After 9/11, Republicans argued forcefully that the expansion of the National Defense Authorization Act and the PATRIOT Act were necessary safegards for the protection of the American people. This dramatic expansion of Executive Power was unprecendent in recent history. Warrantless wiretapping and targeted assassinations was something unheard of before that fateful day in 2001.
When Democrats tried to add civil liberties amendments or roll back some provisions, Rep. Gary Miller and the Republicans accused them of having a Pre-9/11 mentality.
However, when the economic crisis hit, Congressional investigations into unlawful and unethical behavior was left unchecked. The Frank-Dodd Act's weak regulation of the financial left the To Big To Fail banks in place and did nothing about derivatives, credit default swipes, and other dangerous financial instruments.
Rep. Gary Miller, a senior member of the Financial Services Committee, and his Wall Street allies argue for no regulation of Wall Street and the financial sector at all. Rep. Miller has promised that if elected to the 31st Congressional District that he would vote to repeal Frank-Dodd but has not specified what regulation or market reforms he would put into place to protect taxpayers from another bank failure.
It is only a matter of time before To Big To Fail Banks again cause a meltdown of the global financial marketplace. Currently, the combined banks hold more than 60% of GDP on their balance sheets.
Left unchecked, the government will bail out the banks again. Because this is true, Too Big To Fail enjoy lending at a premium because they know the congressmen like Rep. Gary Miller will not allow them to fail.
Rep. Gary Miller's pre-crisis mentality is dangerous for the American taxpayer because the they are the ones who will be left holding the bag when another crisis strikes.
When Democrats tried to add civil liberties amendments or roll back some provisions, Rep. Gary Miller and the Republicans accused them of having a Pre-9/11 mentality.
However, when the economic crisis hit, Congressional investigations into unlawful and unethical behavior was left unchecked. The Frank-Dodd Act's weak regulation of the financial left the To Big To Fail banks in place and did nothing about derivatives, credit default swipes, and other dangerous financial instruments.
Rep. Gary Miller, a senior member of the Financial Services Committee, and his Wall Street allies argue for no regulation of Wall Street and the financial sector at all. Rep. Miller has promised that if elected to the 31st Congressional District that he would vote to repeal Frank-Dodd but has not specified what regulation or market reforms he would put into place to protect taxpayers from another bank failure.
It is only a matter of time before To Big To Fail Banks again cause a meltdown of the global financial marketplace. Currently, the combined banks hold more than 60% of GDP on their balance sheets.
Left unchecked, the government will bail out the banks again. Because this is true, Too Big To Fail enjoy lending at a premium because they know the congressmen like Rep. Gary Miller will not allow them to fail.
Rep. Gary Miller's pre-crisis mentality is dangerous for the American taxpayer because the they are the ones who will be left holding the bag when another crisis strikes.
Comments
Post a Comment