Whore, good; ape, bad. I get it now.

I'm beginning to get a bit clearer picture of the ethical ranking system in Congress.  So far I've learned it's better to be a "whore" than an "ape".

It seems that parts of the financial reforms enacted after the bankers nearly destroyed the world back in '08 are just now beginning to be implemented, and the banks are none too happy about it.  

Right now the bank lobby is working overtime to exempt a wide array of derivative trading from regulation, and also one that would delay heightened standards for firms that would offer investment advice to retirees.  

*Well, DUH!  How are they supposed to fleece retirees, and probably widows and orphans, too, with some regulator looking over their shoulder?*

Both lobbying efforts have received wide bipartisan support (mostly Republican, but some Democrats, too) in the House of Representatives.

Just curious....why would you want to conduct your business in the alleyways and shadows if you were proud of your exemplary behavior?  Wouldn't you want it to be regulated and made public?  

It's sorta like restaurants that fail health inspections....they want it all hushed up.  The ones that make an "A" want it in headlines on the front page for all the world to see.  Hmmmm....I think I've answered my own question.

The banking lobby has gone so far as to submit a list of suitable questions for "sympathetic" members of the House Banking Committee to ask bankers as they testify before cameras and under oath.  It's become so blatant that one House aide sent an email to a House Banking Committee staffer warning that members should be careful to not mimic the talking points from lobbyists.

"I know that some of our members are inclined to whore, but we must not be apes."

So it's whore, good;  ape, bad.  Got it.

~~~~~~~~~~~~~~~

From the absurd to the ridiculous

How could I have missed this?  Did you hear about the new "in thing" among metrosexual men?  Men-only nail bars....places men go to get manicures and pedicures.  This one ^ in LA is called "Hammer and Nails".  $25 for someone to cut your fingernails?  I think that's God's way of telling you you have too damn much money. 

For women, I understand.  They have to cut them, bondo and file them smooth, then mask everything off, prime them, and finally paint them.  That's pretty labor intensive.  

I honestly don't get this....unless it's a front for illegal gambling in the back.  But what do I know.  I don't get out much.

S

The Coalition to Save the Cute Puppies

Don't you just love the way special interests hide their real intentions behind oh-so-innocent sounding non-profit organizations?  "The Coalition to Save the Cute Puppies" (fictional) might well be a group of scummy puppy mill owners scheming to get the SPCA de-certified.

We must be the most gullible people on earth.  Our hearts are definitely in the right place, but it seems many of us check our brains at the door.  Watch this funny Penn and Teller piece on how environmentalists, good people that they are, can so easily be duped:

This could just as easily have been a group of casinos in one state (God-Fearing Christians Against Evil Gambling) working to kill the chances of any new casinos opening just across the state line, stealing their customers.  "Sure I'll sign your petition Brother Bugsy, and here's a few of my hard earned dollars for your wonderful cause, too."

In my state we have a non-profit called something like "Supporting Our State Troopers" which leads people to think if they give a few $$$ and put the trooper's membership sticker on their car they will be given a "pass" if they're caught speeding.  

Truth is, almost none of the money goes to any state trooper groups, and you will NOT be given a pass if caught speeding.  Their motto might as well be "Thanks suckers!"

The old saying "A fool and his money are soon parted" is as valid today as it ever was. Do be compassionate and selfless, but be smart, too.

S

Time to "put up or shut up"

As you know I'm no friend of the big banks.  They have systematically and, through their intensive lobbying, legally raped and pillaged America.  Some would say the entire world.  Now our illustrious congress is debating whether to include/enforce "The Volcker Rule" as part of our banking "reforms".  Those reforms have been watered down so much already they're of dubious value, but still I suppose they're better than no reforms as all.


The Volcker Rule would prevent banks from "proprietary trading", which means taking their money and betting it on highly risky trades.  "But if it's their money, why should we care" you ask?  Because they can't lose.  Only we taxpayers can lose.  If they gamble big and win, they make mega-billions of dollars, meaning huge profits and BIG bonuses for their top executives.  But if they gamble big and lose, like they all did back in 2008, they know the US Government....you and I....will step in and make good their losses.  (They'll just have to be more discreet when they pass out their bonuses.)


They know they're "too big to fail"....if they lose everything and go out of business they'll take the whole country with them.  They know we won't let that happen.  It would be like you and I partying in Vegas with daddy's money.  As long as somebody is behind us to cover our losses, why hold back?  That's what they call "moral hazard".


The banks have already successfully beat back a proposal to break them up into smaller parts.  Under this scenario if their freestanding proprietary trading company failed it would just be allowed to go bankrupt.  It wouldn't hurt the bank's depositors (as they would be in a separate freestanding company) and the FDIC / U S Treasury wouldn't be out anything.  Just the proprietary trading company's investors would lose.  They do NOT like that idea!  They would lose their Sugar Daddy, aka Uncle Sam.


The time allowed for the banks to plead their case why they should continue to be allowed to gamble wildly has passed.  It's time for congress to decide.  Are they going to cave....again....to the banks and agree to cover their losses with our taxpayer money, or will they introduce some prudence to the banking biz?  My guess?  Bend over, America.


Will it do any good to write your Congressman and Senators and express your opinion?  Only if you attach a check for about $100,000 with your letter.  Those seem to be the only letters they read.


S