– Gettysburg Address, Abraham Lincoln
Today he’d write, “…and that government of Wall Street, by the corrupt, for the wealthy…”
The economy is still suffering from the worst financial crisis since the Depression, and widespread anger persists that financial institutions that caused it received bailouts of billions of taxpayer dollars and haven’t been held accountable for any wrongdoing. Yet the House Appropriations Committee has responded by starving the agency responsible for bringing financial wrongdoers to justice — while putting over $200 million that could otherwise have been spent on investigations and enforcement actions back into the pockets of Wall Street.
A few weeks ago, the Republican-controlled appropriations committee cut the Securities and Exchange Commission’s fiscal 2012 budget request by $222.5 million, to $1.19 billion (the same as this year’s), even though the S.E.C.’s responsibilities were vastly expanded under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Charged with protecting investors and policing markets, the S.E.C. is the nation’s front-line defense against financial fraud.
[...]
But cutting the S.E.C.’s budget will have no effect on the budget deficit, won’t save taxpayers a dime and could cost the Treasury millions in lost fees and penalties. That’s because the S.E.C. isn’t financed by tax revenue, but rather by fees levied on those it regulates, which include all the big securities firms.
[...]
An S.E.C. memo on the committee’s proposed budget warns: “We may be forced to decline to prosecute certain persons who violate the law; settle cases on terms we might otherwise not prefer; name fewer defendants in a given action; restrict the types of investigative techniques employed; or conclude investigations earlier than we otherwise would.”
#21 – I was wrong – it is the House, Republican-controlled appropriations committee which is cutting funding.
However, the problem can be solved simply – once again, all the Democrat-controlled Senate has to do is propose and pass a budget, then they can start the reconciliation process with the House. I’m sure that during this process and agreement can be made on SEC funding.
Oh wait, the Senate hasn’t produced a budget in 2 years – oh, never mind.
None of that is NEARLY AS DISGUSTING as this!
“Through June 30, the upper chamber had passed the fewest bills since the Congressional Record started keeping monthly data in 1947. The Senate had also amassed the second-fewest total number of pages in the Record — a measure of floor action — and notched the sixth-fewest number of floor votes. … Analysts said Senate Democrats are likely trying to shield the chamber from having to take difficult votes ahead of what’s expected to be a tough election cycle next year.”
So while you liberal morons are moaning about the Repubs cutting funding to an inept and corrupt organization,
How about moaning that the Idiot DEMS are shutting down every thing else??
http://washingtontimes.com/news/2011/jul/14/as-issues-pile-up-senate-sets-record-for-sloth/
Blaming either party is to participate in their E pluribus butt fuck ya. THEY ALL NEED TO GO, along with their staff.
Vote early vote often and rid yourself of government lice. Only you can prevent E pluribus butt fuck ya.
chuck and Animby, you’re thinking of the US Senate Committee on Appropriations which is currently chaired by Daniel Inouye. The Senate Committee primarily manages discretionary (i.e. pork barrel) spending. Ted Stevens made all the headlines through this committee when he was chairman.
Hal Rogers chairs the House Committee which is Republican controlled. Hal has been ripped up by everyone from the National Review to Rolling Stone and is widely regarded as one of the most corrupt politicians on the hill.
#11 Benjamin
$1.2 billion is chump change when you’re trying to regulate financial institutions with ~$70 trillion in unregulated OTC crud. Translation: Americans are going to get boned again by the banks.
Congress (either party) won’t have the backbone to clean up Wall Street. Expect foreign governments to eventually lean in on this and force the US into some self management. It just creates too much exposure for the rest of the world.
The complete lack of straightforward, common sense oversight is why 1/3 of US homes are now worth less than their mortgages. And why mortgage insurance can’t cover even 1% of losses.
The financial services sector in the US accounts for 40-50% of corporate profit now, and close to 10% of GDP. That is a huge shift of wealth over the last 30 years.
US financial institutions primarily make money through speculation now. Americans still think that banks are there to allocate risk and direct capital. That bus left long ago.
#25, 26 Well said. You would think overseeing $70T in wealth transfers would rate high on things to ensure don’t get fucked up.
Nope, Fox news said Bernie just forgot to carry the one and self regulation works well.
#16 Evidently, Pirate couldn’t dispute the clear interpretation stated.
The House defunded enforcement of the ban on light bulbs. I’m OK with the package deal.
If not, I’ll just have to startup my new business of selling heat balls that conveniently plug into a light socket, and emit some light to let you know they are working.
#14 Animby asked “If the law requires the Prez to submit a budget to COngress every year and O’Bama hasn’t bothered since he came into office, why isn’t the Senate screaming to impeach him? Oh, Yeah. It would be racist…”
Where did you get this ridiculous idea that Obama hasn’t submitted a single budget since he was elected? Are you hogging for yourself all the drugs you should be administering to your patients? Your claim seems moronic on the surface, but I really want to get to the bottom of it to satisfy my own curiosity. I’d like to see if there’s at least some minor basis for your claim, no matter how silly.
This refers to Obama’s 2011 budget, submitted in 2010:
http://washingtonpost.com/wp-dyn/content/article/2010/02/01/AR2010020100981.html
This refers to Obama’s 2012 budget, submitted in 2011:
http://washingtonpost.com/wp-dyn/content/article/2011/02/14/AR2011021406114.html
Perhaps you believe that the Washington Post is part of a conspiracy to deceive the public into thinking that Obama is submitting budget proposals as required by law, so I’ll be happy to look at your arguments. Show me YOUR evidence that Obama has failed so miserably in the performance of his legal mandate that it might rise to the level of an impeachable offense (I won’t dignify the racial portion of your implication by rebutting it). Is there some allegation making the rounds in afternoon “teatime” discussions that he forgot to cross a ‘t’ or dot an ‘i’ in his budget proposals, making them null and void?
As Clara Peller used to ask, “Where’s the beef?”
#20 Animby said “He has not presented a Federal budget request yet in his administration. What you saw was a silly little $19.9 billion for a few agencies and the city of DC”
My first search for Pres. Obama’s budget yielded this: http://online.wsj.com/article/SB10001424052748703584804576144391529888296.html
Notice they are not referring to some piddling $19.9 billion but a full budget. Outlays of $3.729 trillion, receipts of $2.627 trillion, and a deficit of $1.1 trillion.
Lots of zeros there. From a trusted publication. So I wonder where exactly you come up with this fanciful idea that President Obama did not, in fact, submit this budget request? What am I not comprehending?
The GOP has been completely bought-off by billionaires and multi-national corporations. Half the Dems, as well.
#31 GregAllen
Yup
Obama submitted a budget, since voted down 97-0 in the Senate, and Obama has proposed a new budget, but so far details only in a speech.
I’d like to propose a CHEAP free market regulation of the stock market that will also raise billions while cutting fraud way back:
LEVY A PER STOCK TRANSFER TAX.
The larger the tax, the fewer stock will get transfered. Result: gambling and skimming will come to a stop.
ONLY long term investors will be interested in the stock market.
Simple, pure.
Only idiots/fraudsters will be against it. Course “it” isn’t on the table and never will be.
right behind it: tax capital gains at twice the working income rates. Its passive capital the inheritors of which “do nothing” to earn. Non productive wealth should be taxed. Let them Bake Cakes.
Well sorry, but the House can’t cut funding for anything if the Senate and Odumbo don’t sign on!
#29 & #30 The Greg ‘n’ Cappy Show:
Stop quibbling. So, I should have said, he has never presented a budget that was suitable even to his own party. The point is, he has never presented a budget to the House even when he controlled a majority there AND the Senate.
#36 Animby
Shot down in flames and you call it “quibbling”.
From your post #14: “Or submitted ANY annual budget request in the last two and a half years.” Followed by a question of why the Senate is not screaming to impeach him.
Now you try to slide away from that but still repeat THE LIE with “The point is, he has never presented a budget to the House…”. He did present a budget. To Congress. Which the House is part of.
Wake up. There is the world you see inside your head and then there is THE ACTUAL REAL WORLD.
#36 Animby
The US Government is operating under the 2011 budget which was submitted to Congress last year (111th Congress) on Feb 1, 2010. It was passed by the 112th Congress as Public Law 112-10 on April 15, 2011. It was filibustered by the Republicans before Congress recessed for the election.
They are now arguing over the 2012 Budget Proposal which was submitted Feb 15, 2011.
Could someone clear something up for me? I don’t even live in the US but the budget filibuster was big all last year leading up to the election. So where does this “hasn’t submitted a budget in 2.5 years” thing come from? I assume the FOX network when they aren’t busy tapping phones or something.
foobar–excellent call. Animby is admirable in “usually” being more accurate in his factual representations. Must get lost as news is translated from Fox into Thai then into English.
But yea–O-man submits a budget as required by Statute and it has a Trillion Plus Deficit and Tax Increases so the Pukes are ALL against it, and the Dumbo’s are cowed into being afraid of being called irresponsible as well===same way they because pro war. Heh, heh.
Imagine your behavior being shaped by cowards and idiots calling you unpatriotic?
Silly Hoomans.