Obama takes on credit rating agencies!

[TheBreeze]

Wow! This is awesome and something that Mish has been harping on for a while. Check it out:

Officials said they want rules to eliminate conflicts of interest at credit rating agencies that gave top investment grades to the exotic and ultimately shaky financial instruments that have been a source of market turmoil. The core problem, they said, is that the agencies are paid by companies to help them structure financial instruments, which the agencies then grade.

“Until we deal with the compensation model, we’re not going to deal with the conflict of interest, and people are not going to have confidence that the ratings are worth relying on, worth the paper they’re printed on,” Mary Schapiro said in testimony earlier this month before being confirmed by the Senate to head the Securities and Exchange Commission.

Timothy Geithner, the nominee for Treasury secretary, made similar comments in written and oral testimony before the Senate Finance Committee.

They are also taking on mortgage brokers…

Aides said they would propose new federal standards for mortgage brokers who issued many unsuitable loans and are largely regulated by state officials. They are considering proposals to have the SEC become more involved in supervising the underwriting standards of securities that are backed by mortgages.

…and derivatives…

The administration is also preparing to require that derivatives like credit default swaps, a type of insurance against loan defaults that were at the center of the financial meltdown last year, be traded through a central clearinghouse and possibly on one or more exchanges. That would make it significantly easier for regulators to supervise their use.

…and continuing to rebuke Bush policies…

Officials have been grappling for nearly a year to figure out how to better oversee the financial system, particularly as a number of large and inadequately supervised companies have encountered problems. In a sweeping regulatory blueprint unveiled last March, Treasury Secretary Henry Paulson Jr. proposed a broad consolidation of banking and financial agencies, including merging the Securities and Exchange Commission and the Commodity Futures Trading Commission. That proposal is not included in the current plans.

…and hedge funds (with another rebuke of Bush)…

Other elements of the regulatory overhaul, such as the requirement that hedge funds register with and be more closely supervised by the SEC, would mark a sharp departure from the policies of the Bush administration.

…and executive pay…

For example, they are preparing proposals to limit executive pay at companies that receive money under the bank bailout program. In response to written questions by Senator John Kerry, Democrat of Massachusetts, Geithner said that in such circumstances the administration was planning to set a limit and that any compensation over that amount would “be paid in restricted stock or similar form that cannot be liquidated or sold until government assistance has been repaid.”

“Excessive executive compensation that provides inappropriate incentives,” Geithner said, “has played a role in exacerbating the financial crisis.”

http://www.iht.com/articles/2009/01/25/america/25regulate.php?page=1

Damn, this is impressive! Obama is moving faster and even exceeding my own lofty expectations!

Fire away right-wing nutjobs. I look forward to your impotent attacks. Your ridiculous attacks will only raise Obama’s 68% approval rating (nearly triple that of Chimpy’s!):

http://www.politico.com/news/stories/0109/17902.html

[Allan from Fallbrook]

Uh, Breezie, I hate to whiz in your Cheerios, but wasn’t it a right-wing nutjob (Paulson) who authored the document that Obama is using as his template? Go check on that and get back to me. I’ve attached the link to the NYT story that references it:

Hey, I’ve also got to ask you: Didn’t you get the sense during that overblown coronation, I mean inauguration, ceremony of a throwback to 1936 Nuremburg, what with all the huge flags and bunting? Hell, the only things missing were those massive drums and the cheering blond Hitler Youth in the front row. Weren’t you channeling your inner Leni Riefenstahl? You’ll want to look her up on Wikipedia.

That ceremony cost $160MM, by the way. Couldn’t the Great Leader have better spent that money on feeding poor children?

[Allan from Fallbrook]

Uh, Breezie, I hate to whiz in your Cheerios, but wasn’t it a right-wing nutjob (Paulson) who authored the document that Obama is using as his template? Go check on that and get back to me. I’ve attached the link to the NYT story that references it:

Hey, I’ve also got to ask you: Didn’t you get the sense during that overblown coronation, I mean inauguration, ceremony of a throwback to 1936 Nuremburg, what with all the huge flags and bunting? Hell, the only things missing were those massive drums and the cheering blond Hitler Youth in the front row. Weren’t you channeling your inner Leni Riefenstahl? You’ll want to look her up on Wikipedia.

That ceremony cost $160MM, by the way. Couldn’t the Great Leader have better spent that money on feeding poor children?

[Allan from Fallbrook]

Uh, Breezie, I hate to whiz in your Cheerios, but wasn’t it a right-wing nutjob (Paulson) who authored the document that Obama is using as his template? Go check on that and get back to me. I’ve attached the link to the NYT story that references it:

Hey, I’ve also got to ask you: Didn’t you get the sense during that overblown coronation, I mean inauguration, ceremony of a throwback to 1936 Nuremburg, what with all the huge flags and bunting? Hell, the only things missing were those massive drums and the cheering blond Hitler Youth in the front row. Weren’t you channeling your inner Leni Riefenstahl? You’ll want to look her up on Wikipedia.

That ceremony cost $160MM, by the way. Couldn’t the Great Leader have better spent that money on feeding poor children?

[Allan from Fallbrook]

Uh, Breezie, I hate to whiz in your Cheerios, but wasn’t it a right-wing nutjob (Paulson) who authored the document that Obama is using as his template? Go check on that and get back to me. I’ve attached the link to the NYT story that references it:

Hey, I’ve also got to ask you: Didn’t you get the sense during that overblown coronation, I mean inauguration, ceremony of a throwback to 1936 Nuremburg, what with all the huge flags and bunting? Hell, the only things missing were those massive drums and the cheering blond Hitler Youth in the front row. Weren’t you channeling your inner Leni Riefenstahl? You’ll want to look her up on Wikipedia.

That ceremony cost $160MM, by the way. Couldn’t the Great Leader have better spent that money on feeding poor children?

[Allan from Fallbrook]

Uh, Breezie, I hate to whiz in your Cheerios, but wasn’t it a right-wing nutjob (Paulson) who authored the document that Obama is using as his template? Go check on that and get back to me. I’ve attached the link to the NYT story that references it:

Hey, I’ve also got to ask you: Didn’t you get the sense during that overblown coronation, I mean inauguration, ceremony of a throwback to 1936 Nuremburg, what with all the huge flags and bunting? Hell, the only things missing were those massive drums and the cheering blond Hitler Youth in the front row. Weren’t you channeling your inner Leni Riefenstahl? You’ll want to look her up on Wikipedia.

That ceremony cost $160MM, by the way. Couldn’t the Great Leader have better spent that money on feeding poor children?

[TheBreeze]

[quote=Allan from Fallbrook]Uh, Breezie, I hate to whiz in your Cheerios, but wasn’t it a right-wing nutjob (Paulson) who authored the document that Obama is using as his template?
[/quote]

Are you deaf? This was a quote in my original post:

Officials have been grappling for nearly a year to figure out how to better oversee the financial system, particularly as a number of large and inadequately supervised companies have encountered problems. In a sweeping regulatory blueprint unveiled last March, Treasury Secretary Henry Paulson Jr. proposed a broad consolidation of banking and financial agencies, including merging the Securities and Exchange Commission and the Commodity Futures Trading Commission. That proposal is not included in the current plans.

It’s right there in black-and-white. Paulson’s proposal is not in Obama’s plan.

My gawd. I realize you right-wing nut jobs are desperate, but I guarantee you that Obama’s fellow citizens are going to see right through the righties attempts to take credit for Obama’s great policy decisions.

I can’t really blame the righties for trying though. Your choices are either (1) try and take credit for Obama’s awesome policies or (2) get behind some nitwit from Alaska who believes the Earth is 5,000 years old. You righties have chosen the best of two bad options.

[TheBreeze]

[quote=Allan from Fallbrook]Uh, Breezie, I hate to whiz in your Cheerios, but wasn’t it a right-wing nutjob (Paulson) who authored the document that Obama is using as his template?
[/quote]

Are you deaf? This was a quote in my original post:

Officials have been grappling for nearly a year to figure out how to better oversee the financial system, particularly as a number of large and inadequately supervised companies have encountered problems. In a sweeping regulatory blueprint unveiled last March, Treasury Secretary Henry Paulson Jr. proposed a broad consolidation of banking and financial agencies, including merging the Securities and Exchange Commission and the Commodity Futures Trading Commission. That proposal is not included in the current plans.

It’s right there in black-and-white. Paulson’s proposal is not in Obama’s plan.

My gawd. I realize you right-wing nut jobs are desperate, but I guarantee you that Obama’s fellow citizens are going to see right through the righties attempts to take credit for Obama’s great policy decisions.

I can’t really blame the righties for trying though. Your choices are either (1) try and take credit for Obama’s awesome policies or (2) get behind some nitwit from Alaska who believes the Earth is 5,000 years old. You righties have chosen the best of two bad options.

[TheBreeze]

[quote=Allan from Fallbrook]Uh, Breezie, I hate to whiz in your Cheerios, but wasn’t it a right-wing nutjob (Paulson) who authored the document that Obama is using as his template?
[/quote]

Are you deaf? This was a quote in my original post:

Officials have been grappling for nearly a year to figure out how to better oversee the financial system, particularly as a number of large and inadequately supervised companies have encountered problems. In a sweeping regulatory blueprint unveiled last March, Treasury Secretary Henry Paulson Jr. proposed a broad consolidation of banking and financial agencies, including merging the Securities and Exchange Commission and the Commodity Futures Trading Commission. That proposal is not included in the current plans.

It’s right there in black-and-white. Paulson’s proposal is not in Obama’s plan.

My gawd. I realize you right-wing nut jobs are desperate, but I guarantee you that Obama’s fellow citizens are going to see right through the righties attempts to take credit for Obama’s great policy decisions.

I can’t really blame the righties for trying though. Your choices are either (1) try and take credit for Obama’s awesome policies or (2) get behind some nitwit from Alaska who believes the Earth is 5,000 years old. You righties have chosen the best of two bad options.

[TheBreeze]

[quote=Allan from Fallbrook]Uh, Breezie, I hate to whiz in your Cheerios, but wasn’t it a right-wing nutjob (Paulson) who authored the document that Obama is using as his template?
[/quote]

Are you deaf? This was a quote in my original post:

Officials have been grappling for nearly a year to figure out how to better oversee the financial system, particularly as a number of large and inadequately supervised companies have encountered problems. In a sweeping regulatory blueprint unveiled last March, Treasury Secretary Henry Paulson Jr. proposed a broad consolidation of banking and financial agencies, including merging the Securities and Exchange Commission and the Commodity Futures Trading Commission. That proposal is not included in the current plans.

It’s right there in black-and-white. Paulson’s proposal is not in Obama’s plan.

My gawd. I realize you right-wing nut jobs are desperate, but I guarantee you that Obama’s fellow citizens are going to see right through the righties attempts to take credit for Obama’s great policy decisions.

I can’t really blame the righties for trying though. Your choices are either (1) try and take credit for Obama’s awesome policies or (2) get behind some nitwit from Alaska who believes the Earth is 5,000 years old. You righties have chosen the best of two bad options.

[TheBreeze]

[quote=Allan from Fallbrook]Uh, Breezie, I hate to whiz in your Cheerios, but wasn’t it a right-wing nutjob (Paulson) who authored the document that Obama is using as his template?
[/quote]

Are you deaf? This was a quote in my original post:

Officials have been grappling for nearly a year to figure out how to better oversee the financial system, particularly as a number of large and inadequately supervised companies have encountered problems. In a sweeping regulatory blueprint unveiled last March, Treasury Secretary Henry Paulson Jr. proposed a broad consolidation of banking and financial agencies, including merging the Securities and Exchange Commission and the Commodity Futures Trading Commission. That proposal is not included in the current plans.

It’s right there in black-and-white. Paulson’s proposal is not in Obama’s plan.

My gawd. I realize you right-wing nut jobs are desperate, but I guarantee you that Obama’s fellow citizens are going to see right through the righties attempts to take credit for Obama’s great policy decisions.

I can’t really blame the righties for trying though. Your choices are either (1) try and take credit for Obama’s awesome policies or (2) get behind some nitwit from Alaska who believes the Earth is 5,000 years old. You righties have chosen the best of two bad options.

[Allan from Fallbrook]

Breeze: Your highlight only covers ONE ASPECT of the Paulson plan, the majority of which Obama IS USING. Read the NYT article that I linked in, genius.

And, for the record, I am not an evangelical Christian and I don’t believe the earth is 5,000 years old. I’ll cheerfully put my Jesuit Catholic and collegiate education up against yours, so feel free to drop the right-wing nutjob moniker as well. You’re far more indoctrinated than I’ll ever be, especially given the fact that I haven’t voted Republican since 1996!

You feel like having a bare knuckles ideological debate, I’m all for it.

Following is DIRECT QUOTE FROM NYT ARTICLE you buffoon: “But other proposals the Obama administration is preparing to make, like tighter federal regulation of mortgage brokers, had been recommended in Mr. Paulson’s blueprint.”

[Allan from Fallbrook]

Breeze: Your highlight only covers ONE ASPECT of the Paulson plan, the majority of which Obama IS USING. Read the NYT article that I linked in, genius.

And, for the record, I am not an evangelical Christian and I don’t believe the earth is 5,000 years old. I’ll cheerfully put my Jesuit Catholic and collegiate education up against yours, so feel free to drop the right-wing nutjob moniker as well. You’re far more indoctrinated than I’ll ever be, especially given the fact that I haven’t voted Republican since 1996!

You feel like having a bare knuckles ideological debate, I’m all for it.

Following is DIRECT QUOTE FROM NYT ARTICLE you buffoon: “But other proposals the Obama administration is preparing to make, like tighter federal regulation of mortgage brokers, had been recommended in Mr. Paulson’s blueprint.”

[Allan from Fallbrook]

Breeze: Your highlight only covers ONE ASPECT of the Paulson plan, the majority of which Obama IS USING. Read the NYT article that I linked in, genius.

And, for the record, I am not an evangelical Christian and I don’t believe the earth is 5,000 years old. I’ll cheerfully put my Jesuit Catholic and collegiate education up against yours, so feel free to drop the right-wing nutjob moniker as well. You’re far more indoctrinated than I’ll ever be, especially given the fact that I haven’t voted Republican since 1996!

You feel like having a bare knuckles ideological debate, I’m all for it.

Following is DIRECT QUOTE FROM NYT ARTICLE you buffoon: “But other proposals the Obama administration is preparing to make, like tighter federal regulation of mortgage brokers, had been recommended in Mr. Paulson’s blueprint.”

[Allan from Fallbrook]

Breeze: Your highlight only covers ONE ASPECT of the Paulson plan, the majority of which Obama IS USING. Read the NYT article that I linked in, genius.

And, for the record, I am not an evangelical Christian and I don’t believe the earth is 5,000 years old. I’ll cheerfully put my Jesuit Catholic and collegiate education up against yours, so feel free to drop the right-wing nutjob moniker as well. You’re far more indoctrinated than I’ll ever be, especially given the fact that I haven’t voted Republican since 1996!

You feel like having a bare knuckles ideological debate, I’m all for it.

Following is DIRECT QUOTE FROM NYT ARTICLE you buffoon: “But other proposals the Obama administration is preparing to make, like tighter federal regulation of mortgage brokers, had been recommended in Mr. Paulson’s blueprint.”

[Author]

Posts