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"Washington’s Role Is To Serve The Banks" Says Spencer Bachus Incoming House Banking Committee Chairman

Scroll down for VIDEO...


A reporter is doing an interview and is obviously recording.  Do these guys even think before they begin speaking. 

Bachus supported TARP, though begrudgingly, and only after he was removed by Republicans from his role as lead TARP negotiator with Democrats.  He also showed some intelligence last week when, against certain Wall Street Congressional interests, he appointed Ron Paul as Chairman of the House Monetary Policy sub-committee with oversight over the Fed.

But he's still a hypocritical TARP scallywag


Bachus Gets His Chairmanship

Source - Birmingham Times

Rep. Spencer Bachus (R-AL) will become chairman of the House Financial Services Committee in the 112th Congress.  Bachus, in an interview Wednesday night, said he brings a "main street" perspective to the committee, as opposed to Wall Street.

  • "In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks."
  • He later clarified his comment to say that regulators should set the parameters in which banks operate but not micromanage them.

In the 2009-10 election cycle, the finance/ insurance/real estate sector gave Bachus' campaign account $752,200, most of it from political action committees, according to an analysis by the Center for Responsive Politics.  Democrats Wednesday were critical of that connection.

"Republicans putting Spencer Bachus in charge of financial regulation is voting for the fox to guard the henhouse," said Ryan Rudominer of the Democratic Congressional Campaign Committee.

  • But Bachus is not alone in accepting huge donations from the industries that the committee oversees. Outgoing chairman Frank accepted $986,000 from the sector over the last two years, according to the center.

In his quiet campaign for the chairmanship, Bachus promoted an agenda to end taxpayer subsidies for mortgage giants Fannie Mae and Freddie Mac, repeal those parts of the Wall Street reforms that he thinks still leave the door open for taxpayer bailouts of financial institutions or their creditors, and increase oversight of President Barack Obama's administration.

"Now is the time to get government out of the way so businesses can create jobs and grow the economy," Bachus said.

Bachus has spent the last four years as the ranking Republican on the banking committee, the counterpart to chairman Rep. Barney Frank, D-Mass., and it wasn't without controversy. He irritated some of his GOP colleagues during the crisis negotiations over the $700 billion economic rescue package back in 2008, and they replaced him as their lead bargainer in the talks. He eventually supported the Troubled Assets Relief Program, but quickly became a critic of how President George W. Bush's administration was implementing it. Soon after, he survived a challenge to his ranking position, a sign that he has loyal friends inside the Republican caucus, many of whom he has showered with campaign contributions over the years. 

Continue reading...


Now watch Bachus and try not to hurl...

Video - Bachus is upset about TARP but he voted for it


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Reader Comments (14)

« HYPOCRITICAL SCALLYWAG: GOP Congressman Bachus Defends 'Near Death' Vote For TARP »

Dec 13, 2010 at 6:15 PM | Registered CommenterDailyBail
Spencer Bachus finally gets his chairmanship


source for the story...
Dec 13, 2010 at 6:16 PM | Registered CommenterDailyBail

several more relevant links to this story are in here...
Dec 13, 2010 at 6:17 PM | Registered CommenterDailyBail
Not surprising, DB. At least 2 of our 3 branches are captured by the "Bankster Party" (credit to Ratigan for the term). Some in these branches are just not smart enough to keep their mouths shut, like this Bachus clown. Most of these idiots just provide lip service and probably do not truly understand basic finance, accounting and/or economics.

The whole thing makes me want to puke. Debt is the problem--Debt! Debt fueled our economy and enriched Wall Street. Debt made the middle class feel "rich" and allowed them to take on too much risk. Borrow against your house; the value will always go up. Buy a McMansion; it will double in value in 5 years. High schoolers, take out $200K in loans to go to a private college; it will pay off. The Banksters got rich selling and manipulating this debt. Then when it tanked, they told Washington to save them or, as GWBush put it, "this sucker (our Republic) might go down"...

Suddenly, we give the Bankster Party $700B outright and $$$ trillions in guarantees and "our" problems go away? That's the party line and it is a crock. Meanwhile, the savers and middle class die a not-so-slow death to slavery.

Sometimes I feel like George Bailey during the bank run: "...Can't you understand what's happening here? Don't you see what's happening!? Potter's not selling; Potter's buying. Why? Because we're panicking and he's not..."

Wake up everyone! The bell has rung and school is in! Time to start learning...
Dec 13, 2010 at 7:03 PM | Unregistered Commenterjosie
DB, gotta agree with the outlaw here. Fucker voted for TARP. Punk asshole.
Dec 13, 2010 at 7:39 PM | Unregistered CommenterCheyenne
John = Clinton
Paul = Obama

Thanks Libs.
Dec 13, 2010 at 11:11 PM | Unregistered CommenterHey Dude...
Since Spencer freely admitted that "Washington's role is to serve the banks" instead of the electorate, why continue with the charade of free elections. To the contributors goes the spoils, that would wake some people up that are still living in bubblonia.
Dec 14, 2010 at 1:44 AM | Unregistered CommenterS. Gompers
@josie...that was impressive stuff...debt baby...pretend, extend, hello tokyo...this is not going away...it's going to take a decade to work off the consumer debt overhang...

@gomp...it's blatant disregard for any sense of propriety...you nailed it...why continue the charade...washington is owned by the banks...

Dec 14, 2010 at 2:27 AM | Registered CommenterDailyBail
The flying monkey's got out today, I had to put Nikko on curfew.
Dec 14, 2010 at 2:30 AM | Unregistered CommenterS. Gompers
he'll be better off for the time out...
Dec 14, 2010 at 2:59 AM | Registered CommenterDailyBail
You can not escape the responisbility: WHO VOTED THIS ASSHOLE IN? Instead of bitching endlessly- Confront those who gave this man a job.
Dec 14, 2010 at 5:06 AM | Unregistered CommenterBucks
The chief difference between words and deeds is that words are always intended for men for their approbation, but deeds can be done only for God.

Leo Tolstoy
Dec 14, 2010 at 3:39 PM | Unregistered CommenterJohn Patmos
@bucks...that would be the voters of a small part of alabama...
Dec 14, 2010 at 11:51 PM | Registered CommenterDailyBail
This is completely unbelievable! Someone in DC spoke the truth? He must have been drunk as a skunk.
Mar 2, 2011 at 2:52 PM | Unregistered Commenterj r

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