Wednesday, January 8, 2014

Do the Tea Party folks THINK? I have my doubts.

These Tea Party-types leave me scratching my head.  Can they really be as simple minded and gullible as they seem?  They're educated idiots.  Case in point:  

They say they want less government.  They say they don't want the government bailing out failing businesses.  Government bailouts = deficit spending.  Deficit spending = BAD.  They say, "Let 'em go broke!  Survival of the fittest." Fair enough.

So federal financial regulators finally got the Volcker Rule passed.  This rule prohibits banks from taking depositors money and investing it (gambling with it) in certain high risk ventures.  They've been doing this for years, much to their advantage.  Usually.  If all goes well, the bank's shareholders (NOT the depositors) make HUGE profits, and the bankers individually get HUGE bonuses.

But if things go badly, such as what happened back in 2008, they simply run to Congress asking for a few hundred billion (with a B) dollars or they say they'll close their doors and take the economy down with them.  

If things go well, THEY win.  If thing DON'T go well, THEY don't lose, the TAXPAYERS do.  Sweet deal, huh?

The Volcker rule is good.  It reduces the likelihood the banks will ever need a taxpayer bailout.  The bankers, of course, don't like it because in gets into THEIR pockets.  They were quite happy with things the way they were.



Give a guy a suit and a haircut and some little tiny glasses....

Enter The Honorable Gentleman *snicker* and Tea Party darling, Congressman Jeb Hensarling (R-TX).  He's the Chairman of the House Financial Services Committee, the folks that oversee the banks.  He will soon be proposing a new bill that will open up a HUGE loophole in the Volcker Rule, essentially allowing the banks to go back to doing business much like they used to.

Let's review: 

The Tea Party does NOT want to bail out failing businesses, including (presumably) banks.

The Volcker Rule makes banks act more prudently.

The Tea Party LOVES Jeb Hensarling.

Jeb Hensarling wants to open loopholes in the Volcker Rule that will allow banks to gamble again, increasing the odds banks will some day need another taxpayer bailout.

Does this make any sense?

I wonder how much the banks "donated" to Mr. Hensarling?  Wonder how many of his friends and relatives and supporters have received "sweetheart" deals, or maybe employment, from the banks?  (There are lots of ways to reward friends.)

How many times do I have to write about this?  Vote the bums out.  Or send really mean emails, or riot, your choice.  ;)  

S


13 comments:

  1. I doubt even the Volcker rule will do any good. They'll just find some other way to screw everyone over.

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    1. While the Volcker Rule won't be the end-all, IMO it might at least slow 'em down a little.

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  2. I was watching a program last night that showed how every economic prediction the Republican Party has made since 1994 has been completely wrong. Every Republican in the House and Senate voted against the Clinton tax increase because it would hurt the economy. The Republicans predicted a recession and the opposite happened.

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  3. Riot!!! Nothing else seems to be working.

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    1. ooooo that would be fun - let's riot!

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  4. Scott, You are so simple-minded when it comes to this issue. What you are overlooking is...ah...look, it is very complicated so just trust the banks, they know best!

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    1. I'll have to come back and answer this later, Joe. Right now I'm busy wiring $10,000,000 to a Nigerian prince. ;)

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    2. You don't even have that right! You are supposed to send them $5000 and then they send you $10,000,000. I should get mine any day now.

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    3. Jeez! $5,000? That's all? Where were you when I was out selling blood and internal organs?

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  5. You guys are funny (but the Tea Party folks are cray-cray)...

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  6. Yes, Tea Party folks DO think. They think business should be policing itself.

    Now I only had to send $1,000 to the Nigerian prince. I don't know what you guys are doing wrong.

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    1. Wow, Prince Ngdlnslidnbtoe must have pegged me as a real sucker.

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