Squad Member Ayanna Pressley Discovers Economics and Other Adventures From the Facebook Cryptocurrency Hearing

File-This Nov. 9, 2017, file photo shows Facebook CEO Mark Zuckerberg meeting with a group of entrepreneurs and innovators during a round-table discussion at Cortex Innovation Community technology hub in St. Louis. Facebook is announcing its second major tweak to its algorithm this month, saying it will prioritize news based on users’ votes. The company said in a blog post and Facebook post from Zuckerberg Friday, jan. 19, 2018, that it will survey users about how familiar they are with a news source and if they trust it. (AP Photo/Jeff Roberson, File)

File-This Nov. 9, 2017, file photo shows Facebook CEO Mark Zuckerberg meeting with a group of entrepreneurs and innovators during a round-table discussion at Cortex Innovation Community technology hub in St. Louis. Facebook is announcing its second major tweak to its algorithm this month, saying it will prioritize news based on users’ votes. The company said in a blog post and Facebook post from Zuckerberg Friday, jan. 19, 2018, that it will survey users about how familiar they are with a news source and if they trust it. (AP Photo/Jeff Roberson, File)

Yesterday’s hearing on Capitol Hill before the House Committee on Financial Services, was supposed to focus on Libra, a cryptocurrency Facebook is trying to develop. The members had a lot of concerns and rightfully so. The monopoly on the use of deadly force and the monopoly on currency are two things which nearly define the existence of a nation. Give up either and you probably deserve what happens next. But, as happens so often in Nancy Pelosi’s House, a substantive hearing was rapidly turned into something farcical by the lackwits in the Democrat caucus.

The Squad member, Ayanna Pressley probably won the internet for the observation that cryptocurrency isn’t of much use to people with no money.

“This is not about authentication,” she told Zuckerberg. “This is not about banking costs. This is about a tsunami of hurt that millions are experiencing because of a $1.6 trillion student debt crisis, because of rising health care costs and people having to use GoFundMe pages to pay medical bills. This is because of the racial and gender wealth gap.”

Pressley, who often says the “people closest to the pain should be closest to the power,” added that Zuckerberg “represent[s] the power, but I don’t think you understand the pain.”

“There’s underbanking because people are broke,” she said.

Pressley then moved on to ask if Libra would be free to users. Zuckerberg said that was the intention of the initiative, though it is still far from being established.

“So there is no fee?” Pressley asked.

“Congresswoman, that’s the goal, is to make it so that —” Zuckerberg said, as Pressley repeated the question.

“Congresswoman, the goal is to make it —” he began.

“Moving on,” Pressley cut him off.

During her questioning of Marcus over the summer, Pressley made the point that even without fees there would be inherent costs to using Libra, such as needing a smart phone and the fact that, unlike savings accounts, the money stored on the platform would not earn interest.

“If it costs money to buy Libra and cost money to use the Libra money, I fail to see how this helps people with virtually no money,” she told Zuckerberg. “You are attempting to use technology to solve what is inherently an issue of wealth.”

Know what else isn’t of any use to you if you don’t have money? Food. Clothing. Shelter.

Maxine Waters was drumming up business for whatever race hustlers are still in the business (truth be told, I keep expecting Jesse Jackson to come out as a trans-sexual lesbian and kick off another professional shakedown organization like Rainbow-PUSH.

And Al Green got into the crazy-pants act demanding to know how many sexual deviants of various stripes Facebook employed. Zuckerberg should have just answered “a sh**load” and let it go, but then we wouldn’t have this comedy classic.

Are there any members of the LGBTQ+ community associated with this association, Mr. Zuckerberg?

Presumably white, male cryptocurrency works differently from other kinds.

There is a silver lining here. The left has convinced itself that Facebook is a conservative platform because a lot of conservative media use Facebook. The hostility Zuckerberg faced was based on this misconception that because Zuckerberg is at least trying to rein in the Social Justice Warriors that he employs that he is some kind of closeted Proud Boy or something.

Expect to see more of this in the future. Facebook is going to get more interest in Congress as the election gets closer and these assclowns are not going to get even a little bit smarter.

=========
=========
Like what you see? Then visit my story archive.

I’m on Facebook. Drop by and join the fun there.
=========
=========