tag:blogger.com,1999:blog-9299655.post3203778215888344420..comments2024-03-28T14:57:44.187-04:00Comments on Lehigh Valley Ramblings: Toomey & Sestak: Two Hares Chasing a Tortoise at MuhlenbergBernie O'Harehttp://www.blogger.com/profile/13756311150988957401noreply@blogger.comBlogger38125tag:blogger.com,1999:blog-9299655.post-41203216409058261192009-09-04T09:55:40.522-04:002009-09-04T09:55:40.522-04:00Scott Armstrong said:
"I would be curious as...Scott Armstrong said:<br /><br />"I would be curious as to where you found your information that Pat Toomey made millions from derivatives. Secondly, if one believes in small government and limited taxes then one is a conservative, if you believe otherwise you are not (even if you are a Republican). Please explain; what is an “Ultra Conservative” and how is that different from “a conservative“?"<br /><br />Per Wikipedia (with footnotes)<br /><br />Born in Providence, Rhode Island, Toomey was raised by working-class Catholic parents, and was one of six children. Through scholarships, he was able to attend La Salle Academy and later, Harvard University. After graduating from Harvard with a political science degree, Toomey was hired by Chemical Bank in 1984, where he was involved in currency swap transactions. In 1986, Toomey was hired by Morgan, Grenfell & Co., where he dealt in multiple foreign currencies, interest rates, and currency-related derivatives.[2] In 1991, Toomey resigned from the firm when it was acquired by Deutsche Bank in order to avoid the decreased flexibility and entrepreneurship that the acquisition would have caused.[2] The same year, Toomey and two younger brothers, Steven and Michael, opened Rookie's Restaurant in Allentown, Pennsylvania.[2]<br /><br /><br />VORAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-88981700950823336682009-09-04T00:03:11.527-04:002009-09-04T00:03:11.527-04:00And I blame Ricahrd Nixon for the healthcare mess ...And I blame Ricahrd Nixon for the healthcare mess since he planned on a national HMO system.<br /><br />Damn socialist RepublicansAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-28372229296915264432009-09-03T18:05:21.034-04:002009-09-03T18:05:21.034-04:00Tommey represents the Club for Growth. The proebl...Tommey represents the Club for Growth. The proeblem is the growth he represents does not benefit the average American.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-25712886998493945652009-09-03T10:56:43.320-04:002009-09-03T10:56:43.320-04:00Absolutely they should have been regulated (and yo...Absolutely they should have been regulated (and your casino analogy is pretty damn accurate). All financial exposure should be weighted against the firm's capital base - simple leverage.<br /><br />Now that is harder to do than it sounds, but there are some smart people in the world, I'm sure they can figure it out.<br /><br />The BankerAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-63701148245067211792009-09-03T10:53:21.316-04:002009-09-03T10:53:21.316-04:00Banker, As someone in the finance industry, would ...Banker, As someone in the finance industry, would you agree that we need to regulate default credit options? In hindsight, wasn't this just gambling, w/o a casino?Bernie O'Harehttps://www.blogger.com/profile/13756311150988957401noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-56467205404427787682009-09-03T09:31:38.540-04:002009-09-03T09:31:38.540-04:00732am, unfortunately both liberals and conservativ...732am, unfortunately both liberals and conservatives play that game.<br /><br />But if we're going to say that the derivatives business Pat Toomey was involved in 20-30 years ago (he was an investment banker from 1984-1991)created this mess, then we can continue blaming Jimmy Carter for today's inflation. Makes no sense at all and completely takes away from legitimate discussion.<br /><br />The BankerAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-25502425566462518232009-09-03T07:32:23.427-04:002009-09-03T07:32:23.427-04:00Liberals love tilting at inanimate objects. Deriv...Liberals love tilting at inanimate objects. Derivatives are inherently bad, just as guns are - regardless of human involvement.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-20331514378339292692009-09-03T00:39:45.756-04:002009-09-03T00:39:45.756-04:00I have no evidence that Toomey acted unethicaly wh...I have no evidence that Toomey acted unethicaly when he sold derivatives. The point in my post was to establish that the sale of those derivatives is what made him wealthy before he went into the restaurant biz. But Specter is using it against Toomey, and probably unfairly. Derivatives magazine does point to Toomey as someone who would fight against regulating those sales, which we now know is a mistake.Bernie O'Harehttps://www.blogger.com/profile/13756311150988957401noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-63588717658799753712009-09-03T00:06:03.651-04:002009-09-03T00:06:03.651-04:00Bernie, where I get hung up is when people equate ...Bernie, where I get hung up is when people equate products with automatic evil. Derivatives, when properly sold and properly used, are good products. Similarly, subprime mortgage products, when properly sold and used, are beneficial as well.<br /><br />It is when these products were abused that problems arose. And did that happen? Hell yeah. And it was supported by Ds, Rs, Wall Street, Main Street, absolutely everyone.<br /><br />There is absolutely no evidence that Pat Toomey improperly sold or abused derivative products. To tar him with that broad a brush is in my opinion unfair.<br /><br />The BankerAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-90955369970336957492009-09-02T23:43:22.712-04:002009-09-02T23:43:22.712-04:00"Never said you were an idiot. Just not knowl...<em>"Never said you were an idiot. Just not knowledgeable about things financial. And Wikipedia as a reference would get you thrown out of a bad college."</em><br /><br />Actually, you said I was too poor to understand high finance and pointed to my humble surroundings, as though that is evidence of anything. You're mistaken, as I demonstrated immediately after your initial comment. I got stuck taking those courses in law school, and booked them all. I generally have no interest in high finance or the people who chase after money. But I understand it. <br /><br />I know a few impoverished people who have a deeper understanding of finances than many Wall Street financiers. It is always a mistake to underestimate someone or judge a book by its cover. But knock yourself out.Bernie O'Harehttps://www.blogger.com/profile/13756311150988957401noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-85123469492381698412009-09-02T23:27:58.507-04:002009-09-02T23:27:58.507-04:00Scott,
Hope you and your family had fun. I relie...Scott, <br /><br />Hope you and your family had fun. I relied on more than Wikipedia, but consider that source to be getting better and better all the time. I also quoted from that 1999 article in "Derivatives." But I understand what you're saying, especially since there are many kinds of derivatives. I'll do a little more research. <br /><br />I suppose the reason for the "ultra" label is Toomey's views on social issues. I think you could argue in support of civil rights very consistently as a conservative who detests government interference in your life. Toomey, however, seems to be out there w/ Falwell and Pat Robertson. Perhaps it's unfair to brand suc a person as ultra conservative bc that kind of thinking might even be construed as liberal in the sense that government is taking control of your life. <br /><br />As far as government regulation goes, you are right. The gov't was not enforcing existing regulations. But there are some areas, like default credit options, that are not regulated at all. The disaster there helped the financial collapse that occurred a year ago. <br /><br />Both parties are to blame for this, too.Bernie O'Harehttps://www.blogger.com/profile/13756311150988957401noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-85814252000886534632009-09-02T23:18:44.082-04:002009-09-02T23:18:44.082-04:00Never said you were an idiot. Just not knowledgea...Never said you were an idiot. Just not knowledgeable about things financial. And Wikipedia as a reference would get you thrown out of a bad college.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-42611200693712709012009-09-02T23:16:17.536-04:002009-09-02T23:16:17.536-04:00Bernie,
Was at the fair all evening really bea...Bernie,<br /><br /> Was at the fair all evening really beat.<br /><br /> Wikipedia… really? The derivative accusation is an invention of Arlen Specter. Need I say more… keep checking the facts on this.<br /><br /> And he opposes more regulation? Many understand that the gross failure to enforce existing regulations was the cause of the mortgage crisis. The fact that others don’t understand this is not a credit to them.<br /> Although you may find Toomey’s stand on social issues not to your liking they may in the end be more in the mainstream than yours. So the term “ultra” refers to where he stands on issues from the unique perspective of your point of view.<br /> It may shock you to know that I am a social liberal but see the nation’s fiscal crisis and rampant government expansion as the paramount threat to the nation. Therefore electing fiscal conservatives to public office is a prerequisite to restoring real economic growth and prosperity.<br /><br /> Scott ArmstrongAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-19625546164083778852009-09-02T21:08:29.513-04:002009-09-02T21:08:29.513-04:00I will gladly acknowledge that I am part of the ge...I will gladly acknowledge that I am part of the genteel poor. I was unaware that my finances are a measure of my intelligence. <br /><br />But to be honest, I do know the reasons for the Wall Street meltdown. We're all aware that subprime lending and a runaway housing market helped create this mess. <br /><br />But most of us are unaware that the commercial paper market also dried up. These are business IOUs, short-term loans, valued at hundreds of billions of dollars every day. It's what Paul Marin does. The Reserve Fund, which had extended this type of credit to Lehman Bros., broke the buck. That drove money market managers nuts and they stopped offering commercial paper. <br /><br />Credit default swaps, or credit derivatives, also played a big part. Bond owners who want to transfer the risk of default to someone else would enter into an agreement paying a third party a percentage every year, and he would agree to pay owners if the bond defaulted.<br /><br />What happened is that many people who did not even own bonds would enter into these credit swap options, gambling that there would be a default. And just as many people were selling tem. Eventually, it all came crashing down like a house of cards. There are $5 trillion in bonds, but $60 trillion in credit default swap protection worldwide. Not healthy. <br /><br />This was a biparisan failure, and Barney Frank is one of the architects of this failure, resisting attempts at regulation on the basis that these folks knew what they were doing. Unlike me, they don't live in broom closets, but they did not know what they were doing. And their failures may have the ultimate result of forcing you to live in a broom closet. <br /><br />By the way, if I thought someone was an idiot, I would not waste my time reading that person's blog.Bernie O'Harehttps://www.blogger.com/profile/13756311150988957401noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-24901028764755963022009-09-02T20:37:21.126-04:002009-09-02T20:37:21.126-04:00Why are derivatives suddenly a bad word? They wer...Why are derivatives suddenly a bad word? They were/are legal and made lots of connected Democrats and Republicans lots of money. If they were so problematic, where was Barney Frank on the issue? Couldn't have been a problem and he's still in charge so they must be fine now. What gives?<br /><br />It's like telling Bible thumpers in the South that a carpetbagger politician has been known to enjoy the company of homo sapiens and thespians. Boo! Derivitives! Boo!<br /><br />You live in a broom closet and likely couldn't explain derivatives coherently if your next bus fare to gummint cheese depended on it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-63550219863760421222009-09-02T18:42:53.566-04:002009-09-02T18:42:53.566-04:00Idiotic comments like yours add nothing, and if an...Idiotic comments like yours add nothing, and if anything, help Dent and Toomey.Bernie O'Harehttps://www.blogger.com/profile/13756311150988957401noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-18800566501319184992009-09-02T18:36:08.488-04:002009-09-02T18:36:08.488-04:00Dent and Toomey are two Republican parrots owned b...Dent and Toomey are two Republican parrots owned by the Corporations that want Americans poor and stupid. Actually have just enough money to go into debt with their legal loansharking operations.<br /><br />They are both tools.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-15086283814418461072009-09-02T17:45:43.460-04:002009-09-02T17:45:43.460-04:00Scott,
In the Wikipaedia bio, it is clear that T...Scott, <br /><br />In the Wikipaedia bio, it is clear that Toomey started out on Wall Street, where he sold derivatives. There are numerous references to this on Google. Specter, in a political ad, claims "Pat Toomey, as a Wall Street trader he sold risky derivatives called 'credit default swaps' the same swaps that have plunged us into this financial mess."<br /><br />Now before you go calling Specter a liar, as Toomey has already done, let me tell you that there used to be a magazine called <b>Derivatives.</b> Here's what that magazine had to say in 1999: <br /><br /><em>[T]he derivatives industry can claim representation by one of its own. Last November, Rep. Patrick Toomey (R-Pa.), a former swaps dealer, was elected to represent his Lehigh Valley district. <br /><br />Toomey has already helped draft House Resolution 10, a proposal to roll back some of the Glass-Steagall legislation of the 1930s. Not surprisingly, Toomey is virulently opposed to unnecessary regulation. “The trend in deregulation, beginning in the early 1980s, is one of the biggest reasons for the sustained economic expansion,” he says. “I would like to see us continue to deregulate on many fronts, including the financial services industry.” <br /><br />And what of the much-ballyhooed hedge fund regulation talk emanating from Washington lately? “It’s not clear to me that the problem with Long-Term Capital Management requires new regulation,” he says. “I think we need to continue to work on understanding what really happened there and what the magnitude of the threat to the infrastructure of our financial services industry was. Frankly, I think that the outcome was appropriate. The equity investors lost everything—and under the circumstances that had to happen—but the bailout essentially worked. I would be very leery about, and I will resist, any effort to impose inappropriate regulations as a knee-jerk reaction to what was a big problem but was essentially solved.” <br /><br />Such passionate discourse is music to the ears of derivatives players around the country.</em><br /><br />He made his money dealing in derivatives before he went into the restaurant business. He opposed regulation. The default credit swaps played a very big role in causing our current recession, and Toomey was definitely a part of that. <br /><br />Why do I call him an ultraconservative? Because he is rigid, unwilling to bend away from conservative princiles even when theur application is clearly wrong, as they certainly were with the failure to regulate default credit swaps. <br /><br />I know of no one in the LV who adheres to these conservative principles more rigidly than Toomey. <br /><br />I also call him an ultraconservative bc he is all for government interfering in our lives when he decides to impose his own morality on the rest of us. He voted to ban gay adoptions, voted to prohibit flag burning, wants to return prayer to schools, voted to make it harder for people to file for bankruptcy, is opposed to alternative sentencing, etc. etc. <br /><br />Not my kind of guy. I know he has a lot of appeal to you and Joe Hilliard, but e's way too rigid for me, and is actually inconsistent bc he has no problems w/ government stepping all over our civil rights.Bernie O'Harehttps://www.blogger.com/profile/13756311150988957401noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-25020544630174853782009-09-02T17:01:05.171-04:002009-09-02T17:01:05.171-04:00Toomey and Dent have nearly identical positions on...Toomey and Dent have nearly identical positions on Obamascare.<br /><br />Your admiration of a guy (Specter) who never stood for a thing in his life, never sounded a clarion call on any major national concern, never ever will be called anything remotely close to a statesman is ponderous. <br /><br />Specter will go down in history as a self-serving position-less survivor who showed up at peculiar moments and acted peculiarly. <br /><br />At least Dent and Toomey and Sestak have taken a stand. For all his town meetings, we STILL have no idea where Specter is on Obamascare because he's yet to determine what's best for his re-election. He strikes me as everything you deplore about politicians - regardless of party.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-5372996156942503672009-09-02T16:20:52.664-04:002009-09-02T16:20:52.664-04:00Bernie,
I would be curious as to where you fou...Bernie,<br /><br /> I would be curious as to where you found your information that Pat Toomey made millions from derivatives. Secondly, if one believes in small government and limited taxes then one is a conservative, if you believe otherwise you are not (even if you are a Republican). Please explain; what is an “Ultra Conservative” and how is that different from “a conservative“?<br /><br /> Scott ArmstrongAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-52511315059993008502009-09-02T15:35:43.488-04:002009-09-02T15:35:43.488-04:00Toomey can absolutely beat Specter. True, he lost...Toomey can absolutely beat Specter. True, he lost to Specter in round one. But he lost a fairly close race with President Bush and Santorum supporting Philthadelphia's finest RINO.<br /><br />Republicans and even conservative democrats that bought into that strategic disaster are much the wiser this time, and Specter's recent betrayal is burned in their minds. Add in the Lewinsky ratings of the messiah and his Congress, and the stage is set for Specter's defeat.<br /><br />Sestak would be a more formidable opponent for Toomey, in that his military credentials neutralize the key conservative argument of being stronger on national security issues.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-21992790431272242342009-09-02T12:49:22.864-04:002009-09-02T12:49:22.864-04:00Wishy-washy
Can't be trusted by either party
...Wishy-washy<br /><br />Can't be trusted by either party<br /><br />Out for himself and his own glory<br /><br />ARLEN SPECTER IS TOAST!<br /><br />Mark it down early<br /><br />Will SEIU or ACORN be at Muhlenberg College tonight perhaps to intimidate the Nazi tea-baggers?<br /><br />What is going on with Obama's war in Afghanistan?<br /><br />Where are Cindy Sheehan and all the other anti-war peacenik hacks?<br /><br />Hypocrisy at work?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-54264182372981831582009-09-02T11:09:40.922-04:002009-09-02T11:09:40.922-04:00No, there's a little bit more than pure politi...No, there's a little bit more than pure politics in Specter's town halls. He's out there meeting w/ constituents, explaining things and listening to them, presumably to arrive at the best possible bill. For Toomey and Sestak, this is all about bashing Specter, who is extended no invitation. It has nothing to do w/ the actual issue under suupposed discussion. And it's no real town hall. I find that a tad troubling, don't you? <br /><br />Specter is capable of being just as political as those two hares, but in this instance I admire his courage in facing down people who are very upset over single payer health care. He sure as hell has not been wishy washy in those town halls. <br /><br />As far as admiring a mean boss is concerned, it's one of the things I don't like about Sestak or, for that matter, Specter. They both have the rep of being hard to work under.Bernie O'Harehttps://www.blogger.com/profile/13756311150988957401noreply@blogger.comtag:blogger.com,1999:blog-9299655.post-50579084856436527462009-09-02T10:57:36.336-04:002009-09-02T10:57:36.336-04:00but I think the motivation for tonight's "...but I think the motivation for tonight's "town" hall is pure politics.<br /><br />***********************<br /><br />NO SHIT! It's an election! It's pure politics. And when Specter did his town halls, they were purely about politics b/c THAT's THE BUSINESS THEY ARE IN!<br /><br />And I don't have a problem with a politician who is hard on people either. We could use a few more people willing to crack some heads together.<br /><br />For the record, what is Specter's stance on health care. He seems to have been wishy washy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9299655.post-31396773834965740922009-09-02T10:14:39.419-04:002009-09-02T10:14:39.419-04:00Ken, He gets credit for taking a stand, but I thin...Ken, He gets credit for taking a stand, but I think the motivation for tonight's "town" hall is pure politics.Bernie O'Harehttps://www.blogger.com/profile/13756311150988957401noreply@blogger.com