by Michael Muskal
As the Senate prepares for its first key vote on financial regulation, Democrats today warned Republicans they had better get on board or face the political consequences of being branded pro-Wall Street.
Majority Leader Harry Reid (D-Nev.) has scheduled a cloture vote on a Democrat bill, the first step in bringing the bill to the floor where it can be debated, amended and face a final vote. The House has already passed a different bill.
In the opening salvo of today's action, Reid's office this morning issued a statement goading Republicans to back moving the bill the to the floor.
"We remain eager to work with Republicans who are sincere about reforming Wall Street, and we are hopeful for bipartisan agreement on this important effort. But there are no two ways about it: a vote against even opening debate on holding Wall Street accountable is a vote to protect Wall Street," said Jim Manley, Reid's spokesman.
Polls show that American voters in this midterm election year overwhelmingly mistrust Wall Street and blame bankers and traders for causing the economic collapse that has sent unemployment soaring to just under 10 percent.
But today's battle is also a classic political fork.
In chess, a fork is when one piece attacks two enemy pieces creating a problem in how to defend both at the same time.
The same is true in politics, where Democrats hope to seduce at least one Republican to back the bill earning a victory that could be popular with voters in November.
Or, if the 41 Republican senators stand together, Democrats can claim a political victory, portraying the GOP again as the obstructionist party aligned with the despised Wall Street fat cats.
Republicans have problems with some of the bill's provisions, including plans for a $50 billion industry-financed fund that the GOP calls an invitation to future taxpayer bailouts.
Democrats insist the fund is designed to pick up the pieces of a failed financial institution and not a bailout.
Of course, both Democrats and Republicans can decide to put off a confrontation. Talks to hammer out a compromise have been ongoing.
Comments
Politics as usual led by Majority Harry Reid (D-NV) who is i n serious reelection trouble in the Fall. I wish both the Democrats and Republicans would stop playing their political games and pass a good Financial Reform Bill.
Posted by: Depot- Jim | April 26, 2010 11:40 AM
This is it, ladies and gentlemen. We either stand tall behind reform or we get ready for the next Wall Street bailout. In the process, lets ask all the Republican-Libertarian-T.Baggers to return all of that funny money, the Weasels of Wall Street threw at them !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, IL | April 26, 2010 11:54 AM
Next up better be a Climate and Clean Energy bill or else we're about to throw a Green Tea Party up in this mug.
Posted by: Sting Jr. | April 26, 2010 12:13 PM
Post Bush/Cheney GOP Theft by Deception Axis of Evil Speaks! Just say no! Just say "hell no." Keep the cars coming! Keep the cars coming! Obstruct! Obstruct! Just say no! Just say he's failing! Just say America, Americans are failing! Just say President Obama is "Trespassing in the GOP Republican First DEGREE! YOU LIE! YOU LIE too! Keep the cars coming! Keep the money coming! She's the EVE in EEVS! Beck is the "REAL ID." Limbaugh is "REAL ID." Keep the lies coming! Keep the Theft by Deception coming! America is still stuck in our post Bush/Cheney 700 Billion Dollar Take All Suspension of Disbelief! Just say no! Just obstruct! Just obstruct! Just say HELL NO! He fits the "AZPOST DESCRIPTION." It's the GOP PAYBACK! It's the GOP GETBACK! Just obstruct! Monday! Monday oh sweet Monday Monday!
Posted by: Roger Morris | April 26, 2010 12:48 PM
Hmmm...let's see the last time these guys passed financial reform it gave us the great financial meltdown. But, I'm sure that won't happen again, at least not for a year or two.
Why would you want these very same people who are responsible for crashing the economy, and who refuse to take the responsibility for doing so, to be in charge of anything? They should resign or be imprisoned, not be in charge.
Posted by: Free to Watch Liberals Tax and Spend | April 26, 2010 3:12 PM
Another poll for media Democrats to hide. From CNN, Economists say the Stimulus Didn't Help. See
http://money.cnn.com/2010/04/26/news/economy/NABE_survey/
Posted by: Equal time | April 26, 2010 4:15 PM
"This is it, ladies and gentlemen. We either stand tall behind reform or we get ready for the next Wall Street bailout. In the process, lets ask all the Republican-Libertarian-T.Baggers to return all of that funny money, the Weasels of Wall Street threw at them !!"
REALLY???The "reform" actually includes the next wall street bailout, and 75% of that "funny money" went to Dems. Since reading comprehension isn't your strong point, Don, here's a video http://www.youtube.com/watch?v=w9d00XfnKp8&feature=player_embedded
Posted by: Independent Thinker | April 26, 2010 4:21 PM
This bill contains the next bill, along with lots of pork for the Dem friends who put 75% of Wall Street donations toward the Dems.
It looks like Republicans are no longer the party of white male fat cats.
Posted by: Independent Thinker | April 26, 2010 6:28 PM
This bill contains the next bill, along with lots of pork for the Dem friends who put 75% of Wall Street donations toward the Dems.
It looks like Republicans are no longer the party of white male fat cats.
Posted by: Independent Thinker | April 26, 2010 6:28 PM
Well let's see what the democrats most often quoted economist, Warren Buffet, has to say. He is the one that calls derivatives "financial weapons of mass destruction", but yet his company, Berkshire-Hathaway has a derivative portfolion of $63 billion. On top of that, he has lobbyed for an exemption in the current financial reform legislation to benefit his company's derivative portfolio.
Another example of the libs "do as I say, not as I do"
Posted by: Terry | April 26, 2010 6:58 PM
Yeah, The Wall Street Reform Bill, that the Democratic Party is trying to pass, is so popular, the bankers have sent 1500 lobbyists to our Capital to stop the bill, with what ever amount it takes. There go our taxpayer dollars into the pockets of the Party of No, the Obstructionists, yet again !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, IL | April 26, 2010 8:59 PM