Monday, December 29, 2014

Sick & Tired of Those Damn Regulations

Nothing like one of my Congressman Vern Buchanan’s Insta-pols to make a sick and tired guy even more so.

This is the latest example.

I voted "No", putting me in a minority of his enlightened constituents, 80% of whom voted "Yes".

Well, any critically thinking person knows that it’s the regulations that have caused a failure to create jobs and hampered economic prosperity - except for a few sad facts:

Certain sectors of the economy have prospered due to a distinct lack of regulation. I’m talking about the banking business. Bertolt Brecht said it much better than I could: “What is the robbing of a bank, as compared to the founding of a bank?”  That line appeared in the 1931 film, “Threepenny Opera.” Some things never change. One difference is that when those committing the former are caught, they usually spend a fair amount of time as guests of the state. Bankers and Wall Street Execs who have milked the system, committed acts that would be punishable with jail sentences in most democracies, are enjoying lofty salaries and bonuses and are not required to live on the food that gives correctional facilities such high culinary marks.

Thanks to Repubicrat William Jefferson Clinton, who signed off on the repeal of Glass Steagall, permitting these modern-day highwaymen, to have their way, Wall Street was free to commit virtual rape of the economy. Since the statute that could have prevented that no longer exists, we can’t even call it “Statutory Rape.”

The newer Republicrat, Barack Obama, who took money from Wall Street to help win the 2008 Presidential race, has done nothing to let his benefactors sample some of that prison fare. American taxpayers were called upon (I never got such a call, did you?) to bail out the banks. Screwed homeowners, were sucked in by adventurous Wall Street and banker speculator's offers of garbage investments and unlimited credit, lost their homes and saw their credit ratings fall off the roof.

Then there was “Quantitative Easing”, a scheme by the Fed allowing those same bankers to borrow at practically zero interest rates, and could then lend at real interest rates. You might also be aware that this interest rate structure conveniently did not apply to student loans.

And who says regulations (besides my Congressmen and his cronies) impede growth? The latest rules for banks to follow were written by Citibank (who surely has no vested interest), and signed off by guess who? Not only doesn’t he have his Attorney General Prosecute these villains, he approves legislation that permits the very behavior that caused the 2007-08 collapse to happen again. See the Mother Jones article:

Now, let’s talk about the other point. Vern thinks it’s regulation that prevented jobs growth. What’s wrong with this assumption? Everything. There has been more job growth in 2014 than there has been in the last decade. What has not happened is wages keeping up with inflation (except for Wall Street).  M.I.T. has something to say about this: The article talks about, among other factors, the difference between a living wage and the minimum wage.

Those millions forced to live on minimum wages that have not been adjusted in decades.  In 1968, the minimum hourly wage (in 2013 dollars) was $10.71. Today it is roughly (very roughly for many)  $8.51. Ask Wall Street how many of their executives earn that sickening wage. The results of these slave wages is that many are forced to work multiple jobs, including single parents. Many are forced to go to Uncle Sam for food stamps, can’t get health insurance (yes, it’s those tough regulations that brought that on), and must depend on emergency room services for survival. You may want to think about that the next time you have an uncontrollable hankering for one of McDonald's beef-substance products (their pay-starved employees are not "lovin' it",  I'll wager)

So, Congressman, I would have sent this to you in a letter or email, but you are notorious for not responding to constituents opinions (at least never mine).