Cenk Uygur: The Republicans are brazen. Eric Cantor spoke to the CME Group: they specialize in derivative products; in fact, private exchanges for derivative products. These are the most dangerous financial products out there. Markets for derivatives crashed the economy in 2008 and nearly caused a worldwide economic collapse. But who cares, they pay Republicans. So Cantor spoke to them to collect the money. And he even encouraged them. And by the way, one thing they speculate on is oil. So they make money on your gas prices going higher. And Eric Cantor, the House Majority leader for the Republicans, loves them.
CANTOR: Now the grow piece, it comes back to what you do here. You provide the center, it’s almost like the center of the universe for liquidity. It is ultimately providing a service to investors and to small business owners at the end to control and predict their risk and try to minimize the cost of goods that they buy and ultimately to lower their costs of operating so that there can be a cheaper outcome whether it is good and capital or what have you. And you’ve managed to be able to serve that function in the CME (Chicago Mercantile Exchange) Group for so much of this country and the world and you’ve also managed to position as a true world leader. We want that in every arena. We want to help you continue to lead for America, that means we gotta do our part when you see the implementation of Dodd-Frank coming at you like a barreling train. We want to help control that so that we can get some sensible, sensible follow up to that legislation. It’s very troubling. But we’ve got similar instances in much of, a lot of other areas. It’s not just financial services where federal bureaucracy has rum amok. So the Republicans and our growth agenda are very focused on stopping regulations that negatively impact people who want to create growth and value. Whether it’s the EPA, the FDA, the FCC, the SEC, the CFTC, you name it, there’s an acronym for a federal agency causing harm right now. We’re trying to pull that in.
Cenk Uygur: I don’t know if you understood the importance of that little speech right there. He’s going to the guys who are endangering the whole world economy with derivatives trading, they’re taking massive risks, and he’s saying I will do whatever you want me to. He’s telling his bosses, he says, what you do is great; you are the world leaders. Basically he’s thanking them for taking that kind of wild risk with the entire world economy.
Why? Because he doesn’t give a damn. He gets paid by those guys. He’s there to collect money. It’s said, it’s pathetic. And did you hear him? That Dodd-Frank bill, the one that regulates you guys so that you don’t destroy the economy again, and it barely regulates you, is very troubling. We’re trying to destroy it right now so you have no regulation, so you can take any risk you like, you can run amok. You can make a little bit more money in the short run and destroy the economy in the long run. I want to help to encourage you; I’m a Republican.
And then he says that he wants to gut everything. FDA, the Food and Drug Administration: who needs safe food or safe drugs, let’s destroy it.
SEC: they regulate the Wall Street guys even more, and the stock market, etc., making sure there is no insider trading. Maybe we can get rid of those guys, too. In fact, the Republicans are looking to defund them as we speak, not entirely, but Draconian cuts.
So, hey, those no cops looking out. So robbers, you can do anything you like as long as you give me a paycheck, Eric Cantor said.
EPA: We’ll get rid of that. Pollute as much as you like. Who cares. It all comes out of the American taxpayer, and Republicans don’t give a damn. All they care about are their donors.
That was a perfect little microcosm of what the Republicans actually care about. They’re sucking up to his bosses, those corporate donors that destroyed the economy in 2008, that led to 10% unemployment, 8 million jobs lost, 28% of the houses still today are underwater because of the calamity caused by those derivatives. And they’re going to do it again, and Eric Cantor and the Republican Party can’t wait to help them do it.