Washington is dysfunctional! The parties are so ideologically different they cannot agree on anything! Oh, wait.
A bipartisan majority in the House of Representatives rolled back one of the key elements of the Dodd-Frank financial reform law passed in the wake of the 2008 economic meltdown.
The House voted 292-122 to pass Swaps Regulatory Improvement Act, which repeals a provision in the law that required big banks to move some derivatives trading into separate units that aren’t backed by the government’s insurance fund.
The vote followed months of heavy lobbying by Wall Street banks, and The New York Times reviewed emails that showed Citigroup lobbyists drafted at least 70 of the House bill’s 85 lines.
The “government’s insurance fund” that will once again cover the banks’ reckless derivatives gambling is taxpayer money. Whatever this is, it sure as hell isn’t “free market” capitalism. It’s socialism for the ridiculously rich, and social Darwinism for everybody else.
Despite having caused a worldwide financial crisis from which only the top 1% has recovered, the same financial firms “are still the most powerful lobby on Capitol Hill. And they, frankly, own the place.” –Senator Richard Durban (D-IL), 2009.
And yet when congresscritters talk about “entitlement reform” they don’t mean banks, who are entitled to plunder the government at will. And they don’t mean defense companies, either. They mean poor people. Hungry children. The sick and the elderly.
Washington is not dysfunctional. It functions perfectly well for those it serves.
All 70 doucheweasel Democrats who voted for this bill should be ashamed to show their face in public. I say we moon them at every single public appearance until they are sick of seeing our naked butts and go away in disgust. Here they are:
Wasserman Schultz (<—What a surprise.)
(_|_) <—my virtual ass.