Today on Meet the Press Reince Priebus made a remarkable admission of where his Republican main focus lay.
David Gregory: Let me ask you a very important economic question. You listened to Jamie Dimon who was on the program earlier, talk about regulation, talk about the mistake that was made by this trading BET and huge loss. Governor Romney and the Republican Party position is to repeal Dodd-Frank which is financial reform. In light of the losses on Wall Street this week do you think wee need less regulation rather than more?
Reince Priebus: I think we need less. I mean the fact of the matter is Dodd-Frank didn't work. Th-the reality is we've go about five to ten banks in this country, that on our G.D.P. those five to ten banks' assets make up a HUGE MAJORITY of this country's G.D.P. Now that's an Issue. I do agree that this too big to fail mentality is a problem, but I don't think Dodd-Frank fixed anything, in fact I think they made things worse.
Banking industry groups claim (pdf) that financial services make up 78 percent of US Gross Domestic Product. That figure sounds inflated to me. Banks are a small part of the real economy, the economy that is so crucial in the day to day lives of the vast majority of Americans.
One big reason Dodd-Frank didn't prevent the huge trading losses at JPMorgan Chase the biggest bank in the us is that thanks in part to Republican foot dragging the Volker Rule that could have prevented these huge losses won't be implemented until 2014. Reince Priebus would like us to pretend that Dodd-Frank was fully implemented so he can call it a failure. Burt we can't ignore all the Republican foot dragging and obstruction that implementing Dodd-Frank faced and continues to face.
Reince Priebus is showing us just how disconnected the leaders of the Republican Party are from the real economy where most Americans spend their working lives. Republicans' primary focus is severing the whims of those running the monstrous casino economy. The Big Banks have grown too the point where the non-productive casino economy is able dominate one and a half of the two parties running our government. It has gotten to the point that decisions are being made to the benefit of the casino owners to the detriment of the real economy that vast majority of the nations citizens depend on.
Big time
casino boss