Tim Kaine Calls To Deregulate Banks As He Campaigns To Be Clinton’s VP

[PatrickforO]

http://www.huffingtonpost.com/entry/tim-kaine-clinton-vp_us_578fc8e3e4b0bdddc4d2c86c

OK. Kaine is a bit of a neolib. He likes deregulation and 'free' trade. This means that if you are on the left wing of the party, you (and me, for sure) need to fight against these policies being forwarded after Clinton's election to President. But let's get her elected first.

By the way, did you all see Maher last night? Micheal Moore said he thinks Trump will win. God, let's hope not!

[still_one]

1. I understand all the VP speculation going on by our not so illustriouos media, but I we will

know soon enough after the republican clown convention is over

[Chasstev365]

2. BAD IDEA!

Does Kaine really think 2008 was that long ago?

[socialist_n_TN]

14. Really! Because that worked SO well before...........

NOT!

These neo-liberal charlatans have been doubling down on this bullshit for 40+ years now. I am so fucking sick of it. They're either morons if they really believe it or crooks just foisting it on the rest of us for their personal gain.

[CobaltBlue]

16. I think you have it figured out.

[awake]

3. If this is true then we could be sunk

[lonestarnot]

4. Ackety.

[arcane1]

5. Why wait? We need to fight against these policies NOW, and let them know how we feel.

They won't give a shit once they already have our vote.

[onecaliberal]

6. He's not a good choice whatsoever. She needs to pick someone opposite of that.

[CobaltBlue]

7. onecaliberal—Agree!

[JaneyVee]

8. Can anyone find me a reputable link to that claim?

Probably not.

[unc70]

9. Try this DU link

No need for the snark. Here is one of several DU threads on this earlier this week. Kaine signed on to a couple of letters concerning bank regulations also signed by bunches of Repubs. A competing position letter was signed by progressive Dems. Kaine has been on the non-progressive side in way too many issues for me.

http://www.democraticunderground.com/12512268411

Kaine's actions were widely reported and discussed a couple of days ago. That DU thread links to HuffingtonPost, but the story was carried on many news outlets.

[JaneyVee]

10. Can you find me one of those outlets?

Other than HuffPo?

[unc70]

11. Yes I can, but no I won't

I am not going to get sucked in to playing that game with you. You will have to use another tactic.

If you really care to find more, you can search Google.

[JaneyVee]

12. I tried google. Couldnt find a reputable link.

[PatrickforO]

18. Yeah, that's what I did. I bet we could use Google to actually get the text

of the 'bipartisan' letter Kaine signed.

Hmm. Here's a link to a Blue Virginia article criticizing the HuffPo article. But...not so fast...here's an excerpt:

"Zach Carter, the Huffington Post’s senior Political Economy reporter penned a piece about Tim Kaine supporting bank deregulation. He cited two letters, one that Kaine failed to sign and one that he did sign. They were on two different banking issues and it was disingenuous to conflate them to make Kaine look like he is for bank deregulation. Let’s start with the first letter...to Richard Cordray, Director of the Consumer Financial Protection Board. The signers specifically expressed concern with small dollar loans, popularly known as payday lending. These loans often carry 300 percent interest, and 80 percent of borrowers roll them over into still more onerous payday loans when they fail to pay the original one back. One in five borrowers default on those loans. Yes, they are a bane on the banking industry and cause harm to poor people.

So those who signed the letter to Cordray asked that a proposed CFPB rule implement stronger regulations for these lending institutions, such as requiring them to consider the borrower’s ability to pay and their loan history before making the loans. They also asked the CFPB to reconsider an exemption to the six-loan per year policy, further limiting the amount of loans borrowers can make in one year to less than the current six. After reading the letter, I think it’s a good idea and agree with those who signed on. Unfortunately, Tim Kaine was not one of them. I think he should have been. I would be curious about why he didn’t. I will get back to that point in a minute."

OK, so Kaine did NOT sign that letter. He did sign one calling for regulations on local banks, especially the 'stress test' to be loosened. But if you're going to loosen regulations for some but not for others, where's the line? Good article.

[PatrickforO]

17. Well, what's 'reputable?' The link I posted is to HuffPo. They aren't perfect, but

they are pretty mainstream and pretty credible. How about the Daily Kos? The Progressive Wing? New York Magazine? Reddit - not that credible but it's out there, too, and a lot of people get their news from sources like Reddit. Common Dreams? The Washington Times? The Washington Examiner?

Here's an excerpt from the Washington Times article: "This week, Mr. Kaine also signed a bipartisan letter calling for certain sections of the landmark Dodd-Frank financial regulation bill to be undone. Fourteen other Democratic senators also signed the letter."

Now, while I believe Kaine should be given the chance to defend his signing this letter - perhaps he believes that leaving Dodd Frank whole hurts the people - he does need to justify that position, at least to my mind.

Kaine is also for 'free' trade, specifically the TPP, which I'm very much against. Sure, the apologists for NAFTA, CAFTA and GATS have said, "Oh, it's raising the standard for everyone...it's creating a worldwide middle class." But that really hasn't happened, and since the passage of NAFTA we have heard the 'Giant Sucking Sound' (remember Perot?) as American jobs have left for cheaper shores. In the meantime, neolib wings of both parties have allowed the growth of loopholes in the corporate tax code that allow big companies like GE to all together avoid paying taxes some years, even on billions in profits. In my opinion, and it is a fairly educated one, these versions of 'free trade' coupled with the penchant for deregulation and increasing corporate tax loopholes have spelled disaster, or at least a disaster in the making for this nation and its people.

I'm not saying that if Clinton chooses Kaine as her VP that I will not vote for her, because...TRUMP, but I won't like it much and I'll be calling the White House as well as the DC offices of my Senators and Representative regularly, and will also be working heavily in my local area for more progressive and LESS neoliberal policies.

[Drahthaardogs]

13. This is disappointing

How can this be a democratic platform position?

[kwolf68]

15. Because corporate America holds considerable power within the Dem establishment

For those who opine about people voting green, HERE is your reason.