Ah Ms. Bachmann…
Do you really believe the “Smart Americans” will believe anything you or your fellow motor mouth drinking buddies have to say? Let’s face it, You and Your pathetic rant on Town Hall.com about Credit Card Rates is just another example of your continual deception of the REAL facts to the American People. You remember… You Tweeted it…
“I predicted last year that unintended consequences could occur through enacting the Credit Card Act, and now we learn that credit card rates have risen to their highest point in nine years.”
You could not predict a rain shower if you were standing in one. It’s amazing how you phony Republican politicians love to try and distract the voters from the true reality. So when the Obama Administration and the Fed starts to re-institute bank regulation because of the Financial collapse caused by the Republicans, this is a bad thing? So now that the banks cannot collect BILLIONS of dollars from consumers on excessive overdraft fees and they try to recoup those losses by raising interest rates, then it’s clear that it is the Banks who are feeling the pinch instead of consumers being screwed royally.
The Real Reality…
Ms. Bachmann, shall we discuss the real reality? You know, the reality about You and your fellow Republicans pushing for bank deregulation… Please don’t tell me you have forgotten how the Republicans not only screwed the country but also caused the Financial Collapse that rippled across the planet.
What? You’ve forgotten? Oh Ms. Bachmann! I’m surprised! Maybe this informative video will help with your memory… Let’s watch shall we?
Republican John McCain was the Cornerstone and the Start of the Current Financial crisis.
One day in early March 1986, John McCain, an Arizona congressman, sat down to write a letter. McCain had heard that a long-time friend and donor, Charles Keating, was upset for being listed as a member of McCain’s campaign finance committee when a more prominent position would seem more appropriate. So McCain apologized. Needlessly it turned out, for “Charlie,” as he signed his letter, would reply a few days later: “John, don’t be silly. You can call me anything…I’m yours until death do us part.”
Three years later, McCain and four other senators would be called to the carpet for this loyalty, which was accompanied by a total of $1.3 million in contributions from Keating. Senators Alan Cranston, Dennis DeConcini, John Glenn, John McCain, and Donald Riegle were being investigated by the Senate Ethics Committee for helping Keating’s company, Lincoln Savings and Loan, resist regulators. That lack of regulation precipitated Lincoln’s collapse that year–part of the larger savings-and-loan collapse–at a cost of about $3 billion to the federal government.
This episode has been invoked in the current campaign first as a parable against Reagan-era financial deregulation, which McCain supported and which was a significant factor in the collapse of savings and loans institutions; and second, as a reminder that McCain himself was rebuked by the Senate Ethics Committee for “poor judgment” after a 14-month investigation.
Yet the Ethics Committee’s was not the only investigation into the scandal. There were two other probes at the time that got barely any public attention–both of which largely focused on McCain himself. These were probes into illicit leaks about the proceedings of the Ethics Committee–leaks that repeatedly benefited McCain and hurt his Keating Five colleagues. One of those senators described the leaks at the time as a “violation of ethical behavior at least as serious as anything of which we senators have been accused.”
The leaks, if they were coming from a senator, were also illegal. All five senators–including McCain–had testified under oath and under the U.S. penal code that the leaks did not come from their camps. The leaks were also prohibited by rules of the Senate Ethics Committee; according to the rules of the Senate, anyone caught leaking such information could face expulsion from the body. These, then, were not the usual Washington disclosures: Discovered, they could have stopped the career of any Washington politician in his tracks.
The two investigations into the leaks suggested McCain’s involvement but were officially inconclusive. New evidence, obtained in recent weeks (November 1, 2008), again points back to the McCain camp. The investigator of those leaks now says that he does not doubt that they came from McCain or his team. A reporter who possessed evidence in the Keating case now says he believes that McCain was the source and got away with it. Finally, a senator who has emerged as a key backer of McCain’s presidential campaign turns out to have authored a letter stating flatly that McCain was the source of the damning leaks. Put together, a large record of evidence now points in the direction of Senator McCain. Far from McCain’s reputation of putting “country first,” these leaks depict a formidable politician willing to go through great lengths to maintain his standing. More than McCain’s relationship with Keating, it is the story of the Keating investigation leaks that voters should know.
Care to revise your position Ms. Bachmann?
You know every time you open your mouth and try to pull the wool over the eyes of the American People us Bloggers will be there to provide the REAL Facts and make you out to be the Fool… Bank on it Sweetie!