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  • In The Green Room: Senator Jim DeMint (R-SC) on Financial Reform

    Yesterday, Senator Jim DeMint (R-SC) sat down with us for a quick interview before sitting on a panel with Congressman Tom Price (R-GA) and our own Bill Beach for an event titled, “Is America Sinking into the Dependency Abyss?“.

    He talked with us about the growth of entitlements and the problems with the Dodd Bailout Bill, saying,

    “It’s important that we fix the things that caused the financial meltdown in our country. The real frustration with this [bill] is that this is another political package with a label that says ‘financial reform’ but you open it up and it does not address the problems that caused the financial problem.”

    Posted in Economics [slideshow_deploy]

    10 Responses to In The Green Room: Senator Jim DeMint (R-SC) on Financial Reform

    1. Billie says:

      Dodd Bailout Bill, saying,

      “It’s important that we FIX the THINGS that caused the financial meltdown in our country." THE FIX OF THINGS IS GOVERNMENT CORRUPTION! ARRESTS NEED TO BE MADE!!!!!!!!!

      "The real frustration with this [bill] is that this is another political package with a label that says ‘financial reform’ but you open it up and it does not address the problems that caused the financial problem.” As the real frustration is IGNORANT GOVERNMENT OFFICIALS FAILING THEIR DUTIES!!!!!!!!!!…following the footsteps of their leader.

    2. Pingback: » Financial News Update – 04/22/10 NoisyRoom.net: Fighting for the Consititution

    3. Micki-Tamarac, FL says:

      Time to address Fannie and Freddie. Whay are they left out of it all when they are most responsible?

    4. Tim AZ says:

      The problems that caused it have names two of whom are Chris Dodd and his boy lollipop Barney Frank. Frog march them from the Senate as an example to everyone that proceeds them. Problem solved.

    5. BJ Ft. Myers Fl says:

      This is just another political power play in order to (1) take over any bank that the Sec. of Treasure wishes to. When one stops to think about it, heavy duty extortion could be utilized for contributions to the party in power. "If you don't contribute we'll close you down."

      (2) It is not reform, it is payment for your support. As Mr. Demint stated it does nothing to correct the problem. It does only assist those who were partially responsible for the bad management decisions that caused some of the problems.

      The real "Melt down" was structured by the government when congress ordered Fanny Mae and Freddie Mac to make loans to people that had no possible way of paying it back. Further lying to President Bush by saying that these institutions were strong and good shape.

    6. slats says:

      I encourage everyone to read the "fatal flaws" document provided by Heritage on this bill and talk to friends and relatives to convince them to call congress creatures to stop this train wreck.

      we the people are being raped by Wall St. and Washington.

    7. Brian Towersey Pebbl says:

      Amen..most of the country dosnt even understand the corruption that is occuring

    8. susan neal, Irving t says:

      Could somone explain to me why senator dodd and congressman frank have not been held accountable for their part in the housing meltdown of Fannie and Freddie while it was on their watch that this sub-prime crime took place; it has infuriated me for years that Pres Bush and the repubs were blamed all the while knowing that prominent democrats helped themselves to a slush fund and are directly responsible for the economic recession; the banks are at fault and so are the unqualified buyers who ripped off the system as well. If dodd and frank were ceo's of a private sector company or of a banking institution, they would be in jail; government sachs and this whitehouse are in bed together and look at all of the contributions of 4.5 million going to democrats with obama racking up 1 million and yet this is allowed to continue? No wonder almost 80% of the american people have absolutely No Trust in the government; I believe there is a serious conflict of interest with obama and geithner, an ex-exec with gs handling the tarp; how is this not Corruption at the highest level and why are these people not being prosecuted? Obama is the biggest liar and hypocrit I have ever seen in my life; he is lying today that he has cut taxes and that wall street is the villian when he and wall street and big labor are all in cahoots together! I am infuriated and would love to put a stop to all of this buying off and bailing out friends of obama and the democrat party? Will it ever end? I am sick to my stomach about all of this; I am so fed up with the media bias and the media covering up for this regime; this is a dictatorship and obama is chavez and castro and I warned McCain about him long ago, but was laughed at and ignored and called crazy–Told you so!

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    10. Drew Page, IL says:

      While I am in favor of stricter contrls over banking practices, Wall Street broker firms and Insurance company practices, I am extremely wary of anything labeled "REFORM".

      The SEC failed us when they did not issue a "Cease and Desist" order to Wall Street brokerage firms that packaged toxic mortgages and sold them as "Investment Backed Securities". Where were the federal and state banking regulators when banks were making ridiculous mortgage loans, at the insistence of the Clinton administration, to unqualified credit risks (people with no money down, with incomes too low to meet minimum monthly payment, even people with jobs or other financial assets? Where was the New York Department of Insurance insisting to see AIG's necessary reserves when AIG decided to sell insurance policies to cover the default on such mortgages?

      Yes, we do need stronger regulatory agencies, but independent of government interference. I do not like the $50 billion fund called for in the proposed Financial Reform bill. This gives the government carte blanche to seize any financial institution the 'deem' to be failing. This appears to me to be just another bail out fund, or government stash, of our tax dollars. I am against this provision, but do support stronger regulation of financial institutions. Had President Clinton, Franklin Raines, Chris Dodd and Barney Frank worked for a real private sector firm, they would be in jail today.

      All this B.S. about wanting to help Americans "realize their dream of owning their own home" sounds great. But people in charge of OTHER PEOPLE'S MONEY have a greater responsibility to those who put the money into these financial institutions, be they investors or taxpayers, than to those who dream of owning something. Dreams are fine, but they should not become the qualifications for obtaining a loan. My advice to politicians who want to realize the dreams of others is — DO IT WITH YOUR OWN MONEY, NOT MINE.

    11. ann kitay fulton, tx says:

      In politics and moving this nation forward there always has been a tit-for-tat game going on in the backrooms. This administration is moving beyond the pale and we were told this would happen – we just didn't hear because of the daily abuse heaped upon Geo. Bush – he's not MY president – by Democrats standing in front of OUR White House. They were not called out and so grew more brazen. Our 'system' has gone way past tit-for-tat; we now are experiencing the greatest most deadly shell game in history. I didnt vote for any of it. I encourage my elected representatives not to vote for any of it. I advise all to keep those cards and letters flying and pray – big time.

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