The Tea Party F*ed You. Fire Them
by Karl Denninger
The 15 freshmen Republican representatives in the House Tea Party Caucus each ran in 2010 on a populist anti-Wall Street message, highlighting their opposition to bank bailouts like the 2008 Troubled Asset Relief Program (TARP) and criticizing Washington for enabling the banking sector as it became “Too Big to Fail.” After winning, all fifteen received significant PAC contributions from the banking industry — and have become a reliable vote and mouthpiece for the financial industry, a ThinkProgress analysis of campaign contributions, voting records and public statements reveals.
It would be nice if they just took money. They did worse.
11 of the 15 co-sponsored this piece of trash; is there any doubt they were bought and paid for?
‘(a) In General- In the examination of financial institutions–
‘(1) a commercial loan shall not be placed in non-accrual status solely because the collateral for such loan has deteriorated in value;
‘(2) a modified or restructured commercial loan shall be removed from non-accrual status if the borrower demonstrates the ability to perform on such loan over a maximum period of 6 months, except that with respect to loans on a quarterly, semiannual, or longer repayment schedule such period shall be a maximum of 3 consecutive repayment periods;
‘(3) a new appraisal on a performing commercial loan shall not be required unless an advance of new funds is involved;