John Boehner makes it clear. He agrees with Senator Durbin that, frankly, bankers own that place. However, he thinks that’s the way it should be. Why the constitution says right in article 1 of the constitution that congress may ”regulate trade between the several states so long as the masters of the universe approve of the regulations.” Boehner told bankers to protect the constitution and not let congress aka “punk staffers” deprive them of their legitimate authority to legislate.
Extensive efforts at achieving inter-generational communication follow the jump.
Repo has two meanings – A Repo account is the way in which hedge funds interact with most of the rest of the universe, the way in which Lehman hid assets and debt off it’s balance sheets and one of the ways in which non depositary institutions managed to make it possible for there to be a non-bank run on a non-bank.
A repo man is someone who repossesses (or forecloses on) automobiles purchased on credit from people who have not made required payments. Many (perhaps not most) people my age have fond memories of the truly twisted film “Repo Man” which followed the trials and tribulations of an LA punk who decided to become respectable and became a Repo Man.
Ah Repo Man.
I recall the film includes said punk eating from a can labeled with a bar code and the word “food” that is eating generic food (why pay more for the name brands like “meat” and “vegetables,” and seeing a friend get shot trying to rob a convenience store, said friend said (roughly) “society did this to me” Jr Repo man says “B.S. you are a suburban punk just like me.” His soon to be deceased friend replies “It still hurts.” I sure hope Boehner says the same thing on the second Wednesday after the first Monday in November 2010.
The brilliant twisted genius who directed that film also directed a totally other than completely honest film about Sid Vicious and Nancy Spungen (sp?) entitled “Sid and Nancy.” Sid Vicious was second fiddle to the butter commercial guy in the UrPunk band the (original) Sex Pistols. He was an actually totally authentic punk as is demonstrated by the fact that he destroyed himself before reaching half my current age.
Anyway Repo Man is important to people of my generation. One of the things which bother Beohner is that we are taking over. Now current staffers were probably not even born when Sid Vicious killed Nancy Spungen(sp?)’s cat, but if one is as old as Boehner, we all look alike. So ex-punks are people who find the use of Repo to refer to repurchase accounts funny (why don’t the masters of the universe call them repu accounts ? Would be bad for their repu tations?).
Also Boehner made it clear that the Republican party considers it necessary and proper for bankers to make it clear to Congress who is boss.
Many here like to dump on my PhD supervisor so I will just note that he took the ball dropped by Boehner and
ran walked inched forward with it.