Taxpayers eat a $123 million cow patty that Broun helped to bake

U.S. Rep. Paul Broun, R-Athens, has denounced President Obama as a socialist and Marxist. He denounced the bailout as “a huge cow patty with a marshmallow in the middle of it, and I’m not going to eat it.” He champions “proven free-market principles” and has sponsored what he calls “the JOBS Act.” which he claims “would leave more money in the hands of small businesses and individuals, without spending a penny of taxpayers’ hard earned money.”

Broun was also a major investor in McIntosh Commercial Bank, based in Carrolton. His brother, Conrad, was a founding director of the bank. After losing $28 million over the previous two years, the bank was closed in March by the FDIC. At the time of its closing, it had $88 million in bad loans on its books.

So who’s at fault in the collapse of the bank?

As if you didn’t know.

“The federal government is closing these banks down when there is absolutely no reason to do so,” Broun told the AJC. “It’s just totally wrong.”

“Sheila Bair [the FDIC's chairman] and the FDIC that’s forcing all of this, under the direction of this [Obama] administration, needs to back off and let community banks do what they should be doing,” he said.

By the way, it’s costing the FDIC $123 million to cover deposits lost in the collapse of McIntosh Commercial Bank. That’s a huge cow patty withOUT a marshmallow, to borrow a phrase, and it leaves an unpleasant taste.

127 comments Add your comment

TaxPayer

June 25th, 2010
1:38 pm

Well, as long as Broun blessed the cow patty, or at least the door through which it passed on its way here, before delivering it onto us…

josef nix

June 25th, 2010
1:39 pm

“…and leaves a bad taste…”

So I hear. :-)

Peadawg

June 25th, 2010
1:41 pm

“That’s a huge cow patty withOUT a marshmallow, to borrow a phrase, and it leaves an unpleasant taste.”

Along with the HC and Financial “reforms”, I’d totally agree with you.

@@

June 25th, 2010
1:43 pm

That’s a huge cow patty withOUT a marshmallow, to borrow a phrase, and it leaves an unpleasant taste.

DANG, jay, you make it sound as though you’d be willing to eat a cow patty as long as it had a marshmallow. You think of Obama as a marshmallow, do ‘ya?

Me too! but I still wouldn’t eat a cow patty.

josef nix

June 25th, 2010
1:45 pm

@@
at 1:43
That’s funny! ISH

NowReally

June 25th, 2010
1:46 pm

I guess Broun has $88 million in his back pockets. Only a fool would continue to do business with such a bank; however, I bet many of his customers didn’t know about the bad debt.

Let’s take a poll and see how many “McIntosh Commercial Bank” customers would like to continue to place their hard earned dollars into this bank.

Outhouse GoKart

June 25th, 2010
1:46 pm

The so-called $123million cow patty is just a drop in the bucket compared to the trillions of dollars worth of cow pattys being fed to us via Presidential Cow Patty.

TaxPayer

June 25th, 2010
1:46 pm

They would not have to close down any of these banks if they would just get rid of those darned regulations. You know. Stuff like capital requirements and guarantees to depositors that their money is safe and other such stuff like that.

Outhouse GoKart

June 25th, 2010
1:49 pm

YOU are a Cow Patty!!
No Im not!
YES YOU ARE!
Your mama is a Cow Patty!
NO she is not…YOU ARE!!!

josef nix

June 25th, 2010
1:54 pm

TaxPayer

June 25th, 2010
1:55 pm

And those folks in Washington really screwed up when they came out with that new requirement that banks had to guarantee $250,000 per depositor instead of the $100,000. That just plain unnecessarily forced banks to have to keep a whole bunch more capital instead of leaving that money out there in the worthy hands of borrowers, borrowers like that husband of Georgia’s head of the Education department and that fellow that just got elected to finish out Honest (that’s what we like to call him up here in our neck of the woods for obvious reasons) Deal’s term in office. By the by, has anyone heard any more word about Sonny’s 20 million. Is he in default or is he still making those monthly payments.

Finn McCool

June 25th, 2010
1:56 pm

yeah, tax payer. derned regulations ruin all the fun!

Outhouse GoKart

June 25th, 2010
2:01 pm

“…The killer hit town at daybreak, ate the door off the local saloon.
He started to drinkin’ and you could tell he was thinkin’
There’d be a showdown soon.
Patti hit town in a cloud of dust, old Flame was buzzin’ like a saw.
And the whole town got quiet as a church when the killer stepped out for the draw.

Forty shots rang out. Forty people fell.
Patti and the killer missed each other but they shot the town to hell!
The killer took a step toward Patti, said, “It’s time I gunned you down”!
But he slipped in something that was laying in the street
And was shot before he hit the ground.
Yes, the killer slipped and it cost him his life
And Patti said as she raced out of town:
“You got to watch your step, when you know the chips are down.”

Yippee-i-ay – Cow Patti!
Yippee-i-ay – Cow Patti!
She rode into town to find the man that killed her daddy!
Yippee-i-ay – Cow Patti…”

Outhouse GoKart

June 25th, 2010
2:02 pm

“new requirement that banks had to guarantee $250,000″

You mean the FDIC…

TaxPayer

June 25th, 2010
2:02 pm

I think Broun and his fellow Republicans have been helping themselves to too many cow patty mushrooms.

Michael Jackson

June 25th, 2010
2:06 pm

“Debbie Rowe is not my lover
She’s just girl that says
that I am the one
But the kid is not my son”

AmVet

June 25th, 2010
2:06 pm

Paul “The Buffoon” Broun. Leech off of Uncle Sam???

What would you expect from a clown who proposed legislation that 2010 be proclaimed “The Year Of The Bible”. And who voted against a climate change bill, calling the entire concept of man made global warming a “hoax” perpetuated by the scientific community.

On November 10, 2008, one week after the 2008 presidential election, Broun drew national attention when he criticized then-President-elect Barack Obama’s call for a civilian national service corps, suggesting that Obama might use it to establish a Marxist dictatorship.

In an interview with the Associated Press, Broun said, “That’s exactly what Hitler did in Nazi Germany and it’s exactly what the Soviet Union did. When he’s proposing to have a national security force that’s answering to him, that is as strong as the U.S. military, he’s showing me signs of being Marxist.”

The dolt is befitting the Georgia dolts who elected him.

rex

June 25th, 2010
2:06 pm

The Clinton administration, along with Barney Fwwwwank and Chris Dodd, forced banks to give out bad loans. This is common knowledge Jay, even for you.

TaxPayer

June 25th, 2010
2:08 pm

Darned FDIC. Just another federal mandate that banks must purchase insurance to protect their depositors. As a result, perfectly healthy banks are being forced to pay even higher insurance premiums to help cover the expenses forced on us all by those sickly few. The FDIC should have been given permission, like regular insurance companies, to deny coverage to certain banks or to at least refuse to pay their claims when they got sick.

Briley Parkway

June 25th, 2010
2:10 pm

Hey Outhouse, I think you let the cat out of the bag. That was gonna be Jay’s travelin’ music this evening. Long live Jim Stafford (he is still alive, isn’t he?)

Port O'John

June 25th, 2010
2:10 pm

Its a proven market solution for executives to run a business into the ground, pay big dividends to shareholders, but pass the costs of unemployment, environmental contamination, etc., on to the taxpayer. Corporations are in business to benefit shareholders — that’s all.

Its capitalism the GOP way. Businesses should not be required to pay the true costs of their operations — what are you, some kind of marxist, socialist, muslim-fanatic like Obama?

Wait until Fox News, the Tea-Part, the Republican Study Commission and Neil Boorts hear about this. You’ll be sorry.

Outhouse GoKart

June 25th, 2010
2:11 pm

Dont forget Whale Wars tonite…hoping one of those spoiled little brats will take a tumble overboard. Or even better a japanese sub will torpedo the “Steve Irwin”.

md

June 25th, 2010
2:12 pm

There is always more to it than “$88 million of bad loans”. What about income/cash flow? I for one would like to see more vs one or two numbers. Is the FDIC shutting down banks that may very well make it on their own?? How are we to know?? Anybody got a link to the formula, or is it just the feds being “the feds know best”?

josef nix

June 25th, 2010
2:12 pm

okay, OGK and Briley, had it pulled up for tonight, but since we’re going there early

http://www.youtube.com/watch?v=FQMbXvn2RNI&feature=related

Outhouse GoKart

June 25th, 2010
2:13 pm

“As a result, perfectly healthy banks are being forced to pay even higher insurance premiums”

And pass the cost along to the US Taxpayer. Another fine example of how GOVT is the problem…not Captialism. Thanks for once again proving/confirming the correctness of my postings!!! Cheers!

Moderate Line

June 25th, 2010
2:16 pm

From the NYT:

Coffee shops used for discreet lobbyist meetings
Meetings outside the White House avoid official visitor registration

Attempts to put distance between the White House and lobbyists are not limited to meetings. Some lobbyists say that they routinely get e-mail messages from White House staff members’ personal accounts rather than from their official White House accounts, which can become subject to public review.

But because the discussions are not taking place at 1600 Pennsylvania Avenue, they are not subject to disclosure on the visitors’ log that the White House releases as part of its pledge to be the “most transparent presidential administration in history.”

http://www.msnbc.msn.com/id/37925385/ns/politics-the_new_york_times/

Hillbilly Deluxe

June 25th, 2010
2:16 pm

To be serious for a minute, there was a trend in the last 10 or so years, to open a bank with the express purpose of selling it. Regulations were such that you only had to own the bank for two years after opening it before you could sell it. People went out and scraped together the money to open a bank, with no intention of “serving the community” and often without knowing much about banking. They just wanted to sell the bank and make a killing. So you loan anybody and everybody money, pump up the numbers and sell out. It worked for a while and some people made loads doing that but as always, those who are late to the party get the leftovers. So when it blew up, a lot of them got bit in the ass. Too bad they had to play a big part in taking the economy down with ‘em.

josef nix

June 25th, 2010
2:17 pm

BTW

@ 2:12
It’s not the Stafford one…but a warning to leave the cows out of this! :-)

RW-(the original)

June 25th, 2010
2:21 pm

Broun was also a major investor in McIntosh Commercial Bank, based in Carrolton.

If Paul Broun’s involvement was only as an investor it’s kind of hard to see how he “baked the cow patty” and one would expect he probably lost some of the investment.

Hillbilly Deluxe

June 25th, 2010
2:23 pm

neo-Carlinist

June 25th, 2010
2:27 pm

since credit is tight, have him send me his SSN and I’ll pull his credit score. I might make a “high risk” loan to the down on his luck guy… you know, using proven free market principles.

larry

June 25th, 2010
2:27 pm

This guy is such a joke and no i didnt vote for him . He is so dense.

Politico

June 25th, 2010
2:29 pm

Broun and his ilk are truly morons. But he is just what his district and Georgia deserve because they were dumb enough to elect him. God help us from such ignorant politics.

Finn McCool

June 25th, 2010
2:29 pm

If Chile beats Spain the favorite to win it all will have been ousted in the first round.

N-GA

June 25th, 2010
2:35 pm

Jay – Why not have one of the AJC’s investigative reporters use public domain documents (like bank financial statements) to analyze the bank’s failure? Let us know what kind of salary and bonus Conrad Broun earned. Also were any of the loans to “friends” (usually business colleagues). Were there any political contributions to Broun from any of these parties.

If you get a little of this done, then perhaps we can feel more comfortable with our conclusions other than just drawing them from your article.

Halftrack

June 25th, 2010
2:37 pm

Bank closings are the unintended consequences of the government’s affirmative action at work. They required sub-prime loans, etc. People everywhere want to spend more money than they earn. Even our government wants to do that. Its not numbers that lie; its just the people who use numbers that lie. The bottom line is that someone has to pay the fiddler for the dance. Many bankers knew on these sub-prime loans we didn’t have the money to pay the fiddler for the dance and now everyone is going to pay, in some form or another, for the governments policy failures. We should not laugh at Rep. Broun – - – as our turn is coming soon.

Scout

June 25th, 2010
2:39 pm

“OFF TOPIC #1″

Headline: “A source close to Gen. David Petraeus says one of the first things he will do when he takes command of the Afghan War is make it easier for U.S. troops to engage in combat with the enemy — but the general’s spokesman says nothing’s decided.”

Good grief …………. why should this even be an issue and how many American lives has this cost already?

War is not the same as World Cup Soccer !

“Machine Gunners – Accuracy Through Volume !”

Marine

June 25th, 2010
2:39 pm

If even half of you believe the things you say we’re in deap trouble.

CenterRight

June 25th, 2010
2:39 pm

That’s nothing compared to the $150 billion (and counting) cow patty that Barney Frank has left the taxpayers with.

TaxPayer

June 25th, 2010
2:41 pm

And pass the cost along to the US Taxpayer.

Actually, the FDIC picks up the tab but with the backing of the fed if they do not have enough money. They charge the banks insurance premiums and the healthy banks end up paying for the unhealthy banks. That’s how insurance works. Of course, the depositors must ultimately pay for that “health” insurance via reduced returns on their deposits but they do get the $250,000 policy coverage.

Scout

June 25th, 2010
2:42 pm

“OFF TOPIC #2″

Headline: “Cash-strapped North Korea has demanded the United States pay almost $US65 trillion ($75 trillion) in compensation for six decades of hostility.”

THIS IS SCARY – OBAMA JUST MIGHT DO IT !

TaxPayer

June 25th, 2010
2:47 pm

Kim says Boo and Scout jumps.

Scout

June 25th, 2010
2:51 pm

TaxPayer:

It’s a joke ………….. but keep your eyes on “Midas” Obama.

md

June 25th, 2010
2:55 pm

“A source close to Gen. David Petraeus says one of the first things he will do when he takes command of the Afghan War is make it easier for U.S. troops to engage in combat with the enemy ”

Must be planning on providing attorneys free of charge, or reduce battlefield questions to only 10 (still 10 too many).

@@

June 25th, 2010
2:56 pm

Well pooh!!!!

It seems the microbe application technique isn’t all it’s cracked up to be, or so says the NYT. BP may give it a go in the interest of science…field research so to speak. Applying fertilizer to the Gulf’s natural microbes is preferred.

Oh well….

jt

June 25th, 2010
2:57 pm

This is really nothing. Just wait until this kicks in. From the WSJ———————————–

“The biggest underreported threat comes from Subtitle I, Section 1801 of the House financial reform bill titled “Inclusion of Minorities and Women; Diversity in Agency Workforce.” Sponsored by California Democrat Maxine Waters, the provision requires each federal financial agency, the Fed Board of Governors and the 12 regional Fed banks to “establish an Office of Minority and Women Inclusion.”

Mull over that one for a minute. Having recently lived through a financial mania and panic caused in part by political pressure for “affordable housing,” Congress will now order regulators to allocate credit by race and gender. Isn’t the point of this financial reform supposed to be to make regulators better judges of systemic risks, which means focusing on financial safety and soundness? If the Waters provision passes, federal regulators will have to put racial and gender lending at the top of their watch list when they do their checks on the banks and hedge funds they are regulating.”

I can hear the lefties now. “this banking act had NOTHING to do with the second meltdown. NOTHING!”

jt

June 25th, 2010
2:58 pm

n “Midas” Obama.

Its REVERSE MIDAS.

x-wingback

June 25th, 2010
2:58 pm

This subject just smells bad..

Outhouse GoKart

June 25th, 2010
2:59 pm

“This guy is such a joke and no i didnt vote for him . He is so dense”

Ya…reminds ya of Obama, huh!!

Outhouse GoKart

June 25th, 2010
3:01 pm

“Congress will now order regulators to allocate credit by race and gender.”

Which will put us right back in the same position. Ya…we gotta be fair to the lazy and stupid.

Outhouse GoKart

June 25th, 2010
3:02 pm

What about the Transvestites and Shemales…where is the provision for them?

Scout

June 25th, 2010
3:03 pm

md: Yep ……… pretty sad to be even discussing it.

jt: I think you are correct.

TaxPayer

June 25th, 2010
3:03 pm

Broun was overheard, while his mic was “off”, saying, “I hereby bless this cow patty in the name of my brother, his backers and fellow Republicans.”

TaxPayer

June 25th, 2010
3:09 pm

stands for decibels

June 25th, 2010
3:09 pm

Why not have one of the AJC’s investigative reporters use public domain documents (like bank financial statements) to analyze the bank’s failure?

If you go to the linked story you’ll see this way up top:

But after an Atlanta Journal-Constitution examination of congressional financial disclosure forms revealed that Broun was an investor in the bank, the Republican congressman from Athens had a very strong opinion about who’s to blame: the federal government.

Sounds like they already did.

Also, RW @ 2.21, if Paul Broun were only an investor I could see your point about culinary credit, but given that his brother was a founding director…

Outhouse GoKart

June 25th, 2010
3:14 pm

“Lawyer: Vick not involved in shooting outside club”

A few words of wisdom for one Michael Vick…

“On the bottom, words are shallow; on the surface, talk is cheap
You can damn near judge the distance by the company you keep
In the eyes of the Confessor”

stands for decibels

June 25th, 2010
3:15 pm

A source close to Gen. David Petraeus says one of the first things he will do when he takes command of the Afghan War is make it easier for U.S. troops to engage in combat with the enemy

Scout, md, I imagine you’ll enjoy this carefully researched analysis of the General’s recent re-assignment, and how that might affect the GOP’s prospects for 2012.

Wyld Byll Hyltnyr

June 25th, 2010
3:18 pm

He is incorrect in that these community banks should fail because their assets are worth less than their laibilities, but he is correct that Bair and the FDIC are incompetent and a disgrace.

Jimma

June 25th, 2010
3:20 pm

Other than being a part owner in the bank and losing his own money, did Broun contribute to its collapse, and was there any proven wrongdoing on the part of management? Nothing cited in any of the articles in this piece or by Bookman prove otherwise. This isn’t even chump change compared to what Maxine Waters, Chris Dodd, Alcee Hastings, and fellow democrats have managed to steal or misappropriate.

The real dolts are the willing fools who elected the inept Obama and this corrupt congress to bake trillions of cow patties. Eat up, and enjoy it while you can!

Southern Comfort

June 25th, 2010
3:24 pm

HD

This is from Jay’s link…

Rep. Broun went on to say he was simply a silent investor in the banking company. His brother Conway, he said, managed the three brothers’ investment, and their interest in the bank. Conway Broun has started and sold several banks, according to the congressman.

Sounds like you hit the nail on the head. Stick your hand in a lion’s mouth one time too many, and you may draw back a nub!!

jt

June 25th, 2010
3:31 pm

TaxPayer

Good informative link. Basically the entire page is about how the FEDs have infiltrated community banks. Did you see the nightmare paperwork required for mortgage-originators now? They have 180 days to comply. I wonder if this is required for “rent-to-own” originators?

Just a way for those federalies to be “all up” in your business.

Anyhow, it was interesting to see THIS link on YOUR link. Hundreds of pages titled ———

Interagency Statement on the Regulatory Capital Impact of
Losses on Fannie Mae and Freddie Mac Preferred Stock

moonbat betty

June 25th, 2010
3:35 pm

obama can make peppermint patties out of cow patties.

Yes he can.

Go ahead. Close your eyes and take a big bite!! mmmmmmmmm!

Hillbilly Deluxe

June 25th, 2010
3:36 pm

SoCo @ 3:24

I’ve seen it happen, in my area, more than once.

Grumpy

June 25th, 2010
3:41 pm

FDIC closed the bank in March. A quick look at my calendar shows we’re in June. It took you 3 months to write about this? Must have been a slow day for lefty talking points.

stands for decibels

June 25th, 2010
3:41 pm

OT #1:

Jay, given that this is shaping up to be a fairly big story (it’s third on Teh News.Google), have you any thoughts about the David Weigel thing?

To be honest I wasn’t really familiar with his work, but if this bit is accurate…

His crime was expressing his opinions less guardedly in private messages to friends than he did in his Washington Post blog — or even on his oft-sarcastic and critical Twitter feed. In other words, his crime appears to have been professionalism.

Anyone who follows Weigel’s public Twitter feed knows his opinions on most of the subjects he wrote about in the Journolist messages. Readers of his earlier work for Reason certainly knew his political leanings. And everyone is entitled to think and write whatever the hell they want in private messages to friends, or even semiprivate correspondence with other professionals in your field.

In an otherwise good post on the entire mess, Liz Mair suggests “The Left” helped bring Weigel down because he’s been defending Rand Paul, but that seems, uh, unlikely to me. The best thing about Weigel’s reporting was that he was actually fair to the Tea Partiers and the seemingly fringe right-wingers, and he forced his liberal colleagues to see them in a slightly less cartoonish light.

well, makes ya think.

RW-(the original)

June 25th, 2010
3:45 pm

sfb,

I’ve invested in things that my siblings have undertaken with no involvement whatsoever beyond financial.

Lewis

June 25th, 2010
3:48 pm

Paul Broun is so typical and hypocritical. He says he wants to cut spending and have the federal government do less. But then a bank that he is a major investor of gets $123 million from the federal government to cover lost deposits. So it’s OK to take federal money if it benefits a Paul Broun enterprise but it is not OK to use federal money when it benefits someone else? And I wonder what dividends, other money, and perks Paul Broun got from this failed bank over the years?

TaxPayer

June 25th, 2010
3:50 pm

jt,

I’m not sure I follow you. Are you implying that banks don’t need anyone checking up on them. Would you put your money in a bank that is not FDIC insured, for example.

TaxPayer

June 25th, 2010
3:52 pm

OK. It’s true. I’ve stayed at places OTHER THAN Holiday Inn.

jt

June 25th, 2010
3:52 pm

“David Weigel resigns”

That is what happens if you screw with the official White House Narration.

He is a good guy and I’m sure Matt Drudge will put him to work.

Its not called the “old” media for nothing.

stands for decibels

June 25th, 2010
3:55 pm

I’ve invested in things that my siblings have undertaken with no involvement whatsoever beyond financial.

And you’re still on speaking terms?

You’re a better man than I am, Gunga Din…

Road Scholar

June 25th, 2010
3:57 pm

Conserves: Cow patty…do you serve that with red or white wine?

jt

June 25th, 2010
4:00 pm

TaxPayer

Would you put your money in a bank that is not FDIC insured, for example.

No, I do gold/real estate. Cash. . Regardless, before FDIC, there were mechanisms to insure your deposits. Namely, the free market and the fact that the owners of the bank would suffer a REAL hazard if it failed. Furthermore, the FDIC played a critical derogatory role in our last collaspe. More so than is ever mentioned by the MSM. See moral hazard.

In short, without your beloved federal father figure, someone or something from the private sector would have stepped up to fulfill the role of the current FDIC money pit. And it wouldn’t have cost ME anything.

TaxPayer

June 25th, 2010
4:06 pm

jt,

That’s a nice fantasy you have going there.

Southern Comfort

June 25th, 2010
4:08 pm

Namely, the free market and the fact that the owners of the bank would suffer a REAL hazard if it failed.

Are you suggesting we go back to the days where justice could be dealt by any citizen western-style or something like it? That’s kinda what I got from that statement.

In short, without your beloved federal father figure, someone or something from the private sector would have stepped up to fulfill the role of the current FDIC money pit. And it wouldn’t have cost ME anything.

For that to happen, there would have to be some kind of profit in it. There are few private sector companies that do any function “just for the good of the people” and not think about the profits they’ll generate. We would end up with yet another arena for insurance companies to siphon money from people. I can just imagine having to pay monthly premiums to a bank or insurance company for a bank to insure the money I’ve placed in trust with them. :roll:

Zedd

June 25th, 2010
4:13 pm

“That’s a huge cow patty withOUT a marshmallow, to borrow a phrase, and it leaves an unpleasant taste.”

Jay, with the crap that spews out of your mouth everyday, that taste is probably permanent! :)

jt

June 25th, 2010
4:15 pm

Southern Comfort

“I can just imagine having to pay monthly premiums to a bank or”

You are already paying it sir. Your children and grand children too.

As for your first “old west” statement. Banks survived for over 200 years without the FDIC. And contrary to popular belief, only a small percentage of banks collasped during the first great depression.

jt

June 25th, 2010
4:16 pm

TaxPayer

Me and about a 100 million other patriots.

TaxPayer

June 25th, 2010
4:22 pm

Me and about a 100 million other patriots

I would just love to see you run for office and include in your campaign pledge a promise to get rid of the FDIC. Let’s see if you truly do think as 100 million other “patriots”. Why do you think the FDIC was originally created.

Southern Comfort

June 25th, 2010
4:25 pm

I may be paying for it, but not nearly as much if someone were trying to profit from it. I pay for police and fire protection too. I can only imagine what my monthly police bill would be if Blackwater i.e. XE were the police providers of Henry Co.

A small number of banks may have failed, but even a small number of banks now probably carry more in deposits than all banks had right before the Great Depression. Also, banks were not used by as large of a percentage of the population as they are now.

SouthGaDawg

June 25th, 2010
4:39 pm

And how is it Broun’s fault? Just because he invested in the bank dind’t mean it was his fault it collapsed. By your logic, whoever was invested in Lehman Brothers was responsible for Lehman Brother’s collapse.

Finn McCool

June 25th, 2010
4:49 pm

SouthGADawg,

It’s about the hypocrisy of an elected official calling someone else’s activities smelly while he is, in turn, involved in something smelly.

The pot calling the kettle black, ya know? Double standards?Hypocrisy

TaxPayer

June 25th, 2010
4:58 pm

I thought thousands of banks failed during the Great Depression.

saywhat?

June 25th, 2010
5:08 pm

MitchFarted

June 25th, 2010
5:33 pm

Finn- I think SouthGaDawg is right here. Its pretty absurd for you to imply that Broun did something “smelly” just because he was an investor in a bank that collapsed. Actually 41 banks in the US failed in the first quarter of this year alone. Most every major mutual fund has at least some part of its portfolio invested in banks too. That means that your retirement account along with Jay Bookman’s retirement account is invested in funds that own some of these banks that collapsed. Does that make you and Jay smelly too?

Finn McCool

June 25th, 2010
5:34 pm

I might have to go all credit union on Bank of America. I was with little old NCNB in North Carolina as my first bank and then Hugh McColl changed the name to NationsBank and bought every bank that wasn’t tied down.

The only reason i’ve stayed is the ATM network but now you can get cash at the grocery check-out so….

"Information becomes a distraction, a diversion, a form of entertainment" - BHO, May 1, 2010

June 25th, 2010
5:34 pm

jt at 3:52 —

Drudge doesn’t report. They simply aggregate and drive readers to stories found on the internet.

BTW – The Wash Post is just washed up. What a rag. When’s the last time they broke a real story? Uhhhhh….

Lewis

June 25th, 2010
5:37 pm

Its crazy for Jay to say that Broun has done anything wrong here. Jay’s argument is the same kind of BS that progressives and liberals spin all of the time. Jay’s philosophy, along with Obama’s is to attack anyone with wealth by any means necessary to acheive thier goal of wealth redistribution in the US. What Jay doesn’t realize is that when there are too many people sitting in the wagon and too few people actually pulling the wagon, then the wagon eventually stops.

Jefferson

June 25th, 2010
5:38 pm

Couldn’t have happened to a nice crowd.

Lewis

June 25th, 2010
5:41 pm

I challenge Jay Bookman to release the names of ALL the mutual funds and stocks that he and his family owns in thier 401k accounts and other retirment accounts. Jay- Prove to us all that you and your family have $0 invested in banks that borrowed TARP funds. You are a total hypocrit and you just got exposed.

"Information becomes a distraction, a diversion, a form of entertainment" - BHO, May 1, 2010

June 25th, 2010
5:47 pm

Is it a coincidence that George Soros has $900 million of his wealth invested in Petrobras (The national oil company of Brazil)?

Where will the rigs that Obama wants to shut down go? Answer: Brazil.

Does Brazil want to drill at 14000 feet? Answer: Yes.

Coincidence Mr. Bookman?

Scout

June 25th, 2010
5:49 pm

Gen. Petraeus has never been high in my book. Any West Point cadet who would date and marry the Commandant’s daughter has always been a politician first !

I like warrior generals first …………….

"Information becomes a distraction, a diversion, a form of entertainment" - BHO, May 1, 2010

June 25th, 2010
5:51 pm

Who finances The Center For American Progress and MoveOn.org?

Answer: George Soros.

Finn McCool

June 25th, 2010
6:04 pm

Yeah, jay. Lewis busted you. These conservanuts are way to smart for us libs.

Ahhh. A “Gloria Cubana” Serie R cigar…very nice indeed

"Information becomes a distraction, a diversion, a form of entertainment" - BHO, May 1, 2010

June 25th, 2010
6:05 pm

Ned from the BTLS show has a nice song for BP.

Be careful – EXPLICIT but funny !

http://www.youtube.com/watch?v=bRrRDcsfkyM

Brett

June 25th, 2010
6:27 pm

Cretins like this should be taken out and – - – - !

Fly-On-The-Wall

June 25th, 2010
7:37 pm

Didn’t take too long for Glenn (he’s a traitor) Beck lies to get in here. Please, that story of Soros and Brasil is junk and you know it.

Bill

June 25th, 2010
8:12 pm

Idiot – the FDIC is a gov run insurance company. It’s funds come from fees paid by all banks. The taxpayers did not foot this bill.

If you libs would read and learn, you might understand what is really happening

Keith

June 25th, 2010
9:20 pm

So Broun invested in a bank and it went under. Broun wasn’t running the bank and he benefited in no way from the taxpayers or FDIC. He lost his butt! Plus he is correct in saying the Fed’s are intentionally collapsing some of these banks. They’ve arbitrarily increased the level of capital reserves required by 25% or more knowing these small town banks can’t raise that much additional capital.

HM

June 25th, 2010
10:13 pm

Jay:
How many more “cow patties” do you think this administration is going to force us tax payers to eat? Once the Golden Goose is dead, who’s going to left to pick up the tab?