A Republican lawmaker was very offended that anyone might suggest that bank are failing because of deregulation. Ana Kasparian and Cenk Uygur discuss on The Young Turks. Watch TYT LIVE on weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live
Read more HERE: https://www.levernews.com/republican-tells-lobbyists-its-hackish-to-blame-bank-failures-on-deregulation/
"The Republican lawmaker overseeing the House investigation into the ongoing banking crisis told an influential bank lobbying group last week that it was "hackish" to blame deregulation for recent bank failures � including the collapse of an institution that's been his top individual source of campaign cash.
Rep. Patrick McHenry (R-N.C.), who has received $275,000 in donations since 2013 from executives at Signature Bank, will lead the House Financial Services Committee's first hearing on Wednesday looking into the sudden failures of Signature Bank and Silicon Valley Bank (SVB) earlier this month.
One key factor in Signature Bank's collapse was its decision to aggressively pursue cryptocurrency companies' deposits before the crypto market imploded. McHenry, who benefited last election cycle from nearly $170,000 in spending by a pro-crypto super PAC, has been an avid supporter of the industry, which is built around digital money or assets.
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230330__TA04HackishRECUT
Patrick McHenry should be regarded as the biggest Wall St. simp in Congress.
@goodeye6373 Says:
Shit did not happen till after regulations were deregulated. Those regulations were there to protect the people from crooked business. Here lets throw a weasel in the hen house. They are super greedy and will kill all your chickens if you leave it. They can't get enough blood. Smart thing is to not throw the weasel in the first place. Taking a huge chance they will change their true nature.
@Xenoyer Says:
Screw commercial banks. I'm in a credit union. If there was a Federal Bank of the United States, I would put my money in there.
@malikrath9503 Says:
The facts are you have no money b!tch, in fact you owe me money. Tick tock, mf
@michaels2219 Says:
I'm surprised that the pols aren't trotting out "thoughts and prayers" as the salve that will solve the banking crisis.
@crystaleldridge3988 Says:
Jesus! How the hell does Cenk manage to bring every story back to Obama and/or MSNBC? MOVE ON! I used to have a lot of respect for Anna and Cenk, but the past year or so, they seem to have lost their way. I keep watching hoping they'll course correct, but it doesn't seem like that's going to happen.
@dillonclarke1677 Says:
Priavatized profits and socialized losses with system-wide tsunami effects. Sounds like a massive market failure to me.
Allow free markets to work freely or internalize all social costs into the business models. Pick a lane and stop teaching none sense in business schools.
@rygy82 Says:
#EndCapitalism #AbolishCopsAndBillionaires
@brucewilliams4152 Says:
You need Andrew Neal, he would make mincemeat of these corrupt politicians
@brucewilliams4152 Says:
USA po!Utica is absolutely corrupt, bribery everywhere
@brucewilliams4152 Says:
White collar crime never prosecuted..
@wcagee101 Says:
Yes let's be patient with bankers as they rob us blind.
@TheFliggs Says:
Cenk is still pissed with MSNBC!
@tomahawkchunker Says:
I can buy and sell stocks, NFTs, baseball cards, sneakers, houses, none of these are liquid assets.
@craphead9842 Says:
They are all crooks and should be banged up .....
@InThisStyleGMinor Says:
nice bowtie you dope
@mhhockeyfan92 Says:
Adult in the room? He’s the dummy in the room!
@geared2cre8 Says:
Tyt is best
Tyt Beets Battlestar Galactica
@teebone2157 Says:
People like him are the bastards we should be afraid of. The ones in front of the camera and social media 24/7 are distractions
@typeviic1 Says:
An Oligarchy=....
A form of capitalism where the "Representatives" (House/Senate) take their marching orders from banks, Wall-Street, corporations, corporate lobbyists, millionaires, billionaires, dark money groups, oligarchs, etc.
"We The People" be damned..............
@jessea1218 Says:
It’s our money. Let’s yank the leash HARD.
@stevenkies802 Says:
How does anyone think a bow-tie is a good look?
@jim2376 Says:
I'll give you three (of many) reasons for regulations: (1) Enron, (2) Goldman Sachs, and (3) Bernie Madoff.
@redmed10 Says:
Bankers steal billions and they do not go to jail. Just because you are wearing a suit does not stop you being a crook.
@redmed10 Says:
The adult in the room?How patronising and arrogant these guys are.
@redmed10 Says:
Well that's his job to stop regulations. They can't make any money if they are not allowed to gamble with other people's money . And then when their gambles fail they expect to be bailed out
When will USA learn?
@hotstixx Says:
Remove the bearing,demeanour and self importance and you have transparent children's questions and answers.Laughable.
@gordonwallin2368 Says:
$$$$$,eh? Cheers from the Pacific West Coast of Canada.
@peterpetrov6522 Says:
Yeah but then Elizabeth Warren said:
hip hop poop oh thala lalla lala moose
Huh?!
Hip Hop PooP Oh Thala LaLLa LaLa Moose!
I think this lady makes total sense. Just don't think about it!
@Anthony-dy5cq Says:
Bankers are no different from heroin users what he wants is to expect us to give the user in a room filled with drugs to do the best thing and not do the drugs.
@olddeon Says:
The guy calling him the “adult in the room” at the banking summit is so full of it
@satyrsak Says:
Banks need to be reugulated 1000 times more than they are now
@futurestoryteller Says:
Rob Nichols? Talk about nomative determinism
@jamesaston410 Says:
One needs to replace the B in the word Bankers with W to make their organisation have a more appropriate name!
@trevorxlindeman1798 Says:
The facts are pretty clear in the case of SVB. SVB management took short term s deposits and invested them in long term fixed rate bonds as investments and did not hedge adequately to avoid huge loses if interest rates increased. As a run on the bank developed SVB did not have the cash on hand to return all money to depositors. Being forced to sell those long term treasuries at a loss of between 5-10% they lost more than the reserves they had set aside.
The failure was a classic asset management failure of not managing their risk on those long term investments. Better regulations and proper oversight would have properly identified the risk.
@llanisequeponer Says:
Those crooks make me more money so I don't mind their excuse 😏 people should pick up a book and learn to use the banking system instead of just putting your money in it😂 broke ass people.
@hotrod8915 Says:
He votes democrat
@profoundclarity8497 Says:
Crooks in suits....
@hughquigley5337 Says:
Thanks for the insight on how some of these things work behind the scenes, Cenk!!! Very interesting, but also dismaying.
@LLCisyouandme Says:
Why not force every bank, regardless of size, to have a sign out front that shows their risk ratio, for customer convenience, in the same way gas stations must prominently display their prices.
@bohemianwriter1 Says:
It's not deregulation, or the consequence of our own actions.
It's WOKENESS!
Fire that black guy. He's the janitor. It's all his fault! And that pregnant bank teller who needed some time off in the future to feed the baby
SO GIVE US MORE MONEY!
@viktorvalvik4207 Says:
It wasnt an issue of capital ratio to begin with, it was a liquidity problem that turned into an insolvency/capital problem once SVB had to sell their assets at a loss rather than let their holdings of fixed income securities mature which wouldnt have caused any loss of capital since it was mostly U.S. Treasury debt
@wayausofbounds9255 Says:
There needs to be some sort of official repercussion for just blatantly lying. Too many people with influence lie knowing that 1. some people will totally believe them and 2. knowing that no one can touch them for doing so 3. any reputational loss will be limited and temporary. I don't want a truth commission but we need figure out something to stop this. Maybe it needs to be done thru some professional certification board like a bar but for bankers, economist, engineers, scientist, or doctors. The bar isn't terribly effective so I'm not sure that's great example but something similar.
@richarddimsdale6232 Says:
They are rich people they deserve to steal your money. How dare you get mad for the FDIC to have to bail us out and cause you debt.
@waltermachnicz5490 Says:
Bankers screwed up after deregulation! That is what happened! Stop the BS!
@A.Rose.G Says:
The facts are... Many humans are not honest. Many cannot be trusted. Regulations done well keep people more honest and responsible. After all the 10 commandments are essentially regulations. There may be a reason for them...
@frevazz3364 Says:
"We can regulate ourselves" says every bank exec before their firm fails.
@shroud1390 Says:
Bill Burr’s dad called it! Bankers are cunts
@charlesconnaughton7292 Says:
me myself personally referring to politicians THOSE THAT ACCEPT A DONATION 15 YEARS IN PRISON THOSE THAT OFFER 30 YEARS IN PRISON ON THE MINIMIST PROTEIN TO KEEP THEIR STINKING CORRUPT LIVES WITH SUSTENANCE.
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