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Tag Archives: Senate

The delusion and “un-american” hypocrisy of crony capitalist Harry Reid

A blistering piece by Matthew Continetti chronicling the crony capitalist and some would say “un-american” exploits of the leader of the Senate. Harry Reid is a crony capitalist of the first order and he has brought along his family. (As any crony capitalist worth his salt does.)

Reid is a multi-millionaire, yet he’s spent practically his entire life in politics. A route for a comfortable life to be sure but not the way in the United State to vast riches. (Historically, things are different now.) How did he get so rich?

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Will GOP lawmakers do anything about the “Too Big To Fail” bank subsidy? Probably not.

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.)

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