Monday, November 8, 2010

GOP stuck in campaign mode, signalling they haven't learned anything

If the Sunday morning Talk Shows are any indication of the GOP's plan for governing (at least from the U.S. House of Representatives), they haven't learned a thing.  Time after time Sunday morning, GOP House Leaders were pushed to provide specifics on what their plan was for balancing the budget and cutting the deficit.  All they could say was "repeal Obamacare and cut spending."  But what exactly? 

Then there's this bit from the likely incoming House Finance Chair, Congressman Spencer Bachus (R-AL), warning of a potential "mass exodus" from U.S. Banks if the Volcker Rule is fully implemented. 

According to the letter Bachus sent to Treasury Secretary Timothy Geithner as reported by CNN,...

"If the Volcker Rule's prohibitions are expansively interpreted and rigidly implemented against U.S. institutions while other nations refuse to adopt them, the damage to U.S. competitiveness and job creation could be substantial."
So, in other words we need to keep the Banks at the pre-2008 Great Recession regulatory status, which is more or less UNREGULATED with no separation between Commercial and Traditional banks. 

All this could just be placating to the incoming Tea Party "Caucus", but then again it could mean they have learned nothing from the economic and regulatory history they heavily shaped over the last 30 years. 

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