Hat Tip to Ace of Spades.
From President Punchdrunk’s radio address:
Never again will taxpayers be on the hook because a financial company is deemed ‘too big to fail’.”
This is coming from a power-hungry, vacuous assclown who not only put taxpayers on the hook for 2 trillion+ more dollars in the first 15 months of his tenure, but didn’t bother to read the language in the latest bill, that will hook us for more.
From a letter to Rep John Boehner (R-OH) from the Lindsey Group. It outlines the consequences of the so-called Financial Regulation Reform Bill; another bad piece of legislation the Dems want to rush through without debate, or consideration of the taxpayer burden.
First, the bill contains a $50 billion fund for resolution of systemically risky institutions. The bill allows a 2/3 vote of the Financial Stability Oversight Council to deem any firm (financial or non-financial) as coming under its rubric and then authorizes the FDIC and Treasury Secretary to treat each of the firm’s shareholders and creditors as they choose, without regard to bankruptcy law. Second, the bill gives the Treasury and the FDIC authority to grant an unlimited number of loan guarantees to systemically risky institutions. No Congressional authorization or appropriation is required. Third, the bill gives the Fed the authority to fund any “program” to assist these institutions accepting as collateral anything it deems appropriate.
Read the whole thing:
This additional rape of the taxpayers will be doled out by the Financial Stability Oversight Council, the FDIC, and the U.S. Treasury; a lasting “fuck you” to American workers. By the way, there’s also ample payoffs to labor unions. You can thank Obama’s good buddy Andy Stern for that. Speaking of Andy, he’s now part of the National Commission on Fiscal Responsibility. As Investor’s Business Daily put it, “is like having a serial arsonist organize Fire Prevention Week.”
Jesustapdancingchrist. Welcome to socialist economic oblivion.