View Full Version : Frank-n-Dodd (it...is...alive!!)
Just what I think America needs at this point...more "help and change" from this administration. I believe this congress will continue to try to ram thru whatever they can prior to the mid-term elections.
"One of the last motions Friday was to name the bill after the two chairmen, who had shepherded the legislation through the House and the Senate over the past year. At 5:07 a.m., they agreed unanimously that it would be known as the Dodd-Frank bill, and the sound of applause echoed down the empty hallways."
http://www.washingtonpost.com/wp-dyn/content/article/2010/06/25/AR2010062500675_pf.html
What exactly were they up to in there? :confused:
Love this quote from the article,
"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."
WTF...over? I have heard that same thing before in regards to healthcare. Remember the "we need to pass it to see what's in it"?
At least this is only coming out of committee. I am sure we are getting a little close to election cycle for some of these guys to actually take a position in support of this. Unless of course, they already know they will not be reelected, or know beyond certainty their seat is safe.
Utah Bob
06-26-2010, 08:40
Give an infinite number of monkeys typewriters and you eventually get a Democrat health Care bill and finance reform. :rolleyes:
dadof18x'er
06-26-2010, 08:56
Love this quote from the article,
"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."
WTF...over? I have heard that same thing before in regards to healthcare. Remember the "we need to pass it to see what's in it"?
At least this is only coming out of committee. I am sure we are getting a little close to election cycle for some of these guys to actually take a position in support of this. Unless of course, they already know they will not be reelected, or know beyond certainty their seat is safe.
I read that quote yesterday and now its been removed, I wonder why:rolleyes:
ha ha , now its back on there
Another 2,000 page bill - just what we need!
ZonieDiver
06-26-2010, 12:50
I thought of a different "Chris" and "Barney"! (Well, maybe NOT so different.)
longrange1947
06-26-2010, 13:52
I thought of a different "Chris" and "Barney"! (Well, maybe NOT so different.)
Not a speck of difference, the two "dem" wits are one of the reasons for this disaster in the first place. This is putting the foxes in charge of the hen house.
Green Light
06-26-2010, 15:12
What exactly were they up to in there? :confused:
Well, Barney's putting his belt back on and they're both smiling. :munchin
This is another abomination. I am hopeful this will go nowhere right now because of the proximity to mid-term elections. The question is, what about after mid-terms?
There is all this discussion of the two party system, but more and more it looks like a one party system (Big Government) with Republican and Democrat wings. Each simply has their own way of wresting power from the people/States.
How about this…repeal the 16th and 17th amendments to restore power to the states. Currently, the 16th amendment, and the amount of revenue they get, allows the federal government to hold the States hostage due to ever-expanding programs or regulations. If the states received the preponderance of our taxes, and had the responsibility to take care of their own affairs, life might be better off.
The 17th amendment was enacted to prevent State governments from picking their State representation. The house (the peoples house) was designed for representatives to be elected by the people to work towards their interests. The Senate was designed for the Senators to be designated by State government to represent the States interests. Now, both are elected by the people, and they represent their own interests.
We are so far gone from the founding principles…nobody knows what right looks like anymore. I am not sure I do…but I know what we have ain’t it.
If there was truth in Congressional advertising.
And so it goes...;)
Richard :munchin
This is another abomination. I am hopeful this will go nowhere right now because of the proximity to mid-term elections. The question is, what about after mid-terms?
There is all this discussion of the two party system, but more and more it looks like a one party system (Big Government) with Republican and Democrat wings. Each simply has their own way of wresting power from the people/States.
How about this…repeal the 16th and 17th amendments to restore power to the states. Currently, the 16th amendment, and the amount of revenue they get, allows the federal government to hold the States hostage due to ever-expanding programs or regulations. If the states received the preponderance of our taxes, and had the responsibility to take care of their own affairs, life might be better off.
The 17th amendment was enacted to prevent State governments from picking their State representation. The house (the peoples house) was designed for representatives to be elected by the people to work towards their interests. The Senate was designed for the Senators to be designated by State government to represent the States interests. Now, both are elected by the people, and they represent their own interests.
We are so far gone from the founding principles…nobody knows what right looks like anymore. I am not sure I do…but I know what we have ain’t it.
I agree that both parties are pretty much the same and too entrenched in their versions of status quo. The challenge I see in State government is the disparity between requirements, spendng and revenue sources. I live rural, but rural states tend to use more federal dollars than they pay out. Some of the worse offenders in depending on Federal dollars are states like Montana (hardly the model of socialism by politics, the numbers challenge the convemtional wisdom).
This article is dated, but it shows the weakened state of States being self sustaining.
Federal aid is top revenue for states
Updated 5/4/2009 11:40 PM , USA Today
MONEY SOURCES
Top revenue sources for state and local governments in the first quarter, compared with the same period last year:
Federal grants: 15%
Income taxes: -11%
Property taxes: 2%
Sales taxes: -2%
Other taxes: 2%
Sources: U.S. Department of Commerce, Bureau of Economic Analysis
By Dennis Cauchon, USA TODAY
In a historic first, Uncle Sam has supplanted sales, property and income taxes as the biggest source of revenue for state and local governments.
The shift shows how deeply the recession is cutting. Federal stimulus money aimed at reviving the economy and a sharp drop in tax collections have altered, at least temporarily, the traditional balance of how states, cities, counties and schools pay for their operations.
The sales tax had been the No. 1 source of state and local revenue since the mid-1970s, according to the Bureau of Economic Analysis. Before that, property taxes were the primary source. That changed in the first three months of 2009.
Federal grants — early stimulus money plus conventional federal aid — soared 15% in the first quarter to a seasonally adjusted annual rate of $437 billion, eclipsing sales taxes, which fell 2%.
The dominance of federal money is set to expand dramatically this year because tax collections are sinking while the bulk of federal stimulus aid is just starting to arrive. "This money isn't manna from heaven. It comes with a price," says Indiana state Sen. Jim Buck, a Republican. He worries that the federal money will leave states under greater federal control and burden future generations with debt.
Nick Johnson, a state finance expert at the liberal Center on Budget and Policy Priorities, says the federal aid is well-timed. "This has more to say about the severity of the recession than anything else," he says. "Congress stepped in on a temporary basis to help states."
The federal government plans to provide about $300 billion in extra aid to state and local governments over the next two years, mostly for health care, education and transportation projects. State and local governments spend about $2 trillion a year, and the federal government is now paying about 23% of those costs.
States are counting on tax collections rebounding by 2012, when stimulus money starts to run out.
The early flow of stimulus money helped lift total state and local revenue by 1.6% in the first quarter compared with a year earlier despite a 2.9% drop in total tax collections. Spending rose 1.5%.
Things are getting worse for states that rely on the income tax. Reason: Unexpectedly large refund checks in March and April are going to workers who lost jobs or had wage cuts last year.
Michigan's income tax collections are down $200 million and refunds are up about $200 million — a $400 million swing. Connecticut has paid nearly $1 billion in tax refunds this year, about 20% more than expected. "These are big numbers. It's put us in a very bad situation," says Connecticut Comptroller Nancy Wyman.
Key state and local taxes:
•Sales tax. Collections started falling at the end of 2008 for the first time since the Bureau of Economic Analysis first reported data in 1958. The drop in sales of automobiles and construction materials has taken a big bite out of sales tax revenue.
•Property tax. The most stable tax is generating increasing revenue, mostly for schools, despite plunging property values. One reason: Forty-six states limit how fast property taxes rise or fall.
•Income tax. The most volatile tax produces big increases during boom times and giant declines during hard times. California, New York, Oregon, Connecticut and other states that depend heavily on taxing year-end bonuses and capital gains on investments have been hardest hit by the worst income tax drops since 2002.
This article is dated, but it shows the weakened state of States being self sustaining.
Hostage to the almighty Federal dollar. Turn the tables and pay the preponderance of your taxes to the State...and the situation changes. Awesome thing about the US is freedom of movement. Your State wants to do stuff with your money you don't like (I mean REALLY dont like)...vote with your feet. Georgia might be better than Illinois (which it is) :p.
To resurrect an old(OK, not so old) skeleton: Surprise! Dodd-Frank actually had the reverse effect, the big banks got bigger while the smaller ones were eaten. Who would'a thought?!
http://dailycaller.com/2011/09/08/report-dodd%E2%80%93frank-rules-squeeze-consumers-protect-big-banks/
16 months later! ...And I started a thread worth resurrecting! Awesome. :lifter