Snowe says she'll back financial reform bill
Her vote, and those of GOP Sens. Susan Collins of Maine and Scott Brown of Massachusetts, appear to clear the way for passage.
By DAVID LIGHTMAN
McClatchy Newspapers
WASHINGTON - The Senate on Monday was poised to end its deadlock and approve a historic overhaul of the nation's financial regulatory system as two more Republicans said they expect to support the legislation.
Sen. Olympia Snowe, R-Maine
Sen. Scott Brown, R-Mass.,
AP
Additional Photos Below
Sens. Olympia Snowe, R-Maine, and Scott Brown, R-Mass., said Monday they would join Sen. Susan Collins, R-Maine, and nearly all Democrats in voting for the bill.
Majority Leader Harry Reid, D-Nev., said he expects a vote this week. As Democrats control 58 of the Senate's 100 seats -- and one Democrat has expressed serious concerns with the bill -- supporters now believe they have the 60 votes needed to cut off extended debate and pass the measure.
"While not perfect," Snowe said in a statement late Monday, "the legislation takes necessary steps to implement meaningful regulatory reforms, create strong consumer protections and restore confidence in the American financial system."
Snowe's decision was not a surprise; she has voted with Democrats on several key issues recently.
Brown's decision came as he faced enormous political heat back home.
Activists held an event Monday near the Boston Marathon finish line in Copley Square before Brown's midday announcement to urge him to vote yes. After he said he would, Lizzi Weyant, an attorney for MASSPIRG, a public interest group, called Monday "a proud day for the Bay State."
However, members of 14 state "tea party" groups circulated petitions advising Brown to vote no and met his staffers Friday in Boston.
"Please recall that we supported you, campaigned for you and elected you to the Senate because you convinced us that you believed in fiscal responsibility," the tea party petition says. "If you truly believe in those values, you cannot, in good conscience, support this outrageous attempt to nationalize the financial industry."
In a statement, Brown said he appreciated efforts to improve the bill.
"As a result, it is a better bill than it was when this whole process started. While it isn't perfect, I expect to support the bill when it comes up for a vote," Brown said. "It includes safeguards to help prevent another financial meltdown, ensures that consumers are protected and it is paid for without new taxes."
At stake is legislation that addresses many of the problems that led to the financial industry's 2008 collapse. The House of Representatives passed the bill last month.
The measure -- the product of painstaking negotiations, largely among Democrats -- would set up a new consumer agency to write rules for credit products such as mortgages, student loans and credit cards. It would require financial institutions to spin off some riskier investments, and it gives the government tough new tools to deal with large, ailing institutions.
The path to the right math for the bill's passage has been long and winding.
In May, Brown, Collins, Snowe and Charles Grassley, R-Iowa, sided with Democrats on a similar version of the legislation. Two Democrats, Wisconsin's Russell Feingold and Washington's Maria Cantwell, were opposed.
Cantwell has since said she will vote yes, because the new bill gives regulators tougher tools to use to crack down on the derivatives market. Feingold continues to have serious concerns.
Collins, pleased that the bill strengthened capital requirements for large institutions, said she was "inclined to support" the bill.
Grassley would not comment Monday.
Were you interviewed for this story? If so, please fill out our accuracy form
Additional Photos
 |
||||||||||||||
 click image to enlarge
Sen. Susan Collins, R-Maine |
||||||||||||||
Most...
Copyright ©2010 MaineToday Media, Inc.
101 COMMENTS
mohonk said...
Maine's Senator ..... or ....... Obama's patsy
July 13, 2010 at 4:42 AM Report abuse
deceiver said...
You gotta hand it to Snowe. She still sides with her party a lot but often she votes her conscience. She's not afraid of the right wing political machine. She often looks like she's trying to do what she thinks is right. And sometimes it may not be politically good for her. Isn't that the type of senator we've all been crying for?
July 13, 2010 at 4:53 AM Report abuse
MainelyJack said...
Snowe, once again, shows she is a RINO that needs to be replaced. However, seeing as so many Democrats support her, that is unlikely. However, I give her no respect.
July 13, 2010 at 5:10 AM Report abuse
mpaxton said...
I don't know why you guys are unhappy with her. This bill is a non-starter....anything of any value in terms of reform was taken out of the bill over the past month. The loopholes are big enough to drive starships thru. Derivatives .... weren't touched. For all the talk, there is virtually change in the banks' abilities to loot consumers...and to make sure that's the case and stays that way, the new Consumer Protection Bureau is going to be under the Fed -- well known protector of the people. Snowe and Collins are now free to vote for this to show us all how much they care about the "peasantry", while.....ensuring that their patrons and those they really represent remain untouched, and their abilities to continue draining the lifesblood of the country remain unimpeded. Go Susie! Go Lympie!
July 13, 2010 at 5:22 AM Report abuse
mainelined said...
Big Business rules.
July 13, 2010 at 5:35 AM Report abuse
mpaxton said...
you got that right, mainelined. Anyone who believes Snowe and Collins represent the people of Maine or even care about the actual people of Maine is utterly delusional. Susie has her hands full now protecting her patrons who are making hundreds of billions from the forever wars. Lympie....And Lympie? At some point, people are going to start figuring out that the banks -- in collusion with the Fed and with a blind Congress -- have stolen every dime that isn't nailed down in this country. Lympie's no dope. She doesn't care about the peasantry, but she doesn't want them arriving at HER door with pitchforks when the collapse comes......and it will. it is mathematically unavoidable now.
July 13, 2010 at 6:09 AM Report abuse
Biddy said...
There are some fairly good articles evaluating this bill out there. The consensus is that it is more style than substance and the enforcement pieces are largely underfunded. It's one of those "Hold your nose and vote" bills. Why have we become a people that settles for third or fourth rate solutions instead of the "best" ones?
July 13, 2010 at 6:26 AM Report abuse
tim said...
2000 pages of additional regulation that will reduce badly needed credit to the economy, expand government powers to distort markets, and almost force big bank bailouts. What point is she trying to make? Next election vote Snowe out.
July 13, 2010 at 6:44 AM Report abuse
middleone said...
I'd feel better about this bill if it included taxing the banks for the money to set up the "bail out" fund. Instead, it was removed, and next time there is a "bank to big to fail" it will come from us, the taxpayers. Let's hope the regulatory agencies are asleep at the wheel, again.
July 13, 2010 at 6:50 AM Report abuse
mpaxton said...
Biddy...there are no real changes in the bill or any real reforms. Derivatives are untouched, the Volcker rule is neutered, capital requirements are not increased, off balance sheet entities are still allowed....nothing of any importance was changed. the lobbying money was very, very well spent. Which leaves Lympie free to vote for it without fear of offending those she really represents. And Tim, the additional regs aren't going curtail credit to small businesses because there is NONE being handed out now. The game has changed. We are down now to basic, institutionalized looting by the banks, and since they own the politicians, there's very little we can do about it. Did you know that when you call Lympie's office, they don't even take your name and number? Nope. They don't care what the people of Maine think. Its irrelevant ... truly irrelevant and we have to understand this.
July 13, 2010 at 6:50 AM Report abuse
jo said...
mpaxton, once again "ditto", why do the politicos always preface their remarks with " while the bill isn't perfect" ----- in my business if it isn't perfect people can die
July 13, 2010 at 6:54 AM Report abuse
Jack24 said...
Enjoy your last few years as a U.S. Senator! You are done.. You will face a repub challenger and I'm sure you will change parties like your friend Alarn Spector..
July 13, 2010 at 6:56 AM Report abuse
mpaxton said...
Given that we are now, with this bill, literally institutionalizing the big banks ability to loot the middle and lower class....the smartest thing we all can do now is stop doing business with them. Close out all accounts with any of the big six.... and then, really opt out. With every dollar Bernanke prints, the value of the US dollar -- your savings -- declines. The only way to protect this is to buy silver or gold (and not from the scam operations that Fox TV and Glen Beck promote)....No....you can opt out and do it right thru real metals vendors like APMEX.COM. Just take your savings out of the system and out from under the politicians and Bernanke.
July 13, 2010 at 6:57 AM Report abuse
BenMatlock said...
Thank you to the Senators from Maine for doing the right thing, even if it is token legislation.
July 13, 2010 at 7:00 AM Report abuse
Coolfusion said...
Reform .. ya right. Nothing in this bill adresses the Freddy and Fanny $4 TILLION problem. This bill was written for the Banks by the banks. To big to fail now becomes To obese to fail. Another example how Maine's voting republicans have been squashed and stomped on.
July 13, 2010 at 7:02 AM Report abuse
anymitzy said...
"Reform" that outright ignores Fannie Mae and Freddie Mac is a reform snow(e) job. We can only guess at how many private sector jobs will be lost as a result - but not that any of the pols care. They're set for life.
July 13, 2010 at 7:08 AM Report abuse
mpaxton said...
Ben...this is NOT benign, impotent legislation. It institutionalizes the "right" of major banks to tap the taxpayers whenever the risks they take blow up. And there is NO limit on the risk. Absolute insanity, and absolute institutionalization of their right to steal the assets of the middle and lower classes. Sitting quietly and thanking the Senators is ludicrous. Mercifully, a complete collapse is now mathematically unavoidable...so....we will get out from under --- with a great deal of pain -- but we will get out from under within the next two years. The only question now is how much will we be left with to rebuild? the banks want it all, and the government is completely co-opted so they are closing off escape hatches for the lower classes right and left. Buried deep in this legislation are all sorts of new regs about withdrawals from money markets, transfers of cash across borders, etc.
July 13, 2010 at 7:11 AM Report abuse
JWR said...
Look folks, the President himself has even said this bill is weak. So, do we wait to it's right ? It will never get right ! We have 'owner's' in this country. Politicians are simply irrelevant.////mpaxton,--Good observation that's what the 'owners' are doing along with buying up all the cheap real estate, so that when we crash into a depression, (cause by them) it will be just the same as 1929 and eleven years later when we pulled out of it,,,they will be even richer then before. Bernanke prints because there is no cash flow,,,not even under the mattress. Before anyone ever blames the Government, one needs to understand why and how we get to this point. The President surely does, and he's a much better man then I, because who in their right mind would ever take on a country in this mess and knowing the America's oligarchy are even more despicable then Russia's. Some hand uh ! Super Recession or Depression.
July 13, 2010 at 7:12 AM Report abuse
mpaxton said...
Also, for anyone here who believes the "regulators" are not completely captive at this point, I would urge you do do a little reading about what's happening at the CTFC......and what happened to a whistleblower named Andrew Maguire in March....the day after he WALKED THEM THRU THE MANIPULATION OF THE GOLD AND SILVER COMEX MARKET live in real time as it happened...with running narration so they could "get it".....google that, and then....place all your faith in our market "regulators"..... we have markets now that are literally structured to enable outright theft from participants.
July 13, 2010 at 7:19 AM Report abuse
MainenCrisis said...
All we keep hearing is, "its not perfect but a start" why are we constantly settling for half arsed solutions. If you dont have time to do it right the first time you will never have or make time to do it correctly. As a side note, I have lost all respect for our senators as they ahve becoem left leaning lap dogs. Stop drinking the koolaid.
July 13, 2010 at 7:26 AM Report abuse
jake007 said...
Well its not surprising. However I don't see anyone on the horizon who could beat her or Collins. So we have what we have. Sometimes agreement and other times not. Limpy,let your hair down!
July 13, 2010 at 7:32 AM Report abuse
mpaxton said...
Our senators are hardly left leaning lapdogs...that's just spin put out by the oppostion, and frankly, by the republicans. Do you think either party wants to admit they have been co-opted by the financial gods? These two have no loyalty or leaning to either the right or the left. They are walking a tightrope -- trying to pretend they represent and care about the peasantry of Maine, and supporting their real patrons, the banks, and in Susie's case the military contractors dependent upon the forever wars. They don't care about Obama, the left...or even the right -- follow the money. Lympie takes care of the banks; Susie works for the military.
July 13, 2010 at 7:35 AM Report abuse
JWR said...
MainenCrisis,--What don't you understand ? America was never design for you and I ! It is what it is, and 'we the people' hope to get by, through, our short miserable lives.
July 13, 2010 at 7:39 AM Report abuse
Roger said...
the only good thing about this old has been is that she's not susan collins
July 13, 2010 at 7:40 AM Report abuse
Chainyanker said...
The Republican alternative would be what? Do nothing again? They have nothing to offer other than saying "NO" to anything the Obama administration attempts to do. They seem to think that this negativity will be infectious and work in their favor. They may be in for one hell of a surprise.
July 13, 2010 at 7:45 AM Report abuse
mpaxton said...
true that, Roger, Susie is truly frightening. She is utterly, completely absolutely co-opted. The thing I wonder about is...when the kids were getting electrocuted in the KBR/Halliburton showers in Iraq...do we think she even blinked? I don't.
July 13, 2010 at 7:45 AM Report abuse
Biddy said...
The key piece in this legislation should have been taxing the banks to set up a fund in case of future bailout need. The banks would be more responsible if it was their own money on the line. As is it is taxpayers once again they'll run to.
July 13, 2010 at 7:45 AM Report abuse
AXeL said...
This is a meaningless and toothless bill that merely allows Obama a "success" while providing another opportunity for Snowe and Brown to increase their clout. Snowe enjoys her power and revels in senators, republican and democrat alike, bowing and scraping to her, fighting to kiss the hem of her cloak. The reactions to her decisions are like watching a carnival ride and just as nauseating.
July 13, 2010 at 8:10 AM Report abuse
RickD said...
Both Snowe and Collins have been on the wrong side of voting since Obama came into office. They are both closet Democrats that continue to deny Maine's Republican voters a real choice. It is time to kick all the incumbents out of office; they are all failing to work for anyone but themselves.
July 13, 2010 at 8:14 AM Report abuse
JB said...
Chainyanker, you got it! The right-wingers are all about free enterprise. Wall Street is just doing business. Sure they've stomped all over the middle class to make as much money as they can stuff in their pockets, but isn't that what capitalism is all about?
July 13, 2010 at 8:21 AM Report abuse
MSH said...
My, my...such unhappiness amongst the repug tribe....It almost makes one want to cry...Almost....
July 13, 2010 at 8:26 AM Report abuse
Hal said...
Once again, Senator Snowe is late to the table. But as they say up in Maine, "better late then never". Thanks Senator, now you can continue your long summer vacation.
July 13, 2010 at 8:27 AM Report abuse
mpaxton said...
rick, you are so caught up in your hate of democrats you are completely missing the point. and, excuse me, setting yourself up to be exploited again. you need to seriously grasp that snowe and collins have no interest in the republican or democratic agenda. there is ONE agenda, that is serving their monied interests. which, excuse me, means they will vote for whatever legislation comes their way that shows "concern" but no action for the peasantry and has low to NO impact on their benefactors. they don't give a @@#$@#$@# about Obama. Or the people of Maine.....and if you think any republicans (or democrats) do, you are delusional. This particular bill is so ridiculous that it still permits sky high leverage ratios, proprietary trading, AND provides taxpayer bailouts when things go wrong. In other words, risk free betting of the very riskiest kind.
July 13, 2010 at 8:31 AM Report abuse
mpaxton said...
rick, you are so caught up in your hate of democrats you are completely missing the point. and, excuse me, setting yourself up to be exploited again. you need to seriously grasp that snowe and collins have no interest in the republican or democratic agenda. there is ONE agenda, that is serving their monied interests. which, excuse me, means they will vote for whatever legislation comes their way that shows "concern" but no action for the peasantry and has low to NO impact on their benefactors. they don't give a @@#$@#$@# about Obama. Or the people of Maine.....and if you think any republicans (or democrats) do, you are delusional. This particular bill is so ridiculous that it still permits sky high leverage ratios, proprietary trading, AND provides taxpayer bailouts when things go wrong. In other words, risk free betting of the very riskiest kind.
July 13, 2010 at 8:31 AM Report abuse
Iwatch said...
"Strengthening these capital requirements" is going to cost you and me money if we have any savings or checking at all. Geez! Talk about a wolf in sheep's clothing. If Maine and Mass weren't so left wing, these Senators would not hold their seats.
July 13, 2010 at 8:37 AM Report abuse
mpaxton said...
iwatch....strengthening capital requirements would be a good thing IF this bill actually required it, and IF it were policed. It doesn't (negated in the pile of accompanying amendments) and it won't be. BA will be able to go on carrying a half a million delinquent a year or more mortgages at full value on their balance sheet. have no fear.
July 13, 2010 at 8:43 AM Report abuse
Jon said...
"While not perfect," Snowe said in a statement late Monday, "the legislation takes necessary steps to implement meaningful regulatory reforms, create strong consumer protections and restore confidence in the American financial system." No statement could be more false than this one. The so-called financial reform package is a huge gift to banks. The Lincoln amendment on derivatives and the Volker rule have been gutted. A No vote is the correct vote.
July 13, 2010 at 8:52 AM Report abuse
Bole said...
The rest of the Republicans make too much money from corrupt business practices, why would they want to change anything.
July 13, 2010 at 8:57 AM Report abuse
AJ said...
more government jobs and no body really knows whats in it..
July 13, 2010 at 9:17 AM Report abuse
mpaxton said...
AJ....make no mistake about this...the banks KNOW EXACTLY WHAT'S IN IT.....our senators don't know, and frankly, they don't want to know.
July 13, 2010 at 9:30 AM Report abuse
MamaJourishi said...
Disgusting! Both of these RINOs are a complete disgrace to the Republicans of Maine who have supported them for so long. Frankly, I'd rather have REAL, honest Liberal Democrats in office than these two lying pigs!!!
July 13, 2010 at 9:35 AM Report abuse
mpaxton said...
Guys...it is time to take your money out of the markets, buy gold & silver and pray, cause this market, this economy is going down HARD. The inside has been hollowed out. You say Snowe and Collins don't know what they are doing, or they sold out the Republicans. Neither is true, they are just trying to create some air cover for themselves for the inevitable (now) collapse.
July 13, 2010 at 9:41 AM Report abuse
frankmargel said...
Looking at the recent trend here, Brown, Snowe and Collins are bypassing politics and voting with their constituency. I call them middlecrats. They are doing their job even though the republicans wished they would just vote the party line. Maine has given strong support for Collins and Snowe in the past, that trend will continue unless the republicans can find someone better than these two Maine senators.
July 13, 2010 at 9:42 AM Report abuse
mpaxton said...
Frank, I sincerely doubt Susie or Lympie is going to have much support when the markets collapse in the coming months. This bill will force the taxpayers to ante up and bail out the banks once again (and that's coming, make no mistake about that). Given this, i suspect they are not going to be around in three/four years when its time to run again. They will probably be among those we see resigning from Congress to "spend more time with their families" in the two years ahead of us. I expect we're going to see quite a bit of this moving forward into the collapse.
July 13, 2010 at 9:48 AM Report abuse
MainenCrisis said...
Biddy, you ask why? Look who is in charge!
July 13, 2010 at 9:55 AM Report abuse
MainenCrisis said...
Chainyanker - you need to pay better attention. Back when Fanne and Frddy were cooking the books for huge bonuses the republicans were calling for regulation saying if they fail we are in big trouble. The democrats, particularly the BLACK caucus said the republicans were looking for trouble where there was none. This trouble we are in is heavily setting on the liberal ideals of this country, believe it as its only going to get worse.
July 13, 2010 at 10:00 AM Report abuse
Roxieow said...
mpaxton, are you talking about our 401k?
July 13, 2010 at 10:04 AM Report abuse
OldPete said...
Once again, Snow and Collins have proved their only allegiance lies with the ruling elite that now characterizes our so-called "representatives" in Congress - both House and Senate. This is yet another thousands of pages of hidden agenda items that will only come to light as the bureaucracies that will administer the regulations are constructed. Snowe and Collins both lack the ethical and intellectual honesty (and courage) to follow the lead of their buddy, Arlen Spectre, who earned the disgust and distrust of Pennsylvania voters by his blatant clinging to his exalted position by any means possible. The two Senators are no more than "enablers" who support the ruling class which so disdains the working people who make their pampered lives possible. Do Mainers have the common sense and courage to vote these two out at the earliest possibility?
July 13, 2010 at 10:10 AM Report abuse
mpaxton said...
roxie...if you can get your money out of the stock market, it would be great to get out now...at the tippy top of this fake rally. how you get 401(k) money in metals, i don't know. DO NOT fall prey to these places that tell you they will give you an IRA and "hold" or "store" the metal for you. If you buy gold or silver, you want it in your hands. I'm not kidding. the metals markets are the wild west, and you can get scammed there in a heartbeat as "regulation" of these markets stopped long ago. Google Andrew Maguire and read about what's been going on with futures contracts, "storage", etc. You want it in your hands. APMEX.com is a very reliable operation. Your local coin dealer is also good. but how you do this with retirement money I don't know. I do know you want out of stocks, and .....since at some point, we're going to see defaults on US Treasury bonds, you don't want those either.
July 13, 2010 at 10:20 AM Report abuse
mpaxton said...
roxie...if you can get your money out of the stock market, it would be great to get out now...at the tippy top of this fake rally. how you get 401(k) money in metals, i don't know. DO NOT fall prey to these places that tell you they will give you an IRA and "hold" or "store" the metal for you. If you buy gold or silver, you want it in your hands. I'm not kidding. the metals markets are the wild west, and you can get scammed there in a heartbeat as "regulation" of these markets stopped long ago. Google Andrew Maguire and read about what's been going on with futures contracts, "storage", etc. You want it in your hands. APMEX.com is a very reliable operation. Your local coin dealer is also good. but how you do this with retirement money I don't know. I do know you want out of stocks, and .....since at some point, we're going to see defaults on US Treasury bonds, you don't want those either.
July 13, 2010 at 10:20 AM Report abuse
henryelm said...
GOOD1 NOW if they will only support extended unemployment. I think it is a riot that the R's are voting no on finance reform IT shows just how DEEPLY they( and the tea party "movement") are connected to BIG BUSUNESS that brought our and the world economies to their knees. HOW can ANYONE in their right mind NOT acknowledge there is a problem that needs to be fixed. It's would be like giving osama bin laden a hug instead of hunting him down after 911. R=delusuional
July 13, 2010 at 10:23 AM Report abuse
henryelm said...
NOT that logic matters BUT --deregulation BUSTED the economy, with significant impact to the american people( and busineses) in lost jobs, homes, credit, investment and retirement funds and the R's just want to keep doing the same thing!!! They vote AGAINST ensuring this NEVER happens again?? And they allow lobbyist to compromise " the teeth" out of the bill. If it makes you feel better the banks and wall stret can still rake you over the coals. Feel better now???
July 13, 2010 at 10:32 AM Report abuse
henryelm said...
There is an interesting opinion piece with no link in the PPH today from an R running for Congress in ALABAMA ( yeah we really care about the ALABAMA election) filled with tea party rhetoric( I want to win the election, even IF I sacrifice AMERICA) It's is so delusional all over the place. The bailout=socialism and the end of capitalism, Free market rules etc . Capitalism gone wild and an unregulated market with NO oversight is what nearly KILLED capitalism. A HUGE pyramid scheme collapsed and took EVERTHING and everyone, especially tax payers, with it. THAT is what the R"s want to preserve?,in their just say NO strategy?!!!??? OK just WHO do these people think they represent?? NEVER mind!!! Corporate America, period.
July 13, 2010 at 10:47 AM Report abuse
henryelm said...
" ExxonMobil, the most profitable corporation in American history, avoided paying ANY income taxes to the Federal Government last year and then pocketed an additional $46 million from the IRS." They got $35 BILLION in Tax subsidies. that isnl' a free market THAT is highly subsidized corporate welfare doing a free fall ON tax payers.
July 13, 2010 at 10:56 AM Report abuse
mpaxton said...
Henry....what we got from the republicans is cannabalistic capitalism. the democrats are clueless.
July 13, 2010 at 11:04 AM Report abuse
mpaxton said...
Henry....what we got from the republicans is cannabalistic capitalism. the democrats are clueless.
July 13, 2010 at 11:04 AM Report abuse
henryelm said...
That is the type of so called "FREE Market"the r's and tea partiers want to maintain. That is what they call "small government" with no interference but for the HUGE taxpayer subsidy. I call it socialize capitalism with the taxpayers the ONLY one taking any "risk". YUP this BILL, in compromise, eliminated the bank fee to pay for their own future "bailouts". YUP that cost will STILL be on AMERICAN taxpayers. So who should pay for this so called free market(and it's risk) How risky IS a taxpayer bailout?? HOW "free" is that?? The Free Market is a myth. It's cost taxpayers and Americans plenty!!!
July 13, 2010 at 11:09 AM Report abuse
mainemade said...
Wish this bill had more teeth; but still, this article reminds me of why Snowe is the only Republican I have ever voted for!
July 13, 2010 at 11:11 AM Report abuse
henryelm said...
REAL D's aren't clueless.It's the party that has been canabalized over the decades BY DINO"S-- Saner Republicans fleeing "extremism" in their OWN party( or being driven out), instead of standing and fighting and getting THEIR OWN party back to sanity. EEW EEW RUSH might say bad things about them on the radio!!! COWARDS!!! gee I expect snowe and collins to run as D's before long!!!
July 13, 2010 at 11:18 AM Report abuse
Cochon said...
So much for the tea bagger bowel movement.
July 13, 2010 at 11:24 AM Report abuse
pphreader said...
Guess that hopey changey stuff is workin out for me!There are a few repugs that are capable of doing the right thing. As far as imperfection,the GOP will never allow a real reform bill to pass as they are the lapdogs of the rich.They offer NOTHING!
July 13, 2010 at 11:28 AM Report abuse
Roxieow said...
I just emailed my investor to see what her take is. Curious as to her response.
July 13, 2010 at 11:29 AM Report abuse
ACHILLES said...
Frank and Dodd, the ones who are most responsible for the financial meltdown a la Freddie and Fannie, are the authors of this bill. Freddie and Fannie are left untouched by regulation that they surely need although too little, too late. That is enough in itself to vote nay. Not to mention it is over 2300 pages long and safe to say not one senator comprehends the intricacies and ramifications of a 1/10th of it. And of course protects the largest to fail banks (gmafb) and will sacrifice the smaller institutions with us picking up the costs once again. Nothing good comes from increased fed power. And for those of you calling for taxes on the banks there is no such thing. We pick up the cost, just like every other corporate tax, we ultimately pay.
July 13, 2010 at 12:07 PM Report abuse
xcalibur1066 said...
Fannie/Freddie untouched. So, what is the point of this bill other than to try and show people you are not on the side of big business. Waste of time and money. Side note : ABC Poll - 60% of Americans have lost faith in Mr. Obama's ability to do what is right for American. D's and R's are also showing dismal numbers. Incumbents beware.
July 13, 2010 at 12:30 PM Report abuse
xcalibur1066 said...
" with no interference but for the HUGE taxpayer subsidy." hahaha. Again you show you have no idea what you are talking about. So, far the largest unpaid recipients of bailout $$$ are Freddie/Fannie. The D's big slush fund. Neither one is touched by this bill. This bill will hurt smaller local institutions, favoring larger banks. This bill will hurt small/medium business and favor larger (unionized) business. But if the bill was written by and promoted by the D's it has to be supported at all costs by the lefty, lefts. The people who think Rush controls the conservative agenda are kissing cousins of the "birthers". Both sets of people are whack jobs.
July 13, 2010 at 12:40 PM Report abuse
MainenCrisis said...
heryelm - the republicans do support an unemployment extension, they will not, however, borrow the money for it. They are correct in doing so.
July 13, 2010 at 1:07 PM Report abuse
henryelm said...
HMM BUT no problem borrowing for so many other things...like the bailout, the war(S), tax cuts for the rich etc,etc, Funny, how they get fiscal responsibility and suddenly "care" about the deficit, ONLY when it comes to the unemployed,isn't it. I'm guessing the unemployed don't think it is very funny!!!
July 13, 2010 at 2:05 PM Report abuse
pphreader said...
Funny haha.The GOP doesn't give a damned about the working people and their policies reflect that.The repugnican house is divided.Scott Brown isn't pandering to Palin and her ilk.Can't wait to see Palin run.That'll finally break the back of the GOP.Run Sarah run!
July 13, 2010 at 2:32 PM Report abuse
gowens said...
'And sometimes it may not be politically good for her. Isn't that the type of senator we've all been crying for'----------Evidently not...,...........Snowe, once again, shows she is a RINO that needs to be replaced.------- Looks like the right would rather have a computer at her desk that Limbaugh or Beck could program as they see fit.
July 13, 2010 at 2:37 PM Report abuse
mpaxton said...
roxie...your investment counselor is never going to tell you to go to cash....there are no commissions in that. i'm not kidding worked on wall street for years. doesn't happen. and they certainly don't tell you to go to gold.
July 13, 2010 at 2:45 PM Report abuse
mpaxton said...
roxie...your investment counselor is never going to tell you to go to cash....there are no commissions in that. i'm not kidding worked on wall street for years. doesn't happen. and they certainly don't tell you to go to gold.
July 13, 2010 at 2:45 PM Report abuse
Roxieow said...
I know that! I am curious to what she will say.
July 13, 2010 at 3:31 PM Report abuse
Roxieow said...
http://blogs.wsj.com/financial-adviser/2010/07/12/why-gold-is-the-worst-investment-right-now/
July 13, 2010 at 3:34 PM Report abuse
beulah said...
RHINO
July 13, 2010 at 3:42 PM Report abuse
henryelm said...
"http://blogs.wsj.com/financial-adviser/2010/07/12/why-gold-is-the-worst-investment-right-now/" well THERE goes BECK's hefty commission!!!!
July 13, 2010 at 3:46 PM Report abuse
beulah said...
What people do not understand is that this bill is nothing more than a job killer, tax increaser, and a bank fee increaser. This will cost us plenty. This is nothing more than a feel good bill, but the next morning we are going to wake up with a big hangover. Our Country is going down the wrong path; let’s hope we can change that in November.
July 13, 2010 at 3:47 PM Report abuse
beulah said...
I think Scott Brown is a big disappointment to Massachusetts. At least New Jersey got what they voted for with Chris Christie.
July 13, 2010 at 3:52 PM Report abuse
Page5Girl said...
"I think Scott Brown is a big disappointment to Massachusetts." why, i think it's great. everyone gets what they vote for. they only cared about political party, what's new right? they have you all where they want you. it's not hard to lead a pig to the trough.
July 13, 2010 at 3:57 PM Report abuse
henryelm said...
from the "gold" article: " Gold was worth about $20 an ounce in 1800. Since then it’s averaged a 2% gross return. Subtract out the costs of mining and storing gold, and what you have is basically a worthless rock that has a net negative return as an investment... Gold is $1,200 an ounce and silver is $18... So why does anyone buy it? Because it is ”fear metal” - you buy it when you are afraid of every other investment. " BECK selling "fear"? NO NOT BECK!!!FOOLS
July 13, 2010 at 4:00 PM Report abuse
beulah said...
A lot of people buy gold for other reasons besides an investment. If you were buying for an investment you would not buy right now. People buy gold for security; it usually will hold its value, even if everything goes bust. Personally I think gold is a good part of your net worth, if you have $, but Obama is trying to make that harder and harder.
July 13, 2010 at 4:06 PM Report abuse
henryelm said...
beulah the banks are already KILLING jobs. They took everyone's credit away, particularly business. Banks fee are for banks to pay for their own NEXT bailout NOT taxpayers. How is THAT a bad thing??? Take the risk??? pay the price-pretty simple!!! bad actions=bad consequences. It's called taking responsibility for your own actions!
July 13, 2010 at 4:07 PM Report abuse
null said...
Good for Senators Snowe, Collins, and Brown. In Maine, Snowe & Collins need to distance themselves from LePage. The Tea Party movement has peaked and does not represent the interests of informed Maine voters.
July 13, 2010 at 4:31 PM Report abuse
Dino90000000 said...
Kennedy lives! Tom Allen too!
July 13, 2010 at 4:32 PM Report abuse
RIJim said...
Call 'em RINOs if you will, but you hard right guys need to be satisfied with what you've got. Face it, Maine, and the rest of New England, has a majority of Democrats and moderate Repubs and will never elect a hard right Repub. I suppose you guys complaining about Snowe and Collins would rather have a Democrat in the Senate, 'cause that's likely what Maine would replace them with.
July 13, 2010 at 4:37 PM Report abuse
Chew said...
I expected more from Snowe and Collins... Voting for the "no-reform, but more legislation" bill is a disgrace to all Americans.
July 13, 2010 at 5:22 PM Report abuse
Caveman said...
What a threesome, Brown, Collins, and Snowe.
July 13, 2010 at 5:42 PM Report abuse
henryelm said...
meincrisis- the senate is in the process now of voting to pass $30 B to give small banks money to loan( something I agree with, by the way). It's the same price as extended unemployment benefits. It includes only $12 B in offsets( cuts) to pay for it. A $18 B shortfall. Let's see if 1. it passes and 2. how snowe and collins vote on IT. Last week they voted to extend the housing credit( I don't know if there were ANY offsets to pay for it).
July 13, 2010 at 5:56 PM Report abuse
henryelm said...
Bonus 11, From the article: "Some people say gold is an inflation hedge. But so are stocks..." Meine- "Back when Fanne and Frddy were cooking the books for huge bonuses the republicans were calling for regulation saying if they fail we are in big trouble." and so why didn't it pass??? the R's had a majority and Bush was in the white house?? WELL, It never GOT to the senate BECAUSE it didn't have the votes. It finally passed when there was a D majority with a bill introduced by- yup, B Frank and DODD
July 13, 2010 at 6:12 PM Report abuse
henryelm said...
Admit it 7-11 ,you bought gold because beck told you to.
July 13, 2010 at 6:18 PM Report abuse
henryelm said...
"Why would they want to loan to folks like you, risking the chance of default, especially when you are obviously clueless about financial matters?" UH I don't need a loan but I hear small businesses do. Why should they DO it?? 1. It's the patriotic thing to do 2 It's the right thing to do 3. Paulsen said they WOULD " free up credit" to get the votes for the bailout bill 4 Remember Bush's talking point "we need to save wall street to save main street" thing OH was it JUST a talking point to get votes. Fool me once shame on you...YOU mean they were just making a fool out of Congress and the American people to make BOA etc ( and no one else) whole. Well imagine that: "me first, the heck with the good ole USA" THAT is the attitude that CAUSED the problem to begin with. So sense reasoning when MONEY/greed/profit is on the table!!!
July 13, 2010 at 6:29 PM Report abuse
henryelm said...
Anyone Know bush's averge poll numbers from 2003 on?? 34%
July 13, 2010 at 6:31 PM Report abuse
crackhead said...
we really need Lepage to curb Henry Elm's insatiable need for foodstamps,health care and free housing.
July 13, 2010 at 6:38 PM Report abuse
UGF0cmlvdGlubWU%3D said...
I listen to Scott Brown explain it on Howie Carr, he made some valid point for his support. The two points I have is regulations are killing small banks. How can a small bank in ME hope to understand a 2500 page peice of legislation, you need an army of accountants and lawyers to do that...and what about Freddie and Fanny that got us in the mess to begin with?
July 13, 2010 at 7:21 PM Report abuse
JB said...
Gold? We're buying gold now? First they said eggs were bad, then they said eggs were good, then they said eggs were bad, then they said the yellow part in the middle is bad, but the white part is OK... Stick with what you know! Whatever you do, don't listen to Fox for financial advice - talk about a fox in the hen house, they shouldn't be allowed within 500 feet of the middle class.
July 13, 2010 at 7:46 PM Report abuse
grumblestilt said...
It's absolutely hilarious that the Tea Partiers think that Sen. Brown would avoid supporting financial reform when they demanded that he support fiscal responsibility. It's even funnier that they are so disappointed he won't toe the party line when the Tea Partiers want to change the GOP and insisted that he follow his conscience over the dictates of the party.
July 13, 2010 at 7:47 PM Report abuse
MaineHiker said...
Cut your losses. You are not up to handling the truth in this mess. You did your job, learn to relax and pay attention where it will truly appreciated.
July 13, 2010 at 8:13 PM Report abuse
grumblestilt said...
"The two points I have is regulations are killing small banks." And the lack of regulation - or the enforcement of regulations - just injured America severely. All those small banks didn't fold up under Bush because of the lack of regulation.
July 13, 2010 at 8:32 PM Report abuse
nikonwilly said...
It's Political death not to side with this bill!
July 14, 2010 at 8:25 AM Report abuse
trisailer said...
I think that this bill is a joke. The cleverest people on the planet work in the financial industry so does anyone else think that our useless government leaders will be able to get out ahead of them? This is only to make the masses feel like something has been done while the financial industry sets up for the next round of fleecing America. Greed has overtaken principles and the average American, who is the only one to stop it is paralyzed by the belief that if they use the power of the vote to take back what they have been tricked out of than they might not get to be rich someday themselves. I don't blame the rich people, they are doing all they know how to do, but I don't get why the average working person is supporting the destruction of the middleclass.
July 14, 2010 at 10:08 AM Report abuse
Roger said...
Keep electing old, out of touch career politicians and this is the result. This country is doomed!
July 14, 2010 at 10:34 AM Report abuse
Sam said...
The right wing actually had the audacity to whine and stomp their feet because the Democrats wanted to limit bonuses for bankers who took bailout money. They also have blocked a vote to extend unemployment benefits. Banker make on average over 4000% of the amount of the average unemployment check - BEFORE any bonuses. ... and yet the right actual claims that they do not understand why people are so convinced they support the richest Americans at the expense of the rest of us.
July 14, 2010 at 2:31 PM Report abuse