When did you first realize Maxine Waters was an idiot? I remember when I did. She was involved in the Block For Bill efforts by House Democrats during the hearings on potential impeachment for then-President Bill Clinton. Maxine made many jaw-droppingly stupid statements but the best was when she said that we had to do something about “all these young women” tempting male law-makers and leaders, referring to Monica Lewinsky.
You know, the people of Watts have enough problems. They don’t need the added burden of a fool as their representative in Congress. On the other hand, who keeps voting for Maxine, term after term, decade after decade?
But I digress.
The latest display of Maxine’s intellectual limitations and lack of diligence and seriousness occurred to tried to engage in some anti-bank grandstanding sure to cheer the anti-capitalist Democratic base. Waters is the chairwoman of the House Financial Services Committee , which regulates banks. Nancy Pelosi gave her the post. Think about this next time your favorite Democrat mocks one of Donald Trump’s appointments.
During a hearing on the practices of the nation’s biggest banks, Waters pointed an accusing rhetorical finger at a panel of seven bank CEOs because, she said, “more than 44 million Americans that owe … $1.56 trillion in student loan debt…Last year, one million student loan borrowers defaulted, which is on top of the one million borrowers who defaulted the year before.”
“What are you guys doing to help us with this student loan debt?” she demanded. “Who would like to answer first? Mr. Monahan, big bank.”
“Big bank” means “bad guys” if you’re woke. Also if you’re an idiot.
Duly answering his arrogant Mistress, Bank of America chairman and CEO Brian Monahan replied, “We stopped making student loans in 2007 or so.”
“Oh, so you don’t do it anymore,” Waters replied, still clueless that she was missing something. “Mr. Corbat?”
“We exited student lending in 2009, ”said Citigroup CEO Michael Corbat, still not telling Maxine what she needed to know to stop making an ass of herself.
Make that to stop making an ass of herself again.
James Dimon, JPMorgan Chase chairman and CEO, took mercy on her, “When the government took over student lending in 2010 or so, we stopped doing all student lending,” he said.
Waters then quickly ended the questioning on this topic and changed the subject to small businesses. Oh for a CEO with the guts to say, “You know, we have taken the time to come here, and the least we can expect is that members of this committee have taken the time to be minimally informed regarding what our banks do and do not do. This in insult, and reflects horribly on the preparation and competence of the elected officials who presume to regulate us, and who choose instead to use our time for ignorant blame-casting. I am leaving, Madam Chairwoman. Shame on you. “
And if she played the contempt card, he could go Al Pacino on her..
You see, the administration of Waters’ hero Barack Obama administration put the federal government in charge of student loans in 2010, claiming it would save taxpayer dollars by “cutting out the middleman.” as President Obama so eloquently put it.
Good plan! Student loan debt was $154.9 billion in 2009 , and current student debt is estimated at more than $1.5 trillion.
It’s all the banks’ fault.
Maxine Waters, a head of the House committee responsible for overseeing banks who doesn’t even pay attention to the sector she’s responsible for, nonetheless uses her position and authority to lead similarly ignorant people to engage in such undemocratic conduct as harassing members of the Trump administration when they are dining out with their families. She’s worse than incompetent, far worse.
But incompetence is bad enough.
Ethics Alarms 
Jack,
I would really love a citation on that Maxine Waters quote regarding Lewinsky. I’ve searched and searched and have found it not. Memories do change.
I’ve searched too. Pre-You-tube, of course. I would have to scour the transcripts of the committee hearings, and Maxine just isn’t worth it. I remember this statement vividly because 1) My wife went nuts, and has mentioned it periodically ever since 2) It was about my first time paying any attention to Waters 3)Blaming the woman is the oldest rationalization in the world, but I was shocked that a Democratic woman would stoop so low.
She said it.
Worst of all, it was the success of Waters’s and Nina Burleigh’s defense of Bill Clinton that made the Donald J. Trump candidacy conceivable, let alone possible.
I wish more people had memories long enough to understand this.
Oh, I will always remember.
The Ethics Scoreboard was created because of the defense of Clinton.
the thing about the King’s Pass is that it is the gift that keeps on giving.
“ ‘Big bank’ means ‘bad guys’ if you’re woke.”
One could make the strong argument that the size of those “bad guys” can be traced to the guy she attempted to defend from “ ‘all these young women’ tempting male law-makers and leaders” when he signed Riegle-Neal into law.
I never knew that the Federales took over student loans in 2010. How interesting. And these are the same people that claim govt single payer will be the panacea that will save US society. Clearly the politicians promoting this stuff have followed one of the cardinal rules of politics” “Don’t believe your own BS”, because they know they’ll be fine, they have the congressional health plan. I think a great analogy to govt student loans would be if the govt took over car loans. Everybody would be driving a base model Honda Civic without A/C that cost would $50k. That’s what happens when you spend other peoples’ money on other people. The cost and quality are not an issue.
A former gal pal with whom I used to stay in touch was positively atwitter about her IT candidate Barack Obama in 2008.
Two years later, her tune had changed dramatically; her employer, Great Lakes Higher Education Corporation (formerly one of the largest student loan providers/guarantors in the U.S.) becoming her former employer may have had something to do with it.
I guess she got mugged by reality. Though, I wonder if that had any impact on her choice at the 2012 election.
I don’t think the takeover was sufficiently publicized,but even then, Waters is charged with knowing about it.
“I never knew that the Federales took over student loans in 2010. How interesting.”
The larger side effect is that you need not apply for scholarships if your skin is melanin challenged and/or you are not at poverty level: the Fed’s rules make it effectively impossible for colleges to give scholarships to anyone else, and herd middle class Americans into debt slavery (to the Government!) for decades. Meanwhile, prices have risen sharply, making it hard to get that degree without a loan or seven. This is justified by making the parents take the early loans: thus putting them in thrall to the Fed as well.
My son is gifted but not independently wealthy. No scholarships are available to his demographic. I have not allowed him to take out loans under the current system. Instead, he is taking a gap year to work (after two in college) and learn the value of a dollar. He lives at home and saves 95% plus of his earnings (and is astonished at how long it takes for the savings to look like the cost of a semester). He will thank me someday
How many members of Congress appear to be at least minimally competent? When I see them on TV, it appears to be a small minority. Ted Cruz comes to mind, maybe Langford? There don’t seem to be many. When I mean competent, would you trust this person to look after your house, children, and finances for a month?
Certainly, every person whose photo showed up in Google when I googled members of congress isn’t. BTW, let’s see if Google is biased. When I googled ‘members of congress’, I was met with the pictures of Nancy Pelosi, Alexandria Occasio-Cortez, Ilhan Omar, Rashida Tliab, Kyrsten Sinema, Dianne Feinstein, Veronica Escobar, and Deb Haland. Hmm, other than the fact that none of these people represents a state of a district within 500 miles of me, what could they have in common? Google isn’t ideologically biased. They said so!
I’ve watched video after video of exchanges between Maxine Waters and people testifying before Congress, I’ve seen her talk in front of the cameras, I’ve watched her speeches and Waters appears to me to be in a state of mind which prevents normal perception, behavior, or appropriate social interaction. She might be insane but that’s just my opinion.
Zoltar,
“Might be insane”? Methinks that ship sailed decades ago.
In her defense, to which there really is none, she is just parroting DNC talking points pushed by people who should know better (Warren, Booker, Harris, for instance). Watters took a shot, which blew up in her face. In the immortal words of Roseanne Roseanna Dana, “Nevermind.” I enjoyed the deadpan delivery of the banking guys. It was brilliant.
jvb
I’m wondering why Pelosi would appoint such an obvious vacuum tube to Chair of such an important committee…oh, wait. Never mind.
dragin_dragon wrote, “I’m wondering why Pelosi would appoint such an obvious vacuum tube to Chair of such an important committee…”
dragin_dragon wrote, “…oh, wait. Never mind.”
Yup.