And, as I predicted, McConnell doesn’t have the votes to sustain a filibuster of the financial regulatory reforms and he’s just punked out. The only way the Party of No strategy can work long-term is if McConnell can maintain absolute party discipline. But since Scott Brown has been seated, health care reform passed, McConnell lost the cloture vote on the Jobs Bill, on extending unemployment insurance, and now he’s knows that he will lose on the financial bill if tries to filibuster. I don’t think this is how things were supposed to go for the Republicans.
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BooMan
Martin Longman a contributing editor at the Washington Monthly. He is also the founder of Booman Tribune and Progress Pond. He has a degree in philosophy from Western Michigan University.
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Yeah I was predicting this as well.
First, this reform is in the banksters’ best interest. They’d be advised to push forward with it. They’ll make money no matter what we do, and a lot of it. Nothing wrong with that, but the gravy train involving derivatives and such must come to an end. They might not like that aspect of it, but tough cookies. They’d be cutting off their noses to spite the rest of it over that, as again, it’s in their interest that we have a stable financial system.
Second, Wall Street doesn’t get its power from money, they get their power from treating Congress like idiots (and with regard to finance, I’d say 90% of them ARE idiots). Their power stemmed from “This is very complicated stuff, so don’t worry your pretty little hearts about what we’re doing, it’ll be ok.” Well, now that’s gone because…look what happened.
Third, Bob Corker is a likely GOP crossover on this, which would end the filibuster and other Republicans would probably cross because of him. In fact, yesterday he condemned his colleagues on this issue, claiming that the claims they’re making are equivalent to the death panel meme. And just as predicted, others are prepared to crossover, as the Hill documents.
Meaningful reform may or may not happen, but it won’t be because of Wall Street, it will be because Congress and its officials don’t know shit about finance.
Also, watch out for Richard Shelby. He might be a dastardly Republican, but he’s no idiot in this area. He’s by far the most knowledgeable about finance in the Senate, and he’s probably only second to Barney Frank in the entire Congress.
An Ode to the Republican Congressional Strategy:
Turning and turning in the widening gyre
The falcon cannot hear the falconer;
Things fall apart; the center cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity.
Yadda yadda yadda.
— William Butler Yeats
Anybody else feeling themselves threatened by an attack of irrational exuberance?
l’m really enjoying watching the unforeseen consequences befalling the rat caucus from scott brown’s election; they thought with his taking teddy’s seat they had the hell no thing locked down.
he may have been a teabagger favorite but he’s certainly not singing along with mitch’s tune.
You were right.
Once again.
folks aren’t going to put their jobs on the lines for fucking bankers….a group that doesn’t even know how to FAKE being appreciative that their asses were bailed out.
of a great quote attributed to grouch marx:
in that regard they’re…the rats and their bankster buddies…failing dramatically.
So true. Ingrates.
Reich’s got a good piece on this:
http://robertreich.org/post/519339473/the-republican-strategy-on-financial-reform-make
Dominoes, anyone?