“The American people will never knowingly adopt Socialism. But under the name of ‘liberalism’ they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened.”

Socialist Party presidential candidate Norman Thomas

Friday, December 12, 2014

It's like cats and dogs living together.....I agree with Elizabeth Warren on something

This week's sign of the apocalypse: I agree with Elizabeth Warren on something.
In the current 1600 page omnibus spending bill passed by the House yesterday, there is a hidden provision that allows banks to include with their normal investments, very risky "derivative" investments, making it far more likely that the taxpayer may have to bail out the banks again.
It was derivative investments that partially caused the banking crisis in '08, after which George Bush had the taxpayers bail out the banks, insurance giants, and car companies.
Why would republicans, given the GOP-base outrage the first time, make it easier for banks to receive taxpayer bailouts? Maybe because the banking lobbyists have spent something like $1.3 Billion over the last couple of years bribing them with campaign donations?
Elizabeth Warren is threatening to hold up Senate confirmation of the whole bill over this awful piece of it......I hope she succeeds. It would probably mean a government shutdown since the House has already gone home for the break. I think she's a horrible person in general, but I agree with her on this.