A Patriotic Response To The "Clown Prince;" 05/19/2012
District of Corruption
May 19, 2012
For the past three and a half years, we’ve been fighting our way back from an historic economic crisis – one caused by breathtaking irresponsibility on the part of some on Wall Street who treated our financial system like a casino. Not only did that behavior nearly destroy the financial system – it cost our economy millions of jobs, hurt middle-class families, and left taxpayers holding the bag. Since then, we’ve recovered taxpayer dollars that were used to stabilize troubled banks. And we’ve put in place Wall Street reform with smarter, tougher, commonsense rules that serve one primary purpose: to prevent a crisis like that from ever happening again. And yet, for the past two years, too many Republicans in Congress and an army of financial industry lobbyists have actually been waging an all-out battle to delay, defund, and dismantle Wall Street reform. Recently, we’ve seen why we can’t let that happen. We found out that a big mistake at one of our biggest banks resulted in a two billion dollar loss. While that bank can handle a loss of that size, other banks may not have been able to. And without Wall Street reform, we could have found ourselves with the taxpayers once again on the hook for Wall Street’s mistakes. That’s why it’s so important that Members of Congress stand on the side of reform, not against it; because we can’t afford to go back to an era of weak regulation and little oversight; where excessive risk-taking on Wall Street and a lack of basic oversight in Washington nearly destroyed our economy. We can’t afford to go back to that brand of ‘you’re-on-your-own’ economics. Not after the American people have worked so hard to come back from this crisis.
[What I'm not telling you: I loosely refer to JP Morgan-Chase as the 'bad guy' in the aforementioned financial loss. You can bet your 'fuzzy (insert color here) ass' that I'd be the first in line if Jamie Dimon were handing out the legal maximum in campaign contributions! And then.... I'd promise him the moon for a few million in 'under-the-table' contributions.
The American economy is in the tank! The current situation so close to the Roosevelt Depression as to be labled the owe-bama Depression and rightfully so. My actions are the clear result of an insatiable ego combined with inept inexperience to equal the disastrous result you're living through today. With absolutely no knowledge; without the most rudimentary education in economics, my answer was to keep throwing money at the various problems until something 'stuck-to-the-wall!' Much like the socialistic presidential idol I've followed for years, my solutions did--and will continue to--exacerbate the financial problems of the country. Just as President Roosevelt's "solutions" extended the Roosevelt Depression far beyond the end of World War Two, my "solutions"--creating the owe-bama Depression--will be felt for decades to come!] We’ve got to keep moving forward. We’ve got to finish the job of implementing this reform and putting these rules in place. These new rules say that, if you’rea big bank or financial institution, you now have to hold more cash on hand so that if you make a bad decision you pay for it, not the taxpayers. You have to write out a “living will” that details how you’ll be wound down if you do fail. The new law takes away big bonuses and paydays from failed CEOs, while giving shareholders a say on executive salaries. And for the first time in our nation’s history, we have in place a consumer watchdog whose sole job is to look out for working families by protecting them from deceptive and unfair practices. So unless you run a financial institution whose business model is built on cheating consumers, or making risky bets that could damage the whole economy, you have nothing to fear from Wall Street reform. Yes, it discourages big banks and financial institutions from making risky bets with taxpayer-insured money. And it encourages them to do things that actually help the economy – like extending loans toentrepreneurs with good ideas, to middle-class families who want to buy a home, to students who want to pursue higher education.
[What I'm not telling you: I have a question for all of you.... where was "Dodd-Frank" prior to the JP Morgan-Chase kerfuffle?!? This bill was put into place to absolve the consumer of any and all personal financial responsibility. "Dodd-Frank" assigned all risk to the financial institution, requiring said institution to perform counter to it's basic tenet, that of making a profit for it's investors!! When you 'look under the hood' of this bill, the 'nuts-and-bolts' are that while absolving the consumer, "Dodd-Frank" requires more and more governmental control over the public's financial transactions..... owe-bamaKare for the checkbook!!
My presumptive opponent--Governor Romney--has it exactly right:
"That's the way America works. Some people experienced a loss in this case because of a bad decision. By the way, there was someone who made a gain, all right. The $2 billion JP Morgan[-Chase] lost, someone else gained."
....and another quote from the Governor on the same topic:
"I would not rush to pass new legislation or new regulation. This is, in the normal course of business, a large loss but certainly not one which is crippling or threatening to the institution."
In the wake of the JP Morgan-Chase investment-loss kerfuffle, the institution remains on track to make a substantial Q2 profit. The institution's Q1, 2012 profit was $5.4 billion, far over-shadowing the $2 billion loss we tout as a reason for more governmental control!!]
That’s what Wall Street reform is all about – making this economy stronger for you. And we’re going to keep working – to recover every job lost to the recession; to build an economy where hard work and responsibility are once again rewarded; to restore an America where everyone has a fair shot, everyone does their fair share, and everyone plays by the same rules. I believe the free market is one of the greatest forces for progress in human history; that businesses are the engine of growth; that risk-takers and innovators should be celebrated. But I also believe that at its best, the free market has never been a license to take whatever you want, however you can get it. Alongside our entrepreneurial spirit and rugged individualism, America only prospers when we meet our obligations to one another; and to future generations. If you agree with me, let your Member of Congress know. Tell them to spend less time working to undermine rules that are there to protect the economy, and spend more time actually working to strengthen the economy.
[What I'm not telling you: '....making this economy stronger for you....' My-Achin'-Ass!!! As the "Tea Party" Movement's favorite president "Ronaldus-Magnus" said in his first inaugural address:
"Government is not a solution to our problem, government [IS] the problem."
This from a man who led the country to--an unprecedented--fifty-one continuous months of GDP growth!! Rather than remind the country of it's fears as FDR did during the Roosevelt Depression, President Ronald Reagan relied on the American individualism, the American entrepreneurial spirit, the American desire to succeed, to overcome the President Jimmuh Cahtah's--again, unprecedented in the modern era--inflation rates (in the 16%-range!). How can anyone dispute, repudiate President Reagan's economic accomplishments?!?
As you contact your congressmen-and-women, your senators, you might also remind them that the way to a stronger economy; the way out of the hole you've been put into with owe-bamanomics, rests with the current debt ceiling limits. To increase said limit--as I will demand--is to increase federal borrowing which will inturn, increase owe-bamanomic spending; an astronomical, upward spiral we'll never repay!! The only way to reclaim control over the national economy is to REIGN IN SPENDING!! To that end, S-T-O-P THE ON-GOING DEBT-CEILING LIMIT INCREASES!!]