Yellow Snowe

How did I know that Olympia Snowe would be one of the first RINO’s in line to betray Republicans, conservatives, and Americans, again?  If it wasn’t her, it would be John McCain, who’s always there when he needs us, or Lindsey Graham(nesty).  They are about to lay flowers on the grave of American capitalism with this so-called financial reform bill.

What is this monstrosity?  It basically allows the government to step in any time for any reason to take over or shut down a business.  It allows government, not the market, to determine winners and losers.  It penalizes Americans by rewarding political loyalty rather than strong business practices.  So, it comes as no surprise that Yellow Snowe, a not so closet liberal, would be abandoning the conservative ship at the first opportunity.

It’s time to show these yellow-bellied traitors to the constitution that there is more at stake than just losing at the ballot box. Their actions, their corruption, their greed, their thirst for power are all paid for by the tons of flesh exacted from the American people.  These traitors don’t care how they vote because the have “no skin in the game.”  Why should they?  They are gambling with our skins.


http://www.reuters.com/assets/print?aid=USN2415678120100424

US Senate Republican calls for strict swaps rules

7:21pm EDT

* Senate vote to start debate set for Monday
* Democrats need at least one Republican backer
* Snowe seen as one of the swing votes
* Snowe skirts most controversial part of Lincoln bill

By Roberta Rampton and Rachelle Younglai

WASHINGTON, April 24 (Reuters) – A Senate Republican has called for the “strongest” derivatives rules, signaling that Democrats may get the votes needed to start debating their sweeping financial regulation bill on Monday.

Just days before the Senate was due to vote to start working on Democrats’ legislation, Senator Olympia Snowe said that strong derivatives regulation goes to the heart of an effective financial reform bill.  (Just like the the “Economic Stimulus” was in fact the take over of the auto and banking industries, and “Health Care Reform” is in fact the government take over of the entire health care industry, the so-called “Financial Reform Bill” merely completes the government takeover of the economy.  These supposedly educated people who think they are all smarter than we are, are in fact demonstrating that they are nothing more than ideological idiots who don’t study history, don’t know history, and are therefore doomed to repeat it.  Tragically they are going to make us repeat it right along with them.  The policies they are pursuing have NEVER worked in the history of mankind.  But rather than looking to strategies that actually have been proven to work, they simply hold to the belief that they just haven’t been allowed to do enough of their idiocy yet.  Liberalism is a mental disease.)

“If we are to effectively regulate the derivatives market, we must start the Senate floor debate with the strongest proposal we can craft and defend against the inevitable attempts to weaken it,” Snowe told Senate Majority Leader Harry Reid in a letter dated on Friday.  (“Effectively regulate” means to control and limit, which leads to no progress or profit.  When government promises to make everything safe, and that no one will fail, there is no incentive to take risks that lead to reward.  Under the system Snowe, Reid, Obama and company are pursuing, there is no success, there is no excellence, there is only mediocrity.)

Democrats need to convince at least one of the 41 Republican senators to vote with them in order to start debating a bill to impose new rules for the financial system.

Snowe and other moderate Republicans such as Susan Collins are under pressure from the White House to support Democrats’ efforts to overhaul the financial system.

Although Republicans had vowed on Friday to oppose Democrats’ efforts until the sides were able to reach a bipartisan agreement, public anger over Wall Street’s taxpayer bailout and Goldman Sachs’ alleged fraud may force Republicans’ hand.

The bill written by Senate Banking Chairman Christopher Dodd would rein in banks, bring new oversight for hedge funds and derivatives and usher in new rules to protect consumers from risky financial products.  (This all sounds good on the surface when appealing to the emotions of the uneducated, but on deeper examination is just a thinly veiled justification to take over or shut down any business based on political desires.)

Dodd and the top Republican on his committee, Richard Shelby, have been trying to reach an agreement. As of Saturday mid-afternoon, no real progress had been made, sources said.

Some of the sticking points include how to ensure that taxpayers are not on the hook to rescue troubled financial firms such as what happened with AIG and Bank of America.

CLEARINGHOUSES

Senate aides have also been trying to hash out how best to rein in derivatives trading. The Senate package likely will require most over-the-counter swaps to move through clearinghouses to limit the domino effect large, risky trades can have on the economy.

Less clear is whether a proposal to severely curb big banks’ participation will remain in the final Senate bill.

Senator Blanche Lincoln, chairman of the Senate Agriculture Committee, shocked markets with the proposal to effectively bar banks from the $460 trillion market. Dodd’s derivatives proposal did not go that far.

In her letter to Reid, Snowe skirts the controversial issue of requiring banks to spin off their swaps desks. Instead she pushes for more transparency and said any exemptions to the new derivative rules must be narrowly constructed.

Lincoln’s proposal has been viewed by many observers as a bargaining chip that would allow for the bulk of her derivatives proposal to remain intact — and to score points with voters ahead of midterm November elections.

“If it weren’t an election year, I would be telling you … that (the measure) would not survive” into the final Senate bill, said Joel Telpner, partner with law firm Jones Day in New York.

“But given that it’s an election year and it’s coming on the heels of the Goldman situation, maybe it will have more leg,” he said. (Editing by Xavier Briand)

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