I could be somewhat churlish and observe that under Barney Frank’s leadership the SEC was supine vis-a-vis the depredations of the big money center banks, but of course the Republicans controlled it some of the time. Thus at least some of the searing criticism that Judge Rakoff directs at the SEC applies in spades to its Congressional overseers. Now Citi will have to face a jury trial by 99%ers. Still, there are worse Congresspersons than Frank, not least for some of the reasons Pam Spaulding notes.

That’s a pretty weak line-up in terms of succession. I would have to hear a compelling argument from each of them as to why they should get the job. Otherwise I’d reach outside the committee for new leadership.

Barney Frank..I say good effing riddance & who gives a shit if the door hits you on your way out.

Another corrupt creep posing progressive….The fact that he is openly gay gave him cover as a progressive.He was nothing but a Corporatist progressive willing to let Corporations put their necks on ordinary Americans.

He is getting out cuz he realizes that Americans ,particularly OWS have caught on to their bullshit.Now,lets see how long before Feinstein & Pelosi continue to wear their “brass” ,you know…….

None of the above. Only the most bankster friendly Ds need apply.

If this falls all the way to Watt, as a make-good to the Congressional Black Caucus for Waters, the lead decision-maker on the committee for Democrats will be quite in step with big banking interests.

In step with banking interests? You mean, like Barney?

I’m with BMcGarth. Good riddance. And forget to write. Please.

I’m not sure Waters will be allowed to retain the top spot, and Maloney has already been passed over once before. If this falls all the way to Watt,

So we want Waters maybe we should fight for her assuming we want Waters I will leave that for debate.
If we can’t get Waters who do we want Maloney, Luis Gutierrez, Nydia Velazquez,Mel Watt being from Chicago I know Luis made a deal support Daley for Mayor over the African American candidate after Mayor Harold Washington died. With da Mayor’s brother Obama’s WH chief of staff a chief of staff in bed with the bankers I don’t want Luis in the banking committee at all never mind chairman.
I think I should mention I am Hispanic and I don’t support Luis I think he’s great on immigration but he already screwed African Americans once to get his seat so racial solidarity is dead, he gave us Daley!
His connections to Daley and their connections to banks makes him unqualified.

I hope other Firepups can bring up anything we need to know about the other candidates.

Replace one incompetent SOB with another. Time to clean house. This is one position that Ron Paul could fill very well.

Need I mention that Maloney “represents” the silk stocking (i.e., RWMs, upper east side of Manhattan) district. Don’t have any idea why she would be disqualified. /s

My instinct says that, at this point, pushing on this will be futile. So, just me, but I’d need some better reasons for confidence in a useful outcome than what’s been said so far, and the choices narrowed down to about 3.

Who should we back as a dream candidate to replace the opening in the banking committee?

Ron Paul is an economic moron.

Raising the interesting Q of whether it is better to have a moron in charge or a bankster in charge. Hard to tell.

See thats what I need to know eCHAN Chicago politics I know NY politics nope but if we combine our on the ground local knowledge my next question is can we find anyone we want who is on the banking committee or if we have to settle chose the lesser evil?
I think its better to support someone we like now rather than compromise because a compromise candidate will just do more of the same and that will just lead to the economy collapsing. Its better to lose now and have a clean Rep rather than get tarred with backing someone who will likely help destroy the economy.

I don’t like anybody very much, to quote the lines of that famous song.

Uh No

Methodology

 Austrian economists reject empirical, statistical methods and artificially constructed experiments as tools applicable to economics, saying that while it is appropriate in the natural sciences where factors can be isolated in laboratory conditions, the actions of human beings are too complex for this treatment. Instead one should isolate the logical processes of human action. Von Mises called this discipline “praxeology” – a term he adapted from Alfred Espinas (but which had been in use by others).[30]
The Austrian praxeological method is based on the heavy use of logical deduction from what they assert to be self-evident axioms or undeniable facts about human existence. The primary axiom from which Austrian economists deduce further certain conclusions is the action axiom which holds that humans take conscious action toward chosen goals.[31]

We got decades worth of Real World experience of America’s Free Market Private Insurance vs France, Japan, Germany the Nordic countries etc who have National Healthcare.


In the Real World not the self-evident logical axioms of Austrian Economics decades of higher costs, shorter life spans and higher infant mortality rates confirm that Free Markets deliver worse healthcare at higher costs.

http://en.wikipedia.org/wiki/Austrian_School

My bold Statistical methods and experiments can’t work on humans? If this is so then every social science is invalid.
Instead one should isolate the logical processes of human action?
Yes Humans are always logical especially in a Crisis every Stock Market Crash is a testament to how logical people are in a Crisis./s

Logicaly anything I say might be considered true if it happens at least once in front of witnesses until then its just a theory however just because you form a theory with deductive logic it DOES NOT MEAN you don’t test the theory if you can
It does not mean that if in the Real World actual events disprove your ideas you still get to claim your right.
This would be the time to admit your wrong and figure out why. Then make some excuses, but first admit you were wrong academic discourse goes nowhere if nobody admits they are wrong.

http://my.firedoglake.com/thingscomeundone/2010/03/10/real-world-experience-vs-ron-pauls-austrian-economics-as-it-relates-to-healthcare/

Ron is an anti Scientific method Moron to be exact, plus a racist I don’t want him regulating banks and letting banks deny me credit.

That is our problem we need new candidates a pox on both their houses there will be an economic collapse unless we get someone with new ideas.

there will be has been an economic collapse unless we get someone with new ideas.

Fixed it for you.

As far as backing the charge Ron is a racist:)

“The libertarian-leaning presidential candidate says he was unaware, in the late 1980s and early 1990s, of the bigoted rhetoric about African Americans and gays that was appearing under his name. He told CNN last week that he still has “no idea” who might have written inflammatory comments such as “Order was only restored in L.A. when it came time for the blacks to pick up their welfare checks”—statements he now repudiates.”

My bold Ron had no idea what the head of the Ludwig von Mises Institute and its founder an Austrian Economist Group whose views Ron still backs was writing in his name?

He had no idea that what the same person who was his congressional chief of staff from 1978 to 1982, and was a vice president of Ron Paul & Associates was writing in his name in in his newsletter? The Buck stops here Harry Truman said Ron needs at the very least to show he can run a business and when employees of his business destroy his brand name that he can punish them if he wants to be President. That is assuming that Ron is really not a racist.

Why would we want a President even more out of touch than Senile Reagan was during Iran Contra? Answer me that Paulites:)

“Yet in interviews with reason, a half-dozen longtime libertarian activists—including some still close to Paul—all named the same man as Paul’s chief ghostwriter: Ludwig von Mises Institute founder Llewellyn Rockwell, Jr.

“Financial records from 1985 and 2001 show that Rockwell, Paul’s congressional chief of staff from 1978 to 1982, was a vice president of Ron Paul & Associates, the corporation that published the Ron Paul Political Report and the Ron Paul Survival Report. The company was dissolved in 2001. During the period when the most incendiary items appeared—roughly 1989 to 1994—Rockwell and the prominent libertarian theorist Murray Rothbard championed an open strategy of exploiting racial and class resentment to build a coalition with populist “paleoconservatives,””

http://reason.com/archives/2008/01/16/who-wrote-ron-pauls-newsletter

My bold If a *cough * friend took advantage of me like that to run his own racist political agenda that is counter my own political agenda I would not let him near me and would sue his pants off. I would not let him keep profiting off me. Assuming that I was really not a racist of course.

“To this day Rockwell remains a friend and advisor to Paul—accompanying him to major media appearances; promoting his candidacy on the LewRockwell.com blog; publishing his books; and peddling an array of the avuncular Texas congressman’s recent writings and audio recordings.”

Go on explain why if Ron isn’t a racist he still has close ties to the guy who wrecked his reputation?

“Besides Ron Paul and Lew Rockwell, the officers of Ron Paul & Associates included Paul’s wife Carol, Paul’s daughter Lori Pyeatt,”

Why didn’t his daughter or wife tell Ron about what was being printed in his name? Do they hate Ron? Or are they also Racists?

http://my.firedoglake.com/thingscomeundone/2011/08/19/ron-is-a-racist-choosing-the-lesser-of-two-evils-is-still-choosing-evil/

Ron Paul also happens to be a R and the position is allegedly for a D [as if that mattered]. Not that a Ron Paul supporter could grasp such a complication.

Yes the Dems will no doubt find the most Wall Street friendly crook to put in this position.

Sorry the collapse never ended my bad but it will get worse much worse soon is the point I was trying to make. The Obama *cough * recovery is a joke and the MSM Dems trying to sell that talking point only helps the GOP and should be abandoned.
Nobody without a job wants to hear just how much worse things might have been when bankers are getting record profits.

Gotta go good talk:)

I thought dem committee chairs were now for sale to the highest bidder, aping Tom Delay’s invention.

if this were a real choice, I vote moron. He hates the Fed being in private hands, he’s an antagonist to them through and through.

Paul would abolish all remaining financial regulation PDQ.

On edit: and put China & Russia in charge of U.S. monetary policy. http://en.wikipedia.org/wiki/List_of_countries_by_gold_production

Note that bet 06 & 10, only countries at top of list to increase gold production are (drum roll) China & Russia.

All one “needs” is a barcode reader.

Hell, Paul is against “STOP” signs at intersections.

I think it should be pretty obvious by now that it makes no difference to the people who the chair is….it is just a dog and pony show. for the politician it does matter as it means more money and better opportunities on leaving congress.

For real?

Gonna SO steal that one.

These are the things that I agree with RP on

end the wars
end DHS and TSA
end the fed, but do not agree with a return to the gold standard
end the war on drugs
legalize medical pot
stop backing israel no matter what

If it isn’t Waters then it will just be Obama being Obama again, which is to say, carrying Wall Street’s water. I don’t know much about her ethics but Waters will give em hell and that, in itself, will be refreshing if not productive. Maloney is a dope AND from New York. Watts? Might as well leave it vacant and just let Timmy G phone it in. The big question: will one of the Hispanic candidates become, ahem, friendly with Goldman all of a sudden? I bet Obama would love to simultaneously boost a Hispanic and manufacture a Blue Dog. Win win.

I agree with Ron Paul on many of those policy positions, too. The problem, of course, is that the framework Paul uses to reach those positions is pernicious when applied elsewhere. There are other preferable methods of reaching the same policy conclusions that are not hard-core libertarian like Paul. Sometimes Paul approaches anarchy, I think.

Must be time to collect for another one of our wonderful reps!

agreed his approach is too rigid and callous when applied to other areas. ALTHOUGH WHEN I LOOK AT WHAT WE HAVE NOW ALL I SEE is callous corrupt politicians without any upside.

You’re right about that. Ron Paul is a principled guy, no doubt about it. And that is depressingly rare in this world.

Have a nice day, All.

Siren song.

What makes you think Paul is principled.

If he’s principled, so are neocons.

After all, both groups are ideologues.

It’s what I’ve been saying for years. Austrian school “economics” is to any sort of scientific inquiry into economics what MacDonald’s is to cooking.

That’s the thing about conservative thought in a nutshell, isn’t it? It’s all about deductive thinking arising from “self-evident axioms” (‘self-evident axioms’ and logic applied usually, a la Ayn Rand, using the English language as its vehicle, which leads to all sort of language traps). Progressive thinking tends to be empirical.

You see this in every debate–progressives tend to describe a situation, look around to see what works and what doesn’t, and propose a solution. Conservatives talk in terms of absolutes and moral “oughtas”. We look at unemployment and propose solutions, they look at it and say the unemployed just “oughta” not be that way.

-stewartm

Friedrich A. Hayek was from the school of Austrian thought and his mentor was Ludwig von Mises. Hayak, with Milton Friedman as it’s President started an invitation only club.

The Society’s purpose was to create a meaningful defense of modern capitalism that would discredit both socialism and social democracy.

What father Hayek founded was a political movement to reinvent classical liberalism. In the wake of the Great Depression and two World Wars, the grandiose project of laissez-faire had been disgraced. So, the members of the Mont Pélerin Society began with a bitter concession. There would be no spontaneous regeneration of some obvious and simple system of “natural liberty.” The market society could only be reconstructed through collective action.

The movement has re-enchanted the competitive market. In their worldview, market competition disciplines economic actors and induces their greatest efforts. Moreover, and this belief is crucial, markets are glorified as the ultimate solution to knowledge problems, as the best of all possible data processors. In short, markets know better than any benighted human.”

Ayn Rands Objectivism isn’t synonymous with the Austrians ideas. It’s an excuse for pure selfishness.
There’s been a lot of new age christian propaganda like the movie “The Secret”, that teaches that god doesn’t want you to be poor, send tithing to the TV nuts and your tithe will be retuned a thousand-fold, this is strengthened with calvinism- that you get what you deserve, and to feed or clothe the poor is like interference with God’s plan, or punishment or lesson in the suffering.

The old “lesser of two evils” quandary again. Seems to be typical of our democracy.

Paul would abolish all remaining financial regulation PDQ.
I learned from Obots that Mr. Obama can’t enact the legislation all by himself. He’s very weak. Unless it’s a mandate to buy health insurance; or dump corexit into the gulf, then you better open wide.

I would rather have Ron Paul destroy the market and impoverish banking dynasties all at once and at the same time discredit himself. It would clear the slate.
The alternative seems to be 20-30 yrs to climb out of the mess, with the social programs bankrupted anyway, all to save the parasitic banking class.

Does anyone know the odds on Barney Frank or any other member of the Banking Committee going to jail??? Just wondering? Apparently you can allow Millions and Millions of dollars to be stolen, get your kickbacks, payoff, etc and nothing will be done. By God forbid you forget to pay a speeding ticket. The cops will be at your door with a swat team. Barney Frank was nothing more than a revolving door for Freddie and Fannie and the Wall Street Banksters to steal us blind. Can you think of 1 thing he did to help working people? We know most Repubs protect Wall Street and now you can throw most Dems in that catagory also. I am 53 and I trying to remember the last time I was really proud of an elected official in Wash doing something that really stood out and made me say,”Thats why I voted for that person!!… Geez I honestly am having a hard time coming up with anything, and that is truly sad…….”And the beat goes on”

zero.

Stewartm I like the way you think:)