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Make up your mind, Spencer.

by: BenGoshi

Wed Mar 18, 2009 at 10:30:32 AM CDT

 I've taken some time this a.m. to watch the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises hearing on AIG's impact on the global economy.

 On that Subcommittee is Alabama's own Spencer Bachus.  In his opening statement Spencer gave us these pearls of wisdom regarding AIG and the various debacles at which it's at the heart:

"The failure to regulate; the failure of oversight by the Congress.  We're to blame."
"The government has got to get more involved [in regulating companies like AIG]..."


Where to begin?

Well, I'm glad that Mr. Bachus understands, that he finally "gets" that a "failure to regulate [Wall Street]" has lead to this.  And I'm happy that he accepts, as a Member of Congress, his share of the blame for failing in his regulatory (or, better put, failing to craft and support solid, regulatory legislation) and oversight responsibilities.  And I am pleasantly shocked that Mr. Bachus now says that the "goverment has to get more involved."

But, thing is, it's been Spencer Bachus and his Right Wing ilk that has for that past 2, 3 decades recited ad nauseum their sacred and talismanic mantra:  "Let the market work."

Well, Spencer, the market's not only "worked", it's worked us over, no thanks to you and your lifetime aversion to solid, responsible regulation and oversight of Wall Street.

Here's what Spencer Bachus said in the summer of 2007 -- taking us Progressives to school regarding Wall Street regulation and oversight:

 "Meanwhile, the House Financial Services Committee held a hearing the same day in which the President's [read:  W. Bush's] Working Group on Capital Markets reported on hedge funds and their systemic risks.  Committee Chairman Spencer Bachus (R-Alabama), noted in his opening speech that earlier this year 'the PWG endorsed an approach to hedge-fund regulation that relies primarily on market pressures and incentives to contain risk.  The PWG concluded--correctly, in my view--that market discipline, together with statutory limitations restricting access to hedge funds to wealthy investors, can sufficiently mitigate industry risks.  By emphasizing the importance of free market forces rather than the heavy hand of excessive government regulation, I believe that the PWG has struck the right balance in regulating the activities of these highly innovative investment vehicles.'"

Investment Advisor July 11, 2007


 Good call, there, Spencer.


Postscript -- Spencer doesn't want to "play the blame game", by the way.  I bet he doesn't.  If I ever again get pulled-over for speeding, I'm thinking I should tell the officer that he should let me go on my way and not to "play the blame game".  That Congressman Bachus said so.


BenGoshi :: Make up your mind, Spencer.
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Oh, and about those "highly innovative investment vehicles" (4.00 / 1)
  aka "Hedge Funds", we have this, hot off today's presses:

 "Some of the billions of dollars that the U.S. government paid to bail out American International Group Inc. stand to benefit hedge funds that bet on a falling housing market, according to people familiar with the matter and documents reviewed by The Wall Street Journal."


 Again, good call, there, Spence.


Benefit hedge funds? (4.00 / 1)
Outrageous!  Those were the very people who were supposed to be rich enough and savvy enough that they didn't need regulations and protections.  Let them take the fall.  I've had enough of this "lemon socialism" where it's nothing but free market, low tax, anything goes capitalism when the market is good but the high rollers instantly become share-the-risk socialists when their investments fail.  If I share your risk I damned sure want a cut of your profits in exchange.

Work harder and work smarter!

[ Parent ]
Doesn't want to play the blame game (4.00 / 1)

Of course he doesn't!  This is yet another manifestation of the It's OK if You're a Republican (IOKIYAR) game.  Bachus is not so quick to move on when talking about homeowners having trouble meeting the (adjustable rate,) mortgage payment on a home suddenly worth less than the mortgage.  I would also point out that he didn't exhibit much of this "let's move on now" attitude when he was voting to impeach Bill Clinton way back when.  Hypocrite!


Work harder and work smarter!

Bacchus was against regulation (4.00 / 2)
Before he was for regulation.

The work goes on, the cause endures, the hope still lives and the dreams shall never die.~Senator Edward M. Kennedy (D. MA)

Limbaugh Takes Up for AIG Execs (4.00 / 1)

This one's for any Dittoheads out there who still believe Rush Limbaugh is not in the business of defending and protecting extreme wealth and privilege:


From the Orange:

The peasants with their pitchforks surrounding the corporate headquarters of AIG.

And the president's own teleprompter is telling him to say that these executive are greedy and selfish and this is inciting people to behavior that could lead to violence if their threats are acted out.

President Obama's teleprompter tells him to say that the tired ways of the past didn't work, that we need a new way. Here we go; we've got the new way. We've got peasants with their pitchforks phoning in death threats at AIG. We have members of the United States Senate and the United States House of Representatives sounding like communist dictators.

This $500,000 limit on executive pay -- let me tell you why it won't work. New York City will die. ...Without the super wealthy in New York, it's over.

LIMBAUGH: Why in the world -- or how do you get to the point where you're going to bail out the company, but you don't want the employees to get paid?

LIMBAUGH: This is not just executives, but executives are employees, too. And in --

CALLER: I understand that.

LIMBAUGH: -- many of these firms, Nathan, their salaries are pretty small. They work on bonuses, via contract based on merit.

I heard him complaining about Democrats being elitists this morning and just about choked on the hypocrisy.  No, my friends, Rush is not a "man of the people" or even a "friend of the people."  He's a friend of big money, the bigger the better.

Work harder and work smarter!

Res ipsa loquitur. (4.00 / 1)
"The thing speaks for itself."


[ Parent ]
I might be wrong in that last sentence ... (0.00 / 0)
Instead of a friend to big money, Rush may in fact be a tool of big money.  The better to separate you from your money, you know.

Work harder and work smarter!

[ Parent ]



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