What is it about Banking and a change of work shifts -- that makes the caterers all take on an uncharacteristic Candor?
Spencer Bachus finally gets his chairmanship
Mary Orndorff,The Birmingham News -- Dec 09, 2010
House Republicans on Wednesday promoted [Spencer] Bachus [R-AL] to chairman of the House Financial Services Committee, which has wide jurisdiction over banks, capital markets, housing, consumer credit and the overall health of the American financial system.
[...]
Bachus, in an interview Wednesday night, said he brings a "main street" perspective to the committee, as opposed to Wall Street.
"In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks," he said.
Spencer will be "walking back" that bluntness soon -- if he knows what Tips and Gratuities are good for him.
Of course, that incoming Finance Chairman is not the only one to speak "out of school" about the Corporate Masters, that call most of the shots in Congress ...
Who can forget Dick Durbin's candid statements about the Banking Lobbying, when they once again foiled Congress's feeble attempts to protect Home-owners, last year?
"The banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place."
That's what Democratic Senate whip Dick Durbin said last May when the Senate failed to pass a bankruptcy reform bill that would give bankruptcy judges the power to reduce the principal of homeowners' underwater mortgages ...
Congress: The Banks Own the Place.
Miles Mogulescu, HuffingtonPost -- Feb 8, 2010
As the commercial says, "Ownership has its Privileges" ...
Too bad its the banks who hold the deeds, and do with them as they see fit (or unfit). As mere share-croppers, what rights do we consumers have to complain, or make a fuss?
Congressional Butlers know who's footing their Campaign Finance bills -- and that they expect to gain access, and line-item vetoes on legislation; The Owners expect laws to be written in their favor, when they ask for it -- which is nearly All The Time!
Spencer Bachus finally gets his chairmanship
Republicans putting Spencer Bachus in charge of financial regulation is voting for the Fox to guard the Henhouse," said Ryan Rudominer of the Democratic Congressional Campaign Committee.
But Bachus is not alone in accepting huge donations from the industries that the committee oversees. Outgoing chairman [Barney] Frank accepted
$986,000 from the [Fire, Insurance, & Real Estate] sector over the last two years, according to the center.
According to Open Secrets, Spencer Bachus has had $752,000 in Donations/PAC support from the FIRE Sector in the last year (Fire, Insurance, & Real Estate).
3/4 of a Million Dollars -- that's going to buy the Privileged Few a LOT of Access into the Chicken Coop, in the next 2 Years, I'm guessing.
Lest we think Candor occurs only in moments of weakness, or fresh enthusiasm ... occasionally it happens because someone (even a Bank) is trying to do the Right Thing (or at least trying to prevent further derivative recklessness) ...
Wells Fargo opposes banks on mortgage-risk rule
Lorraine Woellert, Bloomberg News, SFGate -- December 11, 2010
Wells Fargo & Co., the biggest U.S. mortgage company, has broken with rivals to lobby for rules requiring banks to retain a stake in home loans packaged for investors.
In a Nov. 16 letter to regulators, Wells Fargo argued against banking-industry efforts to exempt most new mortgages from a Dodd-Frank Act provision requiring loan originators to keep a stake in debt they sell or securitize. Only mortgages with a down payment of 30 percent or more should be exempt, Wells Fargo said in the letter.
Wow that's something!
Wells Fargo is "speaking out of school" in order to KEEP New Regulations on Home Mortgages -- NOT dismantle them. What could they be thinking? Too bad they are the lone voice of sanity in an insane casino industry.
But Wells' candor aside, with Republicans taking over key Committees, and with new Chairmen coming to power, like Spencer Bachus, who see it as their responsibility to "Serve the Banks" -- not to regulate them --
How likely is it that Wells Fargo will be getting its way -- putting an end to the casino speculation [the Securitization] of our Home Mortgages?
Not very likely at all. Afterall what was it Durbin said -- "The Banks Own the Place" ...
What has changed since he made that candid statement, except names of the Waiter and Waitress staff, who are there to "Serve" ... serve the Big-spenders?
Henhouse Consumers, beware. We may be next on the menu.
We are the "House Special" ... and the Bankers look hungry.