Wednesday, May 19, 2010

Would It Surprise You to Learn that Orrin Hatch is Full of S*#t?

Hip waders, up!

Orrin:

No wonder Lloyd Blankfein, the CEO of the New York investment giant Goldman Sachs, said "that the biggest beneficiaries of reform will be Wall Street itself." That's a luxury our small businesses in Utah can't afford when they're saddled with this legislative monstrosity.
What Blankfein really said:
Wall Street will benefit from the bill because it will make the market safer, Blankfein said.

"The biggest beneficiary of reform is Wall Street itself," he said. "The biggest risk is risk financial institutions have with each other."

American consumers also would benefit from better regulations, he said.
Keeping them honest, one Op-Ed at a time.

UPDATE:  Bennett and Hatch voted against.  That Bennett.  What a liberal!  Orrin, though, doubles down on the superficial:
Sen. Orrin Hatch called it a "legislative monstrosity." He disagrees with a provision that allows the Federal Deposit Insurance Corp. to dismantle a failing financial firm instead of a bankruptcy court. He also thinks it should have reformed the major mortgage firms Fannie Mae and Freddie Mac. 
In his desperation to ward off a 9-12er/Patrick Henry Caucus/Eagle Forum/Club for Growth tea-baggn', he's just quoting Heritage commentary verbatim, and passing it off as leadership.

2 comments:

  1. Are you saying that Hatch misrepresented Blankfein’s comment somehow?

    The one line from Blankfein used by Hatch - "that the biggest beneficiaries of reform will be Wall Street itself" - in his piece is almost verbatim to what the Hill’s piece contains from Blankfein - "The biggest beneficiary of reform is Wall Street itself". The rest of that paragraph from Hatch’s piece is Hatch’s words, just as the rest of the paragraphs in the Hill’s post are Blankfein’s words.

    Yes, they do have different opinions about what the regulatory bill in this form will do for America, but does possessing a differing opinion make someone dishonest or “full of it? If that is the case, we all better head right on over to the grocery and buy some more toilet paper.

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  2. hatch is suggesting that because of their "armies of accountants, lawyers and experts figure out a way to get around any of the new rules in this bill" that wall street will have the edge over small businesses, and that is what lead blankfein to make the statement. putting the statement in it's full context shows that isn't the case, so hatch is trying to sell this bill as something it's not, using a partial quote to do so.

    that's beyond a difference of opinion, hatch is certainly entitled to his opinion, but he should be able to defend it without using buzzline quotes out of context.

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