Bob Corker’s Bailout Bureaucracy
by Capitol ConfidentialIt appears that the Bailout Bob Corker continues to ignore the pleas of his conservative allies and constituents and is close to reaching a deal on establishing a new consumer regulatory bureaucracy that in the words of Sen. Dodd, will be like one we have not seen before. Corker has told CNBC that the last stick point is not the principle of new regulation — he has capitulated on that point — but “administrative issues.”
The legislation includes Corker’s pet project, a “strong resolution mechanism for unwinding troubled companies.” News to Corker: For over 200 years, America had such a mechanism — it was called bankruptcy. But “unwinding” troubled companies is a code word for BAILOUT. The Federal Government, via the Federal Reserve, would be empowered to break-up, subsidized and bailout companies. As House conservatives warned during the House debate, enactment of the bill would establish bailouts as the official policy of the United States for decades to come. That’s why the House bill authorizes $4 trillion for the Federal Reserve.
Adding insult to injury, Reuters also reports that the Corker “reform” bill does not address the main culprit in the financial crisis — Fannie Mae and Freddie Mac. It does not address the issues associated with Community Lending that encouraged banks to lend to people who could never pay back their loans. It does not address ACORNS. All it does it layer more Washington bureaucracy on top of existing Washington Bureaucracy. Nice work, Bob.
The bill was flatlined and now Corker has revived it. His media fawning work will cost taxpayers for decades to come. It appears that Corker is officially off the conservative reservation.
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65 Comments
Bankruptcy structure affords discovery as part of the legal process.
Discovery is what is so feared.
Fannie and Freddie were not the main culprit of the financial crisis, while a culprit, not the main one. Try again.
A fish rots from the head down. Something smells fishy here.
Corker, Graham, McCain? How many more RINO back stabbers are there? The must go.
……They…. sorry. Getting to angry to type.
Mr. Corker – I thought you "knew" all of this – did only take the blink of a political eye to lose you?
February 4, 2010
To the editor:
Someone once said that you do not need a gun to rob a bank, you need a suite and tie. It’s obvious that after the first year of President Obama’s administration that that someone was correct; in fact you could throw in elected office as an additional prerequisite. I have watched in abject horror and fear as our economic situation has deteriorated over the past year. The good news is that we are no where we have not been before, and if we begin to do the right thing soon we will put ourselves on a path to fiscal sanity and prosperity. The bad news is that we will soon pass a point of fiscal no return, in much the same way that England did earlier in this century, that did not end well for them, and it will not end well for us.
The first goal of improving ones financial circumstance is defining the problem. Our problem on the national level is spending, debt, and decreasing tax receipts. Like most problems in life, the longer one waits to solve them, the tougher they are to solve. To spend wisely one must set priorities that match objectives. For example if we continue to borrow money from communist China to buy missiles that cost millions to blow up tents in Yemen; with every missile we fire we may be winning the battle, but we will lose the war. This lesson in waging war was readily apparent to my Grandfathers generation, but it has been lost to time and we must relearn it quickly. To borrow wisely one must consider very carefully the purpose of the incurred debt; are we borrowing to build a nuclear power plant that will provide decades of secure power or pay for a party? Every time you see a politician having a good time, please remember, he or she is having a good time on your children's borrowed dime. To increase tax receipts government must reduce the penalty to create capital, and thus grow the economic pie; last year if you made $100,000.00 are married and have two children and live in one of highest tax states a minimum of 44% of your capital created went to the taxing authorities local, state, and federal. Next year our tax burden will be higher as the tax cuts that were passed in the last decade will expire and localities raise taxes in the face of a falling tax base, this will only lead to less capital formation and less tax receipts.
Setting spending priorities must meet our national and strategic goals. We must continue our advances in space exploration and technology. We must maintain a military that can prevail in any fight. We must provide help to those who cannot help themselves by reason of birth, infirmity, or age. To accomplish this we need a federal budget whose spending expresses those priorities. I cannot imagine how a $4 Trillion budget can’t be brought down to a $3 Trillion budget and accomplish these goals and begin to reduce the debt and the deficit. To not do this is a form of fiscal and national suicide. We must take all of those common sense behaviors we engage in as individuals with our money and our lives, and get the state and national governments to reflect what we know as individuals. Make no mistake, that unless we make changes as to how we spend, and how we tax, we will end up not as the powerful nation we once were, but one that exists at the benevolence of other nations.
Haiti is a nightmare, but it was one long in the making, the road to hell is paved with good intentions, had we exported them a free market instead of bandaids over the decades the souls lost their would have been far fewer. But we saw mouths to feed, we saw mothers who needed help, we saw children who needed an education and we helped. In the grand scheme of things we did not help the Haitian people – we hurt them. We hurt them because we gave them the fish and we failed to teach them how to fish, we hurt them because instead of exporting the one philosophy that could save them, the free market, individual liberty and a respect for private property, we exported bandaids. Next time you are watching the images of the desperate Haitian people I want you to think of what makes this country the wealthiest, and even in the dark depths of the last depression, maintain the highest standard of living on the face of the earth; it was freedom that did that, and it will be freedom that does it again. On this I would bet my life.
Yes, yes Murray Rothbard explains that the culprit is "monetary intervention in the market, specifically bank credit expansion to business."
So Alan Greenspan played a part in this as well?
You betcha.
The problem started when Democrats passed the Community Reinvestment Act in 1977 and forced banks to lend money to a bunch of shiftless losers that couldn't repay their loans. It was the catalyst for loosening lending standards, rolled-back regulation and blurring the line between nonprofit government and the for-profit private sector.
So now, the same clowns who opened the gates to this financial crises are in control of fixing it. We're all players in this trillion-dollar mess and it's time we took back the table.
The baby boomers are trying to fix decades of abuse, with every fix comes more problems. They inherited one of the most competitive and strong nations, destroyed it, and left mountains of debt for the next generation.
They invented the f-ing credit card too!
Exactly right. They totally perverted the free market system and now blame the free markets to engage in more perversion. Frank, Dodd, Rangel, Schumer and on and on all need to go……
Corker has proved himself to be just another big government hack. Unfortunately we can't vote him out until 2012. No more RINOs!
http://www.redstate.com/erick/2010/03/09/why-do-b...
Great exposition but it missed the root problem as I see it now. This is being done on purpose! The Regime in power now does not like America as it is now constituted. They are trying to destroy the country so it can be rebuilt as a socialist utopia!
Great exposition, but it misses the point as I see it. This is being done on purpose! The Regime in power is doing tearing down the country so it can be rebuilt as a socialist utopia!
Guess Corker has the obamination disease – it's called DEAF!!!!
But we will remember this time.
They are locked away in DC thinking that this too shall pass and the voters will forget.
The GOP has yet to wake up to what the Tea Party movement is all about.
I'll lay odds that people won't forget this time.
My RINO GA senator is hosting a Crist campaign event. I guess he forgot that Palin had to come down here and bail his sorry rear-end out b/c he had to do a run-off.
Goodbye, Bob, another RINO. Take Lindsay Graham, Michael Steele and John McCain with you.
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