Posted on 05/28/2012 5:06:41 AM PDT by Zeddicus
(ref: How Banks Bought the Tea Party)
Seriously folks.
The 15 freshmen Republican representatives in the House Tea Party Caucus each ran in 2010 on a populist anti-Wall Street message, highlighting their opposition to bank bailouts like the 2008 Troubled Asset Relief Program (TARP) and criticizing Washington for enabling the banking sector as it became “Too Big to Fail.” After winning, all fifteen received significant PAC contributions from the banking industry — and have become a reliable vote and mouthpiece for the financial industry, a ThinkProgress analysis of campaign contributions, voting records and public statements reveals.
It would be nice if they just took money. They did worse.
11 of the 15 co-sponsored this piece of trash; is there any doubt they were bought and paid for?
‘(a) In General- In the examination of financial institutions--‘(1) a commercial loan shall not be placed in non-accrual status solely because the collateral for such loan has deteriorated in value;
‘(2) a modified or restructured commercial loan shall be removed from non-accrual status if the borrower demonstrates the ability to perform on such loan over a maximum period of 6 months, except that with respect to loans on a quarterly, semiannual, or longer repayment schedule such period shall be a maximum of 3 consecutive repayment periods;
‘(3) a new appraisal on a performing commercial loan shall not be required unless an advance of new funds is involved;
Got it? The fact that the collateral, which was the predicate for the loan in the first place, no longer supports the loan as originally agreed, cannot be used as the reason to place the loan in "non-accrual" (that is, at risk of not performing) status.
But the predicate for the loan being made in the first place was the provision of the collateral; but for that collateral's actual value the loan would have never been made in the first place!
This is what the so-called "Tea Party" that claimed to be against bank bailouts has supported -- literally changing the qualifications on a loan after it is made so that in effect there is no collateral required at all!
This is an attempt to literally approve by legislation the effective counterfeiting of the nation's currency and you are the victims as your purchasing power will be further destroyed by this bill should it become law.
11 of 15 "Tea Partiers" are co-sponsors.
Fire them all; they're traitors and mendacious bags of pus.
“a commercial loan shall not be placed in non-accrual status solely because the collateral for such loan has deteriorated in value”
This is simply a reversal of the mark to market provision which came along shortly before the 2008 financial collapse and was a major cause of that collapse. Basically, the government said that a bank had to continually adjust its books to reflect the value of the collateral, even if the loans were performing....so the collateral goes down in value, and all of a sudden, the loan is in default...and too many loans in default, then all of a sudden you have the bank examiners running in and wreaking havoc on banks.
Bottom line, the government, as usual, created this mess by messing with the accounting rules in the first place. The cited pieces of the legislation correct that.
I’m not surprised.
These sneaky bastirds do what the politicians in New York do.
I left the Republican Party and officially joined the Conservative Party 2 years ago. What I didn’t expect was that the Conservative ticket was mostly liberals and RINOs. They were trying to camoflage their intentions. These Tea Party electees are just looking out for their next election and think that nobody will notice. They need to be brought out into the light and exposed.
Working for the goals that got them elected in order to get re-elected isn't very important once they find out how wealthy they will be in two years if they go along with the system and how less wealthy they they will stay if they maintain the principles that got them elected and get re-elected. They will fight for re-election but it is not the most important thing. The money is the important thing.
“So much for the Tea Party, or any hope of fixing our problems by voting, or the quaint notion that we have a government that represents We The People. “
*********************************
“We The People”
First found in the preamble, and assumed by most to mean all of us...but was “we the people actually” the remaning delegates who were the signers? !!!!!!
Semper Watching!
*****
No credibility. None. Might as well be straight from Van Jones.
Shill alert. Shill Alert.
(How much does Soros pay you to post, per post? Always wondered...)
Money talks and BS walks.
In two or six years the new guys will have increased their estates significantly if they have become properly corrupt and, while desirous of re-election, it isn't worth having to stick to the principles that got them elected in the first place and not gaining in affluence. If they get replaced after a term the new Representatives and Senators will follow the same path.
We have to keep trying but the future is harder and harder to change. It requires massive reform at the top conceived and implemented by those at the tơp whose interests are contrary to that reform or it requires revolution at the bottom which must lead to despotism.
This legislation seems to be designed to help the little guy keep his head above water in the government-created cesspool he finds himself in.
You can always assign evil motives if you look hard enough.
Happy Memorial Day.
These people were obviously trying to do good for the little guy.
Source ? Link ? or BS conjured up by Soros...
received significant PAC contributions from the banking industry .....
You mean like Frank and Dodd got ? or just run of the mill PAC money ???
I expect to see LOTS of bogus or inflated troll posts to discouraging TEA party people...it's the Obama/Soros way
Thanks for your research.
In this economy, how much to hire some shill bloggers? Not much, I’m thinking. Not that we shouldn’t know what’s going on over at the Marxist country clubs but this poster is not on our side.
This doesn’t make me worry about the tea party for reasons other posters have stated better than I.
What I’m worried about is that the Tea Party is more about preserving existing medicare/social security entitlements, as some statistics from early tea party polls indicate.
The majority TP supporters were concerned about Obama care not because it was a socialist abomination in and of itself, but because it infringed on another socialist abomination that is the present social security/medicare system - from which they wish to “get theirs”.
Anything (including the Tea Party) that does not dismantle the existing big government, and severely limit the extraction of money that is earned in the private marketplace for the benefit of those who live off of government payments - of any kind - is not going to change the status quo - which is reckless fiscal irresponsibility - and the consequences thereof.
It’s a trap...lol...a shill agitprop post.
You all are welcome to take your marching orders from think progress, however, I don’t see the big problem here. Things put up for collateral WILL most likely depreciate, especially now. Besides, how is this any kind of bailout for the banks?
LLS
Stopping bailout was what the tea party USED TO be about.
They had a winning issues and diluted it to almost nothing. (I am talking about the the self appointed ‘leaders’ of the tea party).
It is up to US to keep up the heat on everyone, including and especially those who were elected under a tea party banner.
Probably not much....a free Obama 2012 bumper sticker will do the trick for most of the brain dead libtards
I actually saw my first Obama 2012 bumper sticker yesterday in my neighborhood...it actually surprised me that someone would actually put one on their vehicle...
Disgusting headline. If it weren’t for the Tea Party, I’d be in bed in a fetal position.
Why don’t you attend a Tea Party rally and see what it’s really about..cuz obviously you know nothing of the patriotic folks who are trying to save this country.
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