It starts out a little slow, but stay with it:
Archive for the ‘Sucky Senators’ category
Really? Gee, they destroy America’s economy and then can’t understand why the economy isn’t booming. Sheer insanity:
Democrats Face Economic Facts: Updraft Unlikely
By LAURA MECKLER – WSJ
WASHINGTON—The string of bad news about housing, employment and economic growth has led Democrats to an inescapable conclusion: the economy is not likely to improve in time to help them in the fall elections.
Congressional Democrats and the White House will continue their attempts to enact policies they believe will boost the economy—and which are also aimed at persuading voters they are working to make things better. But some officials acknowledge it is too late for these initiatives to change the economic situation ahead of the Nov. 2 elections.
“We begin early voting in about 33 days. It would be hugely unrealistic to anticipate some kind of monumental economic turnaround between now and when people start casting our votes,” said Ohio Gov. Ted Strickland, who faces a tough re-election race. “I’m having to deal with the reality of what is. You can’t wish it away. What is, is.”
Democrats won big in 2008, partly because they were able to blame Republicans for economic woes. And while the economic situation remained dire when President Barack Obama took office in January 2009, most Democrats assumed that the economy would rebound by the time they stood for office this year.
A series of disappointing economic reports has made clear that won’t be the case. The most recent one came Friday, when the government reported that the economy grew at a much slower pace in the second quarter than previously estimated. The gross domestic product, a broad measure of economic output, grew at a 1.6% annual rate, down from an initial estimate of 2.4%, and slower than 3.7% in the first quarter.
Republicans say the Democratic agenda is to blame for the bad economic news.
“Today’s disappointing GDP report caps off another week’s worth of evidence that President Obama must change course and abandon his job-killing policies to end the uncertainty that is keeping people out of work,” House Minority Leader John Boehner (R., Ohio) said Friday.
Historically, whenever the federal government takes control over a large chunk of the private sector, the economy tanks. Get ready for that double-dip:
Senate Passes Sweeping Finance Overhaul
By VICTORIA MCGRANE And MICHAEL R. CRITTENDEN – WSJ
WASHINGTON—The Senate approved a wide-ranging overhaul of the nation’s financial regulations Thursday, handing President Barack Obama his second major domestic-policy victory of the year.
The legislation passed, 60-39, largely along party lines. Republicans Sens. Scott Brown of Massachusetts, Olympia Snowe and Susan Collins, both of Maine, joined Democrats in supporting the bill. Sen. Russ Feingold (D., Wisc.) was the only Democrat to vote against the measure.
[What? You thought Scott Brown was going to swoop in and save the day or something? Phhhhttt! Yeah, right. He’s another “Progressive” Republican.]
The GOP votes were only secured in recent days after some last-minute changes were made to satisfy concerns of the Republican swing voters over how to pay for the bill.
The bill, which Mr. Obama expects to sign into law next week, marks a sea change for the financial-services industry. Mammoth financial firms such as J.P. Morgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp. face major changes to almost every part of their businesses, from debit cards to derivatives trading and the ability to invest in hedge funds.
[Did you know that J.P. Morgan saved the United States from complete financial collapse—not once, but twice?!!
Dust off your American history books and check out the years 1895 and 1907.
My, my, my— I’m thinking the Commies are still pretty sore about that and this is all part of their revenge…]
Not only will they face new leverage and capital requirements, but also regulators with broad new authority to curb or outlaw risky behavior. The changes are in store despite Wall Street’s aggressive efforts over the last year to water down or derail the bill.
[Gee, ya’ think Wall Street will go into Bull mode or Bear mode tomorrow? Place yer bets!]
Because Obama and the progressive commies have shredded our U.S. Constitution and made a mockery of it. That’s why!
With all the Commies in the Senate, right now, Obama could nominate a freakin’ convicted child killing pedophile and still be able to shoehorn him/her into the Supreme Court.
The following “Twilight” exchange just goes to prove that this Senate hearing is nothing more than a mere formality. The Commies have their marching orders: Confirm Kagan and don’t ask her any serious questions:
Meanwhile, Kagan has her marching orders, too: Say something without saying anything; ambiguity is the key, here. Also, be sure to joke around—alot!
Not that any of that really matters, since the outcome is already fixed, but I guess the Commies figure if they’re going to go through the motions to put on a show for everyone, at least they can make it entertaining for those “stupid” Americans while making a joke of our political process.
If his constituents won’t send him home, God will…
Yup, I can see November from my house:
Sen. Byrd, 92, hospitalized; condition called ‘seriously ill’
Longest serving U.S. lawmaker was first elected in 1952
WASHINGTON — Sen. Robert Byrd, the longest-serving member of Congress, is “seriously ill” and has been hospitalized, a spokesman for the West Virginia lawmaker said Sunday.
In a statement, Byrd spokesman Jesse Jacobs said the senator was initially admitted to a Washington-area hospital late last week for what doctors thought was heat-related illness.
“However, upon further examination by his doctors, other conditions have developed which has resulted in his condition being described as ‘serious,”‘ Jacobs said.
Byrd, 92, was first elected to the U.S. House of Representatives in 1952 and served six years there before moving to the U.S. Senate.
In November, Byrd broke the record for congressional service that had been set by Democrat Carl Hayden of Arizona, who served in the House and Senate from 1912 to 1969.
Byrd has been in frail health in recent years and was hospitalized three times in 2009. He has been confined to a wheelchair, but was present and voted “yes” for final Senate passage of the health care reform bill in March.
[Yup, this is the same guy who publicly slammed Obama’s power grab, yet still voted for health care deform when push came to shove.]
Byrd has been the longest-serving senator since June 2006 and was elected to an unprecedented ninth term in November 2006. His colleagues have elected him to more leadership positions than any senator in history. He has cast more than 18,000 votes and has a nearly 98 percent attendance record over the course of his career.
And yet, Fannie and Freddie go free:
House, Senate leaders finalize details of sweeping financial overhaul
By Brady Dennis
Friday, June 25, 2010
Key House and Senate lawmakers approved far-reaching new financial rules early Friday after weeks of division, delay and frantic last-minute dealmaking. The dawn compromise set up a potential vote in both houses of Congress next week that could send the landmark legislation to President Obama by July 4.
Lawmakers pulled an all-nighter, wrapping up their work at 5:39 a.m. — more than 20 messy, mind-numbing hours after they began Thursday morning.
“It’s a great moment. I’m proud to have been here,” said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. “No one will know until this is actually in place how it works. But we believe we’ve done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.”
Both the House and Senate must approve the compromise legislation before it can go to Obama for his signature.
Despite myriad changes in recent days, Democrats appear poised to deliver a final bill that largely reflects the administration’s original blueprint unveiled almost precisely a year ago. Although it would not fundamentally alter the shape of Wall Street or break up the nation’s largest firms, the legislation would establish broad new oversight of the financial system.
A new consumer protection bureau housed in the Federal Reserve would have independent funding, an independent leader and near-total autonomy to write and enforce rules. The government would have broad new powers to seize and wind down large, failing financial firms and to oversee the $600 trillion derivatives market. In addition, a council of regulators, headed by the Treasury secretary, would monitor the financial landscape for potential systemic risks.
“The finish line is in sight. The bill that has emerged from conference is strong,” Treasury Secretary Timothy F. Geithner said in a statement early Friday. “It will offer families the protections they deserve, help safeguard their financial security and give the businesses of America access to the credit they need to expand and innovate.”
Obama, speaking to reporters before leaving for a meeting of global finance ministers and central bankers in Toronto, said the compromise legislation includes “90 percent of what I proposed when I took up this fight.”
The president said he remains committed to a “strong and robust” financial sector but wants to curb abuses and tighten oversight to make the financial system more transparent and safe.
The proposed changes will “hold Wall Street accountable,” Obama said, “so we can prevent another financial crisis like the one we are still recovering from.”
On the House side, the final tally was 20 to 11 to approve the conference committee’s report. On the Senate side, it was 7 to 5. The votes fell along party lines, earning no support from Republicans on the two panels.