Clarification of a Lie by Exaggeration.Patty Murray decided to exaggerate about Dino Rossi instead. The latest smear ad from Patty is an update of her "Repeal" smear from a few months ago. In the current version Murray states Mr Rossi "owns part of a bank." The ad's insinuates Mr Rossi would work against the "FinReg - Wall Street Reform" for personal gain.
The Facts: Mr Rossi invested $10,000 in 2001, in the now financially troubled Eastside Commercial Bank of Bellevue, WA. (From Politico). Rossi is one of 35 stakeholders who started the bank. Rossi's investment is currently worth $75,000, if the bank remains solvent. Like many other U.S. banks, Eastside may have overextended the bank's resources. This is not a result of Murray's FinReg.
But other, bigger banks, are affected.
The new mortgage disaster at Bank of America is happening in spite of the new financial regulation Patty Murray voted for. The storm stems from messy or incomplete paperwork in Bank of America foreclosures. Bank of America's problems are freezing the whole consumer real estate market, screwing up service to potential home buyers. Is Bank of America alone to blame, or is there something more?
Government ham-handed policy has been instrumental in the collapse of 279 banks since 2008. This is the largest number of bank failures in 20 years. It has eliminated jobs, aggravated lending problem and left surviving banks more the unwelcome power to squeeze customers. Wall Street Journal
So ask yourself who is more of an expert to do adequate financial reform; Patty Murray the lawyer, or someone with banking experience?
Its important the banks not get crushed by government regulation, or else we will all be crippled. And its important they deal honestly with depositors and borrowers. Regulations which exceeds these limits is bad for the economy and the country.
Patty Murray should have studied the Law of Unintended Consequences before she voted for FinReg. Good intentions don't make good policy results (assuming her intentions were good). Competence is required.
Should government make banking regulation? Yes. But the policies must work.
Mr Rossi can craft better banking regulation. He bought the hard lessons in banking with his own money, like the rest of us.
Patty Murray is a lawyer, used to thinking in terms of "billable hours," with no real concept of what its like to earn a living in the real world. For 18 years she has been out of touch in DC.
Dino Rossi is better qualified to serve the People of Washington State.
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