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Gov. info from the "horses mouth"
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October 23 New US bill on "too big to fail" fix seen MondayReuters: WASHINGTON, Oct 23 (Reuters) - The Obama administration plans to unveil on Monday a new plan for dealing with troubled financial giants, said a senior U.S. lawmaker, who also mentioned potentially big changes for the insurance industry. Barney Frank, chairman of the House Financial Services Committee and a chief architect of the financial regulation overhaul, declined on Friday to give details on the administration's new bill, which would give the government the power to dismantle large financial companies that get into crises. The new draft bill is expected to take a tougher stance toward troubled financial firms than the administration's original plan, and may take out some language that would allow for temporary bailouts. Giving the government "resolution authority" would serve as a rebuttal to the concept that some firms are too big to fail. Federal Reserve Chairman Ben Bernanke on Friday highlighted the need for this authority as well as other measures to reduce the likelihood that one firm could destabilize the financial system. [ID:nN2394774] President Obama is well aware of how the financial institutions been treating taxpayers now that they are back on their feet... at least they think they are back on their feet. Our economy is still on shaky ground and Wall Street is back to playing the same tricks that got us into this mess in the first place. They are bringing the economy back toward the edge of the precipice. Progressives are asking why he isn't doing it now? Why does he have to wait for another crisis? I think that Obama really couldn't do anything this time because the crisis happened on Bush's watch and TARP was also passed on Bush's watch too. On his watch, however, Obama is not going to be so generous. I predict by the end of 2010, the U.S. will be in another financial crisis and those financial institutions which were deemed "too big to fail" will not be getting a bailout, they will be dismantled into smaller entities so they won't get into that position again.
The Obama Adminstation Team Official Portraits of the Obama Administration. By Anne Leibovitz for Vanity Fair Mouse over to see description. October 17 Obama Threatens Insurers’ Anti-Trust ExemptionSource: The New York Times
WASHINGTON — President Obama mounted a frontal assault on the insurance industry on Saturday, accusing it of airing “deceptive and dishonest ads” to derail his health care legislation and threatening to strip the industry of its longstanding exemption from federal anti-trust laws. In unusually harsh terms, Mr. Obama cast insurance companies as obstacles to change interested only in preserving their own “profits and bonuses” and willing to “bend the truth or break it” to stop his drive to remake the nation’s health care system. The president used his weekly radio and Internet address to push back against industry assertions that legislation will drive up premiums. “It’s smoke and mirrors,” Mr. Obama said. “It’s bogus. And it’s all too familiar. Every time we get close to passing reform, the insurance companies produce these phony studies as a prescription and say, ‘Take one of these, and call us in a decade.’ Well, not this time.” Rather than trying to curb costs and help patients, he said the industry is busy “figuring out how to avoid covering people. And they’re earning these profits and bonuses while enjoying a privileged exemption from our anti-trust laws, a matter that Congress is rightfully reviewing.” -snip- He went on to attack other critics he described as tools of the industry. “Of course, like clockwork, we’ve seen folks on cable television who know better, waving these industry-funded studies in the air,” he said. “We’ve seen industry insiders — and their apologists — citing these studies as proof of claims that just aren’t true.” Read more: http://www.nytimes.com/2009/10/18/us/politics/18address... October 10 Rachel Maddow: The Nobel Peace Prize & Obama Derangement Syndrome Rachel gives a very good summary of what President Obama's Nobel Peace
Prize means. She also puts it in proper perspective by reminding us of
the nightmare we had to endure for the past 8 years and the angry old
man we and the rest of the world dodged last November.
October 09 And the Nobel Peace Prize goes to... (video update) Barack Hussein Obama  From the Huffington Post... OSLO — President Barack Obama won the 2009 Nobel Peace Prize on Friday in a stunning decision designed to build momentum behind his initiatives to reduce nuclear arms, ease tensions with the Muslim world and stress diplomacy and cooperation rather than unilateralism. Obama said he was surprised and deeply humbled by the honor, and planned to travel to Oslo to accept the prize, which he said he does not see "as a recognition of my own accomplishments," but rather as a recognition of goals he has set for the United States and the world. "I do not feel that I deserve to be in the company of so many transformative figures that have been honored by this prize," Obama said. Many observers were shocked by the unexpected choice so early in the Obama presidency, which began less than two weeks before the Feb. 1 nomination deadline and has yet to yield concrete achievements in peacemaking. Some around the world objected to the choice of Obama, who still oversees wars in Iraq and Afghanistan and has launched deadly counter-terror strikes in Pakistan and Somalia. Members of the Norwegian Nobel Committee said their choice could be seen as an early vote of confidence in Obama intended to build global support for his policies. They lauded the change in global mood wrought by Obama's calls for peace and cooperation, and praised his pledges to reduce the world stock of nuclear arms, ease American conflicts with Muslim nations and strengthen the U.S. role in combating climate change. Aagot Valle, a lawmaker for the Socialist Left party who joined the committee this year, said she hoped the selection would be viewed as "support and a commitment for Obama." "And I hope it will be an inspiration for all those that work with nuclear disarmament and disarmament," she told The Associated Press in a rare interview. Members of the Nobel peace committee usually speak only through its chairman. I am so proud of my President! I guess his desire to work together with the world to help achieve world peace was enough for the Nobel committee. I must admit though that I had mixed feelings when I first heard the news. Things are going so fast and I think that it's too soon to tell if he will be able to accomplish what he wants to do in foreign policy. I am however, having fun at seeing the fury that the Republicans are displaying about this news. Just last week, Matt Drudge and others was cheering and saying that the world has rejected President Obama by not giving Chicago the Olympics. Now the world has given him the most prestigious honor to be given to any person. On the bright side, This award will give him the incentive to work harder to live up to this honor. |
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