Republicans Vote for a Housing Crisis

Paul Ryan and Adam Kinzinger took advantage of the Comey hearing yesterday to pass legislation that would end the already-weakened safeguards in place to prevent another housing crisis.

As detailed¬†here, the “Financial CHOICE Act” reduces capital and liquidity requirements for the biggest banks in the world. That will lead them to take on even more risky and exotic investments, like the “credit default swaps”¬†we remember from 2007. Some of them will inevitably fail.

And, because Paul Ryan and Adam Kinzinger voted to end oversight of which banks are “too big too fail,” the rest of us will be saddled with another huge bailout eventually. It’s only a question of when.

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