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.)
Senators are paid well, but they have significant expenses too. How Harry Reid has become such a rich man while in the Senate is a question worth exploring. The Washington Times is poking around..
Audit (then end) the Fed.
1 quick point.
What will this mean for the average American, the middle class, and especially the poor?
Looks like had Reid not changed the 200 year old Senate rules late last year Ms. Yellen might not have been confirmed. It appears that at least 40 Senators would have voted against her confirmation, but since there is no filibuster in this situation, 50% of the Senate can confirm the new Fed Chair as opposed to the 60% of past years.
The lobbyists long for the good old days on the mid-2000s. Back when there was no Tea Party, people thought “compassionate conservatism” meant something, when Medicare Part D could be championed by a supposedly conservative president, when a Republican Vice President could say that “deficits don’t matter.” Good times.
The real action is coming soon in the Senate when it votes to confirm the new Fed chairman.
Obamacare, more than anything is a big giveaway to the health insurance industry. It’s a crony capitalist scheme to its core and more people (and entire states) are coming to realize this.
The Obama administration thought it could buy off industry and it did. But industry did not anticipate how incompetent this administration was. It bought the show and dazzle.