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1 Randall Gross  Sun, Dec 22, 2013 7:22:19am

Toomey and his cohorts destroyed the Republican party, anything from him is a lie.

2 Dark_Falcon  Sun, Dec 22, 2013 7:31:33am

re: #1 Randall Gross

Toomey and his cohorts destroyed the Republican party, anything from him is a lie.

Sen. Toomey co-sponsored the firearms background checks bill, and the club for growth didn’t turn insane till he had left it to run for the Senate. He’s a good egg, Thanos.

What did you think of his idea, anyways, and why did you think it was a lie?

3 Jayleia  Sun, Dec 22, 2013 7:40:34am

And here’s the first problem with it

“Assuming that the institution isn’t in truly dire shape and hasn’t misstated its assets and liabilities (as firms essentially did before the financial crisis)”

OK, so assuming TBTF banks are both honest AND correct about the valuations of their assets in the future, we might be onto something…if you are not laughing hysterically at that concept of them being either honest OR correct, I suggest you take time to review how we got into that mess.

4 Dark_Falcon  Sun, Dec 22, 2013 8:07:50am

re: #3 Jayleia

And here’s the first problem with it

“Assuming that the institution isn’t in truly dire shape and hasn’t misstated its assets and liabilities (as firms essentially did before the financial crisis)”

OK, so assuming TBTF banks are both honest AND correct about the valuations of their assets in the future, we might be onto something…if you are not laughing hysterically at that concept of them being either honest OR correct, I suggest you take time to review how we got into that mess.

Actually, the article does talk about that concern and its why Toomey’s solution is only a partial one. It’s also why I disagree with the senator about the rest of Dodd-Frank, as it is my opinion that lumbering TBTF banks with regulations is the only way to prevent a disaster. I’d rather the Congress did more regulating and less grandstanding, but I don’t think that likely so having the bureaucracy manage risk is the only option.

Risk Management is not a job bureaucrats are best at, but they’re all we’ve got for the time being.

5 Randall Gross  Sun, Dec 22, 2013 8:16:27am

Toomey linked arms with Limbaugh in 2006 and started the great RINO hunt that created today’s dysfunctional party, you can’t rehabilitate him in my eyes.

6 Uncle Obdicut  Sun, Dec 22, 2013 8:23:13am

This article contains a number of mistruths, like an assertion that all costs levied on financial firms are passed on to ‘the taxpayers’.

The article itself, however, is correctly critical of the plan. Dark, did you notice that the article itself says the plan has problems?

7 Uncle Obdicut  Sun, Dec 22, 2013 8:24:07am

re: #4 Dark_Falcon

What is at all decent about the plan, or in any way superior to the current situation? Please be as specific and detailed as possible, and avoid ideological language and suppositions.

8 Uncle Obdicut  Sun, Dec 22, 2013 8:29:47am

re: #2 Dark_Falcon

Sen. Toomey co-sponsored the firearms background checks bill, and the club for growth didn’t turn insane till he had left it to run for the Senate. He’s a good egg, Thanos.

The club for growth attacked Republicans who didn’t support the Bush Tax cuts. It opposed the 527 Reform Act. It has always been a shitty organization.

9 Dark_Falcon  Sun, Dec 22, 2013 8:35:45am

re: #7 Uncle Obdicut

I’ll answer this evening. Gotta go.

10 Uncle Obdicut  Sun, Dec 22, 2013 8:53:49am

Here’s the ‘Good egg’ Toomey yucking it up with Glenn Beck and helping to spread his lies:

glennbeck.com

11 Jayleia  Sun, Dec 22, 2013 9:34:53am

re: #4 Dark_Falcon I disagree, career bureaucrats (either private or public sector) whose job depends on managing risk and are selected for expertise in managing risk will usually do just fine. Rep, Steve Stockman…not so much.

12 nines09  Sun, Dec 22, 2013 10:42:24am

I live in Pennsylvania. Home of Santorum and Corbett and Toomey. Anything with his name on it is worthless. Absolutely worthless. He is Rick Santorum Lite and a Tea Party sympathizer and one of the main reasons the mental ward is now running the GOP. No thanks.

13 Dark_Falcon  Sun, Dec 22, 2013 1:17:02pm

re: #11 Jayleia

I disagree, career bureaucrats (either private or public sector) whose job depends on managing risk and are selected for expertise in managing risk will usually do just fine. Rep, Steve Stockman…not so much.

Well, you’d obviously want your oversight congresspeople to be a pair of cuts above Steve Stockman. But Congress has an important role to play, both in insuring that regulators have the statutory tools and funds needed to do their work, call attention to problems that aren’t being addressed and also on rare occasions to pull overzealous regulators back. Some people would also add ‘overcautious regulators’ onto that last task, but in light of recent experience I think Congress should defer when the Treasury Department or the Federal Reserve advise caution.

14 sauceruney  Sun, Dec 22, 2013 1:32:55pm

I can’t trust that what the other side comes up with will do anything but give the cloak of legality to things that should be crimes.

15 subterraneanhomesickalien  Sun, Dec 22, 2013 1:38:59pm

Keep searching DF.

Eventually you’ll find a political huckleberry, whose brain hasn’t been ravaged by Syphilis-Simplex TP.

That roster appears to be a little thin right now though. Lack of vaccination is fucking destroying herd immunity.

This guy really is just another one of the mouth pieces of the economic elite, and supply-side fanatics. I wouldn’t trust him whether he once said or did something reasonable or not.

16 Dark_Falcon  Sun, Dec 22, 2013 1:53:38pm

re: #14 sauceruney

I can’t trust that what the other side comes up with will do anything but give the cloak of legality to things that should be crimes.

That stance leaves no option but political war. Your Senator Warren seeks to end ‘Too Big To Fail’ as well, does she not? The bill has been introduced in the Senate, so those Democrats interested in the issue can read it and criticize it or propose changes as they think fit. I for one welcome positive changes made to the bill in question, since it does not in my opinion address willfully dishonest behavior within banks enough, but to simply say that “Republican = Coverup” means we’ve got nothing further to discuss.

17 Uncle Obdicut  Sun, Dec 22, 2013 2:09:53pm

Dark, you haven’t answered in what way you think this plan is superior yet.

18 Dark_Falcon  Sun, Dec 22, 2013 2:20:00pm

re: #17 Uncle Obdicut

Dark, you haven’t answered in what way you think this plan is superior yet.

A regularized and less customized bankruptcy seems less prone to shenanigans and favoritism of various types.

19 Uncle Obdicut  Sun, Dec 22, 2013 2:53:36pm

re: #18 Dark_Falcon

A regularized and less customized bankruptcy seems less prone to shenanigans and favoritism of various types.

Let me repeat myself:

What is at all decent about the plan, or in any way superior to the current situation? Please be as specific and detailed as possible, and avoid ideological language and suppositions.

20 sauceruney  Sun, Dec 22, 2013 5:25:21pm

re: #16 Dark_Falcon

Its not a war I started. When the right shows theyre adult enough to stop trying to regulate female parts and sexual behavior, maybe I’ll start caring what they have to say about anything else.

21 kirkspencer  Sun, Dec 22, 2013 6:27:28pm

First, read the bill instead of the article. Then go back to the article and notice how many elements aren’t mentioned.

The institution gets to pick how its assets and debts are split. (Can you say dump the bad debt?) The judge overseeing it gets 12 hours to decide if it’s legit, and only gets to confer with the organization, the department of the treasury, and the federal reserve. The bankruptcy court is restricted to notifying only the top 20 (each) secured and unsecured creditors, and is barred from allowing any others to bring notice.

At that point I quit. It’s still lying (who the crap does he think eats bankruptcy debts if not the taxpayers), and the opening of the plan means it’s done quickly and in secret.

I’m going to admit that it didn’t help that the title is so reminiscent of that other failure in which he was involved, the TAxpayer Bill of Rights (TABOR) that has been so disastrous everywhere it’s passed.

22 Jim D  Sun, Dec 22, 2013 6:44:20pm

re: #19 Uncle Obdicut

I believe the probability of you getting a response is only slightly higher than getting one from KT.

23 Dark_Falcon  Sun, Dec 22, 2013 7:25:35pm

re: #19 Uncle Obdicut

Let me repeat myself:

What is at all decent about the plan, or in any way superior to the current situation? Please be as specific and detailed as possible, and avoid ideological language and suppositions.

Based on what Kirk Spencer just posted, I no longer think this is better.

24 Uncle Obdicut  Mon, Dec 23, 2013 3:26:54am

re: #23 Dark_Falcon

Based on what Kirk Spencer just posted, I no longer think this is better.

That’s nice and honest and thoughtful of you, Dark. I appreciate it. Hopefully this might lead to you doing that critical thinking step earlier in the process, but I’m really glad, and impressed, that you responded in this way.

25 BusyMonster  Mon, Dec 23, 2013 11:54:14am

re: #21 kirkspencer

The institution gets to pick how its assets and debts are split. (Can you say dump the bad debt?) The judge overseeing it gets 12 hours to decide if it’s legit,

Oh, yea fuck that. Anything where time is hastened, decisions are made in a big fucking hurry — it’s typical right-wing monkeywrenching, meant at the best to distract and confuse while sharply-dressed flunkies take the money out the back, and at the worst to profit from said chaos.

And, honestly, you think “Club for Growth” was anything other than a glibtard’s hot mess of stupid, ever? I didn’t. This is their null plug, their effort to insert a “solution” into the mix which is actually not a solution at all, being that said solution is meant to be undermined with willful chicanery and bullshit. ESPECIALLY where the judge gets 12 hours to make a decision. No, fucking, way.

Nice try, but this is just more Potempkin Legislation from the Potempkin Party, the Party Of Fake Fucking Bullshit.

26 Sol Berdinowitz  Tue, Dec 24, 2013 1:44:49am

If a bank is too big to fail, it is too big to be unregulated.


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