October 03, 2008

Recap bill passes the House; Republicans still spouting the stupid

In spite of dippy little retards like Michelle Bachmann, the recap bill passed the House. The Republicans, even though we all know their ideology and philosophy of unfettered commerce were abject failures, are still sticking to their knitting and now, in the case of the aforementioned Bachmann, actually have the temerity to declare this was all the result of TOO MUCH regulation.

Michelle, here's exhibit A in the proof of just how absolutely wrong you are.

The 2004 decision also reflected a faith that Wall Street’s financial interests coincided with Washington’s regulatory interests.

“We foolishly believed that the firms had a strong culture of self-preservation and responsibility and would have the discipline not to be excessively borrowing,” said Professor James D. Cox, an expert on securities law and accounting at Duke School of Law (and no relationship to Christopher Cox).

“Letting the firms police themselves made sense to me because I didn’t think the S.E.C. had the staff and wherewithal to impose its own standards and I foolishly thought the market would impose its own self-discipline. We’ve all learned a terrible lesson,” he added.

Michelle, this was a failure of the central tenet of your ideology... that the market can police itself. It can't. And when individual players make imprudent decisions, it can cause a systemic failure. This was a failure of cooler heads to regulate in a sensible way. And you're an idiot tax attorney who thinks she knows better. Tell you what, Michelle... why don't you let those who actually know something about banking handle this. We'll call you if we need advice on tax treatments.

Whatever you do, don't repeat that lame argument that this was because of CRA or Fannie and Freddie. CRA didn't require Bear to leaver AS A FIRM to 33:1. It also didn't require them to fund loans to borrowers who could only prove that they were breathing.


(And, Michelle, just in case you're wondering... it was your appearance on Bloomberg that prompted this post. A word of advice, better to be thought an idiot than to open one's mouth and remove all doubt. Get me?)

Posted by mcblogger at October 3, 2008 01:40 PM

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You see...the bailout package was going to get approved.

You underestimate the desire of legislators trying to save their collective ass.

A little gridlock in government is not a bad thing...Clinton/GOP showdown, Texas House and Senate Ds breaking quorum, and now this.

Posted by: YouKnowYouHeartDallas [TypeKey Profile Page] at October 3, 2008 01:51 PM

No, I was properly assessing the stupidity on the left and the right. But primarily, what was coming from the House Republicans.

Posted by: mcblogger [TypeKey Profile Page] at October 3, 2008 01:54 PM

I know what you were talking about in this post...but I wanted to gloat about a past post. ;)

Posted by: YouKnowYouHeartDallas [TypeKey Profile Page] at October 3, 2008 01:57 PM

You are a McBitch.


Posted by: mcblogger [TypeKey Profile Page] at October 3, 2008 03:11 PM

Drama Queen.

Posted by: YouKnowYouHeartDallas [TypeKey Profile Page] at October 4, 2008 10:13 AM

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