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Republicans Stand by Their Man: Fat Cat The Banker

Posted by: LibbyShaw

Meet Fat Cat the Banker

Meet Fat Cat the Banker

Who would have thought? In its true and hypocritical form The Party of No and Obstruction opposes President Obama’s proposed fees on banks.

Dick Cheney must be hard at work at that printing press in his undisclosed basement.

Prominent Republicans are coming out in opposition to President Barack Obama’s proposal for a $90-billion fee on large banks that took bailout money, a move that political observers say could force the GOP to choose between their traditional anti-tax position and populist anger over the bailout.

On Thursday, GOP Chairman Michael Steele declared that the bank fee — which would be levied only on banks that took bailout money and have more than $50 billion in assets — is “another tax on the American public.”

The GOP is standing by fat cat the banker in yet another effort to oppose President Obama. Republicans demonstrate time and time again that they are willing to put politics ahead of working on solutions to solve the daunting challenges that we face on local, state and national levels.

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All of the Republican’s ranting and raving about the federal bailout is nothing but ginned up rhetoric. Apparently GOP lawmakers hate the bailout and yet they love the banks so much that they do not believe Wall St., aka gambling casinos that put Las Vegas to shame, should have to make reparations to the taxpayers for squandering and stealing our money. God forbid should the big banks have to pay fines for its appallingly irresponsible and over the top reckless behavior that annihilated the U.S. and global economy.

The financial services industry lobbied for the repeal of the Glass Steagall Act in 1999. That allowed banks to use their custodial power over your money to assume huge risks in investment markets.

They also lobbied for the Commodity Futures Modernization Act of 2000, which allowed banks to trade their crooked insurance in secret and exempted from all supervisory authority.

And to help grow the hurricane, then CEO of Goldman Sachs Hank Paulson made a personal plea to the SEC to allow banks to leverage more money against their capital. As much as $4,000 for every $100 in capital they held.

Wall Street may claim this was caused by a perfect storm, but the only thing perfect about it was their ability to line their pockets at the expense of our country.

Republicans apparently think it is a good idea for the banks to return to its wild, careless and out of control gambling practices that all but destroyed our financial security.

The proposed tax would apply to bank, thrift and insurance companies with more than $50 billion in assets and would start after June 30. It would not apply to certain holdings, like customers’ insured savings, but to assets in risk-taking operations. The levy would raise an estimated $90 billion over 10 years, according to the White House.

But it would remain in force longer if all losses to the bailout fund, the Troubled Asset Relief Program, were not recovered after a decade. The Treasury now projects that the losses from the $700 billion loan program, which was created in October 2008, could reach $117 billion, about a third of the loss that it projected last summer — an improved forecast that reflected the renewed strength on Wall Street.

After all, last week during the Texas Republican gubernatorial debate Senator Kay Bailey Hutchison said she and John Cornyn hated voting for the bank bail out. But, alas, they did so only because then President G.W. Bush instructed them to do so in order to save the U.S. and global economy from a complete melt down.

A glimpse at a Texas Republican clown show.

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In their twisted logic Republican politicians insist they hated saving the banks but now they hate imposing punitive fees on the banks’ biggest gamblers.

I suppose now that Sarah Palin has been hired as a professional analyst by FOX, the Propaganda Arm for the RNC, all of the GOP’s verbal inconsistencies and contradictions will soon be fully explained.

Republican lawmakers will howl like possessed banshees about terrorism and the profound urgency for our national security. They also routinely cry for border fences, racial profiling and full body scanners at all airports. And yet when it comes to safeguarding our financial and economic security, Republicans, it appears, are not in the least bit concerned. For them Fat Cat the Banker can do no wrong.

According to an article written by Mr. Frank Rich of the New York Times:

The Other Plot to Wreck America

Americans might be fluent in global terror and the horrors of terrorism but we are woefully uninformed about our domestic financial weapons of mass destruction.

Americans must be told the full story of how Wall Street gamed and inflated the housing bubble, made out like bandits, and then left millions of households in ruin. Without that reckoning, there will be no public clamor for serious reform of a financial system that was as cunningly breached as airline security at the Amsterdam airport. And without reform, another massive attack on our economic security is guaranteed. Now that it can count on government bailouts, Wall Street has more incentive than ever to pump up its risks — secure that it can keep the bonanzas while we get stuck with the losses.

The Director of the Financial Crisis Commission intends to shed some light on the big banks and its financial practices (greed, hubris, stupidity – gosh, why this sounds like a typical old home week of the W. Administration of arrogance and incompetence) over the last several years.

He wants to examine the financial sector’s “greed, stupidity, hubris and outright corruption” — from traders on the ground to the board room. “It’s important that we deliver new information,” he said. “We can’t just rehash what we’ve known to date.” He understands that if he fails to make news or to tell the story in a way that is comprehensible and compelling enough to arouse Americans to demand action, Wall Street and Washington will both keep moving on, unchallenged and unchastened.

Maybe the W. Administration and all of its lackeys including Senators John Cornyn and Kay Bailey Hutchison were far too distracted by non-existent WMD’s in Iraq and no bid contracts to the military/industrial complex to worry much about Wall St.

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Filed under Bailout, Banking, Barack Obama, Capitalism, Creepy right-wing antics, Economy, Greed, Media and Entertainment, Money, Mortgages, MSNBC, News, Partisan Politics, Politics, Presidents, Republicans, RNC, Small Business, The Morning Meeting w/Dylan Ratagan, Video/YouTube, Washington, DC

Thrown Under the Bus Again: The GOP Made a Pact with the Devil

Posted by LibbyShaw

The Republican Party threw the American people under a high speed train fast tracked straight to hell.

Again.

Predictably Republicans made a pact with yet another devil. This time the GOP sold its and our souls, too, to the hottest and most irresponsible devil in hell.

Let me introduce the banking devil for whom we emptied our U.S. Treasury in an extraordinary effort to save the American economy.

Tragically the Bush Administration and its rubber stamping Republicans in Congress failed to set up any rules, enforcement mechanisms, proposals for accountability, transparency or pay back benchmarks before it allowed the devil to empty our national piggy bank. Sure, guys, just back up your 18 wheeler big mother trucks to the U.S. Treasury and we will help y’all load the bags of taxpayer cash.

Clearly the GOP is totally on board with the banker devil run lawless casinos on Wall St. The devil is gambling with our money that includes our savings accounts, investment portfolios, retirement savings and bail out taxpayer dollars. The GOP also gave its blessing to a continuation of the banks extensive abusive consumer practices. Usury level interests rates and fees anyone? Worse, the GOP obviously does not have a problem with the obscene Wall St. bonuses, earned on the backs of our savings accounts, portfolio investments, not to mention again, the sucker U.S. taxpayer bucks, thank you.

I guess the sold-out Republicans are also supportive of the banks refusal to lend money to small businesses and consumers because it is more profitable for banks to gamble with our money instead.

Hell, at least we know for certain that the Republicans are completely on board with obstructing our nation’s economic recovery. If small businesses cannot get jump started with an influx of cash, it cannot do business. It cannot meet its inventory needs nor can it make payroll. If mortgages cannot be re-negotiated, bankrupted homeowners cannot hold on to their homes. Consumers cannot purchase new homes or cars if we cannot borrow money, either. Nor can we improve or make substantial repairs to our homes if the banks won’t lend home equity funding.

Republicans don’t care. They simply do not care about the people.

Yesterday Senator Dick Durbin (D-Ill.) informed the Huffington Post that the GOP signed a political pact with the banks to kill off regulatory reform measures.

The allegation of a quid pro quo was based on an email that Durbin received last spring after his amendment to allow judges to modify mortgages for homeowners who enter bankruptcy was defeated on the Senate floor. During a discussion to promote publicly-financed elections on Friday, the Illinois Democrat relayed that, shortly after the defeat of his “cram-down” amendment, a “banker friend” forwarded him the note from Tanya Wheeless, president & CEO of Arizona Bankers Association.

I have contacted the market presidents for each of the three banks (Chase, Wells and Bank of America) and explained that in my humble opinion it’s a big mistake to cut a deal with Durbin and alienate our (in Arizona) Senator,” Wheeless’s email reads. “I also told them that I thought this would drive a wedge in our industry. [Senator Jon] Kyl has pointedly told them not to make a deal with Durbin and then come looking to Republicans when they need help on something like regulatory restructuring or systemic risk regulation.”

Repeat:

…Come looking to Republicans when they need help on something like regulatory restructuring or systemic risk regulation.

The smoking gun email is included in the link above.

According to Senator Durbin:

The email, he added, “is a total smoking gun as far as I’m concerned. It tells the whole story and it is in writing as to what is happening behind the scenes… So when people say I don’t know if we should have public financing because that is my tax dollars, I can tell them that their resources, whether tax dollars or personal wealth, are being impacted every day by decisions being made by the special interest groups.”

Special interest groups obviously own most if not all of the GOP and 12 lousy Democrats. Earth to Democrats, having a D behind your name means you are supposed to vote as a Democrat, not as a pimped out Republican, sell-out Republican lite or an anti-democracy, reactionary teabagger. Nor are you supposed to cave into to the greed infested fat cats.

Fortunately, Senate Democrats have not given up. New cram down legislation is likely making a come back.

An amendment allowing judges to modify mortgages on primary residences for homeowners in bankruptcy will finally find a home as part of the Wall Street Reform and Consumer Protection Act (H.R. 4173).
The amendment, which is being offered by Representatives Conyers (D, MI), Turner (R, OH), Lofgren (D, CA), Marshall (D, GA), Cohen (D, TN), Miller (D, NC), Nadler (D, NY), Delahunt (D, MA) and Waters (D, CA), is potentially the best news homeowners and our economy have had in quite some time.

The amendment is essentially the same as H.R. 1106, a bill passed by the House on March 5, 2009, by a vote of 234-191, but subsequently defeated in the Senate by a vote of 51-45. The measure needed 60 votes to pass over Republican objections, and 12 Democrats succumbed to pressure from the banking lobby and voted nay.

Check out Senator Durbin’s searing indictment of bankers on the Senate floor:

One other argument that I think takes the cake: “Senator, you understand the moral hazard here. People have to be held responsible for their wrongdoing. If you make a mistake, darn it, you’ve gotta pay the price. That’s what America is all about.” Really, Mr. Banker on Wall Street? That’s what America is all about? What price did Wall Street pay for their miserable decisions creating rotten portfolios, destroying the credit of America and its businesses? Oh, they paid a pretty heavy price. Hundreds of billions of dollars of taxpayer’s money sent to them to bail them out, to put them back in business, even to fund executive bonuses for those guilty of mismanaging. Moral hazard, huh? How can they argue that with a straight face? […]

We want America to be strong, but if it’s going to be strong, you should be respectful, Mr. Banker, of the people who live in the communities where your banks are located. You should be respectful of those families who are doing their best to make ends meet in the toughest recession that they’ve ever seen. You should be respectful of the people that you want to sign up for checking accounts and savings accounts, and make sure that they have decent neighborhoods to live in. Show a little loyalty to this great nation instead of just your bottom line when it comes to profitability. Take a little consideration of what it takes to make America strong…

I’ll offer this Durbin amendment as I did last year. When I offered it last year, they said, “Not a big problem, only two million foreclosures coming up.” They were wrong. It turned out to be eight million. And if the bankers prevail today, and we can’t get something through conference committee to deal with this issue, I’ll be back. I’m not going to quit on this […] At some point, the Senators in this chamber will decide, the bankers shouldn’t write the agenda in the United States Senate.

Bankers and their enabling Republican lawmakers are oblivious to the notion of moral hazard. Since the Reagan Administration, the Republican Party has been on a crusade to insulate the banks and the corporate sector from its own risk taking. Those big government loathing, tax paying hater Republicans stuck the entire fat cat enabling mess on the backs of the American people.

At least the folks in Illinois can count on their lawmakers like Dick Durbin to step up. Unfortunately for those of us in Texas, however, we have no such luck.

We are tragically saddled with cartoon like characters and carnival barkers. The three below are just a few examples.

Senator Cornyn claims in one sentence that Senate Democrats want to kill private health insurance companies. In the next he says Senate Democrats intend to hand over $450. billion to to private insurance companies. Talk about double speak and stupid talk.

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Senator Hutchison tells serial lies about health care reform and uses the usual GOP scare tactics. Ohmigod! Health care reform would be disastrous for the American people. Not. What we have now is horribly disastrous for 47 million uninsured Americans.

And then there is this.

Ladies and gentlemen, meet our distinguished governor.

The Party of No says no to everything that would help the people whether it is with extending unemployment benefits, banking regulation and fairness practices, jobs, health care reform and the economy. Today,in his speech at the Brookings Institute, President Obama told us precisely where Republicans stand on everything.

Hat tips to Jed Lewison over at Daily Kos for providing the video clip of President Obama’s talk below.

It is about time, Mr. President. Your words are long overdue.

In a sober tone, President Obama portrayed the Republican Party as opportunistic, obstructionist, and deeply hypocritical, accusing them of both having created the economic crisis we face today and having done nothing to help solve it. He also slammed their hypocritical attacks on government spending, reminding them that they are the ones who created the deficit, and that the recovery act represents just a small portion of it.

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Texas, more than a few really rather drop dead and serious kick ass changes are long overdue.

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Filed under Barack Obama, Congress, Conservative, Creepy right-wing antics, Democrats, Dylan Ratagan, Economy, Editorial, Fox News, Government, Governors, Health Care Reform, Media and Entertainment, MSNBC, Obama Administration, Opinions, Partisan Politics, Politics, Pres. Barack Obama, Pundits (television), Republicans, Senate, Texas, The Morning Meeting w/Dylan Ratagan, TV Shows, Uncategorized, United States, Video/YouTube

Gov. Rick Perry Says Obama Administration is “Hell Bent” on Socialism

Posted by Audiegrl

rick-perry-thumb-300x300Texas Governor Rick Perry goes full-on-bat-sh*t-crazy with his anti-Obama rhetoric. Is this his plan to hold on to Governor’s mansion?

As Josh Marshall of TPM says, “Really crazy, lurid stuff. Dangerous times.”.

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Filed under Barack Obama, Conservative, Creepy right-wing antics, Elections, Gov. Rick Perry - Texas, Government, Governors, Politics, Pres. Barack Obama, Presidents, Republicans, Socialists, States, Tea Party Protestors, Texas

TX Gov. Perry: No Amount of Good Hair Will Make the Cover Up Go Away

Posted by LibbyShaw

Texas Governor Rick Perry must be blinded by arrogance to believe that he could actually shut down and cover up an investigation and no one would notice. A politician would also have to be completely overcome by an over sized ego to do so during a primary contest.

Last night on MSNBC’s Hardball, Chris Matthews interviewed Samuel Bassett, former Texas Forensic Science Commission Officer about the Todd Willingham case.

OK so Perry did not like where this investigation was going and so, as only a dictator would do, he shut it down. And now we also know where the fake, self-serving “moderate” Kay Bailey Hutchison stands on barbaric medieval practices. We already know where she stands on ginned up wars and a deregulated Wall St. KBH voted with W. over 90% of the time. Princess Sparkle Pony may have made a brilliant tactical political move, at least according to Slater, but she also revealed her true colors as anything but moderate.

Earth to Perry: as hard as you spin, rail and cry, the execution of an innocent man on your watch ain’t going away. And Kay, hell will freeze over before this liberal would ever in her dreams vote for the likes of you. You squarely belong in the deather box right there along with Dictator Perry and your beloved W. who is responsible for the deaths of over 100,000 Iraqis. For? Please do remind us.

Scott Cobb over at The Burnt Orange Report has been providing exhaustive and outstanding coverage of this issue. Please click on the link to see how you can get involved with ongoing efforts to abolish the death penalty. Now that we know Texas has executed an innocent man, never has the case been stronger to eliminate this barbaric medieval practice.

This morning in the Houston Chronicle, Lisa Falkenberg wrote a sobering commentary about Rick Perry and the Todd Willingham execution.

Perry’s right that Willingham was nobody’s poster child.

The fact that he was a “bad man,” that he beat his pregnant wife, that he’d been convicted of low-level crimes, that he was fond of expletives, might have been enough, even a month ago to sow doubt about his innocence or simply deflect attention from the case of such an unsympathetic figure.

But the story isn’t just about Willingham anymore. It isn’t just about guilt or innocence. It isn’t even about whether Perry did his homework before allowing Willingham’s 2004 execution.

It’s about whether Perry is purposefully trying to subvert the law in Willingham’s case, and potentially obstruct justice in countless other arson cases that could benefit from the commission’s review, all for political gain during a hotly contested primary.
Pressure, ouster

And the case looks clearer every day.

Also also today The Huffington Post reveals that Perry called Willingham a monster.

Though Willingham was certainly a monster if he beat his pregnant wife, he should not have been executed if he did not kill his children.

Professor Bob Stein of Rice University weighs in on the political ramifications of Perry’s coverup.

I don’t think it’s extreme to say it’s a fight for the hearts and minds of the Republican Party.

I beg to disagree with Professor Stein. This is not a fight for the hearts and the minds of the Republican Party. This is about covering up the execution of an innocent man for purely political reasons. Perry obviously doesn’t care about the wrongful death of an innocent man. He, a typical Republican, is driven by his own ambitions and agendas.

But fortunately for Texas, all of the good hair and handsome looks on the planet won’t make Perry’s coverup go away.

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Filed under Death Penalty, Elections, Law, Partisan Politics, Politics, Republicans, Uncategorized, Video/YouTube

Texas Governor Perry May Have Put a Lid on Arson Report

Posted by Libby Shaw

Republican Governor Rick Perry

Republican Governor Rick Perry

According to the Houston Chronicle Perry received an arson report from an expert in 2004 but he won’t reveal if he read it before Todd Willingham was executed.

In a letter sent Feb. 14, three days before Willingham was scheduled to die, Perry had been asked to postpone the execution. The condemned man’s attorney argued that the newly obtained expert evidence showed Willingham had not set the house fire that killed his daughters, 2-year-old Amber and 1-year-old twins Karmon and Kameron, two days before Christmas in 1991.

On Feb. 17, the day of the execution, Perry’s office got the five-page faxed report at 4:52 p.m., according to documents the Houston Chronicle obtained in response to a public records request.

But it’s unclear from the records whether he read it that day. Perry’s office has declined to release any of his or his staff’s comments or analysis of the reprieve request.

A statement from Perry spokesman Chris Cutrone, sent to the Chronicle late Friday, said that “given the brevity of (the) report and the general counsel’s familiarity with all the other facts in the case, there was ample time for the general counsel to read and analyze the report and to brief the governor on its content.”

A few minutes after 5 p.m., defense lawyer Walter M. Reaves Jr. said he received word that the governor would not intervene. At 6:20 p.m. Willingham was executed after declaring: “I am an innocent man, convicted of a crime I did not commit.”

Cameron Todd Willingham, executed in Texas

Cameron Todd Willingham, executed in Texas

In the past, as recently as during George W. Bush’s term, gubernatorial reviews were made public. Rick Perry, however, does not believe any of his or his staff reviews should be.

A Forensic Science Commission was about to disclose a report that seriously questions the arson evidence in the Willingham case. But Perry had immediately fired three of the Commission’s members, including the Chairman. The meeting at which the report would have been revealed was canceled.

His 2004 execution gained renewed prominence this year after the newly formed Texas Forensic Science Commission, created by the Legislature to explore and fix forensic flaws, released a report that criticized the arson evidence. Two days before the panel was to review that report, Perry abruptly replaced three members, including the chairman, and the meeting was canceled. The governor also attacked the report, according to other media reports.

The report reveals that the investigators in Willingham’s case made serious errors and had relied on junk science.

The five-page opinion faxed to Perry’s office on Willingham’s execution day in 2004 was the first. It said investigators made “major errors” and relied on discredited techniques akin to an “old wives tale.”

It was authored by Dr. Gerald Hurst, an Austin-based arson expert who holds a doctorate in chemistry from Cambridge University.

By 2004, Hurst already had received national media coverage for helping to obtain a string of high-profile exonerations by debunking arson evidence in other criminal cases. Hurst said in an interview that his previous analysis of flaws in another Texas arson-murder case had helped prompt the Board of Pardons and Paroles in 1998 to free a woman convicted of setting a fire that killed her infant son. She had served six years of a 99-year sentence.

By his actions one can only assume that Governor Rick Perry is attempting to cover up his negligence. Otherwise, he would admit if he did nor or did not read the report. For a man with 20 executions on his watch, one would think Governor Perry should, at the very least, want to know if the state has executed an innocent man. A person’s life is far, far more important than an election outcome.

Please call Rick Perry’s office and demand that he release all reports at 512 463 1782. Please also check Scott Cobb’s post over at the The Burnt Orange Report and Daily Kos. He provides links to a petition and the site to send an email to Perry.

Texas must immediately declare a moratorium on all executions until a complete and thorough review of all procedures on all levels is done by an outside, non-partisan board of experts. One innocent death is one too many.

More @ houstonchroniclelogo

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Filed under Crime, Death Penalty, Elections, Law, Partisan Politics, Politics, Republicans, True Crime, Uncategorized, Violence

Texas Judge Rules Gay-Marriage Ban Violates U.S. Constitution

Posted by Audiegrl

PORTUGAL-GAY-MARRIAGEAssociated Press/Matt Curry—A Texas judge cleared the way for two Dallas men to get a divorce, ruling Thursday that Texas’ ban on same-sex marriage violates the constitutional guarantee to equal protection under the law.

Texas Attorney General Greg Abbott said he’d appeal the ruling, which he labeled an attempt to strike down the ban approved by voters in 2005.

“The laws and constitution of the State of Texas define marriage as an institution involving one man and one woman,” Abbott said in a written statement. “Today’s ruling purports to strike down that constitutional definition — despite the fact that it was recently adopted by 75 percent of Texas voters.”

Abbott has argued that because the state doesn’t recognize gay marriage, its courts can’t dissolve one through divorce.

District Judge Tena Callahan’s ruled Thursday, however, that the court “has jurisdiction to hear a suit for divorce filed by persons legally married in another jurisdiction.”

Jennifer Pizer, marriage project director for the New York-based gay rights group Lambda Legal, said it is too early to predict the ultimate implications of the lawsuit, in which neither man is identified.

But Cathy Adams, president of the conservative Texas Eagle Forum, characterized the decision as a judicial overreach.

“Judicial activism is what they’re after, and it sounds as if they found someone in Dallas to participate in their endeavor,” she said. “The people of Texas have spoken very strongly in opposition to same-sex marriage.”

Peter Schulte, an attorney for the man who filed for divorce, told The Dallas Morning News that he and his client are “ecstatic” over the court’s ruling. Schulte said the decision was a surprise, and that he hoped to have the judge sign a divorce order in a few weeks.

More @ Associated Press

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Rachel Maddow: The Truth About ACORN Series (Part Five)

Posted by Audiegrl

The Rachel Maddow Show

This is the fifth segment of a series that The Rachel Maddow Show will be telling the truth about the lies about ACORN and the right-wing political machine that took them down.

Continuing a TRMS Investigates series, Rachel profiles notorious lobbyist Rick Berman whose nefarious clients now include the ACORN smear campaign.

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more about "five", posted with vodpod

Click here for Part One

Click here for Part Two

Click here for Part Three

Click here for Part Four

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