Senate preparing for all-night filibuster

[cinyc]

People can argue over wether or not this bill will actually do anything to resolve the issue connectivity within our financial system, but republicans/conservatives are just simply saying that nothing should get done!

That's not what Senate Republicans are saying.  They're saying, among other things, that the bill shouldn't be used to create permanent government bailout resolution authority.  Some, including Democrat Ben Nelson at the behest of Democrat Warren Buffett, are also objecting to the ill-conceived derivatives language written by a Senator from Arkansas who doesn't understand the financial services industry.

[cinyc]

People can argue over wether or not this bill will actually do anything to resolve the issue connectivity within our financial system, but republicans/conservatives are just simply saying that nothing should get done!

That's not what Senate Republicans are saying.  They're saying, among other things, that the bill shouldn't be used to create permanent government bailout resolution authority.

That is not in the bill. There is no 'permanent bailout' at all. This is nonsense and has been roundly debunked. Do you serve any purpose on this site than repeating the minority leader's newsletters?

Do you serve any purpose on this site other than to parrot left-wing talking points claiming things have been debunked because the left-wing media and blogosphere claim it to be so?

Fact: The bill creates a $50 billion fund for the FDIC to use to prop up "too-big-to-fail" entities while it tries to resolve their debts.  It's a benefit for the large banks that smaller banks don't get that may increase the amount of systemic risk in the system, instead of decreasing it as claimed.

[cinyc]

People can argue over wether or not this bill will actually do anything to resolve the issue connectivity within our financial system, but republicans/conservatives are just simply saying that nothing should get done!

That's not what Senate Republicans are saying.  They're saying, among other things, that the bill shouldn't be used to create permanent government bailout resolution authority.

That is not in the bill. There is no 'permanent bailout' at all. This is nonsense and has been roundly debunked. Do you serve any purpose on this site than repeating the minority leader's newsletters?

Do you serve any purpose on this site other than to parrot left-wing talking points claiming things have been debunked because the left-wing media and blogosphere claim it to be so?

Fact: The bill creates a $50 billion fund for the FDIC to use to prop up "too-big-to-fail" entities while it tries to resolve their debts.  It's a benefit for the large banks that smaller banks don't get that may increase the amount of systemic risk in the system, instead of decreasing it as claimed.

Fact: That $50 billion reserve fund that is to be used in troubled times is paid for by contributions from financial firms, not from taxpayers, and it's specific aim is to shut down firms that are in trouble, there are no taxpayer bailouts. That is a lie. A lie you happily repeat.

Of course, I don't expect you to believe that left wing biased website politifact.

It is not a lie.  Politifact has it wrong.  The bill sets up a $50 billion fund that can be used to prop up zombie banks for as long as necessary in order to liquidate their assets.  The bill also allows the FDIC to borrow from the Fed if they need more than $50 billion to do that job.  It bails out counterparties to too-big-to-fail banks, including those who invested in their debt and (potentially) equity.  It potentially creates more systemic risk by allowing bondholders not to properly price failure risk when lending money to too-big-to-fail banks.  

Claims that the contributions are from financial firms, not taxpayers, are extremely specious.  Many of the financial firms forced to make contributions under this bill are pass-through type entities like hedge funds and mutual funds that would never be deemed too-big-to-fail but would be required to pay into the fund to benefit the likes of Goldman Sachs.  It is yet another hidden tax on investors - a typical target of the Obama administration.

[cinyc]

All right guys, I think it's time to notify local authorities that some teabagger has kidnapped/killed cinyc and poses like as him in the Atlas forum.

I have ALWAYS been more conservative and partisan Republican than your typical blue avatar poster.  Perhaps a little less hard-line "progressive" and partisan than your typical red avatar poster - but a rabid partisan nonetheless.  I make no apologies for that. 

Someone has to give the other side of the story, lest this forum end up being one big "progressive" self-appreciation circle.