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Joe Walsh (R-IL) Transcript: “That’s Not the Problem … Don’t Blame Banks and the Marketplace for the Mess We’re In”

Thu November 10 2011 5:04 am  http://www.arlingtoncardinal.com/?p=48882
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Responding to comment that Paulson and whoever else keep going from a big bank, then they go into Fed government, and go back into the banks and they just keep rotating the people …


JOE WALSH: I agree with you about that … that’s not the problem! That’s not the problem. The problem is you gotta be consistent. And I don’t want government meddling in the marketplace. Yeah, they move from Goldman Sachs to the White House … I understand all of that. But you gotta be consistent.

And it’s not the private marketplace that created this mess. What created this mess is your government, which has demanded for years that everybody be in a home. And we’ve made it as easy as possible for people to be in homes.

All the marketplace does is respond to what the government does. The government sets the rules. Don’t blame banks, and don’t blame the marketplace for the mess we’re in right now. I am tired of hearing that crap [repeats].

WOMAN: Taking money from people they know that couldn’t afford it?

JOE WALSH: There are already mechanisms in place. This pisses me off. Too many people don’t listen. There are already mechanisms in place to do that. Are they doing their job? No. Well, what do you want to do. Do you want to bombard them with more regulations? More government? Government screwed this problem up. You know what you got? You got Dodd-Frank. You got Dodd-Frank now that’s tying everyone’s hands. You want more reform? … more regulation? That’s what you got. John, do you want more regulation? Is that what you want? Do you want Dodd-Frank? Is that what you want?

I want more coffee. It’s so freakin’ easy.

CROWD: Decaf. Decaf. [referring to making sure Joe gets decaf]

JOHN [confirmed name?]: Joe, stop …

JOE WALSH: Quiet. Quiet for a minute. Quiet for a minute! Or I’m going to ask you to leave. You need to listen. Or I’m going to ask you to leave.

The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173) is a federal statute in the United States that was signed into law by President Barack Obama on July 21, 2010. The Act implements financial regulatory reform sponsored by the Democratically controlled 111th United States Congress and the Obama administration. Passed as a response to the late-2000s recession, the Act was touted as the most sweeping change to financial regulation in the United States since the Great Depression, purportedly representing a significant change in the American financial regulatory environment affecting all Federal financial regulatory agencies and almost every aspect of the nation’s financial services industry. However, many legal and financial scholars have been critical, arguing that the reforms were insufficient to prevent another financial crisis or additional “bail outs” of financial institutions.

An Act to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.

The law is named after Barney Frank and Chris Dodd. The law was initially proposed on December 2, 2009, in the House of Representatives by Barney Frank, and in the Senate Banking Committee by Chairman Chris Dodd.

See also …
PUBLIC LAW 111 – 203 – DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT

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