Krugman: Pass the Senate health care bill, and take on the banks

[johan helge]

Krugman (http://krugman.blogs.nytimes.com/2010/01/20/a-note-on-financial-reform/):

"Whatever happens on health care — if House Democrats have any sense, they’ll just pass the Senate bill, but that’s a big if — financial reform is next up. But that leaves us with a question: what strategy should the Democrats follow?

They could do what they did with health care, which is to make a lot of compromises with interest groups so as to round up just enough votes. But that would be the wrong strategy, both substantively and politically.

On the substance, a financial reform that’s too weak will provide nothing more than the illusion of stability, and by creating that illusion could actually make the next crisis worse. On the politics, the Obama administration desperately needs to distance itself from Wall Street; a deal that the street likes will, almost by definition, be political poison.

So what to do? The House has passed a pretty good bill; but the Senate should try for something stronger, not weaker. Crucially, the Consumer Financial Protection Agency must be in the bill; it’s a good idea economically, but even more important, it’s essential to making the case that this is not a bill of the bankers, by the bankers, for the bankers.

Oh, and put that Obama bank tax before Congress too, ASAP.

What if all of this faces uniform opposition from Republicans, with the support of some Democrats? That’s easy: make them vote against it. Expose the hollowness of their populist posing. And do what can be done with simple majority votes: I’m not a parliamentary expert, but as I understand it a bank tax could be enacted through reconciliation, bypassing the filibuster.

In short, take on the banks — and force those who are covering for them into the open."

[Mari333]

1. Pass the house version, take on the banks, end both wars, and provide jobs

but then, they would have to take on their benefactors, the corporations.
I dont see many of them doing that.

[johan helge]

3. For your information: There was an election in Massachusetts

yesterday. This means that, as I understand it, the Dems must choose between the Senate bill or no bill.

[endless october]

5. i agree with your plan.

who do i vote for to get that done?

[johan helge]

7. You can't get it. But vote Democratic, and you'll get as close

as possible.

[change_notfinetuning]

2. I'm not sure if the glass is half full or half empty, but I'm positive that there is

much dribbling.

[kenny blankenship]

4. Oh go ahead, pass that Senate bill and see what happens to you.

Doing something unwelcome to people who've lost all trust in you is inviting the most extreme retaliation.
You think they're lashing out now?

[FiveGoodMen]

6. Kill the lousy health bill and start over! ... and take on the banks.

[Vincardog]

8. Bingo Kill the Insurance Give away bill and pass Medicare for all by reconciliation then take on

the BANKS