REVOLUTION UP IN THIS BITCH! ...brought to you by NPR.

[The Johnny]

also its a state that you go into when you are meditating.

but the difference is that on one case its a self induced alpha state, while the other case it is externally induced.

[Jenne]

http://online.wsj.com/article/SB125622338671401423.html?mod=WSJ_hpp_sections_news

Consumer Agency Passes Key Hurdle in House
By MICHAEL R. CRITTENDEN and JESSICA HOLZER
WASHINGTON -- A House panel voted Thursday in favor of a new consumer financial protection agency, giving the Obama administration an early boost in its effort to overhaul regulation of the financial-services industry.

The House Financial Services Committee, voting primarily along party lines, approved by a vote of 39-29 a measure that would consolidate oversight over many of the financial products offered to consumers, including mortgages, credit cards and even individuals' credit reports. The new agency, to be called the Consumer Financial Protection Agency, would draw oversight authority from a number of separate government agencies.

The agency is a key portion of the broader regulatory overhaul effort the Obama administration is pushing for Congress to finish by the end of the year. The panel already approved changes to regulation of derivatives and is scheduled to act by the end of the month on the government's ability to wind down large financial-services firms.

"While there is more work ahead, today we are much closer to putting in place strict new rules of the road for the financial industry," Treasury Secretary Timothy Geithner said in a statement.

Financial Services Chairman Barney Frank (D., Mass.) suggested Democrats would further tweak the legislation as it moves through Congress.

"This is a very significant advance, and I predict it will only get better going forward," he told reporters after the vote.

Panel Democrats rejected attempts by Republicans to neuter the new agency's authority to levy penalties and to rule on the fees financial firms charge. Still, the majority did scale back the powers envisioned for the agency by the Treasury Department, carving out a number of exemptions that could become more extensive as the measure continues through the legislative process.

Two Democrats, Reps. Travis Childers of Mississippi and Walt Minnick of Idaho, joined Republicans to oppose the measure. Meanwhile, Rep. Mike Castle (R., Del.) voted in favor of the agency.

The biggest victors were smaller banks and credit unions, which used their legislative muscle to avoid scrutiny from the new agency. Banks with less than $10 billion and credit unions with less than $1.5 billion of assets -- which covers the vast majority of U.S. banks -- would have to follow the new agency's rules, but enforcement would fall to existing regulators.

Small banks still have concerns about the new agency, however.

Jeff. W. Dick, chief executive of Main Street Bank in Herndon, Va., said the new agency would make it difficult for smaller lenders to compete with big banks by customizing their products and services.

"What's the need for someone to come bank with me and how do I differentiate myself?" he said to reporters at a GOP-sponsored press conference.

Another key amendment approved by the panel would make significant changes to the interplay between state and federal banking laws, which has favored the federal government in recent years. States would have the ability to write their own consumer laws that go beyond federal restrictions, but those statutes could be preempted by the federal government if they are found to "significantly interfere" with the ability of national banks to engage in their business.

The CFPA, while wielding significant new powers, wouldn't be able to dictate what financial products banks and other firms are able to offer. Products such as credit, mortgage and title insurance would be exempted from the agency's purview, and the "vast majority" of retail transactions where credit is offered wouldn't be covered. The panel also voted to exclude auto dealers from the new agency following a bipartisan vote on an amendment by Rep. John Campbell (R., Calif.).

Panel Republicans, speaking at a news conference before the vote, blasted the agency, saying it would prolong the downturn and hurt the choices available to consumers.

Rep. Spencer Bachus of Alabama, the panel's top Republican, contended the agency's director would have "total discretion" to issue regulations and set fees -- setting him or her apart from all other federal agency heads.

"That [is something] we have never had in the history of our country," he told reporters.

Rep. Jeb Hensarling (R., Texas) argued the legislation sent a message to consumers that they were "either too ignorant or too stupid" to choose their own financial products.

Write to Michael R. Crittenden at michael.crittenden@dowjones.com and Jessica Holzer at jessica.holzer@dowjones.com

[Jenne]

Gee, Hensarling just has his finger on the pulse of America over there, don't he?

[Jenne]

Woah, some more brass balls--let's see if they follow through:

http://www.forbes.com/feeds/ap/2009/10/22/general-financials-us-obama-executive-pay_7032970.html

Associated Press
Treasury to order bailed-out firms to slash pay
By MARTIN CRUTSINGER , 10.22.09, 01:43 PM EDT 


WASHINGTON --

The Treasury Department on Thursday is expected to order seven companies that have not paid back last year's government bailouts to halve their top executives' average compensation.

The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by as much as 90 percent, according to a person familiar with the matter.

Kenneth Feinberg, the special master at Treasury appointed to handle compensation issues as part of the government's $700 billion financial bailout package, was scheduled to release details of his actions later Thursday.

The seven companies are Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.

Meanwhile, the Federal Reserve unveiled a proposal Thursday that for the first time would police banks' pay policies to ensure they don't encourage employees to take reckless gambles like those that contributed to the financial crisis.

Rest in article.

[Cain]

I'm pretty sure they tried that on AIG, and AIG told them to sod off.  And the government went "that wasn't very nice".

[Kai]

I'm pretty sure they tried that on AIG, and AIG told them to sod off.  And the government went "that wasn't very nice".

Well of course. The people of the government like getting those checks in the mail.

[Jenne]

I guess Feinberg's $500K salary cap is going to move forward, though.  Fuckface from Fox News (Laura Ingraham(sp?)) on the ABC talking bobblehead Sunday show (This Week with George Snuffalupagus) whined that Feinberg essentially pulled the $500K out of his ass, no one knows where he got the figure from.  That the precedent for only rewarding people with ballooned salaries when they receive government money is a keerazy concept because, shit, how would we do that with so many failures on Capitol Hill vis a vis Medicare deficit, porkbarrel inserts into every bill, yadda yadda?

I liked George Will's not-so-snide comment that if a cap is to be made with Feinberg's stated reasoning/spirit thereof in mind, it should be made to the tune of what the average Federal civil servant makes, $127K.  That was lollerific.