Daily Archives: June 25, 2010

Compromise reached on Dodd-Frank Bill in dead of night

“Woe to those who go to great depths to hide their plan…..who do their work in darkness and think, “Who sees us? Who will know?”

I don’t understand what this 2,000 page bill means.  But how could I when the co-sponsor, Chris Dodd, says “no one will know what it means” until it’s put into place.  That seems to be their mantra – wait until it’s passed and then you will find out what’s in it. Don’t worry about a thing, you’ll understand it better by and by.

Judd Gregg says this:

“It will not encourage much-needed stability and confidence in our financial markets. It will not significantly reduce systemic risk in our financial sector.”

And I’ll take his word for it.

And so once again in the dead of night, these people wheel and deal with our lives.  The following excerpt states that there will be a “potential vote in both houses” next week.

Key House and Senate lawmakers approved far-reaching new financial rules early Friday after weeks of division, delay and frantic last-minute deal-making. The dawn compromise set up a potential vote in both houses of Congress next week that could send the landmark legislation to President Obama by July 4.
Lawmakers pulled an all-nighter, wrapping up their work at 5:39 a.m. — more than 20 messy, mind-numbing hours after they began Thursday morning.
“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. It took a crisis to bring us to the point where we could actually get this job done.”
The last thing they did, at dawn, was name the bill after it’s sponsors, Barney Frank and Chris Dodd. (HR 4173 FKA S. 3217) Don’t they make a cute couple?  Check out their photo on Drudge.

Ironically, it was Barney Frank and Chris Dodd who presided over and aided the crumbling of the banks, heading up the congressional committees responsible for overseeing the banking industry.  Now we have them presiding over the “fix.”  Wow.  Is there any wonder people are thoroughly fed up with Washington, D. C.

But potential vote does not mean it’s a done deal.  I am not for passing anything whatsoever that comes out of this congress.  Good, bad, otherwise.

I was always taught that anything done after midnight didn’t need doing.  But looks like we’ll have to stay up day and night to keep an eye on these people who claim to be representatives of the people.

Wonder which yellow RINO is primed to vote for this? [Note: Answer to this was revealed July 15th. Surprise…..Brown, Collins, Snowe.] It usually only takes one or two.  Watch them.  Support their opponents.  Vote them out in November.

FOUR republicans supported a previous version.  Don’t know who they were, but I’ll look it up. (This may be wrong.  One source looks like no republicans voted for it, but I’m still checking) – I give up.  Senate voted in May, 2010, to pass bill.  Changed S. 3217 to H. R. 4173.  It passed with Scott Brown, Susan Collins, and Olivia Snowe voting Yes.  Finally found the fourth one – Chuck Grassley.

When the president was asked did he think it would pass the full Senate, he said “You bet.”

Some details:


Posted:  06.25.10  Update:  06.28.10 @ 1:08 a.m.

“Men have preferred darkness to light because their deeds were evil. Everybody who does wrong hates the light and keeps away from it, for fear his deeds may be exposed.”


Filed under Financial Crisis, politics, Uncategorized