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Republicans Stand by Their Man: Fat Cat The Banker

Posted by: LibbyShaw

Meet Fat Cat the Banker

Meet Fat Cat the Banker

Who would have thought? In its true and hypocritical form The Party of No and Obstruction opposes President Obama’s proposed fees on banks.

Dick Cheney must be hard at work at that printing press in his undisclosed basement.

Prominent Republicans are coming out in opposition to President Barack Obama’s proposal for a $90-billion fee on large banks that took bailout money, a move that political observers say could force the GOP to choose between their traditional anti-tax position and populist anger over the bailout.

On Thursday, GOP Chairman Michael Steele declared that the bank fee — which would be levied only on banks that took bailout money and have more than $50 billion in assets — is “another tax on the American public.”

The GOP is standing by fat cat the banker in yet another effort to oppose President Obama. Republicans demonstrate time and time again that they are willing to put politics ahead of working on solutions to solve the daunting challenges that we face on local, state and national levels.

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All of the Republican’s ranting and raving about the federal bailout is nothing but ginned up rhetoric. Apparently GOP lawmakers hate the bailout and yet they love the banks so much that they do not believe Wall St., aka gambling casinos that put Las Vegas to shame, should have to make reparations to the taxpayers for squandering and stealing our money. God forbid should the big banks have to pay fines for its appallingly irresponsible and over the top reckless behavior that annihilated the U.S. and global economy.

The financial services industry lobbied for the repeal of the Glass Steagall Act in 1999. That allowed banks to use their custodial power over your money to assume huge risks in investment markets.

They also lobbied for the Commodity Futures Modernization Act of 2000, which allowed banks to trade their crooked insurance in secret and exempted from all supervisory authority.

And to help grow the hurricane, then CEO of Goldman Sachs Hank Paulson made a personal plea to the SEC to allow banks to leverage more money against their capital. As much as $4,000 for every $100 in capital they held.

Wall Street may claim this was caused by a perfect storm, but the only thing perfect about it was their ability to line their pockets at the expense of our country.

Republicans apparently think it is a good idea for the banks to return to its wild, careless and out of control gambling practices that all but destroyed our financial security.

The proposed tax would apply to bank, thrift and insurance companies with more than $50 billion in assets and would start after June 30. It would not apply to certain holdings, like customers’ insured savings, but to assets in risk-taking operations. The levy would raise an estimated $90 billion over 10 years, according to the White House.

But it would remain in force longer if all losses to the bailout fund, the Troubled Asset Relief Program, were not recovered after a decade. The Treasury now projects that the losses from the $700 billion loan program, which was created in October 2008, could reach $117 billion, about a third of the loss that it projected last summer — an improved forecast that reflected the renewed strength on Wall Street.

After all, last week during the Texas Republican gubernatorial debate Senator Kay Bailey Hutchison said she and John Cornyn hated voting for the bank bail out. But, alas, they did so only because then President G.W. Bush instructed them to do so in order to save the U.S. and global economy from a complete melt down.

A glimpse at a Texas Republican clown show.

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In their twisted logic Republican politicians insist they hated saving the banks but now they hate imposing punitive fees on the banks’ biggest gamblers.

I suppose now that Sarah Palin has been hired as a professional analyst by FOX, the Propaganda Arm for the RNC, all of the GOP’s verbal inconsistencies and contradictions will soon be fully explained.

Republican lawmakers will howl like possessed banshees about terrorism and the profound urgency for our national security. They also routinely cry for border fences, racial profiling and full body scanners at all airports. And yet when it comes to safeguarding our financial and economic security, Republicans, it appears, are not in the least bit concerned. For them Fat Cat the Banker can do no wrong.

According to an article written by Mr. Frank Rich of the New York Times:

The Other Plot to Wreck America

Americans might be fluent in global terror and the horrors of terrorism but we are woefully uninformed about our domestic financial weapons of mass destruction.

Americans must be told the full story of how Wall Street gamed and inflated the housing bubble, made out like bandits, and then left millions of households in ruin. Without that reckoning, there will be no public clamor for serious reform of a financial system that was as cunningly breached as airline security at the Amsterdam airport. And without reform, another massive attack on our economic security is guaranteed. Now that it can count on government bailouts, Wall Street has more incentive than ever to pump up its risks — secure that it can keep the bonanzas while we get stuck with the losses.

The Director of the Financial Crisis Commission intends to shed some light on the big banks and its financial practices (greed, hubris, stupidity – gosh, why this sounds like a typical old home week of the W. Administration of arrogance and incompetence) over the last several years.

He wants to examine the financial sector’s “greed, stupidity, hubris and outright corruption” — from traders on the ground to the board room. “It’s important that we deliver new information,” he said. “We can’t just rehash what we’ve known to date.” He understands that if he fails to make news or to tell the story in a way that is comprehensible and compelling enough to arouse Americans to demand action, Wall Street and Washington will both keep moving on, unchallenged and unchastened.

Maybe the W. Administration and all of its lackeys including Senators John Cornyn and Kay Bailey Hutchison were far too distracted by non-existent WMD’s in Iraq and no bid contracts to the military/industrial complex to worry much about Wall St.

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Friday 13th Fears Stem From History

About 21 million Americans suffer from paraskevidekatriaphobia, the fear of Friday the 13th, or Black Friday.

black-friday-the-13th1They avoid daily activities that could potentially put them in harm’s way and some are too afraid to get out of bed in the morning.

But why? Where did the superstition come from?

One theory suggests 12 is the most complete number. It occurs in common cultural references – 12 months in a year, signs of the Zodiac, labors of Hercules, tribes of Israel, gods of Olympus and apostles of Jesus Christ. Thus, 13 is considered irregular.

Friday has been considered unlucky, and therefore a bad day to start a new journey or project – stemming from the Canterbury Tales. Also, according to Christian scripture, Jesus was crucified on a Friday.

In the 13th century, the Knights Templar were arrested by King Philip in France on Friday the 13th.

Another belief comes from Norse mythology, in which Frigga, the goddess of love, was banished to a mountaintop and labeled a witch. Every Friday, Frigga would call 11 other witches to the top of the mountain to plot evils for those below. The 12 witches would gather with a 13th guest – the devil. Similarly, in Roman times, witches are said to have gathered in groups of 12 with the 13th member being the devil.

Another part of Norse mythology states 12 gods were gathered at dinner in heaven – Valhalla – when an uninvited 13th guest, the god of darkness, shot Balder, the god of joy and gladness. When Balder died, the world went dark, and from that moment 13 was considered ominous.

There is no written evidence of a “Friday the 13th” superstition before the 19th century. The first written reference was in 1869 in the biography of Italian composer Gioachino Rossini. Generally, Italians separately regard Friday and 13 to be unlucky, but on Friday the 13th, Rossini died.

But do terrible events really occur on Black Fridays?

Several natural disasters have occurred on this day, including Hurricane Charley in 2004, the unexpected snow storm in Buffalo in 2006, the Andes flight disaster of 1972 and a large-scale ship disappearance in 1773.

The arrest of Al Capone occurred on a Black Friday, as did the death of Tupac Shakur. Friday the 13th has also been associated with the stock market crashes, and Henry Ford would never do business on Friday the 13th.

Friday the 13th occurs at least once a year but no more than three times – the next one is not until August 2010.

13Statisticians have researched the day’s events, and it has been proven that car accidents increase 60 percent every Black Friday. However, studies have also shown that, due to alcohol, every Friday generally has an increased number of crimes, murders and accidents on the road.

Oddly enough, studies have shown that crime and accidents somewhat decrease on Friday the 13th because people are alert.

Cambridge University physiologist Richard Wiseman has theorized that people who consider themselves to be unlucky are more likely to believe in superstitions like Friday the 13th.

More than 80 percent of highrises do not have a 13th floor. Many hotels and hospitals will not have a room 13, and in Florence, Italy, the house number between 12 and 14 is 12 1/2.

In some places in America, Friday the 13th Clubs were formed, in which the members only gather on Black Friday and decided to defy society’s views by smashing mirrors, scattering salt, opening umbrellas inside and letting black cats out.

Friday the 13th is today. Stay in or go out, but realize those with superstitions may be the unlucky few.

Source: RedandBlack.com

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