Monday, December 15, 2014

Where were the Tea Parties on CRomnibus?

Where were the Tea Parties when their Republican party just put taxpayers on the hook for up to $300 trillion in bailouts for banks' risky bets on derivatives??

(NB: America's GDP in 2013 was $17 trillion.)

The TPs, as legend has it, were a spontaneous "grassroots" movement in response to the TBTF bank bailouts, but were actually about opposing a minor proposed bailout for distressed mortgage borrowers. A bailout that never happened. 

At any rate, despite all the TPs' huffing and puffing, the TBTF banks were bailed out to the tune of about $30 trillion, and now the 10 largest banks are 28 percent LARGER than they were before!. Just to show Wall Street's power, JP Morgan CEO Jamie Dimon himself made calls to wavering Congressmen urging them to vote on the CRomnibus bill. (Ask yourself: Why was this provision on derivatives so important to Dimon? The answer should scare you.)

Opposing this CRomnibus rider would seem to be right in the TP's anti-bailout wheelhouse, wouldn't it?

Wouldn't it??  Where are you Tea Parties when America needs you? Where was your outrage?  Your consistency? [Crickets chirping].You're just far-right Republicans, that's all you are. To the dustbin of history with you!

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