— 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.”
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.
#38 Doesn’t the Budget Act require the House and the Senate to either adopt the president’s budget or put forward an alternative?
When was the last time the Senate passed a budget?
foobar, some people are mixing up two things. Pres Obama has submitted a budget. The Senate has not produced a budget for over 800 days, which it is required by law to do. Now Republican Senators are objecting to any more appropriations bills until they produce a budget.
Obama will restore the money as part of his grand compromise. The money will come from the new taxes on corporate jet owners, which will bring in trillions in new revenues.
Funny how repukatons are all about increasing community Police Forces to Reduce Crime and Fear of Crime yet they encourage high dollar and nation crashing white-collar crime, the kind that causes economic instability and insecurity.
It’s all about always enriching the rich folks with the repukatons and damn the sheepeople!
Alfie, Michelle “Chootzpah” Bachmann and her gay husband will save America.
#46 Just read about Michelle Bachmann and her gay husband.
Having 27 GOP candidates are a bonanza for comedians as their closets get examined.
Jon Stewart said Michelle Bachmann’s husband is an Izod shirt away from being a cast member for Modern Family. LOL
It can’t be much clearer than this. Republicans voting to gut the enforcers so Wall Street can do whatever they want without being caught. (And look how well that worked in the past. Not.)
The Republicans are really showing their true colors here, regarding who they really represent. Similarly, they continue to insist that “the people” don’t want tax increases when multiple polls clearly show that the majority of Americans want tax increases along with budget cuts to resolve our budget crisis.
The majority of Americans aren’t “the people” that Republicans are talking about. They are talking about their true constituents… the rich and the big corporations. They’re rubbing it in our faces. And yet some non-rich Americans still support them. Strange.
(Even most Republicans want tax increases.)
Abe Lincoln said: “I see in the near future a crisis approaching which unnerves me and causes me to tremble for the safety of my country. Corporations have been enthroned, an era of corruption will follow, and the money power of the country will endeavour to prolong its reign by working upon the prejudices of the people, until the wealth is aggregated in a few hands and the republic destroyed.” – Abraham Lincoln (21st November 1864)
They’re here !!!
Jim D–excellent quote. I got a bit more of the background here:
http://ratical.org/corporations/Lincoln.html
and I’m looking for more.
How many of our (Republican) presidents have warned against “corporations” in just the very way they are threatening us now?
Evidently, being forewarned does not forearm us==it just makes the continuing folly that much sadder.
Yea, verily.
I heard that these very same Republicans kept the Harvard Law professor, who came up with the idea for a Consumer Fraud Protection Agency, from actually being put in charge of it. No doubt the GOP thought, she’d do too good a job. So they wanted some jerk, the credit card and financial industry can push around, placed as head of it. Reminds me of the movie “The Hudsucker Proxy”. They should do more movies, like that one. Because these days they tend to be the rule, rather than the exception.