This I cannot abide

February 11, 2009 at 10:26 pm | Posted in Business, News | 1 Comment
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It just keeps going on, and on, and on. Captains of industry paraded in front of Congress so that they can be demeaned and insulted. Witness the latest, from the fine Democratic Congressman Michael Capuano.

He has no questions. What he does have is a misdirected, ignorant, intellectually dishonest rant. Why? Because it’s easy. That’s it. There is no desire for the greater good. There is no search for truth. 

These morally bereft ass-clowns, these professional panderers, will tear down this group of people for no other reason than the fact that they have suddenly found that they can. Can you imagine the stones required to sit in the United States Congress and insinuate that these CEO’s should be prosecuted and imprisoned for trading Credit Default Swaps, when you yourself signed the damned law that made it legal to do so??? 

As usual, Wonkette nails it:

Which leads us back to Michael Capuano’s rant today, about how he “thinks” credit default swaps and such are “illegal” — it is his opinion! — and “cannot believe” that people who’ve used them haven’t been prosecuted. Well let us help you figure out why, Mister Congressman!Here’s the roll call for a House bill called “Making Appropriations for Labor, Health and Human Services for Fiscal Year 2001″ that President Clinton signed into law on December 21, 2000. You voted for it! And included in this package was something called the “Commodity Futures Modernization Act of 2000,” the one that — thanks to Alan Greenspan’s weird, intrusive lobbying efforts — completely deregulated the derivatives market. So that is probably why these bankers haven’t been prosecuted.

What must it be like for gentlemen like Jamie Dimon, a man who essentially created the largest financial company the world has ever known out of thin air, to lay prostrate before this blathering idiot. How the skin must crawl, the teeth must grind. To have spent decades to reach these heights of personal and professional achievement and be sullied by this man.

Michael Capuano. A man who graduated Boston College Law School in 1977 only to immediately fill his father’s Alderman’s seat in the small New England town of Somerville. Having held this esteemed position for thirteen years, Capuano succeeded in becoming the mayor of Somerville, a town of roughly 70,000 people. Eight years later (real mover, this chap), Capuano was elected, unopposed, to the United States Congress. He has since been re-elected five times, having run unopposed each time.

What you have here is a man who has spent his entire life winning professional popularity contests against himself

And what are his great legislative accomplishments? Let’s take a looksy. Oh, dear. Goodness. Right from the website, folks:

…and he significantly expanded the number of Massachusetts citizens eligible for home loans issued by the Federal Housing Administration, Fannie Mae and Freddie Mac.

You unbelievable, hypocritical ass.

Understand what is meant by “expanding the number of blah blah blah eligible for home loans.” This means lowering the credit standards for handing out mortgages so that more people can own homes. Why? Well because when people own homes it’s better for the community, naturally. What’s that you say? When you force banks to give mortgages to people that shouldn’t get them, you ultimately end up with a blighted, foreclosed, crime-ridden cesspool? Ft. Myers anyone?

No surprise here folks…Cape Coral along with Lehigh Acres have become the crime capitals of SW florida. Gangs, home invasions, shoot-outs at the local gas stations, hit & run fatalities, grow houses by the dozen… just part of “Keepin it real” here in banana land.

Let me get this straight. You (and your colleagues) push for banks to make more home loans to riskier and riskier individuals. Banks comply, package these mortgages and re-sell them (as mortgage-backed securities) in order to (wisely) mitigate their risk, take out insurance on these securities (credit default swaps are just a fancy way of saying “securities insurance”) based on legislation that you passed under the last Democratic President, and when deadbeats stop paying their bills and the whole system comes crumbling down around us, you publicly castrate the people that were forced to build their businesses atop this house of cards that you helped create.

You bottom-feeding ass. You unaccomplished idiot. Shame on you, sir.

Shame on you.


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