Sexist, Republican Missouri Representative

Breaking news today tells of a certain Republican legislator from Missouri who, besides being deep in the pockets of the banking industry, is also a rabid sexist and misogynist. Here's his latest:

Congressman calls on bankers to ‘neuter’ Elizabeth Warren — the ‘Darth Vader’ of Wall Street

Blaine Luetkemeyer is part of a group of lawmakers identified by the Center for Public Integrity as 'especially solicitous to the banking industry.'

Luetkemeyer, who made the remarks at a meeting of the American Bankers Association, is part of a group of lawmakers identified by the Center for Public Integrity as "especially solicitous to the banking industry," Slate noted in 2014. He has raised significant campaign funds from the the finance, insurance, and real estate sector, according to the Center for Responsive Politics.

So congratulations, Missouri. Once again, your elected Republican legislator embarrasses himself---and the entire state.

From a friend today on Facebook, on the banks

His post: 

I would like to congratulate the banking industry for a job well done!



Now we have all the clowns in Washington in the same car. They want to reward you on putting 1 in 5 Americans on unemployment. Taking the whole global economy to it's k...nees. Your unbridled greed in the commodity markets have caused many a parent worldwide to worry on how they can fed their children. Playing with grain futures that is so you after all. Those end of year bonuses do look good, don't they. After all you do have to spend more time in the Hampton's, too get away from all the slums in the city.


Taking peoples nest eggs and a making an omelet out of them.


Now they want to give you total control of the housing market. So here's your reward Fannie-Mae and Freddie-Mac. Come on how can you mess up the housing sector.


Good job bankers keep up your contempt of those around you and I hope that someday not to repay you for your actions.


--From a taxpayer in need
 
My response:
 
AND they're still fighting to be totally, completely and utterly unregulated, as they are right this moment---and they have the Republicans fighting for them so it doesn't happen!! What a great bunch of people!

Still kowtowing to Big Business

I wrote earlier this week how hopeful I was because German Chancellor Angela Merkel and French President Nicholas Sarkozy were so adamant about and pushing for true change and strong regulation, worldwide, of financial markets and now this, today--it seems the US' Financial Accounting Standards Board buckled to political pressure from bankers and their toady Congresspersons.

Bankers didn't like that so much of their assets, on their books, are so much lower in value because of this current banking crisis/fiasco. Regulations, up to now, said values of their mortgages and products would have to be whatever the real market value was.

That made sense.

Values of their products shouldn't be arbitrary, of course.

So, now that there's such a big financial crisis and everything has gone to heck, including and especially bank's assets and their values on the stock markets, they want to say that these assets are actually worth much more--in a "regular" market, which of course, this isn't.

This is insanity.

The government now, with this ruling by Congresspeople, has made it possible for the bankers to decide what the value of their assets are.

I ask you, is this not insanity?

The market no longer rules. It's not "supply and demand" deciding the value of a product. It's the banker themselves.

For some sanity, let's quote the Investors Working Group and 2 former SEC Chairmen who lead it, from their statement on this travesty:

"In order to create high-quality accounting standards, it is critical that the process be independent and free from political pressure... To the extent that these new FASB proposals reduce the free flow of transparent and reliable financial information, they undermine investor interests and weaken their ability to make sound investment decisions."

And that's the least of it. That's incredibly understated.

This is exactly the opposite of the stronger, smarter and more stringent accounting methods we should be developing right now, so we avoid big financial failures and crises in the future.

This makes us look, further, like a Third World banana republic and not responsible at all.