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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1977401  
Subject: banks Date: 10/9/2012 9:41 AM
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Romney in the debate said:

Dodd-Frank was passed. And it includes within it a number of provisions that I think has some unintended consequences that are harmful to the economy. One is it designates a number of banks as too big to fail, and they're effectively guaranteed by the federal government. This is the biggest kiss that's been given to -- to New York banks I've ever seen. This is an enormous boon for them. There've been 122 community and small banks have closed since Dodd- Frank.

So there's one example


http://www.cnn.com/2012/10/03/politics/debate-transcript/ind...

He goes on further to say that it is hurting small banks.

Two questions"

How is it hurting small banks?

His plan is to repeal and replace...but replace it with what?

Jean
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Author: nigelwhalmsley Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822419 of 1977401
Subject: Re: banks Date: 10/9/2012 9:51 AM
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"His plan is to repeal and replace...but replace it with what?"

Same as everything else he has said he will do. Romney will figure out the 'what' (as well as the 'how') later. It just isn't important right now.

Most of us would never get the job - any job - with a BS pitch like that.

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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822423 of 1977401
Subject: Re: banks Date: 10/9/2012 10:01 AM
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Well, there is that.

That's what I don't understand about people saying he won the debate. He didn't really say anything.

I would really like a fiscally conservative in the White House. DH is a big Republican. I keep asking him to tell me what Romney is going to do. He just shakes his head.

We know the direction Obama is going. I may not like some of it, but the uncertainty of Romney's direction is troubling.

Jean

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Author: SGIZ1 Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822431 of 1977401
Subject: Re: banks Date: 10/9/2012 10:12 AM
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"Most of us would never get the job - any job - with a BS pitch like that. "

Why is the left so inconsistant?

Obama lacked specifics, made and broke promises, etc. and yet he can do no wrong in your eyes.

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Author: SGIZ1 Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822432 of 1977401
Subject: Re: banks Date: 10/9/2012 10:16 AM
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"We know the direction Obama is going. I may not like some of it, but the uncertainty of Romney's direction is troubling.

Jean "

Again this makes no sense, the #1 issue the private sector and economy as a whole has with Obama is the uncertainty he presents in his policies, yet you say Romney's uncertainty bothers you?

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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822436 of 1977401
Subject: Re: banks Date: 10/9/2012 10:20 AM
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Why is the left so inconsistant?

Obama lacked specifics, made and broke promises, etc. and yet he can do no wrong in your eyes.

===============================================

What about the questions about Romney's Repeal and Replace?

So you can't answer the questions.

Two questions:

How is it hurting small banks?

His plan is to repeal and replace...but replace it with what?

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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822437 of 1977401
Subject: Re: banks Date: 10/9/2012 10:21 AM
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Again this makes no sense, the #1 issue the private sector and economy as a whole has with Obama is the uncertainty he presents in his policies, yet you say Romney's uncertainty bothers you?

Still can't answer the questions, huh?

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Author: BlueGrits Big gold star, 5000 posts Top Recommended Fools 10+ Year Anniversary! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822457 of 1977401
Subject: Re: banks Date: 10/9/2012 10:53 AM
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Whenever Flip says "repeal and replace", substitute "wave a magic wand".

It makes just as much sense.

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Author: HMALETTER Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822461 of 1977401
Subject: Re: banks Date: 10/9/2012 10:57 AM
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A very well-reasoned article. It's hard to go over all 2,300 pages of Dodd Frank. There are definitely some very good provisions in it, but as stated, it has some bad and unintentional consequences.

A good government would have listened by now, and started to make some changes to it.

http://www.bizjournals.com/philadelphia/blog/jeff-blumenthal...

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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822464 of 1977401
Subject: Re: banks Date: 10/9/2012 11:02 AM
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Where is the part that tells what ROMNEY'S plan is?

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Author: SGIZ1 Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822466 of 1977401
Subject: Re: banks Date: 10/9/2012 11:09 AM
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"Where is the part that tells what ROMNEY'S plan is? "

Why aren't you this inquisitive regarding Obama?

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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822470 of 1977401
Subject: Re: banks Date: 10/9/2012 11:15 AM
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"Where is the part that tells what ROMNEY'S plan is? "

Why aren't you this inquisitive regarding Obama?
=====================================


If you don't know the answer, just say so.

I wanted to know if Romney has a plan for the replace part.

Jean

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Author: Hawkwin Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822471 of 1977401
Subject: Re: banks Date: 10/9/2012 11:19 AM
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How is it hurting small banks?

http://www.gao.gov/products/GAO-12-881

Although the Dodd-Frank Wall Street Reform and Consumer Protection Act's (Dodd-Frank Act) reforms are directed primarily at large, complex U.S. financial institutions, regulators, industry officials, and others collectively identified provisions within 7 of the act's 16 titles that they expect to have positive and negative impacts on community banks and credit unions. Industry officials told us that it is difficult to know for sure which provisions will impact community banks and credit unions, because the outcome largely depends on how agencies implement certain provisions through their rules, and many of the rules implementing the act have not been finalized. Thus, regulators and industry officials also have noted that the full impact of the Dodd-Frank Act on these institutions is uncertain. Nonetheless, some regulators and industry officials expect some of the act's provisions to benefit community banks and credit unions and other provisions to impose additional requirements on community banks and credit unions that could affect them disproportionately relative to larger banks.

-----

So let's summarize. We passed Dodd-Frank without fully understanding what impact it would have on small banks. Additionally, it was passed with many of the rules having not been finalized. Lastly, small banks could have disproportionate requirements. All this from the GAO.

Now for your second question.

His plan is to repeal and replace...but replace it with what?

Something hopefully more thought-out than Dodd-Frank. Since we passed Dodd-Frank without knowing all the harm it might do to small banks, it makes sense that Romney take a little more time coming up with a better solution. Doing that in the middle of a campaign is not likely going to get the best result.

It is not common for the full details of a plan to come out during a campaign. We did not even learn what was in Obamacare until it was already passed (hat tip Nancy Pelosi).

More:

http://newsandinsight.thomsonreuters.com/Securities/Insight/...

Since its passage, the Dodd-Frank Act has spawned over 6,500 pages of proposed and final rules and regulations. For any bank, managing such a massive amount of regulation is a challenge, but for a small bank, it can be overwhelming.

Dodd-Frank has far-reaching consequences for community banks, and, according to the American Bankers Association, there are 12 critical issues for community banks to consider:

• Capital

• Consumer Financial Protection Bureau

• FDIC coverage and assessment base

• Housing: mortgage finance

• Housing: qualified mortgage and qualified residential mortgage

• Interchange

• Municipal advisers

• Office of Thrift Supervision’s merger into Office of the Comptroller of the Currency

• Preemption

• Savings and loan holding companies

• Swaps

• Volcker rule11

Critics of the Dodd-Frank Act have responded by going so far as to say the legislation will “harm” smaller banks by imposing higher operating costs to comply with many new rules and by placing limits on capital. American Bankers Association Chairman-Elect Albert “Kell” Kelly, an Oklahoma community banker, testified for Congress on the matter of community banks, saying, “The Dodd-Frank Act will raise costs, reduce income and limit potential growth, all of which drives capital away from banking, restricts access to credit for individuals and business, reduces financial resources that create new jobs, and retards growth in the economy.”12

Kelly warned “the lack of earnings potential, regulatory fatigue, lack of access to capital, limited resources to compete, inability to enhance shareholder value and return on investment, all push community banks to sell.”13

-----------


And, ZIRP is doing little to nothing to help small banks. They don't have a large and active trade desk to take the free money from the government and invest it overseas for a nice little spread. They have to risk it on loans and if no one is borrowing, all that free money isn't doing them much good. The $40 billion in new money each month is going almost exclusively to the benefit of large financial institutions - yet it is the small banks that continue to fail.

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Author: nigelwhalmsley Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822481 of 1977401
Subject: Re: banks Date: 10/9/2012 11:40 AM
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"Why is the left so inconsistant? Obama lacked specifics, made and broke promises, etc. and yet he can do no wrong in your eyes."

He's done plenty wrong, no one I know says was he was perfect, or even 'the One' or 'the Messiah', that comes from you guys. Yes, he lacked specifics, and didn't fulfill all his campaign promises. No President ever has.

What is different about Romney is the depth and breadth of his sweeping 'I'll get rid of all that' nonsense. The President has no power to 'get rid of' all the things he has talked about. You don't just 'sit down' with Congress and magically get everyone to agree to do it your way. Especially when you are talking about major legislation that was years in the making. He'll repeal the affordable health care act and just replace with "something better". Seriously? How? What? Who will agree to that? 20% across the board cuts in spending? Sure, Congress will go along with that, just because he 'sat down with them'.

That isn't a plan, it is a disaster in the making.

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Author: wzambon Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822503 of 1977401
Subject: Re: banks Date: 10/9/2012 12:12 PM
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Obama lacked specifics,

No he didn't.


made and broke promises, etc.

no more than any other president.

and yet he can do no wrong in your eyes.

You should really consider stopping your intravenous feeding of Rush Limbaugh.

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Author: FoolishWaldo Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822562 of 1977401
Subject: Re: banks Date: 10/9/2012 2:10 PM
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That's what I don't understand about people saying he won the debate. He didn't really say anything.


He didn't really say anything, but he didn't say anything really well.

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Author: wzambon Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1822577 of 1977401
Subject: Re: banks Date: 10/9/2012 2:37 PM
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He didn't really say anything, but he didn't say anything really well.


The Grammar Nazi suggest the following correction:

He didn't really say anything, but he said it well.

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