Friday, June 9, 2017
Rewarding The Predators
Yesterday, House Rethuglicans did what they do best: rewarding financial predators (who are their donors) at the expense of the middle class. They passed a bill to gut the Dodd-Frank banking reform legislation, which was passed in 2009 in response to the worst economic recession since the Great Depression and to the financial industry's reckless and predatory behavior. The bill would allow banks to resume their risky lending practices, eliminate the process for "unwinding" financial institutions that have become "too big to fail," and eviscerate the Consumer Financial Protection Board.
Squeaker of the House and Ayn Rand acolyte Paul "Lyin'" Ryan tried to portray the bill as a win for "Main Street," when in fact it rewards all of the bad behavior that led to the 2008 financial collapse that crushed the housing market and caused the stock market to plunge, and millions to lose their savings. Although it stands almost no chance of passage in the Senate, it's a sign that the Social Darwinist "corporate wing" of the Rethuglican Party is alive and as reckless, greedy and amoral as ever.