B’Man’s Patriot Watch: US Rep. Marcy Kaptur

Meltdown Autos

She is the longest term congresswoman in office right now. That means that her peeps like her. I can see why.

She said the following in an interview with Bill Moyers on Friday night:

* The Federal Housing Agency used to insure 1 in 50 mortgages. But FHA now insures 1 in 4 mortgages, as the debt for bad mortgages has been dumped on the American people

* “Banks have the power to create money”. This again confirms and verifies that banks create money out of thin air, not based on the amount of reserve deposits on hand. See this and this

* While – on paper – there are reserve requirements, banks have gone from 10 to 1 leverage (where they could lend out 10 times their reserves) to – in the case of JP Morgan – 100 to 1 leverage. But with derivatives, leverage might be much higher

* Instead of holding hearings on the core problems with the financial system, Congress is holding hearings solely on arcane, peripheral issues

Let me explain this to those who believe that their particular congressperson cares about their constituents: they would act like this woman does, if they actually gave a rat’s ass about you. If you rdnecks think that Marsha Blackburn gives even half a rat’s ass, you are sadly (and stupidly) mistaken. Goes for 97% of them.

h/t Washington’s Blog