December 9, 2009
BLOCKING REFORMS OF WALL STREET.... Sometimes, headlines tell practically the whole story: "House Republicans Huddle With Lobbyists to Kill Financial Reform Bill."
After Wall Street nearly destroyed the global economy with no meaningful oversight, Democratic policymakers have been working on proposed regulations to prevent another catastrophe. Hoping to keep things exactly as they are, House Minority Leader John Boehner (R-Ohio), Minority Whip Eric Cantor (R-Va.), and most of the GOP leadership team met with "more than 100 lobbyists at the Capitol Visitors Center on Tuesday afternoon to try to fight back against financial regulatory overhaul legislation."
It's as if they've forgotten about 2008 altogether.
House Dems seem confident enough to go on the offensive.
Democrats launched a coordinated offensive Tuesday in support of the financial regulatory overhaul.
They have recast the issue as "Wall Street reform" and promise a "barrage" of advertisements and news stories in the districts of vulnerable Republicans who oppose the bill, depicting them as the obedient servants of Wall Street. [...]
House Financial Services Chairman Barney Frank (D-Mass.) blasted out a fundraising appeal Tuesday through the Democratic Congressional Campaign Committee (DCCC) saying Republicans oppose the bill in hopes of continuing to reap contributions from Wall Street banks.
"House Republicans now oppose financial regulation because they have learned nothing from the current economic crisis," Frank added.
GOP leaders have sought to position their party as some kind of anti-bailout populists, painting Dems as Wall Street's allies. Meeting with over 100 corporate lobbyists to kill regulatory reform that would prevent future crashes makes the framing a little tougher -- or, at least, it would if our discourse was sane.
—Steve Benen 11:30 AM
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Between this and Boehner's "it's okay to use TARP money for banks, but not for main street" position, I would think that the Dems have a wagonload of ammo to use against the Republican'ts.
Of course, one has to know how to light a fuse before a cannon can be fired. Let's hope there's someone in Dem leadership that can make fire.
Posted by: Gridlock on December 9, 2009 at 11:41 AM | PERMALINK
with all of the bs the republicans keep on pulling, i keep hoping that one of these days the general public wakes up and realizes what they're doing.
i also believe in santa claus........
Posted by: just bill on December 9, 2009 at 11:44 AM | PERMALINK
They met in the capitol visitor center? I thought the lobbyists owned the place.
Posted by: Hannah on December 9, 2009 at 11:52 AM | PERMALINK
Look, despite the fact that the republicans own the God, guns, and guts voting block, their real constituency is Wall Street and the plutocracy that runs it.
This is not surprising at all.
What is surprising, no... MIND BOGGLING, is that people in America STILL continue to blindly support a political party that shamelessly manipulates them, and laughs at them behind their back.
Posted by: citizen_pain on December 9, 2009 at 11:53 AM | PERMALINK
...not like the Dims aint ringers for wall street their own selves...
chenck out Bill Greider's comment at The Nation about Brad Miller's (North Carolina's "good" Dim congresscritter) "anything you want, Helicopter Ben, anything you want..." legislation...
The crucial terms for Fed financing are set by an innocuous-sounding amendment offered by Rep. Brad Miller of North Carolina. Any financial holding company designated as a "systemic risk" and subject to stricter regulatory standards "shall have the same access to the discount window lending of an appropriate Federal Reserve Bank as is available to a member bank of each Federal Reserve bank."
Posted by: neill on December 9, 2009 at 11:58 AM | PERMALINK
Haha, sane political discourse.
Sounds like Steve was born in Kenya too...
Posted by: Former Carpetbagger on December 9, 2009 at 12:00 PM | PERMALINK
The cadaver of health care isn't even cold and the Republicans have moved on with their ambitions.
Can The People stop this freight train of influence and money corrupting the political will of The People?
Posted by: Dean on December 9, 2009 at 12:03 PM | PERMALINK
You know this is a complete waste of time.
Whatever they DO succeed in passing, the republicans will just shoot down later.
Remember? After the Great Republican Depression, we got Glass-Steagall. Then it was repealed in the 1990's. And we ended up with another financial catastrophe. They don't "get it" and they never will.
It's very much like the Mafia trying to repeal RICO.
Posted by: osama_been_forgotten on December 9, 2009 at 12:12 PM | PERMALINK
On "Moanin' Joe" this morning a reporter from Politico spout a new line of attack on Barney Frank. Suddenly Congressman Frank's got a temper problem.
I suspect this meme was whispered into the reporter's ear by some repub flack to see if it will stick.
Posted by: bobbob on December 9, 2009 at 12:12 PM | PERMALINK
The key point is "...it would if our discourse was sane"
Posted by: AngryOldVet on December 9, 2009 at 12:13 PM | PERMALINK
Were Geithner and Summers there in the huddle with the GOP? These 2 have enabled/protected Wall Street worst practices from the get-go.
Posted by: Old Dem on December 9, 2009 at 12:34 PM | PERMALINK
Let's remember this the next time one of these Republicans decides to grab a pitchfork and join the rest of the mob to shake their fist at those outrageous bonuses the Wall Street boys are giving themselves.
Posted by: Ted Frier on December 9, 2009 at 12:48 PM | PERMALINK
Gosh golly. I wonder if these were the Lobbyist St. McCain was complaining about on the floor of the Senate the other day.
Posted by: martin on December 9, 2009 at 1:02 PM | PERMALINK
or, at least, it would if our discourse was sane.
That really is The Problem.
Posted by: qwerty on December 9, 2009 at 1:31 PM | PERMALINK
To think we thought that TARP and all the other obscene bailouts were supposed to be coupled with some measure of regulatory reform.
Guess we were fools.
Now that it looks like health care reform is somewhat less than reform, why shouldn't Wall Street be given a free pass?
Posted by: Tom Nicholson on December 9, 2009 at 2:50 PM | PERMALINK
Grammar Geek sez:
That's supposed to read
"or, at least, it would if our discourse were sane."
When referring to a counterfactual (and you don't get much more counterfactual than "our discourse" = "sane"), the requisite subjunctive form of the verb "to be" is "were."
Posted by: smartalek on December 10, 2009 at 12:45 PM | PERMALINK