Posts about Mike Crapo
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Besides some far away CA bank, locally, Zions Bank has been hit hard due to holding long term treasuries similar to SVB. Zions seems ok for now, but a shuttering of downtown Boise's number 1 piece of real estate probably would not be a good thing.
Trying to keep this Crapo timeline short as possible and first section sticks to just the facts.
Nov '98 Crapo elected US Senate began serving Jan 99
May '99, Crapo votes yea on Repeal of Glass Steagall, depression era law meant to prevent repeat of Great Depression
Sep '08, Crapo votes nay on Economic Stabilization Act, bill meant to prevent collapse of many banks. Note: Larry Craig voted yea on this one
Jul '10, Crapo votes nay on Dodd Frank Act, law meant to avoid a repeat of 2008
May '18, Crapo creates and votes yea for Economic Growth, Regulatory Relief, and Consumer Protection Act bill meant to loosen regulations on mid sized banks like SVB, and supported by SVB CEO Greg Becker
I don't get paid to go in depth here, and this 2nd section is opinion more or less. Going backwards.
SVB bank collapse and a loss of 30% of Zions Bank stock is arguably directly related, at least in part, to the May 2018 bill Crapo wrote and voted for. It only took 5 years this time, compared to Glass Steagall repeal taking 8 years to lead to the big short.
Crapo voted no on 2008's TARP Act. Far as I know he's never explained why. Many other Republicans voted yea on that. 75-24 iirc. Ted Kennedy was out sick or it would have been 76-24.
Crapo voted for repeal of Glass Steagall which arguably, at least in part, led to the 2008 bank failure mess.
Note: might have to come back and make edits.
So Senator Crapo, who coincidentally (I'm sure), gets a crazy amount of money from the pharmaceutical lobby, just blocked a bill that would lower the cost of prescription drugs and stopped price gouging. Let's all call his office and let him know that we, the people, disagree with big pharma, and if he wants our votes, he needs to get the heck out of the way and quit blocking affordable prescription drugs. We know what his "more cures" bill is a sham. It does nothing to lower drug costs, and was written by the industries own lobbyists! His office may be for sale, but we aren't.
Take a moment to call them all!
EDIT: It was correctly pointed out that I didn't include a reference to the actual bill, and that I then linked the wrong one. Not my best day! It is the Cutting Medicare Prescription Drug Prices in Half Act which would reduce the cost of drugs by pricing them the same for Medicare as they cost the VA. Essentially, the government negotiates costs for the VA, but drug companies make up for that discount by overcharging Medicare, driving up costs, and profits (which make their way into certain Senators' pockets.) Crapo won't even let a vote take place. If the bill fails, it fails, but at least let a vote take place.
Crapo has his own "drug price reduction" bill, which prefers a "market based" solution to lower drug costs. The problem is that it does nothing to actually reduce the cost of drugs, and was written by the drug lobby. It simply protects the drug company's profits.
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