Agreed. Republican Rep. Darrell Issa is Corrupt and Wrong

What…

Balieri (Issa’s aide) said there is a growing voice from “members on both sides of the aisle, Democrats and Republicans, recognizing that the cumulative burden of regulation is a real problem and if we want to create more jobs and improve this economy, we need to get a handle on it.” Politico

Or was it the deregulation of the past two decades that removed the financial barriers protecting US consumers against widespread bank failure that caused the loss of millions of jobs in the Great Recession? Yeah, it’s the second scenario that’s more accurate.

Rep. Darrell Issa recently called the Obama Administration one of the most corrupt administrations in history, on the objective and scholarly program of Rush Limbaugh. Then he went out and starting asking businesses (potential donors) what regulations they wanted repealed.

But what sounds more corrupt? “Health insurers should be forced not to deny people with pre-existing conditions, kids should always have health care coverage, and children up to the age of 26 should be able to stay on their parents’ health care plan. We should cut overly generous Medicare benefits. Expand Medicaid to make sure poor people have access to competent health care, because everyone gets sick and taxpayers end up paying for emergency care. In order for insurance to work best in a market-based system, everyone should have health insurance.”

This versus “Hey Big Business, what do you want us to stop doing? What’s that? Stop making sure excrement doesn’t run freely off of construction sites? You got yourself a repealed regulation buddy. Political donation please.”

Such companies included:

But a partial list obtained by POLITICO includes ones sent Dec. 13 to Duke Energy, the Association of American Railroads, FMC Corp., Toyota and Bayer. Others receiving inquiries from Issa over the course of the month included the American Petroleum Institute, National Association of Manufacturers (NAM), the National Petrochemical & Refiners Association (NPRA) and entities representing health care and telecommunication providers. Politico 

NAM wants the greenhouse gas controls enacted Sunday by the EPA repealed, despite overwhelming evidence climate change is man-made from carbon emissions.

I half-expect this clown contacted cigarette companies and asked if they wanted the warning labels repealed. That’s costing jobs too, somehow. I bet that argument could be blown out of Darrell Issa’s vacuous ass-hole mouth.

Here’s a good article. Basically it says what is true, that deregulation set up the the Great Recession and the Gulf of Mexico oil spill.

***

In Corporate Self-Regulation: How did that work out? by Barry Ritholz, he points out just how recent deregulation led to systemic failure of our financial and energy sectors.

1. Leverage: Large iBanks wanted to determine their own leverage regulations. They petitioned the SEC to have those old 1970s era Net Capitalization rules tossed out,]. The government agreed, and the 5 largest banks were allowed to determine their own leverage rules . . . How did that work out?

2. Deepwater Oil Drilling: The Oil Industry has been allowed not only to write their own regulations as to the safety requirements for offshore deep water drilling, but they were also the ones in charge of enforcing these rules! . . . How did that work out?

3. Derivatives: Underwriters didn’t want to be bothered with pesky rules that had reserve requirements that limited underwriting, counter-party disclosures, exchange trading rules, capital requirements, indeed, any oversight whatsoever . . . How did that work out?

4. Lend-to-securitize non bank mortgage underwriters: Rules were proposed both at the Federal Reserve level and in California (where most were located), but the decision was made to allow these “Financial innovators” top self regulate . . . How did that work out?

5. Glass Steagall:  The repeal of legislation that kept Wall Street risk taking separate from Main Street banking was a decade prior to a Derivatives collapse, frozen credit market and the worst recession since the great depression . . . How did that work out?

6. Federal Pre-emption: Various states had regulations in effect to prevent predatory lending. Responding to Bank requests, the regulations were removed by Federal mandate (so much for states rights) to allow “unfettered banking.” . . . How did that work out?

7. Abdication of traditional lending standards:  Federal Reserve enforcement of lending rules requiring lenders to verify the borrowers ability to repay loans were ignored. This allowed banks to sell products such as 2/28 ARMs, Interest-Only Loans, and Negative Amortization mortgages without any oversight . . . How did that work out?

 

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