Funny how it works. You sell your fellow citizens down the river. You allow the NSA to violate the 4th Amendment of the Constitution. You allow some of the most basic principals of this Republic to be undermined, and wow – it comes back to bite you in the ass. Who would have thought this could happen?
Dave Camp in the House and David Vitter in the Senate are looking to address the implicit subsidy granted to banks designated as too big to fail. These banks are able to borrow at lower than true market rates because they are backed by the US taxpayer. Their smaller competitors who do not have this taxpayer financed guarantee must borrow at higher rates and so are at even more of a disadvantage versus the big guys. Over time this means that capital will increasingly move from small banks to large. (This is just one of the problems with Dodd-Frank.)
Many liberal groups are joining with IRS targeted conservative groups to fight the effort from the Obama administration to chill political work and speech. What is bad for the conservative goose is often bad for the liberal gander. Even still some believe that there has been significant pressure put on these liberal groups not to speak out. The ACLU however broke ranks and other traditionally lefty groups have followed. It’s really an existential issue for them. Obama isn’t going to be in office forever.
“It’s not just about staying in office because you like the power. It’s about staying in office because it generates huge amounts of cash for your family.”
Austerity? Austerity involves tax increases and big time spending cuts. I saw some taxes increased but I didn’t see much in the way of spending cut. What tiny bit was cut in sequestration was reinstated thanks in large part to the Republicans who couldn’t bear to see money to the military contractors reduced.
But it’s built in John Boehner’s district and the defense contractors are generous in their contributions to other members of Congress, so the outdated tank lives – on your dime.
Henry Waxman, who just announced his retirement after 40 years in Congress, may be the most powerful under-the-radar screen person in Washington.
It’s a constant fight folks. Many of these guys think that since they are a “congressman” that they get to live large courtesy of the taxpayer and/or donors to their campaigns. They are big shots you see, and they deserve it.
Peter Schweizer is a hell of a guy. His most recent book Extortion chronicles how members of Congress shake down donors using various methods. The book he wrote before Extortion, Throw Them All Out explored insider trading by members of Congress. He’s kind of like a small government Ralph Nader, complete with “raiders” researching away at the Government Accountability Institute.
People lose their senses when entering the land of the farm bill. Conservatives vote for subsidies and feel perfectly fine about it while voting to cut food stamps. (Which should be reduced but so should the farmer subsidies.) When one explains to a farmer that they are essentially on welfare and costing the taxpayer billions of dollars one invariably hears back that farmers feed the the country and that somehow they deserve all the welfare that they get because they feed us.