Senate gop Has Votes To Block Financial Regulation Debate #$%@8%^

[babylonsister]

http://www.washingtonmonthly.com/archives/individual/2010_04/023379.php

SENATE GOP HAS VOTES TO BLOCK FINREG DEBATE.... Senate Majority Leader Harry Reid (D-Nev.) signaled his intention to move forward as early as next week on financial regulatory reform legislation. "We have talked about this enough. We have negotiated this enough," Reid said.

To prevent the bill from moving forward towards a vote, all 41 Senate Republicans would have to unanimously agree to filibuster the motion to proceed. (In other words, the GOP would refuse to allow the debate to even get underway.) As of yesterday afternoon, Senate Minority Leader Mitch McConnell (R-Ky.) did not yet have commitments from all 41 members of his caucus.

Today, that changed.

Every member of the Senate Republican Caucus has signed a letter, delivered to Senate Majority Leader Harry Reid, expressing opposition to the Democrats' financial regulatory reform bill, which they all claim will lead to more Wall Street bailouts.

"We are united in our opposition to the partisan legislation reported by the Senate Banking Committee," the letter reads. "As currently constructed, this bill allows for endless taxpayer bailouts of Wall Street and establishes new and unlimited regulatory powers that will stifle small businesses and community banks."

The Republican caucus was not specific about the path ahead. Indeed, the GOP's letter did not even specifically vow to block the motion to proceed, but rather, simply articulated the caucus' collective "opposition." It stands to reason, though, that the point of the letter is that Republicans are prepared to block the vote and the debate on bringing some safeguards to the industry that caused the economic disaster.

It's worth remembering that Senate Democrats, by and large, didn't really expect it to come to this. Given Wall Street's scandalous recklessness, and the public's disgust for irresponsible misconduct in the financial industry, Dems thought it would be politically suicidal for Republicans to reject reform efforts.

As of this afternoon, it appears Republicans are prepared to link arms and take their chances, fighting to protect Wall Street from accountability.

—Steve Benen

[SharonRB]

1. They still don't get, or refuse to admit...

that bailouts are expressly prohibited in the bill. That kills their argument.

[bobburgster]

5. Oh they get it.....

they just don't want Obama and the dems to have another success. Their mantra...oppose, oppose, oppose,

[cstanleytech]

32. Bingo!! You hit the nail on the head there I think for the most part.

The other reason might also be that the republicans get far more of their money from wallstreet than the dems do so the republicans are probably afraid of loosing it if they didnt oppose it atleast right at first, time will tell if their willing to stick to their guns and support those paying for their votes or not.

[Empowerer]

40. And they know that the press will report it is "The Republicans say the bill perpetuates bailouts...

"but Democrats say that it doesn't . . . You decide" rather than "Republicans say the bill perpetuates bailouts but that's not true. In fact, the bill . . ."

They continue this game of false "point-counterpoint" as if they're reporting on a simple difference of opinion. Republicans get plenty of mileage out of this, as evidenced by the healthcare debate. Instead of getting getting called out for lying, they're given a 24-7 platform for their falsehoods.

[quakerboy]

41. Plus an end to bailouts is the last thing they want passed

It makes good rhetoric, but poor fund raising for a corporate party.

And you know the media will back them up as they vote against this, and they will say and be echoed saying that they oppose it because they oppose bailouts.

Will Democrats be as loud for their side?

[high density]

9. They're saying the bill does the opposite thing of what it actually does

In other words, the anti-bailout bill will actually create perpetual bailouts, according to the lying GOP. I don't know how it's possible to reason with these people when they assert the complete opposite of reality. It should work just fine for the GOP in this media environment, since all political topics are covered using the R vs D approach instead of fact-checking what is said.

[Cosmocat]

15. There were not death panels, it was no a government

take over of health care ...

There is NO end to the flat out and blatent lies the right just through out about HCR, and the MSM propogating those lies ...

It is a harder reach for Wall Street reform, but they sure are going to try ...

[bobburgster]

33. Boy, your statement below is spot on:

"...since all political topics are covered using the R vs D approach instead of fact-checking what is said."

For the life of me I do not understand why the vast majority of the media does not call out lies and distortions anymore.

[SwampG8r]

49. if they did the liars wouldnt come on

and they would have no content
they thrive on the liars

[karynnj]

2. This is a move without conscience on the part of the Republicans

I hope the DNC uses the Hedge fund meeting the Republicans had as well as other things to make an issue of this. Regulation is needed here.

[Warren Stupidity]

6. Do they have some other move?

[karynnj]

22. Here, a very good move would have been to declare this a bipartisan issue

and to have worked seriously towards creating what is needed to prevent the problems so evident now after 2008.

[Warren Stupidity]

35. They don't have that move.

They are a one-trick pony. On the other hand they are a disciplined opposition party, unlike our party, which is unified in opposition only to its left wing.

[quakerboy]

42. How is displeasing your corporate masters a good move?

I suppose its all a function of what your goals are, eh?

[ej510]

3. I hate these people!

:mad:

[VespertineIconoclast]

14. ...

But, I totally understand your gut reaction because I had the same one.

[Beetwasher]

4. This Is Good News, Really

Let them try. They will try. They will fail. And it will be glorious.

[Jeff In Milwaukee]

36. Absolutely...

I'm praying that the GOP is so stupid and self-destructive as to stymie unemployment benefits and to publicly defend the criminals on Wall Street.

[Jennicut]

7. They refuse to let Obama have any success. They will live or die by this.

So be it. Any talking head that mentions bipartisanship should be laughed at. There is none because one party wants it to be so. It isn't the Dems.

[Proud Liberal Dem]

8. Thankfully, we've had the whole experience of the HCR debate

Dems are being unusually feisty about this. Hope they keep it up!

[Aramchek]

10. and yet, they will not stop the Bill. just wait and see...

[Kdillard]

11. Damn it. I was hopeful there were at least one or two Republicans with a conscience.

[Cha]

29. Yeah, that's really a bummer to know that they're

all pod people. One always hopes for a sliver of humanity..wow.

collins, snowe, ?..should get railed on this.

[Writer]

12. Bring them in front of the cameras with President Obama. n/t

[cilla4progress]

13. Any guesses on how this goes?

Let 'em filibuster this time? I'm still hankering for that...had hoped it would come with HCR, but sounds like this is an even better test ground, since financial reform is so popular. I think if Dems are savvy, they will let 'em go with it!

[izquierdista]

16. Link arms with Goldman Sachs

All the way to the big house, GOP, all the way to the big house.

[Nancy Waterman]

17. MAKE THEM FILIBUSTER 24/7

and get the news media to cover how the GOP are protecting Wall Street and betraying, yes use the word betraying, the American people.

[Demoiselle]

18. Exactly, force them to fillibuster.

[quakerboy]

44. Cause the news media would cover that?

Or would they cover the courageous Republicans standing up to the evil democratic bail out bill?

[harun]

19. This is political gold for the Dem's.

[iceman66]

52. It would be if the media were anything close to fair.

[DCBob]

20. The letter does not actually say they will all vote for filibuster...

That is a critical point.

[Arugula Latte]

21. To the Collins & Snowe apologists ..... See?

[fugop]

23. Are there any of those left?

I mean, any of those that aren't embarassed moderate Republicans of the old New England Republican mold?

Because these ladies deserve no defense. The last time they did something bold that backed up the New England independent reputation was to vote for the stimulus. Since then they're both just full of bullshit whiny-ness about the lack of bipartisanship. Eff off, ladies from Maine.

[Hippo_Tron]

24. Good, let them stand up for big banks in an election year

[and-justice-for-all]

25. Good, I do not want to 'debate' it either..

just pass comprehensive reform and be done, Obama's willingness to veto is refreshing to know.

[PopSixSquish]

26. Come On Harry - Hold the Line! Make Them Filibuster!

Your comments today tying Goldman Sachs to the GOP was a great shot across the bow, now sink 'em...

[Grand Taurean]

27. 40 of them will vote against the final bill.

McCain may be the only one to vote for the final bill. With that said, will the GOP commit political suicide by filibustering?

[Phx_Dem]

28. Can the media officially stop calling Collins and Snow moderates, now?

Yeah, I know . . . fuck no, they can't.

[nealmhughes]

30. Shut down the government. It will show them for fools they are,

arguing over non-existing "bailouts" when they do not have the balls to say "Our contributors like unregulated derivative markets a whole lot, and they matter more than the country." Do not adjourn. Make them pee in the spitoons on CSPAN. Make them read the phone book and the Bible.

[Clio the Leo]

31. If only they'd known yesterday what the SEC was going to do today. NT

[Dr Morbius]

34. The other day there was a minor item mixed in with the day's news.

It stated that GOP Congressional leaders had decided the best way to defeat Wall street reform is to link it to the bailouts.

The GOP has recognized that the bailouts were damn unpopular. Therefore, they want to associate, in the public's mind, this legislation and bailing out Wall street. It doesn't matter that the bill actually prevents bailouts. The outrageousness of the lie actually works in their favor: see Goebbels and "big lie." The question is, who will win the debate? A newly energized and very focused Barack Obama, or the right-wing electronic propaganda machine? Obama has one thing in his favor: the fact that it's an election year. If the GOP really wants to push this, he can push back. President Obama possesses the "bully pulpit." No one has the same access to the people, not O'Reilly, not Beck, not anyone. Unless the right can quickly convince enough of the public to confuse the issue, they will HAVE to back down, assuming Obama really gets into the fray. They do not want to spend August trying to win this argument, they want to spend that time trying to win in November.

[vaberella]

38. If that's they're angle---it's way to complex for the American people.

What does that mean?! That complex plan won't be successful---it makes no sense to me.

[budkin]

37. Hey go for it! They'll lose.

[MadHound]

39. OH NOES!

This means that the Dems will have to actually fight. Yeah, like that's going to happen.

[kentuck]

43. I doubt it.

I think that is some strong Republican propaganda.

[CreekDog]

45. They are so stupid...the taxpayer is paying for the overbudgeted expenses by the FDIC right now

this would shift much of that burden to the banks.

[ShortnFiery]

46. Isn't that convenient cover for right-wing corporate democrats?

:eyes:

[DatManFromNawlins]

47. "No More Bailouts" is going to be insanely popular with middle America

Most people wanted to see those banksters hoisted by their own petards.

They're going to frame this as Obama siding with Wall Street, probably very successfully.

[FrenchieCat]

48. How is that?

Sec is bringing fraud charges, and it ain't over.

The Teabaggers might believe what they will,
but plain American folks will be made to see the truth.

[DatManFromNawlins]

50. Um....

... simple. Middle America thinks Wall Street screwed them all over, getting handouts while the little man suffered, and many also believe that the administration was complicit because they issued the bailouts. Of course, Bushco did some of that too, but they aren't in power anymore so they don't get the stones throne at them.

[Jakes Progress]

51. Take it to the people. Or go home.

When will the administration stop this futile and silly crusade for bipartisanship and republican friends?

They bitch slapped Obama on health care, tried to trip him on unemployment, and then cried that he was a bully. Then they laughed at him. It is getting really tiresome.