September 26, 2008
“The fact is we can provide the needed support to the markets, while maintaining our duty to protect the American taxpayer, and ensure that those who made serious mistakes are not rewarded,”
Mistakes? Oh, like subprime lending mistakes and stuff? Somewhat ironic.
Patrick McHenry has taken over $800,000 from the Banking industry, says the Democrats in a new press release. That’s right- the man has taken over $800,000 from subprime lending companies. Don’t believe the Democrats? I don’t blame you- but the numbers are entirely accurate.
Not only has McHenry taken big money from the industry, but before the crisis he was complaining about “too much regulation” on the banking industry. Naturally, because he was getting big bucks from banks outside of his district, he wanted to protect them from nasty Mr. Government preventing them from doing things bad-
In an October 27, 2005 op-ed in the Charlotte Observer, at a time when modest regulation of an out-of-control industry might have prevented the current crisis, McHenry praised the subprime industry and argued against ‘burdensome regulations’ on such lenders. Now we’re all paying the price.”
And look what happens when we don’t have enough restrictions! We’re now in what is close to the biggest banking crisis in the history of the United States!
Thanks, Patrick! Your habit of taking money from banking industries and literally doing nothing regarding the signs of failure on the Financial Services committee has led us to this crisis!
Just so you know, in this crisis, Washington Mutual has failed and is now controlled by the government, various smaller banks have apparently failed, and now Wachovia, one of NC’s biggest banks and employers, might fail. You better make sure your money is safe, lest McHenry jeopardize your savings!