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Press release 40:
PMDs, Politicians of Massive Destruction
Fannie Mae and Freddie Mac are requesting another 19 billion dollars of bailout money from Congress. No one should forget that Charles Schumer orchestrated what historians will call “The Biggest Fraud ever perpetrated on the American People in the history of our Nation.”
In the 12 years Senator Schumer has been on both the “Senate Banking Committee” and the “Senate Committee on Housing and Urban Development” thousands of banks went bankrupt, trillions of dollars of retirement, investment and taxpayer money were wiped out, millions of jobs were lost, the value of everyone’s homes dropped 30 to 40 percent and millions of homes have gone into foreclosure. The sole duty of these Senate Committees was to make sure that the “Stability and Integrity” of our Financial Institutions and Housing were never compromised. How do you rate the job Schumer did? Give him your answer on November 2, 2010.
Senator Schumer led the team to bail out the banks saying they were “Too big to fail.” What he meant was that they were “Too big of Campaign Contributors to him and other Senators to fail.” In fact, in a free market, there is no such thing as “Too big to fail.” Risk of failure and failure itself are key ingredients in free markets. Failure allows the system to cleanse itself of the reckless and stupid players. Failure allows more responsible and smarter players to move up and move our financial system forward. Now we are stuck with the same people that got us in this mess in the first place, giving even more campaign contributions to the Senators that led the financial institutions to the abyss. How do you rate the job Schumer did? Give him your answer on November 2, 2010.
Senator Schumer says he had to bail out the banks to avoid a depression. Unfortunately, those who lost their jobs are depressed, 80% of University students who graduated and cannot find a job are depressed, 30% of Americans who saw their salaries drastically cut are depressed, 100% of homeowners who lost 30% to 40% of the value of their homes are depressed, investors who had their life savings wiped out are depressed and finally 99% of Americans who will be taxed to death to pay for this mess are depressed. The remaining 1% got the bailouts and bonuses. Schumer didn’t lie, he prevented his banking friends from becoming depressed. How do you rate the job Schumer did? Give him your answer on November 2, 2010.
Senator Schumer says the banks are paying back the tarp money. Does anyone really believe these bankers reached into their own pockets to pay this money back?
The fact is that anyone who saw a massive increase in interest rates on their credit card bill is paying back the tarp money.
Anyone who used the ATM and paid the now doubled fee is paying back the tarp money.
Anyone who over-drafted their account with their debit card and paid the $35 fee is paying back the tarp money.
Anyone “day trading” and losing is paying back the tarp money because these banks have the power to manipulate the value of stocks.
Anyone buying fuel is paying back the tarp money because these banks have the power to manipulate to price of fuel oil.
The truth is 100% of the tarp money is being paid back by everyone but the bankers that received it. How do you rate the job Schumer did? Give him your answer on November 2, 2010.
The Senate is currently writing more regulations for banks at the same time, Schumer has spent the last three months with his fellow democrats parading them through Wall Street shaking down every banker for more campaign contributions. The new regulations do not touch Fannie Mae and Freddie Mac, stock manipulation or fuel oil price fixing. These proposed new regulations are useless. If Americans really want to stop the nonsense on Wall Street, we must start having these guys explain themselves in front of a judge and 12 of their peers. How do you rate the job Schumer did? Give him your answer on November 2, 2010.
Every banker and every Democratic Senator on the Senate Banking Committee knew exactly what they were exposing the American public to and they chose to do it anyway. The bankers made billions in bonuses and lost nothing, Schumer and friends made billions in campaign contributions and lost nothing. Everyone else lost. Americans will continue to lose, if we do not remove Schumer and everyone like him from office this November 2. There is no one more dangerous to the welfare of all Americans and our Nation than Senator Schumer.
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