Pat Toomey a Small Businessman? HAHAHA. No.
here’s a video on Pat Toomey “defender of the small businessman”:
HAHAHAHA, that’s hilarious. The TRUTH?
Pat Toomey was a swaps dealer on Wall Street, a player in the derivatives industry, the same industry that almost collapsed the world’s economy.
Toomey’s road from Wall Street to Washington was circuitous. After getting a political science degree from Harvard, Toomey landed a job in Chemical Bank’s capital markets group in 1984. In order to build its eurobond issuance business with American corporations, Chemical began offering interest rate and currency swaps, and Toomey was soon helping out with the bank’s earliest swaps transactions.
Two years later, he and six associates were lured to Morgan Grenfell, the British merchant bank, to start what Toomey calls a “serious derivatives operation” designed to drive the firm’s slow-growing dollar-denominated eurobond business. “We traded a portfolio 24 hours a day, and it became quite sophisticated, as all the big financial houses did during the 1980s,” he says. “We were dealing in various currencies, all kinds of interest rate and currency-related derivatives—options, swaps, forwards and so on.”
And guess what? Even after Toomey’s profession nearly destroyed all of us, he STILL doesn’t believe in regulation:
Toomey is virulently opposed to unnecessary regulation. “The trend in deregulation, beginning in the early 1980s, is one of the biggest reasons for the sustained economic expansion,” he says. “I would like to see us continue to deregulate on many fronts, including the financial services industry.”
And what of the much-ballyhooed hedge fund regulation talk emanating from Washington lately? “It’s not clear to me that the problem with Long-Term Capital Management requires new regulation,” he says. “I think we need to continue to work on understanding what really happened there and what the magnitude of the threat to the infrastructure of our financial services industry was. Frankly, I think that the outcome was appropriate. The equity investors lost everything—and under the circumstances that had to happen—but the bailout essentially worked.
And this is from 1999. The dude has not learned his lesson, and will undoubtedly plunge the nation into even WORSE financial straits.
I’m no fan of the Democrats, but a vote for Pat Toomey is the same as plunging a french knife into your stomach and disemboweling yourself. that is NOT hyperbole.
