http://www.seattleweekly.com/2010-10-20/news/reichert-not-familiar-with-much-debated-glass-steagall-act/
Any person who does not know the Glass-Steagall Act and the effect it's repeal had on the economy has no place in Congress. It's people like Dave Reichert with their stupidity and blissful ignorance (and the morons who vote them into office) that will cause things like this to happen again in the future.
Stupidity is most dangerous when backed by power.
Question: "I agree with you that overregulation is not a good thing, but do you think that they should reinstate the Glass-Steagall Act and at least separate the banks' ability to gamble with our money?"
Reichert's response: "Well, the Glass-Steagall Act is one that I'm not familiar with. I'm sorry I have to go back and look at that, but I do agree it's something that we haven't dealt with on the House side in committees that I've had, so I'd be happy to look at that and come back and give you an answer on that."
Seriously, what value does he offer to his constituents? Has he really been serving them well when he cannot even remember basic history? Does he not remember the last three years? Probably not - he's been spending too much of his time talking about how he captured the Green River killer (here's a clue - he did not.).
Well if Reichert is too dumb to learn about history, or too lazy to look it up, Wikipedia offers a great synopsis -
The Banking Act of 1933 was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation.[1] It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Carter Glass and Henry B. Steagall.
The repeal of the Glass–Steagall Act of 1933 effectively removed the separation that previously existed between Wall Street investment banks and depository banks and has been blamed by some for exacerbating the damage caused by the collapse of the subprime mortgage market that led to the Financial crisis of 2007–2010. The potential to make enormous profits trading mortgage-backed securities with artificially high ratings encouraged banks to take on otherwise intolerable risk in the form of bad loans. The ease with which people were obtaining home loans contributed to an artificial housing boom and exacerbated the inevitable decline.
To those people it the 8th district still thinking it's a wise idea to put Reichert back in Congress - think again, think hard, and think carefully about the risk in doing so.
Then please cast a vote for his opponent - Suzan DelBene.
http://www.delbeneforcongress.com/?id=1
No comments:
Post a Comment