In the back door, I will add — which makes this entirely non-gender specific.
Dec. 11 (Bloomberg) — The U.S. House is set to pass a $1.1 trillion spending bill that includes a banking provision opposed by many Democrats as a giveaway to large institutions.
That “provision” has nothing to do with government spending; it un-does the Dodd-Frank prohibition on federally-insured institutions trading derivatives without any capital behind them.
In other words, any institution that wants to do that has to trade them in non-insured subsidiaries, which means in turn that they can fail without government consequence. That makes them more-expensive, since the counterparty will (correctly) perceive them as more-risky since there is no means to go back to the government and force them to cough up the deficiency.
“I expect this bill will receive bipartisan support and pass,” House Speaker John Boehner told reporters today in Washington.
Of course he does. It is bipartisan to screw the taxpayer, of course, and you, dear citizen, keep trying to insist that if you just vote the right way things will get better for you.
Uh, no, they will not. They will get worse because irrespective of which party you vote for you’re going to get this sort of crap rammed up your chute. There is no reason for the banks to want this sort of provision other than to force you to cover their bad gambling debts exactly as they did in 2008 and 2009.
It doesn’t end there either; among other provisions are a rollback in trucking safety regulations that will permit drivers to work 82 hours a week and exempts agricultural refuse from clean-water standards. Yep, you read that right; Congress is voting to both allow big corporate farms to poison the water and big trucking companies to run you over with drivers that are asleep at the wheel.
Pelosuckonitpeon, for her part, has refused to urge her caucus to vote against the bill en-masse.
Were she to do so she could kill the bill quite effectively.
But she won’t. Instead, she will line up with Boehner and take her turn at abusing you under the rubric of “keeping the government open.” And Obama, for his part, has said he’ll sign it — so he’ll line up with Congress in both poisoning you and then running you over.
This is what you sit for America.
Remember well that you sat silently for these abuses and did nothing to stop them when your life savings evaporate as derivative obligations are superior to your deposits at the bank, you are poisoned by agricultural waste in the water or run over by a truck driven by a sleeping driver who is right at his legal 82 hours behind the wheel that week and, but for this change, would be parked instead.