The twitterverse is telling me that CAPCO is likely to make an appearance today. It almost passed last year in the 12th hour, and only needs a Senate vote for approval.
Any Senator that votes for this bill deserves to be defeated. It does not stand up to the scrutiny of sunlight, and many House members that voted for it as it was rushed through originally now wish they had not done so.
This bill skims money off of insurance policies so that a chosen few may play venture capitalist with other people’s money. Of course, all you’ll hear from supporters is “Jobs”. You know, just like we heard from the Obama administration when they played crony capitalism with Solyndra.
Other bills to be considered today include a bill that will eliminate personal guarantees of well connected high net worth developers so that they can’t be held liable for their inducements to lend money to their friends.
This is how we do banking in this state. On one hand, we have the state setting up lending pools with skimmed money. On the other, we have people trying to reduce the amount that can be collected on failed loans.
With leadership like this, I can hardly believe we’ve been first in bank failures since 2008.