Editore"s Note
Tilting at Windmills

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July 15, 2010

THAT WAS QUICK.... A couple of hours ago, the Senate was able to put together 60 votes to overcome a Republican filibuster on Wall Street reform. This afternoon, the legislation, at long last, will get an up-or-down vote and then head to the White House for President Obama's signature.

But before the Senate even votes, Republican leaders have already begun talking about -- what else? -- repeal.

They're not campaigning on it in earnest -- at least not yet -- but Republican leaders say that, given the power, they would like to do away with Wall Street reform much like they have already discussed repealing health care reform.

"I think it ought to be repealed," said House Minority Leader John Boehner, in response to a question from TPMDC, at his weekly press conference this morning.

One of his top lieutenants, Republican Conference Chair Mike Pence agrees. "We hope [the Senate vote] falters so we can start over," Pence told TPMDC yesterday. "I think the reason you're not hearing talk about efforts to repeal the permanent bailout authority is because the bill hasn't passed yet."

GOP leaders can throw around silly "repeal" rhetoric when it comes to health care reform, in large part because an aggressive and dishonest campaign had made the Affordable Care Act controversial. The Republican base is pleased with the boasts, and most of the political mainstream doesn't take the promises seriously anyway.

But talking about repealing Wall Street reform is much dumber, since the effort is far more popular. Boehner & Co. consistently forget this, but Americans still tend to be pretty annoyed with the financial industry that nearly destroyed the global economic system, and which was bailed out by taxpayers. The available evidence suggests voters want the new reform measures, if only to help keep the industry that ran wild in check.

Arguing that new safeguards and accountability measures should be "repealed," before they even pass, makes it sound as if Republicans -- if given a chance by voters -- plan to go out of their way to look out for the Wall Street lobbyists and hedge fund managers that brought the system to the verge of collapse. (Those would be, by the way, the same Wall Street lobbyists congressional Republicans huddled with when plotting how best to kill reform legislation.)

Boehner's remarks aren't surprising, of course. He did, after all, recently suggest accountability measures are a "nuclear weapon," being used to kill "an ant." But it's nevertheless a message Republicans may not want to take to the public: "Vote GOP: We'll put Wall Street safeguards back to 2008 levels!"

Steve Benen 1:10 PM Permalink | Trackbacks | Comments (30)

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I respect other's opinions, however, have to point out that obamarahma's health insurance bailout is really going to do nothing to help people get needed healthcare.

THIS WILL BE WHAT WE WILL GET

And some think we are stooooopid enough to consider this a great accomplishment.

So how's that hopey-changey thing actually working out for you and your family?

Posted by: laurie on July 15, 2010 at 1:16 PM | PERMALINK

in 4th paragraph I think appealing should be repealing

Posted by: typo on July 15, 2010 at 1:18 PM | PERMALINK

Good for them. Another significant accomplishment.

Posted by: cr on July 15, 2010 at 1:24 PM | PERMALINK

Every day the GOP provides all kinds of ammunition for Dem leadership, but I'm still waiting to see some blood.

Is it still too early to start doing that? I don't think that's possible.

Posted by: bdop4 on July 15, 2010 at 1:26 PM | PERMALINK

Well bdop4, summer is a slow month. People are outside, on vacation, don't care. So I will give Dem Leadership until September. Hey, Harry Reid's already got some good ads.

Posted by: Alli on July 15, 2010 at 1:29 PM | PERMALINK

Steve, I think you missed the important point on this topic. It's not "Wall Street reform" in the Republicans' book, it's "permanent bailout authority". They plan to do the same thing with financial reform as they did/are doing with health care reform--make it controversial, even scary, where possible, by lying about what the bill is about. With health reform they knew the idea was popular and that people have some understanding of health care so they had to invent death panels and the like. With financial reform, they are going for the concept itself by framing any reform as a blank check to Wall Street since most people don't understand economics and finance that well. They are counting on most people not having noticed Wall Street opposition to the bill, just swallowing their sound bites. It's worked for them a lot of times now, I wouldn't be so sure they can't pull it off again.

I'd like to think that as an electorate we are getting smarter but the evidence isn't encouraging.

Posted by: doretta on July 15, 2010 at 1:31 PM | PERMALINK

@laurie...it's really going to do nothing to help? well, why didn't someone just say so in the first place? that would've saved us so much trouble. perhaps a Palin-ite would've preferred hopey-changey to nationalize the entire health care system and actually 'help' people get all the health care they need.

anyway...problem with repeal rhetoric on financial reform is that it can actually happen. recent history is indicative of as much. a closer split in Congress, some Blue Dogs, and the next President is all it would take. Doesn't even have to be a Republican Prez either (Clinton).

the brazen endorsement of repeal by the GOP should be a wake up call to the left. instead of engaging in shoe gaze, eeyore-ism, they should grow a spine and come together to capitalize on GOP overreach. instead of waiting for Obama to get angrier and make arguments with more emphasis, maybe we should be out supporting the arguments he's already made and the candidates who support them. but that'll be the day.

Posted by: JRinDallas on July 15, 2010 at 1:33 PM | PERMALINK

The headline should read:

Boehner says some more stupid shit.

But of course, a headline like that is hardly newsworthy.

Posted by: David Bailey on July 15, 2010 at 1:40 PM | PERMALINK

Good for Senate Democrats! This legislation may not be everything it could be, thanks to Republican unwillingness to do anything in the cause of helping this nation recover from the disastrous economic conditions in which the Bush administration left it, but it's still a major success.

And to that yahoo who asked, "how's that hopey-changey thing actually working out for you and your family?" If you'd stop listening to failed half-term governor Palin's lies and idiotic nostrums and start paying attention to what President Obama and Democrats have done to begin fixing the Republican social and economic failures of the the Bush years, you'd recognize that there have been numerous changes that have given many of us hope that the United States can be a strong and caring nation once more. I'm proud to have voted for Barack Obama in 2008, and I look forward to seeing more of what he can do to improve conditions for all Americans over the next six years.

The last thing we need to do is go back to the disastrous conservative policies and blatant governmental incompetence of the Bush years. Didn't we already learn that old Republican ideas don't work, that they just make the rich even richer, make Big Business more greedy and arrogant, and leave the rest of us miserable? Yeah, lesson learned!

Posted by: J. Kingston Pierce on July 15, 2010 at 1:40 PM | PERMALINK

"But talking about repealing Wall Street reform is much dumber, since the effort is far more popular.

Well, that presupposes that people know what the Wall Street Reform package actually does.

Given that we've been watching ads in DC lately which tell us Cap and Trade is a "BP Bailout", I'd hesitate to assume *anything* about the popularity of a bill based on whether the actual underlying policies are popular.

Posted by: LaFollette Progressive on July 15, 2010 at 1:42 PM | PERMALINK

@laurie...it's really going to do nothing to help?

actuakky it is going to help. Instead of referencing inane statements by a second rate politician who quit the onle high level political office she ever held let's look at facts. I know facts are hard to swallow hwenthey disputr your preconceived dogma but thye just don't go away.

I'll just start with one that actully hits me close to home so beleive me i know what I'm talking about unlike you.

My 9 year old daughter can not get any kind of health insurance because she was born with a rare disorder. Mitochondrial disorder. it effects children at differing degrees of severity. Hers is extremely mild. It can be severe enough to kill you.
Even though she has been sick only once in 9 years(high fever) no insurance company would cover her. But now she will be eligible for coverage.THAT'S A FACT.
YOU LAURIE ON THE OTHER HAND ARE JUST TALKING OUT OF YOUR ASSHOLE.
THAT'S HOW THAT'S WORKING OUT FOR ME AND MY FAMILY YOU IGNORANT BITCH!!!

Posted by: Gandalf on July 15, 2010 at 1:45 PM | PERMALINK

Please forgive the typos but when it comes to this subject passion overcame studiousness.

Posted by: gandalf on July 15, 2010 at 1:47 PM | PERMALINK

Here is the Republican platform for 2010:
Leave Wall Street alone.
Leave BP alone.
Leave the economy alone.
Leave the healthcare system alone (the way it was).
Leave mega-corporations alone.
Leave the rich alone.
Leave Medicare alone (the program with the donut hole).
Leave global warming deniers alone.
Leave Sarah Palin alone.
Leave the Tea Party alone.
Apparently in so doing we will return to those halcyon days of 2001-2008, or was it the 1950s?
If Democrats can't run and win against that agenda then they deserve to lose.

Posted by: Keith Frohreich on July 15, 2010 at 1:57 PM | PERMALINK

hey, don't hold back gandalf....

excellent comments, btw......

Posted by: just bill on July 15, 2010 at 2:01 PM | PERMALINK

Not that I expect obamabots like gandalf to do more than mindlessly cheerlead, but this lame health bill will just suck money out of most family's budgets, leaving them unable to afford actual care.

How's that for hopey-changey?

Now, not only will many not be able to get health care, they are going to be paying top dollar for crappy insurance that they cannot afford to use.

And idiots proclaim this is good? Obama will never get re-elected and, as a the corporate shill he has proven to be, doesn't deserve it.

But wellpoint will love the extra premium dollars this sham bill generates because they will not actually have to pay out any large claims cuz most americans can't afford the care after paying for the mandated insurance!

Posted by: laurie on July 15, 2010 at 2:08 PM | PERMALINK

At this point, Boehner and company can claim that anything Democrats do, and all that they've done is worthless--and every day thousands and thousands more Americans will be agreeing with him. For different reasons, perhaps, but agreeing with him that fundamentally the Democrats in Congress, and the incompetent one in the White House have failed.

No need to recite the statistics. They're posted here, and everywhere, on a daily basis.

Obama, Reid, Democrats in Congress failed hugely. And in the process they ruined the lives of tens of millions of their constituents.

And most of us want to get rid of them as much as Boehner; so he can say whatever he wants. He can be completely wrong on the merits of his arguments and voters aren't going to care. All they're going to do is vote to punish the failures of Obama and Democrats in Congress.

Posted by: NealB on July 15, 2010 at 2:11 PM | PERMALINK

(laurie)So how's that hopey-changey thing actually working out for you and your family?

Quite well, thanks. My parents will no longer hit the Part D donut hole, my own health insurance will be forced to start covering yearly physicals (currently, under a certain age, they only cover one every two years), vaccinations are cheaper out of pocket, my co-workers with pre-existing conditions are now or shortly will be eligible for coverage they couldn't get before, and several co-workers with recent college grads who are still at home due to the current economic situation will be able to keep them covered for a bit -- hopefully, until they can find jobs. Plus, the annual rate increases will have to pass both Federal and state insurance commissions, which will hopefully keep this from being the drag on my employer that it has been so far.

Is it what I hoped for? No, that would be VA for all. Is it my second choice? No, that would be Medicare Part E(veryone). Just because it isn't perfect doesn't mean it isn't better.

Posted by: IOKIYAR on July 15, 2010 at 2:13 PM | PERMALINK

Yes, laurie, I hope you have the curiosity actually to look at the answers to your silly post. I myself am being positively affected by having my son, who just graduated from college, eligible for inclusion on my group insurance policy. That's a big, and a good, change.

Posted by: David in NY on July 15, 2010 at 2:18 PM | PERMALINK

Ah, the Republicans... not just The Party of No, but The Party That Can't Stop Saying No, Even After the Debate is Over.

As for laurie, the concern troll of this thread... I much prefer hopey-changey to incompetent, clueless and corrupt, which is what we had from 2000 to 2008.

Posted by: jvwalt on July 15, 2010 at 2:59 PM | PERMALINK

david - so you got your so screw meaningful reform that will help most americans. You obamabots are something else.

Didn't see this turn into a teabagger blog...

hopey-changey lies for you while obama dances with his corporate masters.

Posted by: laurie on July 15, 2010 at 3:02 PM | PERMALINK

maybe you prefer hopey-changey lies, jvwalt, but they are resulting in more of the same.

obamarahma = dur chimpfurher's third term and all I got for it was mandate to buy expensive crappy insurance which will make it impossible for many to actually use their over-priced, high deductible/copay.

This makes the plan the ULTIMATE INSURANCE BAIL-OUT

Posted by: laurie on July 15, 2010 at 3:05 PM | PERMALINK

The obamabots should love this - WELLPOINT'S OWN LIZ FOWLER will oversee customer service and how claims are paid.

Everyone here proclaiming how they are now going to have coverage for blah blah blah is a fool.

Not only did obamarahma push through the insurance/big pharma's "reform" plan - he has just put one of their biggest scoundrel/liars in charge of customer service!

Posted by: laurie on July 15, 2010 at 3:15 PM | PERMALINK

remember the old carpetbagger? it always had the name of the commenter at the top of the comment. that was great, cause you knew to ignore certain comments before you had to waste your time reading absolute drivel. (laurie, i'm looking at you......)

Posted by: just bill on July 15, 2010 at 3:22 PM | PERMALINK

The hate spewed by America's right is really unbelievable. If such people would spend even half as much time trying to improve conditions for all Americans as they do trying to destroy the people who are working every day to make such differences, the United States would be a much better place. As it is, these hatemongers are just making it an uglier, meaner, and more negative nation. I'm sorry to see this become the new face of a once hopeful country.

Posted by: J. Kingston Pierce on July 15, 2010 at 3:23 PM | PERMALINK

"Well bdop4, summer is a slow month. People are outside, on vacation, don't care. So I will give Dem Leadership until September. Hey, Harry Reid's already got some good ads."

Tea Baggers used the slow months of Summer to great effect last year. I wish that Dem activists had that same mentality.

Posted by: Common Sense on July 15, 2010 at 3:28 PM | PERMALINK

Boehner & Co. consistently forget this, but Americans still tend to be pretty annoyed with the financial industry that nearly destroyed the global economic system, and which was bailed out by taxpayers. The available evidence suggests voters want the new reform measures, if only to help keep the industry that ran wild in check.

Steve...all these people care about is there's a socialist fascist blackety-black-black man in the White House, and he must be stopped at all costs. Boehner & Co. are racist to the core, and don't you think otherwise. They don't care what the polls and surveys say. They all have a liberal bias anyway!

Posted by: Screamin' Demon on July 15, 2010 at 4:08 PM | PERMALINK

Can we get the GOP senator and reps to go on record for supporting repeal of financal regulation? Please, please, please promise to repeal the bill and side with the Wall Street bankers. Please.

Posted by: danimal on July 15, 2010 at 4:18 PM | PERMALINK

When you take a party that has pointedly sneered at intellectuals, intelligence and, finally, intellect for at least thirty years, sooner or later, this is what you were bound to get.

I wonder what percentage of remaining Republicans can SPELL "Boehner"?

Posted by: Hart Williams on July 15, 2010 at 5:13 PM | PERMALINK

"And most of us want to get rid of them as much as Boehner..." NealB @ 2:11 PM.

What do you mean "us"? FedEx hasn't delivered your pony yet? Mine showed up when the polls closed in November 2008. Millenium still around the corner? Damn alarm clock! Missed it again!
Honestly, the egotistical extremism of your little posting is amazing. You've been disappointed because the President and the Democrats in the House and Senate didn't produce a progressive Utopia January 21, 2009. And because of that disappointment you're quite willing to blame the President and Congressional Democrats for EVERYTHING.
So, being "reality-based" was just a pose?

Posted by: Doug on July 15, 2010 at 8:51 PM | PERMALINK

"And most of us want to get rid of them as much as Boehner..." NealB @ 2:11 PM.

What do you mean "us"? FedEx hasn't delivered your pony yet? Mine showed up when the polls closed in November 2008. Millenium still around the corner? Damn alarm clock! Missed it again!
Honestly, the egotistical extremism of your little posting is amazing. You've been disappointed because the President and the Democrats in the House and Senate didn't produce a progressive Utopia January 21, 2009. And because of that disappointment you're quite willing to blame the President and Congressional Democrats for EVERYTHING.
So, being "reality-based" was just a pose?

Posted by: Doug on July 15, 2010 at 8:53 PM | PERMALINK




 

 

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