In a recent interview, here (Capital City Recap with Michael Cohen for Monday, December 15th), Republican Rep. Tim Walberg (MI-7) said one of the reasons he ended up voting for Cromnibus was that it overturned some parts of Dodd-Frank, a law which in his view is responsible for the middle class being "destroyed".
How putting the FDIC on the hook for derivatives is good for the public in a crisis like we just had is beyond me. The FDIC went severely into the red, had to be backstopped by the very public it serves, and then was replenished by raising rates on member banks which have crushed the small and regional banks who behaved honorably, and raised costs for everyone who uses a bank. The whole process has accelerated bank sales and consolidations, reducing competition in the industry.
Well, at least Walberg acknowledges the middle class is in big trouble, unlike some people. But becoming "unbanked" is hardly at the top of the list of their troubles like being unemployed is.
Walberg also stated that voting against Cromnibus and shutting down the government as a possible consequence was not an option because that would have punished members of the American military who wouldn't get their paychecks, presumably at this the happiest time of the year. No, you wouldn't want to shut down the government and anger a government employee, no sir.
Maybe the most interesting thing Walberg said, however, and doubled-down on in the interview is that everyone in the House knew what was in the massive spending bill because they had all read the individual components of the bill in the form of individual legislation which they had passed in July and sent to the Senate piecemeal . . . all to die under the withering glare of Dirty Harry Reid.
So all the crap that's funded in the bill Rep. Tim Walberg is admitting to knowing about ahead of time, and voting for.
Read like what, here, but not after meals.
