:

    Yeah. Move into Wall Street. Well, congressmen, what’s next? Hurry up, now. You only have until November. Grab all the power you can. I know. Everyone has the “right” to food. Gotta pass a “food takeover” bill. There ya go. /sarc

  8. #8
    On December 11th, 2009 at 3:41 pm, K2 said:

    Bribing a government official(s) is illegal everywhere but in Congress.

    Ironic, isn’t it?

    OT – does Barney have any teeth?

  9. #9
    On December 11th, 2009 at 3:56 pm, rfjjulie said:

    OT – does Barney have any teeth?

    Not necessary. Goes along with no brain either.

  10. #10
    On December 11th, 2009 at 4:04 pm, tbear44 said:

    Our tax dollars at work :roll:

  11. #11
    On December 11th, 2009 at 4:08 pm, prendad said:

    These spend-a-holic congress-critters are just having so much fun frittering away our tax dollars on their every whim. Enjoy yourselves boys and girls. These actions are not without consequences. You might want to spend some of our dollars on some metallic underwear. You will need it. . .sooner that you think.

  12. #12
    On December 11th, 2009 at 4:22 pm, FirstSkirt said:

    Congress doesn’t seem to be worried at all about frittering away OUR hard-earned money. I’m all for the metallic underwear. NOW, folks, all of us, it’s time to use what little power we have left–no incumbents. We have to build a new accountable party.

  13. #13
    On December 11th, 2009 at 5:26 pm, cheapseat said:

    the national debt limit needs to be raised to almost 14 trillion dollars to cover these clowns. we thought republicans were spending tons when they raised the limit to 9 trillion in 2006 when dems took over congress. when bush left office we had 10 trillion in debt, now 1 year later we are at 14 with no end or even diminution in sight. over a 30% increase in debt in 1 year, now that’s some high livin spending.what’s that old saying that a trillion seconds ago was before christ was born. so 14 trillion is VERY SERIOUS MONEY.

  14. #14
    On December 11th, 2009 at 6:01 pm, tiredofit08 said:

    whatever happened to this..it is law isn’t it??

    Note this is a hand enrollment pursuant to Public Law 105–32.
    H. R. 2015
    One Hundred Fifth Congress
    of the
    United States of America
    AT THE FIRST SESSION
    Begun and held at the City of Washington on Tuesday,
    the seventh day of January, one thousand nine hundred and ninety-seven
    An Act
    To provide for reconciliation pursuant to subsections (b)(1) and (c) of section 105
    of the concurrent resolution on the budget for fiscal year 1998.
    Be it enacted by the Senate and House of Representatives of
    the United States of America in Congress assembled,
    SECTION 1. SHORT TITLE.
    This Act may be cited as the ‘‘Balanced Budget Act of 1997’’.
    SEC. 2. TABLE OF TITLES.
    This Act is organized into titles as follows:
    Title I—Food Stamp Provisions
    Title II—Housing and Related Provisions
    Title III—Communications and Spectrum Allocation Provisions
    Title IV—Medicare, Medicaid, and Children’s Health Provisions
    Title V—Welfare and Related Provisions
    Title VI—Education and Related Provisions
    Title VII—Civil Service Retirement and Related Provisions
    Title VIII—Veterans and Related Provisions
    Title IX—Asset Sales, User Fees, and Miscellaneous Provisions
    Title X—Budget Enforcement and Process Provisions
    Title XI—District of Columbia Revitalization

  15. #15
    On December 11th, 2009 at 6:03 pm, plymouthacclaim said:

    Is there a hole where Article 1, Section 8 used to be?

  16. #16
    On December 11th, 2009 at 6:43 pm, AlohaGuy said:

    This is how empires decline. It begins with a debt explosion. It ends with an inexorable reduction in the resources available for the Army, Navy, and Air Force. Which is why voters are right to worry about America’s debt crisis. According to a recent Rasmussen report, 42 percent of Americans now say that cutting the deficit in half by the end of the president’s first term should be the administration’s most important task – significantly more than the 23 percent who see health-care reform as the No. 1 priority. But cutting the deficit in half is simply not enough. If the United States doesn’t come up soon with a credible plan to restore the federal budget to balance over the next five to 10 years, the danger is very real that a debt crisis could lead to a major weakening of American power.

    The precedents are certainly there. Habsburg Spain defaulted on all or part of its debt 14 times between 1557 and 1669 and also succumbed to inflation due to a surfeit of New World silver. Prerevolutionary France was spending 62 percent of royal revenue on debt service by 1788. The Ottoman Empire went the same way: interest payments and amortization rose from 15 percent of the budget in 1860 to 50 percent in 1875. And don’t forget the last great English-speaking empire. By the interwar year, interest payment were consuming 44 percent of the British budget, making it intensely difficult to rearm in the face of a new German threat.
    Niall Ferguson

    Can we stop spending please?

  17. #17
    On December 11th, 2009 at 6:53 pm, happyscrapper said:

    None of these librard creeps are concerned with losing their jobs. Obama has promised them ambassadorships or CEO of some big corp. or something lucrative, you can be sure. They have all been bought off. So what if they are losing their senate and house seats? They.don’t.care. This is what we are dealing with, folks. There is absolutely nothing we can threaten them with because they.don’t.care. Feeling a bit helpless? Yeah, me too.

  18. #18
    On December 11th, 2009 at 6:57 pm, McCloud9 said:

    I honestly believe IT IS TO LATE…
    We are so far in debt, we cannot even cover the Interest payments. Besides that, we no longer have any manufacturing… We gave all OUR technology to other Countries (China), and we have nothing left to Bargain with. We are in deep, way over our heads and we are so Loved around the World…(sarc.)

  19. #19
    On December 11th, 2009 at 7:05 pm, madshark said:

    On December 11th, 2009 at 6:01 pm, tiredofit08 said:
    whatever happened to this..it is law isn’t it??

    Note this is a hand enrollment pursuant to Public Law 105–32.
    H. R. 2015
    One Hundred Fifth Congress
    of the
    United States of America
    AT THE FIRST SESSION
    Begun and held at the City of Washington on Tuesday,
    the seventh day of January, one thousand nine hundred and ninety-seven
    An Act
    To provide for…
    Title VII—Civil Service Retirement and Related Provisions

    Title XI—District of Columbia Revitalization

    I see the problem… there were two oxymorons in the legislation: civil service and District of Columbia revitalization.

  20. #20
    On December 11th, 2009 at 8:54 pm, prendad said:

    I laughed when I first watched Charlton Heston in Soylent Green. I not laughing now.

  21. #21
    On December 11th, 2009 at 10:47 pm, Rogue Cheddar said:

    I can’t wait to call ShcitiBank to have them raise my debt limit to 1.8 Trillion!

  22. #22
    On December 12th, 2009 at 12:40 am, tbear44 said:

    OT – does Barney have any teeth?

    His “significant other” probably would prefer it that way. :(

  23. #23
    On December 12th, 2009 at 12:41 am, rightwingrocker said:

    and this is allowed under WHICH Article and Section of the Constitution?

    RWR
    http://www.rightwingrocker.com

  24. #24
    On December 12th, 2009 at 12:43 am, Speakup said:

    I have seen the rise and fall of Nazi tyranny, the subsequent cold war and the nuclear nightmare that for fifty years haunted the dreams of children everywhere. During that time my generation defeated totalitarianism. As a result, your world is poised for better tomorrows. What will you do on your journey? — Ronald Reagan

    I hope that when you’re my age you’ll be able to say, as I have been able to say: we lived in freedom, we lived lives that were a statement, not an apology — Ronald Reagan

    I’m not one to leave this corrupt slavers paradise to my children and grand children.

  25. #25
    On December 12th, 2009 at 7:27 am, cabrerski said:

    On December 12th, 2009 at 12:40 am, tbear44 said:
    OT – does Barney have any teeth?
    His “significant other” probably would prefer it that way.

    He likes his gummy bare…

  26. #26
    On December 12th, 2009 at 7:35 am, cabrerski said:

    Questions:

    If our government can manipulate or even ignore the Constitution, why not explore how turnabout is fair play? If illegal is the new legal (immigration, tax avoidance a la Geitner), why should we stay within those boundaries as well?

    Challenge the next candidate to start to defund the plagues on the American taxpayers – bailouts, Acorn, La Raza, Congress’ pensions, etc…and for once, hold their feet to the fire!

  27. #27
    On December 12th, 2009 at 8:54 am, Hadenough said:

    Again, the GOP is out-to-lunch on this huge issue. Losers.

  28. #28
    On December 12th, 2009 at 9:05 am, stillontheroad said:

    With all this going on, I am going a tad off track here, I am keeping a close eye on the travisty of a Health Bill. The way I am understanding this, we all that actually work and pay taxes will see our taxes go up to pay for this in 4 or five years? Anyway, I would like to know what fund, stash, bunker whatever – all these dollars go into to eventually pay for this so called health bill. Basically, where does the money go, who controls it and what safeguareds are in place to keep the Gov Raiders from touching it?

  29. #29
    On December 12th, 2009 at 9:11 am, jangar said:

    what safeguareds are in place to keep the Gov Raiders from touching it?

    Zero.

    It’s a huge expansion of welfare, and unprecidented government jobs for worthless workers.

  30. #30
    On December 12th, 2009 at 9:23 am, Ron said:

    So many bills in the last year, so many slaps at the Constitution. And yet, no one challenges the abuse of power in court? I realize the Supreme Court tilts moderately left, but Congress and the President both are doing things that clearly are not in the Constitution. And yet, all we get are phone calls asking us for money in the 2010 political campaigns? Come on. No one in the GOP or elsewhere has shown any desire to mount a legal attack on what’s been done with TARP, health care or anything else that’s part of the socializing of America.

  31. #31
    On December 12th, 2009 at 11:28 am, Dimsdale said:

    That picture is so disturbing.

    I mean the soft, sweaty hand, and the way he reflexively covers his teeth when his mouth is open…

  32. #32
    On December 12th, 2009 at 12:21 pm, graysonret said:

    I see the GOP filibuster didn’t work. Not surprised. Well, there goes another 1.1 trillion. I wish I had the government “credit card”. Up the limit whenever I wish, and pay for it, long after I’m gone, by my children.

  33. #33
    On December 12th, 2009 at 3:03 pm, Pasadena Phil said:

    As to the persistent lameness of the GOP, here is the money quote from an e-mail Erik Erickson of RedState just sent to 100,000 of his closest friends:

    If the Republicans want the news media to cover what they are doing to educate the American people even further about the atrociousness of this bill, they have to create drama on the floor of the Senate. And the only way to do that is through an all-out fight with no holds barred. They need to look like Braveheart, fighting to the end to save freedom. Because, in fact, it is our very freedom and liberty that is at stake.

    Yeah, good luck with that. The GOP is so tied up in knots in their preferred role of timid Assistant Democrats, they will never free themselves. The GOP resembles what happens to dog lovers who collect the runts of the litter out of pity. There is a reason why runts used to be drowned. They can’t survive on their own and make the worst pets.

  34. #34
    On December 12th, 2009 at 3:17 pm, Pasadena Phil said:

    Here is the Erickson post included in his e-mail. It is currently the featured post.

  35. #35
    On December 12th, 2009 at 7:36 pm, purealchemy said:

    All these threads are dead.

    Where’s the weekend open thread?

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