July 21, 2010

"... you know the feeling of signing your name to pages of barely understandable fine print," said Obama as he signed the more than 2000-page-long financial bill.

Yes, I've taken his quote out of context, but I need to laugh.

54 comments:

bagoh20 said...

Then he continued: "But what often happens as a result, is that many Americans are caught by hidden fees and penalties, or saddled with loans they can’t afford.”

How true Mr. President thanks for the compassionate words, but how about a reach around?

c3 said...

Unintended consequences

(Fine print as in that concerning "balloon payment" coming in the future?)

c3 said...

PS: Go to the article and see the picture.

Joe Biden has got to have one of the biggest "shit-eating grins" I've ever seen

Henry said...

But “because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes,” Mr. Obama said before signing the legislation. “There will be no more taxpayer-funded bailouts. Period.”

Read my lips. No new bailouts.

bagoh20 said...

I sign those small-type documents almost daily. It always reminds me of why there are so many lawyer jokes.

Hagar said...

Laugh or cry, Professor? A little of both?

Leland said...

So now the next loan agreement will be improved with even more fine print. Thank you, Mr. President for making us feel your pain!

Lem said...

"But we have to pass the bill so you can find out what is in it away from the fog of the controversy." Speaker Nancy Pelosy

ricpic said...

The too big to fails not only get a pass but are advantaged relative to smaller firms that will find it harder to survive both the costs and restrictions of the added layers of regulation. Fannie & Freddie? Utterly untouched. Barney and Chris? Allowed to skip innocently away from the carnage they caused.

AJ Lynch said...

It's amusing to see Obama claiming this will help repair the economy and the financial system while he is surrounded by nothing but GOVT WORKERS who, in their lifetimes, have created ZERO jobs.

kathleen said...

"barely understandable"? even for our vaunted Harvard law grads? It's as if all that education is pointless...oh wait

AprilApple said...

One large unread disaster of a bill written by two people who lack finical credibility, one giant step toward institutionalized tax-payer funded bailouts... forever.

Dead Julius said...

I heard Obama's statements on the radio. Could he possibly be any more patronizing and simplistic when he speaks to "the American people"? He's dumbing-down an ultra-complex 2000 page bill into trite little soundbites that don't reflect reality, and then delivering the soundbites in that "we got the bad guys" tone.

What happened to the guy we elected who supposedly was the smartest guy we could find, who understood nuance, and who wasn't going to divide the country into Us vs. Them?

EDH said...

Comparative numbers on historic financial regulation reform legislation.

‘I Didn’t Have Time to Write a Short Bill, So I Wrote a Long One Instead,’ Part II

1. Federal Reserve Act (1913) - 31 pages.

2. Glass-Steagall Act (1933) – 37 pages.

3. Interstate Banking Efficiency Act (1994) – 61 pages.

4. Gramm-Leach-Bliley Act (1999) – 145 pages.

5. Sarbanes-Oxley Act (2002) – 66 pages.

Jeeves said...

Was this an acknowledgement that you haven't been reading very carefully lately?

wv: gaffi

sunsong said...

What happened to the guy we elected who supposedly was the smartest guy we could find, who understood nuance, and who wasn't going to divide the country into Us vs. Them?

Indeed

Lem said...

Rush points out that this legislation contains hiring quotas for financial institutions.. that they must hire from certain schools even.

The Supremes are going to have their hands full.

edutcher said...

And the best part is that we won't even know if this thing is just another malignant paperweight until the next financial crisis, which won't be until...

what time is it?

AJ Lynch said...

dj:

Whatchu mean "the guy WE elected"?

Heh.

AllenS said...

I need to laugh.

I must have lost my sense of humor.

Richard Dolan said...

there's a report in the WSJ that the main rating agencies (Moody's, S&P, Fitch) are refusing to allow bond issuers to use their ratings in connection with the offerings, because of a fear that the Dodd-Franks bill may expose them to huge liabilities. Unfortunately, as the WSJ article points out, that means trouble "because some bonds, notably those that are made up of consumer loans, are required by law to include ratings in their official documentation. That means new bond sales in the $1.4 trillion market for mortgages, autos, student loans and credit cards could effectively shut down."

Way to go, Dems. Just what the "recovery summer" needed.

Big Mike said...

What happened to the guy we elected who supposedly was the smartest guy we could find ... ?

Responding at several levels.

(1) The word "supposedly" -- supposedly smart according to whom? Did you simply accept the word of certain people because you found their politics congenial? Or did you engage in some serious questioning as regards the dog food you were being fed?

(2) How well does raw intelligence correlate with success as a president? Jimmy Carter was supposed to be extremely bright, but if you lived through the period 1977 - 1980, it wasn't until the Obama administration that anyone came even close to his mishandling of the economy.

lemondog said...

Comparative numbers on historic financial regulation reform legislation.

Yeah but you can't hide much in a bill only 33-66 pages in length.

For example in the healthcare 'reform' Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions.

GMay said...

So this means we'll never hear liberals whine about 'corporate welfare' again right?

Right?

HDHouse said...

Lem said...
Rush points out that this legislation contains hiring quotas for financial institutions..etc."

And Rush as always leaves out the "batteries not included"...which is "doing business with the government"..hmmmm you say? he didn't include that? why am i not surprised.

HDHouse said...

GMay said...
So this means we'll never hear liberals whine about 'corporate welfare' again right?"

Why? Is there another Bush or Reagan running in a couple years? Or Newt?...How about that dolt from Ohio? Or the doublechin from Kentucky?

Whooooo Nellie!

Issob Morocco said...

And you quote a law professor, Obama for a laugh? Was Jonathan Zasloff, a Law Professor too busy asking an inflammatory question at the moment, to be quoted?

Issob Morocco said...

HDHouse regaled us with this gem.

Lem said...
Rush points out that this legislation contains hiring quotas for financial institutions..etc."

And Rush as always leaves out the "batteries not included"...which is "doing business with the government"..hmmmm you say? he didn't include that? why am i not surprised.

Ah, HDHouse, who runs the Treasury Dept., SEC and the Federal Reserve? And name me a financial institution that does not do business with the government in some way, shape or form. Lem and Rush are correct.

Cheers!

edutcher said...

HDHouse said...

GMay said...
So this means we'll never hear liberals whine about 'corporate welfare' again right?"

Why? Is there another Bush or Reagan running in a couple years? Or Newt?...How about that dolt from Ohio? Or the doublechin from Kentucky?

Whooooo Nellie!


There's always the megalomaniacal wife of the serial rapist from Arkinsaw. They always took care of their corporate friends.

Then there's the Fannie from Provincetown and the guy in the 'Irish cottage' who did right by Countrywide.

Not exactly Oval Office material, but, considering what we have now, you never know...

YA BETCHA!!!

GMay said...

HDEdison said: "Why? Is there another Bush or Reagan running in a couple years? Or Newt?...How about that dolt from Ohio? Or the doublechin from Kentucky?"

Calling tax breaks for corporations "welfare" is weaksauce, but at least it's remotely arguable. Cutting them checks is the real deal.

Thanks for playing HDEdison.

AJ Lynch said...

"Too Big To Fail" is the Dem's secret hope for the monstrosities they & the MSM breathlessly refer to as historic reform legislation.

Alex said...

HDHouse is a racist.

pduggie said...

"But “because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes,” Mr. Obama said before signing the legislation. “There will be no more taxpayer-funded bailouts. Period.”"

shyah! right!

Joe said...

One place Republicans have failed miserably is clearly identifying parts of these mammoth bills that are simply absurd by any standard.

They should also take the time to analyze what will happen when certain provisions are found unconstitutional and what that impact will be (I'm quite sure that some provisions are intended to be found unconstitutional precisely because of what the consequences will be for other provisions. These aren't unintended consequences, but fully intended consequences.)

pduggie said...

@Joe The problem, as I see it, is the mammoth bills don't actualy do verymuch specific legislating. Both this one and obamacare are full of "The secretary of X shall determine" etc that allows the regulators to do whatever they think makes sense.

Planet Money did a great story about how the FDIC can now decide to bail out ANYBODY THEY DECIDE NEED TO

David said...

No, I don't know the feeling. One of my jobs as a lawyer was to understand and explain to my clients everything important to them in the documents they were going to sign. It was my duty to the client. What does Obama think his duty to the public is?

The statement on "no more bailouts" because of the banking law is utter bullshit. He knows that, yet he says it.

bagoh20 said...

"It was my duty to the client. What does Obama think his duty to the public is? "

Your Honor, I would like to fire my attorney and get a public defender...anyone will do, and I don't care if he is clean or articulate, but he must be informed that I'm the defendant here.

AllenS said...

Too bad that Journolist went out of business. They could have looked into this financial bill and gave us a really like totally good critique. Gee, I miss them already.

SFC B said...

“There will be no more taxpayer-funded bailouts. Period.”

President Obama is being 100% truthful. Future bailouts will be funded directly by The Fed instead of funded by the taxpayer.

AllenS said...

/

Dust Bunny Queen said...

No, I don't know the feeling. One of my jobs as a lawyer was to understand and explain to my clients everything important to them in the documents they were going to sign. It was my duty to the client

Me either.

One of my jobs as a financial advisor is to make sure my clients FULLY understand what is in their investments and insurance contracts, especially when dealing with Variable Annuities with various riders and death benefits, charges and penalties. Or Equity Indexed annuities that use spreads, points, caps, reset, point to point, high water etc etc etc.

Not only is it my job and fiduacary duty, I can be fined, suspended and even arrested and jailed if I hide things from my clients.

Quayle said...

Don't worry about your little individual loan, because we're going to wrap that up into one big national loan.

Oh, but you'll still be liable for the payment.

P&I as usual.

Plus our overhead costs.

Plus the odd graft and giveaways that the unelected commissions will determine.

AllenS said...

“There will be no more taxpayer-funded bailouts. Period. Because, quite frankly, we're out of fucking money."

WV: flatera

Obama flattery, gone bad.

AllenS said...

I think that I've found my sense of humor. Phew! I was worried there for a while.

traditionalguy said...

This legislation is another Crisis and Switch by Obama. He sees a BP blow out, declares a crisis in drilling and shuts down offshore oil drilling. He sees a flood of bad loans from a burst housing bubble, declares a crisis and shut down all financial system freedom. This looks more and more like pre-planned destruction of the USA's economic engine. Thankfully the harmless traces of CO2 in the Air Crisis has been spotted as a hoax crisis just in time before the next destruction by legislation scheme.

Comrade X said...

I believe the President when he says no more bailouts. With this bill the big banks will be able to crush their competition and make plenty of money. All the onerous compliance costs will get passed on to consumers.

Sigivald said...

When I bought my house* I read the contract.

So, uh, not so much, Mr. President.

(* With a mortgage I genuinely qualified for and haven't missed a payment on, oddly enough!)

David said...

Not only is it my job and fiduacary duty, I can be fined, suspended and even arrested and jailed if I hide things from my clients.

But DBQ, you are one of the Little People, a mere child really. Your rules are different than those for Obama and the Big People.

Methadras said...

Watching this charlatan at work is one of the lowest point that this country has ever seen or been through.

c3 said...

What happened to the guy we elected who supposedly was the smartest guy we could find, who understood nuance, and who wasn't going to divide the country into Us vs. Them?

You mean the Harvard-trained lawyer turned community activist who had minimal experience in the Senate before beginning a presidential campaign; who never sponsored a significant piece of legislation, who voted as one of the most liberal senators in his short tenure; the "just words" guy who burst on the national stage because of a speech before a DEMOCRATIC audience and who went on to wow the democratic primary voters, the Europeans and the journalists with his words, his greek columns and most of his all impeccable ability to read from a teleprompter.



You mean that guy?


Yeah he's still there.


Were you expecting someone else?

GMay said...

Old and busted:

"We have to pass the bill so you can find out what's in it."

New Hotness:

"No one will know until this is actually in place how it works."

(Notice where they placed the quote in the article)

Weep for our Republic.

Big Mike said...

... but I need to laugh

You find something humorous in senators voting for a bill that they haven't read, not to mention a President who signs what he hasn't read?

You con law professors are really sick folks.

Robert Burnham said...

No, I don't, Mr. President. I have no idea what it's like to sign such a pile of crap. But I'm sure you'll rob us of our money and liberty using it.

Do not vote for any Democrat, for any office, for the entire foreseeable future.

Mick said...

And when he is found to be a Usurper (his father was NEVER a citizen, so Obama 2 is certainly not a Natural Born Citizen) everything he signed will be unwound , and declared null and void.