15 Aug

The Net Effect of Immigration

The Net Effect of Immigration, including unauthorized immigration, is BENEFICIAL.

Ever hear your friends or family rant about illegal immigrants and the threatening invasion? Most of those folks get their fake news from Trump TV and just repeat what they hear. If you would like to be armed with some actual researched data, read on.

Immigrants in the U.S.
From Pew Research, June 2019

How many people in the U.S. are immigrants?
The U.S. foreign-born population reached a record 44.4 million in 2017. Since 1965, when U.S. immigration laws replaced a national quota system, the number of immigrants living in the U.S. has more than quadrupled. Immigrants today account for 13.6% of the U.S. population, nearly triple the share (4.7%) in 1970. However, today’s immigrant share remains below the record 14.8% share in 1890, when 9.2 million immigrants lived in the U.S.

Who is arriving today?
More than 1 million immigrants arrive in the U.S. each year. In 2017, the top country of origin for new immigrants coming into the U.S. was India, with 126,000 people, followed by Mexico (124,000), China (121,000) and Cuba (41,000).

What is the legal status of immigrants in the U.S.?
Most immigrants (77%) are in the country legally, while almost a quarter are unauthorized, according to new Pew Research Center estimates based on census data adjusted for undercount. In 2017, 45% were naturalized U.S. citizens.

Note from other source: Since 2007, visa overstays have accounted for a larger share of the growth in the illegal immigrant population than illegal border crossings (Seitz, A.; Weissert, Will (January 4, 2019). “AP FACT CHECK: Visa overstays outpace border crossings”. AP NEWS)

Illegal Immigrants – significant drop in last decade
From Pew Research, June 2019

  • The number of unauthorized immigrants living in the United States has dropped to the level it was in 2004.
  • There were 10.5 million unauthorized immigrants in the U.S. in 2017, representing 3.2% of the total U.S. population that year.
  • The 2017 unauthorized immigrant total is a 14% drop from the peak of 12.2 million in 2007.
  • The U.S. civilian workforce includes 7.6 million unauthorized immigrants, representing a decline since 2007. Between 2007 and 2017, the number of unauthorized immigrant workers fell by 625,000.
  • From 2007 to 2017, individual states experienced different trends. The unauthorized immigrant population decreased in a dozen states: Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, Nevada, New Jersey, New Mexico, New York and Oregon.

Illegal Immigrants – the data looks good – perhaps we should welcome them
From Wikipedia with source footnotes (refer to Wiki page)

  • Research shows that illegal immigrants:
    Increase the size of the U.S. economy/contribute to economic growth.
    Enhance the welfare of natives.
    Contribute more in tax revenue than they collect.
    Reduce American firms’ incentives to offshore jobs and import foreign-produced goods.
    Benefit consumers by reducing the prices of goods and services.[2][3][4][5]
    Commit less crime than natives.[10][11]
  • Economists estimate that legalization of the illegal immigrant population would increase the immigrants’ earnings and consumption considerably, and increase U.S. gross domestic product.[6][7][8][9]
  • Sanctuary cities—which adopt policies designed to avoid prosecuting people solely for being in the country illegally—have no statistically meaningful impact on crime, and may reduce the crime rate.[12][13] Research suggests that immigration enforcement has no impact on crime rates.[14][15][12]

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05 Feb

McClintock is So Fond of Nay…

By: Susan Ashby

I am sure you are wondering how your congressman, Tom McClintock, represented you during the government shutdown.  Here is a rundown:

  • January 3: House passes two spending bills to reopen eight federal agencies on the first day of the Democratic majority. (HR 21 and HJ Res 1).  McClintock voted Nay.
  • January 9: House passes a financial services spending bill, with 8 Republicans joining the Democratic effort.  HR 264.  McClintock voted Nay.
  • January 10: House passes two funding bills to reopen the Departments of Transportation, Housing and Urban Development, Agriculture, and more. 12 Republicans break with Trump to fund HUD and the Department of Transportation.  HR 267 and 265.  McClintock voted Nay.
  • January 16: The House passes a disaster relief bill that includes an amendment to fund the government through early February.  HR 268.  McClintock voted Nay.

McClintock continues to try to obstruct responsible governing.  Fortunately, he is now a small voice in the wind. 

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06 Aug

Our District is Burning … Jessica Morse

Our District is Burning …

Jessica Morse, Democratic candidate for CD04, posted the following statement on her Facebook page on 8/2/18 and now the fires are even worse.  I’ve reposted it with permission below.

I’d like you to encourage you to read her issue statement on fire from her website. Other issue statements on everything from healthcare, education, and jobs & economy (and more) are also posted.

If you haven’t been watching, Google has an excellent map to track the fires with links to the CDF information.

Our District is Burning.  Three new fires prompted evacuations yesterday in El Dorado County and burned 700 acres in Placer County.  A neighbor from Pollock Pines, Don Ray Smith, was killed while fighting the Carr fire — a fire so hot it created a fire toronado.  The Ferguson Fire has shut down Yosemite for more than a week and claimed two lives: Brian Hughes of Squaw Valley, who leaves behind a pregnant fiance, and Braden Varney of Mariposa, who leaves behind a wife and two young children.

My heart is broken for those who’ve lost their homes, seen their communities ravaged, and made the ultimate sacrifice to protect our neighbors.

But what drives me to comment is that these fires are preventable.  Wildfire is not just a natural disaster, it’s a political disaster.  We know why they rage: clear cutting at the turn of the century and a century of fire suppression policy has led to overly dense forests.  We need leaders who will invest in fire prevention and support innovative solutions to offset the costs of fire thinning.

Investing in fire prevention would have dramatically diminished the devastation we are experiencing this week by thinning our forests, finding uses for skinny trees and forest waste, and issuing thoughtful permits for grazing and selective logging.  These solutions would not only keep our community safe, they would create local jobs that cannot be outsourced.

Up in Tahoe, the mountains are barely visible above the layers of smoke.  Even those not directly in the fires’ paths have to keep their children inside, and many of our neighbors are still evacuated and unsure if they will even have homes to return to.

Protecting ourselves from future disasters starts with changing our leadership.  I’m commited to fighting for smart, proactive solutions for fire prevention.

 – Jessica


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23 Apr

OPINION: Remember the Goal for CD4: Replace McClintock!

OPINION: Remember the Goal for CD4: Replace McClintock!


Susan Ashby

The objective was to replace our current representative (or should I say non-representative) with someone who has positions on the issues that are in line with ours. We wanted to focus all our support efforts behind one candidate so that person would be assured of being one of the top two winners in the primary and then go on to win the election in November. After listening to the candidates for months and grilling them one-on-one, most of the executive members of the 10 county Democrat Central Committees voted for Jessica Morse to lead the fight. That is why the California Democratic Party endorsed Jessica.

It seems that the other three people running for the CD4 seat have let their egos and delusions of grandeur get the better of them.

The two other women that had been running along with Jessica for the past several months had promised to step aside if one of them received the CDP endorsement. But they changed their minds and decided to continue to run this only dilutes the efforts of the democrats to all get behind one candidate. I guess they forgot the original GOAL.

And if that wasnt bad enough, just before the filing deadline, another democrat entered the race. I read the article about his candidacy in The Calaveras Enterprise, April 12. I have watched all the videos on his website. My conclusion on this man: a self-promoting, phony, blowhard.

We need to stand behind and fully support Jessica Morse. That means knowing about her so you can talk to as many people as possible and promote her as the best candidate and the most likely to be in the #1 or #2 spot in the June Primary.

She has the endorsement of Ben Rhodes, former Deputy National Security Advisor to President Obama (2009-17); Eric Swalwell, current Congressman from Californias 15th District (Alameda County/East Bay); Jared Huffman, Congressman from Californias 2nd District (North Coast) and about a billion other elected officials, organizations, community leaders, and national security leaders. See the full list:

I implore each and every one of you to read her positions and call your friends and family in the District and explain why Jessica is the person to vote for in June.

Here is her website for her take on important issues:

Over April 24 & April 25, Jessica Morse will be in at several locations in Calaveras County: Murphys, Angels Camp, and Valley Springs.  Specifics can be found at:

Also, as we hear of her local appearances (including in Amador and Tuolome), we’ll add them to our calendar.

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05 Jan

Bernie Sanders’ Medicare-For-All’ Bill

Bernie Sanders’ Medicare-For-All Bill

Bernie Sanders introduced the Medicare-For-All bill in the Senate in September (S1804). It currently has 16 co-sponsors including Senator Kamala Harris from California.   (Dianne Feinstein has not signed, as yet.)  There are 27 House Representatives who support single payer Medicare-For-All legislation – not on the list is our Representative, Tom McClintock.

The bill will not pass this current Congress.  However, big changes are expected in the 2018 and 2020 elections.  We need to keep talking about Medicare-For-All for the next few years to educate everyone and thereby muster massive public support.  And we need to replace our Representative with someone who supports Medicare-For-All.

Here is a quick primer on what is in Sanders’ bill – the basics and what problems it will solve:

Also, attached are some debunked myths and lies about Medicare-For-All.  The information came from the Public Citizen site.

    • Single-payer is government-run health care. 


  • That would be the Veterans Administration.  Or the British health care system.  Where the government pays for the doctors and hospitals.
  • Under single-payer, you get a health care car and you can go to any doctor or hospital in the United States.
  • Doctors are not employees of the government.
  • Hospitals remain in private hands.
  • You get free choice of doctor and hospital.
    • Single-payer will lead to rationing, like in Canada.


  • Right now in the United States, the private health insurance ration care.
  • If you don’t have health insurance, you don’t get health care.  More than 30 million Americans currently lack health insurance.
  • That’s why 120 Americans die every day from lack of health care.
  • There are some problems in the Canadian sysem, but most of what you hear about long lines is health industry propaganda.
  • Zero people die every day in Canada due to lack of health insurance.
    • Costs will skyrocket under single-payer.


  • Single-payer is the only health care refore that will save enough money to insure everyone.
  • By eliminating the health insurance industry, we save $500 billion a year or more in administrative costs and profits.
  • >We then use that money to insure those who lack insurance and fully cover those who are under-insured.
  • Yes, more people will be seeking health care because they will now have insurance.  But they will be taking care of medical problems early, thus preventing more costly treatment later.
    • Drugs will be more difficult to get under single-payer.


  • The drug industry would have you believe that there will be less research and developent under a single-payer system.
  • In fact, much medical research is currently funded by the National Institutes of Health.
  • Under single-payer, this would grow.
  • Also, drugs would be cheaper under single-payer.
  • When all patients are under one system, the payer yields a lot of clout.
  • For example, the Veterans Administration gets a 40% discount on drugs because of its buying power.
  • This single-payer buying power is the main reason why other countries’ drug prices are lower than ours.
  • Now you know why the drug industry is so opposed to single-payer.
    • Single-payer will cover less than the insurance I now have.


  • For the majority of Americans, single payer will be a vast improvement.
  • All medically-necessary care would be funded through the single-payer, including doctor visits, hospital care, prescriptions, mental health services, nursing home care, rehab, home care, eye care and dental care.
  • An enlightened single-payer will lso result in a sharp increase in public health funding to prevent disease.
  • No ore bills.  No more deductibles.  No more co-pays.
      • Single-payer will cost me more than I’m paying now for private health insurance.


  • The vast majority of Americans will pay about the same or less than they are paying now.
  • Instead of paying premiums to a private health insurance company, most of us will pay a similar or smaller amount in taxes.
  • So right now, if you are paying $8,000 in premiums for a family of four with a $4,000 deductible, your yearly liability is at least $12,000.
  • You will probably pay less than that in taxes to fund a universal single-payer.
  • There will be no deductible.
  • An you can go to see any doctor or check into any hosptial in the United States.

Original docs from Public Citizen:

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03 Oct

Calaveras Democrats’ Core Beliefs

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06 Sep

An Economic Review of Calaveras County

An Economic Review of Calaveras County

 By Susan Ashby for CCDCC

This paper reviews current economic factors in the County plus the State’s forecast for the next several years.  It will also discuss potential impact of certain events on the County.

United States’ Economy

Before looking at Calaveras information, let’s look at the state of the economy for the U.S.  The current economic expansion is the third-longest in U.S. history but it is the weakest economic recovery since World War II.

“Only two expansions have matched the lifespan of the one that began June 2009 and has endured for 96 months:  a 106-month expansion that ran from February, 1961 to December, 1969 when President Lyndon Johnson stoked growth with spending on domestic programs and the Vietnam war.  And a 120-month streak that began in March, 1991 and ended in March 2001, after the dotcom bubble burst.”

Employers have been hiring steadily since 2010 – “81 straight months – easily the longest streak on record.  And the number of Americans applying for first-time unemployment benefits has stayed below 300,000 for 125 straight weeks.  That’s the longest such streak since 1970, when the population and workforce were much smaller.”

However, compared with the other two long-lasting expansions, the current one looks weak.  A big reason is just how bleak the job picture was eight years ago.  The Great Recession wiped out 7.4 million jobs and the job market didn’t actually hit bottom until February 2010.”  “…over the last couple of years, we have definitely moved to a slower pace of job growth” says Robin Anderson, senior economist at Principal Global Investors.
AP Economics Writer Paul Wiseman

Nationally, the unemployment rate was 4.4% as of June, 2017. For California, 17600 new jobs were added in May, dropping the State’s unemployment rate to 4.7%.

Current Economy in Calaveras County


With a population just under 46,000 and a civilian force of a little over 21,000, the current unemployment rate is 5% –down from 6.1 in January, 2017, and 5.6 a year ago in June, 2016.  By comparison, for 2016, Amador County was 6.0 and Tuolumne 5.7.   Mariposa, Merced, Madera counties all have higher unemployment rates than Calaveras.


“Calaveras …draws tourists from all over the globe to its cultural events and to treasure the small town ambiance. Because of its attraction to visitors, the tourism business is thriving, and it is one of the major growth industries in the County.”

Lisa Boulton, Executive Director, Calaveras County Visitors Bureau.

2016 preliminary data from the State shows $180 Million in total travel-related spending and 2340 jobs in Calaveras County.

There has been steady growth in visitor spending and travel-related employment since 1994.  The average annual change in visitor spending since 1994 is 3.3%; between 2015 and 2016, an increase of 3.0%.   With regard to employment, the average annual change in travel-generated employment from 1994 to 2016 is 1.0% and between 2015 and 2016 there was an increase of 2.0%.


In February, the University of the Pacific Business and Policy Research, Eberhardt School of Business, Stockton, and McGeorge School of Law, Sacramento, wrote “An Economic Impact Assessment of the Cannabis Cultivation Industry in Calaveras County.”  Key findings of direct impacts of 2016 Calaveras cannabis cultivation include:

  • Sales value: $251.5 million
  • Direct employment: 2605
  • Direct labor income: $148.4 million.

Cannabis cultivation equates to about 15% of the county’s Gross Regional Product (GRP) and when indirect and induced impacts are included, the total impacts are about 19% of GRP and 21 percent of the county’s jobs.

Other Farm Commodities in 2016

Cattle and calves – $9.3 million; Poultry $52M; Wine Grapes $2.7M; Walnuts $2.2M; Timber $1.7M; Sheep, Vegetables, Apiary, Nursery, and Misc. Livestock $886,000.

Forecast 2016-2021

Per the State’s forecast:

  • Population growth will be flat, with the county neither gaining nor losing a substantial number of residents.
  • Job growth will average 0.3 percent per year.
  • The largest job gains will be observed in wholesale and retail trade, as well as leisure and hospitality. Combined, these industries will account for 77% of net job creation in the county.

The above forecast would change drastically and in a positive direction if cannabis cultivation were to be approved in this County.

2017-2018 County Budget

The county really doesn’t generate enough revenue to pay for its basic needs including some things that are important to a healthy, thriving community. The preliminary budget, recently passed by the Board of Supervisors, reflects a deficit of $3.3 million.  This amount will have to be resolved, by finding revenue and/or cutting costs, by September, 2017.

Events that could impact our economy in the near future

  • Cannabis:  Legalizing cannabis cultivation would clearly impact the County positively.  If cannabis is banned, the GRP and job figures will suffer significantly.  If 19% of the GRP for 2016 was due to cannabis and the 2017-2018 preliminary budget is negative $3million, what is going to happen if cannabis is banned?
  • Tourism:  This past winter brought a lot of snow and water for winter and summer recreation.  But it also brought road closures that were not opened until late June which may show up as a negative impact on the 2017 tourism figures.  Future winters, ones with damaging storms or of drought will always impact the tourism industry here.  If the biggest industry, other than cannabis, is tourism, than we should take all the necessary steps to support it.
  • High-tech:  Another item that might have a positive impact on the economy of the County, but for which there is no economic estimate, is bringing a high-tech venture into the county.  However, that is difficult because what companies look for in a community are the very things we lack:  hi-tech labor force, hi-speed broadband,  parks, recreation, culture.

If the county had more money, what could we do with it?

It depends on who you ask.  Here are a couple of examples:

  • Law & Safety:  The DA might like a victim’s advocate.  The Sheriff’s department might want increased salaries and/or more staff, although these would mean bigger retirement liability.  Plus they might want a fully-staffed jail.
  • Health & Social Services:  Calaveras has no substance abuse treatment, no narcotic detox, no family planning services, no emergency domestic violence shelter, no 24- hour care for mentally ill, no parks and recreation department.  Also, things like an education program about drugs and alcohol could be initiated.
  • Infrastructure: Investment in clearing the soil of arsenic from old mining operations.
  • Tourism:  Improve the trail system and public roads improvements; make improvements and advertise for more mountain bikers, campers, and water rapids riders.   Beautification of the Highway 4 corridor.   Regional parks.

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07 Aug

McClintock’s Monthly Staff Meetings

McClintock’s Monthly Staff Meetings

By Susan Ashby

Do you want to let Tom McClintock know what you think of his views and actions?

I’d like to encourage you to attend the monthly staff meeting. This is a great opportunity to let McClintock know what you think about his actions.

Every month, Tom McClintock sends a staffer to represent him at the different counties in CA04 (10 counties in all). For Calaveras County, these meetings are held on the fourth Tuesday of the month, 12:30 pm, in the Cheesebrough Room at the San Andreas Central Library. Matt Reed is the staffer who conducts the meetings for Calaveras County. He’s a very good listener, is extremely nice and polite, and seems to take thorough notes on comments, complaints, and questions. During the meetings, he often states McClintock’s views and defends them very well.

Attendance varies in size and usually consists of both McClintock supporters and non-supporters. One thing that you can count on is everyone’s willingness to state their opinions. Matt is just there to document attendee concerns, answer questions, occasionally commit to get back to the attendee, and make sure that everyone gets a chance to finish speaking their piece. Sometimes, however, Matt states incorrect information. Recently, I’ve called him on this on a couple of subjects.

One nice side-effect of the meetings is that it can be a great way to meet others in the county who you might not have met before.


At the July meeting, there was a small group of like-minded non-McClintock supporters. All were in agreement as we discussed the following:

  • Climate Change: At both the May and June meetings, Matt stated that McClintock relies on two studies (Purdue and Cook) to support his position that there is no human-cause climate change. This month, I provided Matt with documentation from both those studies indicating contrary findings — they do NOT support his position and in fact both clearly state that 97% of climate scientists, worldwide, accept human-caused climate change. Hopefully he’ll stop citing them.
  • Matt had said in June that, per the EPA, fracking does not harm ground water. This month, I gave him information from the EPS’s final report (issued last December) that states the findings confirm that fracking does indeed seep into and pollute ground water. Hopefully he’ll stop citing this.
  • There was a long discussion on Trump — how disrespectful and rude he is and that he lacks moral character; how it was such a sad day for America when the President of the United States, while on foreign soil, criticized and denigrated our intelligence agencies and our free press. All agreed that if Trump finds a way to fire Mueller and stop the Russian investigation, that it should be a wake-up call to the Republicans to stand up for the country and not allow that action.
  • Support for other items was also discussed: Planned Parenthood, Net Neutrality, and maintaining the Johnson Amendment.

We must let McClintock know what we believe in, what we do and do not want from our government, and what we want him to do for us. Let’s have a show of strength from the citizens in this County.

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Lying Politician
30 Jul

Does the Truth Matter?

Does the Truth Matter?

Linda Abbott Trapp, PhD

July 28, 2017

From Eve onward, people have lied -“the snake gave me the apple…”.

From Plato forward, the lies of politicians have been excused as necessary to shield the masses from even greater harm. For example, many believe it’s OK for the government to announce, falsely, the capture of a terrorist, since that probably will cause other potential terrorists to hesitate. Whether there is, generally, more lying among candidates and politicians than in the past is open to discussion.  Before telegraphs, telephones, and radios, candidates sent out others to speak for them and their words may or may not have been faithfully repeated.  All over the contemporary world, leaders of governments and companies need to maneuver among competing interests and may find themselves telling each group what it wants to hear.  So, lying is and has been widespread.  We may be entering an era, however, where disrespect for truth is so widespread that the basis of trust  among the people in our democracy has been irreparably damaged. The question is, “Does it matter?”

If someone near to you lies, how does that make you feel? For example, If your mother  says you can’t borrow the car because it’s low on gas and you see that the tank is full, do you wonder what else she might not be telling you or how she might be misleading you on other matters?  If your spouse says the meeting he/she is going to should be out be 8:30 and at 11:00 you are still home alone, do you worry?  Get angry?  We think we know the people we love and our knowledge of their character is the strongest reason to believe what they say.

In today’s political world, demonstrations of character seem to be rare. In fact, some claim that self-interest has entirely taken over our judgment. If a candidate takes a position we support or seems to favor the needs of our group, we tend to believe anything he or she says, although the facts may support a contrary view.  Even if the evidence clearly points to a different, more painful, truth, we don’t want to hear it.

Manipulative politicians have learned that lesson quickly — their “base” will accept almost any outrageous claim from them and the echo chamber of sources the base consults will only reinforce that message and as the lie is retold, it becomes more “true”. The narcissistic politician, aware of this dynamic, has figured out the cost/benefit analysis of lies vs. truth and fully believes that dishonesty is the shortest road to success. The growth of politics as entertainment, performance and posturing supports this trend – real, substantial searches for truth on an issue don’t provide the wanted clicks and sound bites. Ugly attacks, however unfounded, draw the numbers, reasoned analysis doesn’t.

So, we have to ask why we accept, even enjoy, the show.  Is it worth losing our position of world leadership, the respect of other nations, and the moral high ground our former national ideals supported?  Could we just try to place analysis over amusement in making decisions that affect thousands, even millions, of our countrymen and women. I, for one, would like to replace coarseness with consideration, argument with analysis, and Twitter rants with truth. Ask yourself if you are easily swayed by personality, vulgarity, simplification of complex issues, and pandering to the lowest common denominator. Democracy is hard. We need to soften the rhetoric and sharpen the analysis.  You know, among friends and family, how to judge character. Please apply that knowledge to the political realm. We all need to step up our citizen game.

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25 Jul

McClintock is not concerned that his actions could result in another Great Recession and your financial security would be at risk!

McClintock is not concerned that his actions could result in another Great Recession and your financial security would be at risk!

by Susan Ashby

The Republican-dominated House recently passed HR10, the Financial Choice Act.  The vote was 233 Yea (all Republicans) and 185 Nay (all Democrats).  McClintock co-sponsored this bill and voted yea for passage on June 8.

If the bill becomes law, “it will represent a huge defeat for the American public and increase the possibility of another financial crisis” said Rep. Jim Himes, D-4th District.  “The Financial Choice Act attempts to undo all of the protections we have instituted… It strips power away from the (Securities and Exchange Commission) and the Consumer Financial Protection Bureau; makes it easier for banks to gamble with taxpayer money …”

“This is a dangerous piece of legislation…”   This bill would repeat recent history and put Americans at risk of losing millions by taking “referees off the field.”  Said Steny Hoyer, the House minority whip said on the House floor on Thursday.


The financial crisis happened because: 

  1. Banks created too much money too quickly. Every time a bank makes a loan, new money is created. In the run up to the financial crisis, banks created huge sums of new money by making loans. In just 7 years, they doubled the amount of money and debt in the economy.
  2. They used this money to push up house prices and speculate on financial markets. Just 8% of all the money (billions) that banks created from 2000-2007 went to businesses outside the financial sector.
  3. Eventually the debts became unpayable.  Lending large sums of money into the property market pushes up the price of houses along with the level of personal debt. Interest has to be paid on all the loans that banks make, and with the debt rising quicker than incomes, eventually some people become unable to keep up with repayments. At this point, they stop repaying their loans, and banks find themselves in danger of going bankrupt.
  4. This process caused the financial crisis. Straight after the crisis, banks limited their new lending to businesses and households. The slowdown in lending caused prices in these markets to drop, and this means those that have borrowed too much to speculate on rising prices had to sell their assets in order to repay their loans. House prices dropped and the bubble burst. As a result, banks panicked and cut lending even further. A downward spiral thus begins and the economy tips into recession.


In response to the financial crisis of 2007-2008, the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed in 2010.

  • The Act’s numerous provisions are being implemented over a period of several years and are intended to decrease various risks in the U.S. financial system. The Act established a number of new government agencies tasked with overseeing various components of the Act and by extension various aspects of the banking system.
  • A key component of Dodd-Frank, the Volcker Rule(Title VI of the Act), restricts the ways banks can invest, limiting speculative trading and eliminating proprietary trading. Effectively separating the investment and commercial functions of a bank, the Volcker Rule strongly curtails an institution’s ability to employ risk-on trading techniques and strategies when also servicing clients as a depository. Banks are not allowed to be involved with hedge funds or private equity firms, as these kinds of businesses are considered too risky.


What does HR 10 do to the Dodd-Frank Act provisions?

  • Repeals the “Volcker Rule.”
  • Repeals a the provision requiring the Board of Governors to prescribe capital adequacy and other risk management standards for supervised securities holding companies
  • Repeals the Consumer Law Enforcement Agency’s authority to monitor for risks to consumers in the offering or provision of consumer financial products or services, including developments in markets for such products or services.
  • Repeals the Consumer Law Enforcement Agency’s supervisory authority over financial institutions and limits the agency’s authority to take action against entities for abusive practices.
  • Repeals the Department of Labor fiduciary rule which gives SEC the authority to impose a fiduciary duty on brokers who give investment advice –the advice must be in the best interest of their customers.
  • Repeals the section of Dodd-Frank that provides limitations on fees that may be charged to retailers for debit card processing

“It’s a bill that’s so harmful to vast swaths of the American public if it became law… It would make it easier for predatory lenders to rip people off. It would make it easier for Wall Street to keep taking $17 billion out of retirees’ pockets by repealing the fiduciary rule. It would make it easier for big Wall Street banks to take the kind of risks in pursuit of short-term gains that go directly to the pockets of the tiny handful of people at the top that led to the financial crisis.” said Lisa Donner, executive director of Americans for Financial Reform.

 “It’s shameful that Republicans have voted to do the bidding of Wall Street at the expense of Main Street and our economy,” said Maxine Waters, currently the top Democrat on the House Financial Services Committee.

“The Wrong Choice Act is … an invitation for another Great Recession, or worse,” said California Rep. Maxine Waters.


Remember,   your representative in the House, Tom McClintock voted for this bill.  We need to replace him with someone who cares about our financial security!

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