Well it looks like the financial reform bill will come to the Senate floor for a vote this week. Further, in what will certainly go down as one of the great political blunders in American history the GOP is poised to filibuster the bill, and they apparently have the votes in line to pull it off.
But the GOP better proceed with caution. Yesterday, I posted a blog at Nuestras Voces Latinas that questioned the political strategy of the GOP in cozying up to the hateful and violent elements of the Tea Party. The risk of alienating blacks, Latinos and other minorities seems likely to guarantee the demise of the GOP.
Today, I want to emphasize the political dead end they are flirting with by threatening to kill financial reform. Here is the issue: they are trying to claim the bill is too friendly to banks. The problem is the banks have lined up with the GOP. As Senator Dodd states: "why are those Wall Street firms taking the Republican side in this bill?” Every consumer group lines up with the Dems and every business group supports the GOP. Bush appointee Sheila Bair also supports the bill and as head of the FDIC has proven herself to be a reliable and professional regulator. Bair claims the bill makes bailouts impossible. The American people will see through the GOP's sophistry. The Dems should force the issue and require the GOP to stall all Senate business by actually filibustering the bill with the full media circus that will entail. If that happens it will be the death knell of the GOP.
If the GOP kills this bill all future financial crashes should be credited to their obstinate refusal to do anything. The financial sector has spent $1 million per congress person to stop this bill; if the GOP gives them a victory the American people will abandon the GOP in November.
I agree with the author of the post when he stated "that if the GOP kills this bill all future financial crashes should be credited to their obstinate refusal to do anything." This bill is an opportunity not only to reform and revive the economy, but to provide hope to small business owners.
ReplyDeleteWall street firms who have the side of the GOP, either is not thinking straight or just doesn't care that this bill will have a long term affect on their businesses. By rejuvinating the economy, consumers based businesses will experience increases in purchases and financial stability in to paying loans and acquiring new debts. Going against this bill is basically saying "we know there is a problem but we refuse to fix it." The only reason Wall Street firms are against the bill is its anti bailout provisions. However, if the bill is passed and economy is reformed, it is likely these firms will not be needing a bail out anytime soon. More research should be done before the Senate votes. This research should include short and long term affects of the bill.
I agree with this statement: The risk of alienating blacks, Latinos and other minorities seems likely to guarantee the demise of the GOP.
ReplyDeleteI think that the GOP doesn't often enough keep in mind that the American people are what keeps businesses running and if the GOP succeeds in killing the financial reform bill, millions of Americans who do support the GOP will abandon ship. It is an interesting viewpoint that consumers support the Democrat's viewpoint on the reform bill, and the business groups support the GOP's viewpoint. However, many people who fall into the consumer category do support the GOP, which makes me question whether or not they know what they're doing or what they stand for. The American people find it so easy to criticize EVERYTHING that President Obama has done so far, and the things that he is working on, and yet they are part of a party that refuses one of the things our country needs the most? No bill is perfect, and no bill will every make every single person in the country happy, but people now need to start thinking about the country, rather than themselves. Once the country is able to get back on its feet, everyone in it will reap the benefits. Financial reform needs to happen and I'm glad that this article was brought to my attention. It will be interesting to see what the vote will be, and what the effects of the vote will be.
I think it is a mistake for the GOP to block this. The GOP is becoming the party that opposes everything but doesn't offer any positive alternatives. They are alienating their base and becoming too radical. They really need to target moderates. Ms. Paul is right, members of the party will begin to jump ship: I did a couple of years ago. I think if they don't start to make serious changes, they will become obsolete.
ReplyDeleteThe Washington Post reported this afternoon that, "A Democratic Wall Street overhaul bill may be gaining an unlikely champion: Senate Minority Leader Mitch McConnell (R-Ky.). After a week of attacking the pending legislation as a ticket to new taxpayer "bailouts," McConnell is striking a different tone. Monday on the Senate floor, he called for lawmakers to move beyond "personal attacks and questioning each others' motives" to "fixing the problems in this bill."
ReplyDeleteAnd McConnell conceded, after being chastised by no less than President Obama in his weekly radio address, that "both parties agree on this point: no bailouts. In my view, that's a pretty good start."
It's past time that Congress pass this important legislation, and it to the point that it is unimportant as to what political party gets the credit. I want the nation's business attended to! It is a sign of common sense and leadership that McConnell make take a position that initially may be unpopular in his party, but one in which will open up the dialogue again for a reasonable and civil debate on the issue of getting our nation's business attended to.
The Washington Post reported this afternoon that, "A Democratic Wall Street overhaul bill may be gaining an unlikely champion: Senate Minority Leader Mitch McConnell (R-Ky.). After a week of attacking the pending legislation as a ticket to new taxpayer "bailouts," McConnell is striking a different tone. Monday on the Senate floor, he called for lawmakers to move beyond "personal attacks and questioning each others' motives" to "fixing the problems in this bill."
ReplyDeleteAnd McConnell conceded, after being chastised by no less than President Obama in his weekly radio address, that "both parties agree on this point: no bailouts. In my view, that's a pretty good start."
It's past time that Congress pass this important legislation, and it to the point that it is unimportant as to what political party gets the credit. I want the nation's business attended to! It is a sign of common sense and leadership that McConnell make take a position that initially may be unpopular in his party, but one in which will open up the dialogue again for a reasonable and civil debate on the issue of getting our nation's business attended to.
I agree with you Mr. Ramirez that the Republicans are walking a fine line in filibustering and aligning themselves with big industry that has taken advantage of average Americans, foreclosed on hundreds of thousands of homes, and forced millions onto the unemployment rolls. But that said, the White House has launched a very clever campaign to make Ol' Mr. Money Bags accountable. President Obama appears in an ad that pops up whenever searching Goldman Sachs on google. Not sure how many people the ad is actually reaching, but if it only reaches a thousand who call and urge, or better yet insist that their congressional representative vote for financial reform, we may actually see passage during this session.
ReplyDeleteComing from someone whose father lost his job as an electrical engineer in September 2008 and is still unemployed, I TRULY understand what an economic downfall our country is in. With that being said I do thing the main focus in Washington should be how to effectively get our nations economy back on it's feet.
ReplyDeleteI agree with Ms. Styons when she made the point that the GOP has not offered any positive alternatives. Personally I am very middle of the road when it comes to politics. Nonetheless, I have a public service background which enables me to sway left on many social policy issues. With that being said the hidden disparities that come with GOP's plans may indeed keep the democrats as the majority in Washington. Personally I am economically conservative, however if the GOP does not step up and create alternatives that are just and fair then I will not back them, and I do not think I will be alone.
I also feel that the GOP is still in an uproar due to their long hard loss of the health care battle. For the moderates out there... here is to much hope for future logical bi-partisan leaders who can come together without so much anger. Perhaps this will allow for a positive economic reform?
Putting aside, for a moment, Steven Ramirez's race-baiting, this bill has some major deficiencies. It does not support small businesses, in fact, it seems designed to put them at a competitve disadavantge to larger firms as Rep. Paul Ryan explains in this CNBC interview.
ReplyDeleteAnd as John Mauldin points out in this piece, First, Let's Kill the Angels, the bill undermines a key source of capital for small start-up companies by restricting "Angel" investors:
... angel investment is a common second round of financing for high-growth startups, and accounts in total for almost as much money invested annually as all venture capital funds combined, but invested into more than ten times as many companies (US$26 billion vs. $30.69 billion in the US in 2007, into 57,000 companies vs. 3,918 companies) ... In 1996 there were about ten organized angel networks, most quite small. Now there are many hundreds, and some of them are quite large and organized, with some serious money amongst the members ... Angel investors do more than just provide money. Many are successful businessmen, and they give guidance and often bring their networks of contacts and potential business partners to the new venture ... And remember, that is 50,000 new businesses or more every year, as 2009 was not exactly a banner economic year. This is the very heart of the job-creation machine in the US. It is what keeps this country competitive. And the Dodd bill places this at severe risk.
Michael Barone attacks the bills attempt to establish, "Gangster Government", where the politically connected are given preferential treatment:
"The Dodd bill," Democratic Rep. Brad Sherman writes, "has unlimited executive bailout authority. That's something Wall Street desperately wants but doesn't dare ask for ... "Politically connected creditors would have every reason to assume they'd get favorable treatment. The Dodd bill specifically authorizes the FDIC to treat "creditors similarly situated" differently ... the Dodd bill gives the Treasury and the FDIC authority to grant an unlimited number of loan guarantees to "too big to fail" firms ... "Labor gets 'proxy access' to bring its agenda items before shareholders as well as annual 'say on pay' for executives. Consumer activists get a brand-new agency funded directly out of the seniorage the Fed earns. No oversight by the Federal Reserve Board or by Congress on how the money is spent." ... Republicans have been accurately attacking the Dodd bill for authorizing bailouts of big Wall Street firms and giving them unfair advantages over small competitors. They might want to add that it authorizes Gangster Government -- the channeling of vast sums from the politically unprotected to the politically connected.
The idea that the American people, who are still sorting through wreckage of an increasingly unpopular health care bill, are going to penalize the Republican Party for having read this bill carefully and challenged it's more troubling provisions, is just nonsense. In fact, they are coming to appreciate a party that takes it's responsibilities seriously, after watching the Democrats ram legislation through the Congress, on a strictly partisan basis, unread and without debate, passing out bribes and special favors along the way.
... here's what you don't often see in the coverage of Tea Party rallies: Patriotic signs professing a love for country; mothers and fathers with their children; African-Americans proudly participating; and senior citizens bopping to a hip-hop rapper ... no one I spoke with or I heard from on stage said anything that was approaching racist. - Shannon Travis, African American CNN reporter who traveled with the Tea Party.
ReplyDeleteThe Obama administration seems incapable of achieving political consensus on any major piece of legislation. The normal process of legislative debate and mutual concession has been replaced with hyper-partisanship. And as President Obama's and the Democrat's poll numbers have fallen to historic lows, their advocates have become increasingly shrill accusing those they disagree with of "racism". Fortunately, more and more Americans are coming to see these tactics for what they are, an attempt to smear one's political opponents and shut down debate.
Steven Ramirez accuses the GOP of, " ... cozying up to the hateful and violent elements of the Tea Party", at "the risk of alienating blacks, Latinos and other minorities ...". This is just a hateful lie. Here are a few of the videos that people like Ramirez do not want you to see:
"This isn't about race", Minorities at "Tea Parties"
"America is about empowering the individual, not enslaving the individual", Allen West speaking at "Tea Party". You will never see this man bowing to despots.
"These are my people, Americans"
Tea Party representative confronts neo-Nazi
The Tea Party movement is open and decentralized. Just because someone shows up does not mean that they represent the movement. For instance, the people carrying signs of President Obama as Hitler and featured in Ramirez's film were, in fact, supporters of Lyndon LaRouche, a left-wing Democrat. LaRouche has run for the Democratic nomination for President of the United States seven times.
Further, no one has produced any evidence of Tea Partiers shouting racial epithets at the health care rally despite the incident having been video taped from numerous angles by scores of people, including Jesse Jackson Jr.. Andrew Breitbart has offered a $100,000 reward, as yet unclaimed, to anyone who can produce such evidence. As for Rep. Emanuel Cleaver having been deliberately spat upon, as opposed to it being an accident, he says that he would not have made the incident an issue. It is also important to remember that people like Ramirez, who fein outrage about supposed anti-gay remarks, were silent when top Democrats and their media lapdogs used the homophobic slur "Teabagger" to refer to those in the Tea Party movement.
I suppose you think it a "hateful lie" that they spat upon John Lewis?
ReplyDeleteI guess you are ok with that although you do not want to talk about it do you?
You will lose. You will lose because your backward thinking is washed up and will be relegated to the ash bin of history right next to communism and fascism.
Why not simply say that spitting on John Lewis was over the top and unacceptable and should be condemned by the GOP and the Tea Party? It is that easy. Will you do it?????
Why not simply say that spitting on John Lewis was over the top ...
ReplyDeleteFirst, it was Rep. Emanuel Cleaver not John Lewis. Second, deliberately spitting on anyone is over the top, but that is not what happened here, and even Rep. Cleaver does not suggest that it was. If he had been spat at deliberately I wouldn't hesitate to condemn it, just as I now condemn your race-baiting. As for what I believe - I believe in the founding principles of this Republic as stated in the Declaration of Independence. I believe, as Dr. King said, that men should be judged by the content of their character, not the color of their skin. I believe that race-baiters and bullies need to be confronted, since evil only triumphs when good men do nothing. I am not surprised that to someone like you, whose only organizing principle is the color of his skin, that this would be considered "backward thinking". As for me "losing" and being "relegated to the ash bin of history right next to communism and fascism". I doubt that very much since it has been the men in my family that have fought to relegate them there, and we have an extreme distaste for tyranny.
Anonymous:
ReplyDeleteLook, I enjoy hearing your ideas (which I usually disagree with but really do cause me to think). But I do not know you. There is zero personal hostility here, ok. Your ideas are obsolete and driven by too much ideology. That is all.
I honor your family's service, just as I would hope you would honor my Dad's service in the 3rd Armored Division.
If you are ever in Chicago, come on over and I'll buy you a beer. After that you can personally attack me if you find me so personally unpleasant.
STU Steve Newbold
ReplyDeleteSteven, I'll start with what we agree with. The GOP is an utter failure, the party and quite frankly the party has been a joke since Bush I.
The public has woken up to the GOP. No one wants to be in a state of perpetual war. No one wants to be wire tapped. People are becoming more and more disgusted with the notion that you can be snatched, locked up, and have the key thrown away never to be heard from again.
The GOP has been destroying civil liberties since the so-called "War on Drugs" in the 1980's. People bought into the hype then, just like everyone bought into the terrorist hype today.
But the people have woken up. Everyone basically knows the official 9/11 story is a lie.
In fact, just last night when Fox News, tried to demonize 9/11 Truth as they always do, they accidently revealed a bombshell. . . that Silverstein, the lease holder of the 3 WTC buildings, wanted to demolish building 7 with explosives on 9/11. Whoops! (Building 7, is the third WTC building that fell down magically without a plane ever hitting it.)
http://www.infowars.com/bombshell-silverstein-wanted-to-demolish-building-7-on-911/
But I think it's out of line to call the entire Tea Party movement hateful and racist without any proof.
First off, we know there is an organized agenda to smear these people. http://www.examiner.com/x-41774-NY-Tea-Party-Examiner~y2010m4d13-Crash-the-Tea-Party-Founder-Outwitted-By-Foes
Also, with respect to Cleaver, I would say the video evidence is undisputed that he either (a) was not spit on; or (b) was yelling at the guy and maybe sprayed a little on Cleaver.
No one who watches the following video could come to the conclusion that he gathered up some saliva and hacked a loogie in Cleaver's direction. I mean, the video is not ambiguous at all.
http://dailycaller.com/2010/03/24/did-emanuel-cleaver-really-get-spit-on/
What is being spread about the Tea Party is just as shameful as when those on the Right demonized Cindy Sheenan (sp?) for protesting the 2 illegal wars that Bush got us into. (Even though it's obvious that she was and still is right. It was a lie about WMDs got us into, and possibly the lie that was 9/11 as well).
I think we all need to wake up and quit getting our news from Cable. It's pure propaganda. All of it.
Fox News, CNN, MSNBC, and every other cable news outlet are designed with the specific purpose of controlling the masses.
They also warp us into thinking that we have to be a Republican or we have to be a Democrat, and that no other line of thinking even exist.
Any time you raise taxes, there's going to be a group against it. That's all the Tea Party is. Debate them on the merits.
There are merits to raising taxes to providing healthcare for everyone. There are also cons. We all know what the pros and cons are by now. It's been beaten to death.
But the Tea Party will never go GOP.
In fact, my understanding is that the Tea Party is mostly a libertarian movement, in which case they have JUST AS MUCH IN COMMON WITH DEMOCRATS AS THEY DO REPUBLICANS.
Here's the simple formula.
Republicans = for Economic Liberties, and are against Civil Liberties (except for the 2nd Amendment).
Democrats = For Civil Liberties (except the 2nd Amendment) and against Economic Liberties.
Libertarians = For all Civil Liberties and All Economic Liberties.
The Tea Party movement is a threat to both the Democrats and a threat to Republicans.
The GOP is trying to coop the movement, and they are failing miserably and the Left is trying to smear them.
I hope both sides fail. I hope none of these people vote GOP and I hope the Left fails in their smear efforts.
Kyle Sheehan
ReplyDeleteThe constant "Democrats always do this and the GOP never does this" or "The GOP always sides with so and so and the Democrats are for this" is so meaningless. All of the above people we are talking about, are politicians. This whole Democrat/Republican thing is essentially (to borrow from a Jon Stewart idea) a giant staged wrestling match where neither side really coincides with their ideals, instead they just pursue the opposite course of the other. To say that the GOP is the party of NO and filibusters and complains about everything, is to forget what Democrats have done in similar situations with a Republican President. The Democrat v. Republican debate is absolutely meaningless and to pin one side as representing a certain "group" is to skip over the real issues and play into each parties game.
I agree with Mr. Sheehan. Politics is just a game for egomaniacs to play in an effort to draw more attention to them. These partisan wars are detrimental to the ultimate goals that each politician preaches, to do what is right for the country and represent their constituents. It seams as though they acts as mindless drones for the party with out using common sense and working toward a common end. The blame is not on any particular party, as Mr. Sheehan pointed out both the Democrats and Republicans act the same when put in similar situations.
ReplyDelete> As a side note although I do not align my self with the Tea Party, or agree with much of their political stance, it is refreshing to see a resurgence in political interest and the prospect of a shake up in the two party system.
- Jonathan Haskell
I agree with both comments above. Remember, George Washington as he left office warned America of factions. However, we have left them guide us for nearly our entire 200+ year history. I truly believe that in order for change (I mean real change not the kind that looks good but is ineffective) to come about we need to oust every single senator or representative who is up for re-election. Let these Congressman know that they do not have job security without results. Keep putting them in and out of office without regard for political affiliation and we might see real change. The ugly kind of change that makes grown men in Wall St. and corrupt officials alike cry at night.
ReplyDelete