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Sun Feb 21, 2021, 11:44 AM

Twitter thread: how those Texas bills got so bad

I think we all know HOW the bills got so big, I just know for me personally I was stunned there wasn't some sort of regulation to prevent this from happening. It turns out, there isn't. This is really how their system was designed to work. When I first heard about this I couldn't believe it because it was like finding out a building burned down and being told "Well Texas doesn't require you to use safe materials or install sprinklers". To which my reaction would be "no, you, must be wrong, that can't possibly be true." Well, in Texas, it is true.

They got themselves out from "regulations" and now they are being hit will bills that for me could never happen because of state regulations, and amount to what I pay over fourteen years for electricity.

All I can say for those in Texas who are freezing, hungry, cleaning up homes destroyed by burst pipes and looking at $20k in credit card debt you didn't know was coming and had no way to stop....... vote Democrat in 2022. We'll fix your state.


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Response to Takket (Original post)

Sun Feb 21, 2021, 11:46 AM

1. "Get wholesale prices--what could possibly go wrong?"

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Response to tanyev (Reply #1)

Sun Feb 21, 2021, 11:50 AM

2. It's like variable rate mortgages.

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Response to HUAJIAO (Reply #2)

Sun Feb 21, 2021, 12:37 PM

6. Bingo!


and we saw in 2008 what happened with those.

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Response to HUAJIAO (Reply #2)

Sun Feb 21, 2021, 01:57 PM

12. Except Variable Rate Mortgages Generally Have Limits on Increases and are Tied to LIBOR

London Inter-Bank Offered Rate (or some other market defined rate) -which may rise but not by $9,000 overnite as opposed to variable rate mortgages that generally have an annual adjustment rate which at least gives the consumer time to plan a strategy to minimize the damage

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Response to Takket (Original post)

Sun Feb 21, 2021, 11:56 AM

3. I visited a friend in Texas.

She was renting a brand new townhouse, looked nice. But there were all these dangers, like no railings or lights in the stairwells. I said she should insist the landlord fix these code violations.

She laughed and said, "Code? You forget we're in Texas."

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Response to Takket (Original post)

Sun Feb 21, 2021, 12:04 PM

4. Will the rest of us have to pay to bail out Texas?

I have a feeling that is how it will work. Texans get to enjoy their low taxes and low energy prices when the sun is shining. Then when the inevitable bad weather occurs (which will happen more frequently due to global climate change) the rest of us will pay more in taxes and insurance premiums to bail them out.

And their politicians hop planes to Cancun.

I'm not picking on Texas specifically. I'm pointing out that the selfishness in the right wing "libertarian" myth comes due sooner or later, and suddenly their politicians get all "socialist" with their hands out.

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Response to yardwork (Reply #4)

Sun Feb 21, 2021, 01:27 PM

7. Texas currently has $10.9 billion in a rainy day fund.

They brag they keep taxes lower, but fail to attend to upgrading infrastructure. Then when things go wrong they run to the federal government for a tax payer bailout.

It is like they shirk their responsibilities to upgrade their systems to keep costs low. Then when these archaic systems fail them they look to Uncle Sam to come to their rescue because they were too cheap to upgrade their systems. Then we pickup the costs of damages and the system upgrade.

They have a $10.9 rainy day fund,... they should spend some of that to cover the costs of their short cuts taken, short sightedness, quest to deregulate, and upgrading infrastructure mistakes. They bounce the costs off the US Taxpayers.

But then when disaster strikes another area of the USA Texas Senators and Congress people are the first to vote down federal aid or rescue bailouts.

Filthy hedonistic socialism if others have the audacity to ask for aid... but respectable emergency capitalism if I do it.

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Response to magicarpet (Reply #7)

Sun Feb 21, 2021, 01:29 PM

8. It's disgusting but most people can't be bothered to learn what's going on.

Fox News, hate radio, Facebook... they're destroying our democracy by keeping people uninformed and misled.

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Response to magicarpet (Reply #7)

Sun Feb 21, 2021, 01:51 PM

11. So far Abbot is refusing to tap into it.



Experienced people are suspecting it might not have that much money in it anymore.

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Response to magicarpet (Reply #7)

Sun Feb 21, 2021, 03:03 PM

14. Property tax and sales tax is high.

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Response to yardwork (Reply #4)

Sun Feb 21, 2021, 01:33 PM

9. Yes. And we should.

There are people raised in Texas who are members of the Capitol Police, The Secret Service, the FBI and a host of other agencies actively working to round up the 1/6 terrorists and bring them to justice.

Not to mention military veterans make up almost 7% of Texas population.

They serve us. We can serve them too. I have no regrets.

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Response to KentuckyWoman (Reply #9)

Sun Feb 21, 2021, 06:28 PM

15. I strongly believe in helping one another out. That's why I vote for Democrats.

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Response to Takket (Original post)

Sun Feb 21, 2021, 12:08 PM

5. It's crazy. Libertarianism at its finest.

In my state there's an agency, the Public Utilities Commission, that regulates the rates energy companies charge for gas and electricity. They have to apply to the PUC for approval whenever they want to change their rates. PUC also regulates mergers and acquisitions of energy companies, facilities planning and permitting (powerplants, electric transmission lines, oil and gas pipelines, and wind and solar systems), as well as connection to the interstate grid. Thanks to the PUC I will never see a thousand-dollar gas or electric bill.

I hope there is some financial help for the people who got some of these insane bills - preferably in the form of the price-gouging energy companies eating those costs, not US taxpayers.

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Response to Takket (Original post)

Sun Feb 21, 2021, 01:37 PM

10. This is America's greatest problem in a nutshell: Hyper-Individualism

The belief that ANY collective action, such as the state regulating utility companies, comes at the expense of my individuality. This mindset has been taken to the extreme in our culture. Everybody either makes it on their own in this world or they were too weak.

It's a cartoonish idea that's fed to us by our corporate media on a daily basis.

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Response to Takket (Original post)

Sun Feb 21, 2021, 03:02 PM

13. I have been speaking out against these big bills for two days, so against greed co, for sure. But,

the customers were gamblin'. This is different. I lived in Reno, I played the stocks this is a different animal. Hm.

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