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GOP Rebuffs Dem Concession On Financial Reform


Sen. Mitch McConnell (R-KY)

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Senate Republicans say they're prepared to work constructively with Democrats on a consensus financial reform bill. But this weekend, after the White House offered up a key substantive concession, they swatted President Obama's hand away in a fashion that was all too reminiscent of their strategy of opposition to health care reform.

"We ought to go back to the drawing board," Senate Minority Leader Mitch McConnell said on CNN Sunday morning.

Likewise, moderate Republican Scott Brown (R-MA), once considered a swing vote on regulatory reform, explicitly threatened to vote to block the bill from even being debated. Asked by CBS' Bob Schieffer if he'd filibuster the bill rather than let it come to the Senate floor, Brown was unequivocal: "In this particular instance, yes," he said.

The statements from Brown and McConnell came two days after the administration signaled it would push Democrats to drop a provision in their bill that Republicans broadly oppose: a $50 billion liquidation fund, raised by imposing a tax on major financial institutions, that would be used to cover the government's costs in the event that it has to liquidate an insolvent firm.

On Friday, after news of the administration's position broke, McConnell made clear he wanted to see more. "I appreciate the Obama administration's recognition of the need to substantively improve this bill," reads McConnell's official statement. "And I hope we can work with them to close the remaining bailout loopholes that put American taxpayers on the hook for financial institutions that become 'too big to fail.'"

Sen. Susan Collins (R-ME) also said she'd vote to block debate on the Democrats' bill, unless Republicans get to take a crack at it, but that was before the concession on the liquidation fund was first reported.

That leaves the two parties on the exact same collision course they embarked upon last week. Senate Majority Leader Harry Reid says he will try to bring the bill to the floor by week's end, daring Republicans to use Senate filibuster rules to block any debate on the bill at all. Recent events may strengthen the Democrats' hand. On Friday, the Securities and Exchange Commission charged Goldman Sachs with securities fraud--a case they rightfully argue highlights the need for expedient passage of legislation imposing tougher rules on Wall Street. And Republican leaders have been hard pressed to explain away their attempts to secure donations from Wall Street in exchange for their efforts to weaken the bill.

If Republicans follow through on their threat to block the bill from coming to the floor, it will take the political fight over regulatory reform in a new direction.

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April 18, 2010 6:07 PM   

This is just too obvious. What McConnell and the GOP want is to weaken the bill even further before it gets to the floor of the senate because they know they won't have the chance to weaken the bill with amendments because Democrats would oppose them. The GOP special interests amendments won't pass. This they clearly understand. So they have one shot to create loopholes, carve outs, etc. Just like Max Baucus did on health care reform. Get a very watered down bill before it reaches the floor.

Here is what Obama has to do- He should go out this week and make a speech with clear digestible sound bites and bullet points, get public opinion on Democrats' side, and dare the GOP to filibuster the bill. The White House should splash financial reform on their website as well.

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April 18, 2010 6:11 PM    in reply to rosebowl

"Republicans are blocking meaningful financial reform, even after what happened to your 401(k) accounts in 2008."

Say it over and over and over and over and over. After all, it's the truth.

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April 19, 2010 12:49 AM    in reply to MCHowdy

Correct.
And if you need a follow up.
"Republicans are too cowardly to even allow debate on this bill - where they would be forced to let the American people learn that their only purpose to protect Wall Street thieves.

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April 19, 2010 9:40 AM    in reply to mcrose68

The Repubs need to keep the crooks that depleated your retirement in 2008 in power to reap the donations...like GS CEO Blankfein..et al!

Repub Wall Streeters are paying mcconnell to water down the reform bill and protect them--

Repub deregulation got us the 2008 finacial metldown--do we want more of the same?

My retirement can not AFFORD anymore republican protection of Wall Street --CAN YOURS!?

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April 19, 2010 9:59 AM    in reply to Docb

As a campaign slogan the last one hits best because it's short, it has rhythm and it brings the message home.

Another variation on that :

Our savings accounts can't afford another Republican bill for Wall Street.

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April 18, 2010 6:43 PM    in reply to rosebowl

It would be an excellent reason to break that press conference drought. Or it would if not for the fact that all the accumulated huwt feewings and smelling salt sniffing horror of being ignored despite their savvy and vast importance is guarenteed to mean that every question from the White House press corp asshats would be Foxified Tim Russert facile gotcha dreck.

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April 18, 2010 6:44 PM    in reply to rosebowl

And when President Obama makes his "bullet point" speeches, make sure that Senator Dodd follows each and every point and has it in the legislation - to the letter!!!

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April 18, 2010 6:45 PM    in reply to rosebowl

The best you can say about the Republicans is that they seem to be honest politicians - they're staying bought. In terms of the strategy being a good idea for November, it's not even close. Obvious selling-out is rather frowned on by most of the electorate.

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April 19, 2010 1:10 AM    in reply to Norbrook

I'd like to think that's true. Sigh...

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April 18, 2010 7:50 PM    in reply to rosebowl

Yep....he should also rescend that offer to do away with the liquidation fund....add more shit they dont like...then go on National TV and slam them !

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April 18, 2010 9:47 PM    in reply to toddincabo

Yep to your yep.

If they're going to filibuster the concessions, then give them something to really cry about.

Big babies.

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April 18, 2010 9:59 PM    in reply to Cal Gal

Yep, yep and yep!

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April 19, 2010 10:19 AM    in reply to toddincabo

THE MOVIE;HEALTH CARE REFORM 2 to hell with your 401k,lets see dems concede,repbs say not enough,dems cower & water down the bill more,repbs say let's start over,dems beg Snowe & Collins don't suceed,msm helps repbs propagate their lies,dems spill their message all over the floor & the people TAKE IT UP THE DIRT SHOOT.

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April 18, 2010 9:16 PM    in reply to rosebowl

I agree.

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April 19, 2010 7:12 PM    in reply to rosebowl

you lie, they want the $50 billion removed. they want the really big guys like AIG, fannie and freddy included. this bill does nothing. we will have the same problem when it passes, and both parties will pass it. the real problem was the repeal of the glass-steagal act, passed by republicans and democrats, and signed, by you guessed it, bill clinton. until that law is restored the rest of this crap is just window dressing. when will you people wake up? read a little bit. this bill is like trying to fight a lion with a fork, you ain't gunna win.

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April 18, 2010 6:09 PM   

This is where I'm getting a bit nervous on the Dem's stance on the issue. I think Brownstein MAY (and I hedge MAY) be right in regards to the GOP already defining the debate.

The problem is that the media focuses only on "soundbytes". Hence, McConnell's "bailout" and Scott Brown getting to say he'd fillibuster the bill (without having to say what is wrong with it).

The only way to turn this on the republicans is link for the reason why we're prosecuting these folks to the policies of the last 8 years (ex: laissez faire free market failed us) and put an indictment on the entire GOP platform.

Sadly, I don't know if the dems are unified enough to maintain such a message.

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April 19, 2010 7:53 AM    in reply to calchala

calchala said;

"This is where I'm getting a bit nervous on the Dem's stance on the issue. I think Brownstein MAY (and I hedge MAY) be right in regards to the GOP already defining the debate."

This is a constant problem in the political system, the Republicans almost always define the debate. They constantly get out in front of the Democrats and the Democrats are always playing defense. One wonders if the Dems will ever catch on.


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April 19, 2010 9:59 AM    in reply to calchala

I agree, even though I think this time they may have learned their lesson but a large part of the problem is that the republican machine/big business/media still control the message and it is not by accident that the dems message gets drowned out.

I rarely if ever watch the Sunday morning news shows and I was reminded this Sunday why. I happened to tune in to ABC This Week in time for the round table. I don't know who the conservative female guest was but apparently Jake Tapper liked her message because he kept pushing it no matter what anyone else said. It was about as obvious as a boil on one's nose.

I haven't seen anything much different with David Gregory or the rest of them. It is pretty obvious who is controlling the message.

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April 19, 2010 11:00 AM    in reply to calchala

I suspect you're right. The Dems are useless at demagogic messaging which sadly enough is the kind of political messaging that most Americans react to.

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April 18, 2010 6:21 PM   

jesus christ. just send a strong fucking bill to the floor. then make the fucking republicans filibuster it.

i mean, if you really want to give the republicans what they want, then give them what they want -- and what they want is to fuck the middle and lower classes right up the yang. you give them that by making them filibuster the (any) bill.

for god's sake, stop dicking around by tweaking this or that provision -- all that is, is the republicans manipulating democrats into being the ones who fuck the middle and lower classes over.

stop letting them turn the process around. REPUBLICANS DON'T GIVE A SHIT ABOUT TWEAKS OR CHANGES OR LEGISLATION -- THAT'S JUST THEM PLAYING YOU AS CHUMPS. THEY WANT TO FUCK THE MIDDLE AND LOWER CLASSES UP THE YANG. SO MAKE THEM DO IT.

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April 19, 2010 9:27 AM    in reply to nova voter

THEY WANT TO FUCK THE MIDDLE AND LOWER CLASSES UP THE YANG.

Yes, and the Democrats want exactly the same thing. Don't you get it? Both parties are owned by the banking industry, and they're playing both ends against the middle with us commoners. It's just a game.

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April 18, 2010 6:25 PM   

Time to start over? It's time for Barack to give Mitch McConnell a size 12 enema!

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April 18, 2010 6:34 PM    in reply to GTFOOH

And . . . we have a strong early entry for the Metaphor of the Week Contest, folks.

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April 18, 2010 6:35 PM    in reply to GTFOOH

That would take courage.

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April 18, 2010 7:14 PM    in reply to EastWest

And open up yet another can of worms in that McConnell would want it all the time.

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April 18, 2010 7:56 PM    in reply to tiowally

Please don't talk like that in front of the dog!

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April 18, 2010 9:29 PM    in reply to GTFOOH

Yeah - Take this to the people. Let them decide who's trying to do what's right for America.

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April 19, 2010 9:47 AM    in reply to GTFOOH

I'd sign up for pay per view for that.

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April 19, 2010 10:24 AM    in reply to GTFOOH

I VOTED FOR HOPE & CHANGE,NOT COMPROMISE,CAPITULATE & APPEASE

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April 18, 2010 6:25 PM   

Why does TPM portray every move by Obama as weakness? Has it ever occurred that the president may have done this to portray the GOP as dishonest and inflexible.

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April 18, 2010 6:28 PM    in reply to Micheline

It's Brian Beutler. He's been doing this since HCR. Some of it is warranted but other times it is not. Like here.

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April 18, 2010 6:39 PM    in reply to Micheline

Occurred to Greg (via CNN, of all sources).

* CNN’s Ed Henry explains the politics behind the White House’s willingness to drop the $50 billion bank liquidization fund opposed by Republicans:
Democratic officials suggested the move is really an attempt to challenge Republicans on whether they will still oppose the reform bill even after the controversial provision is removed. That would play into the White House’s efforts to portray the GOP as defenders of the status quo on Wall Street.

Brian, apparently, either doesn't read his predecessor's blog or, possibly, he doesn't buy it. And, why should he? After all, it comes from someone over 30.

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mcc

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April 18, 2010 6:56 PM    in reply to The Commenter Formerly Known as NCSteve

Well, if that's the idea, then maybe we can assume that now the Republicans have blown off the idea of dropping the $50 billion fund, the dems can just go ahead and keep the $50 billion fund in.

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April 18, 2010 8:50 PM    in reply to mcc

Kinda hopin' that myself. Although I'd prefer the House bill's 150 billion dollar fund. And I'm not seeing the same kind of eagerness to lick industry boots among the conservadems we saw with HCR, so it's not out of the question.

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April 19, 2010 1:22 AM    in reply to The Commenter Formerly Known as NCSteve

I would prefer that the bill include (along with that $50 billion fund) criminal provisions that would allow us to claw back ill-gotten gains (yes, I'm talking about Joseph J. Cassano, of the AIG FPG).

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April 18, 2010 6:52 PM    in reply to Micheline

Because he behaves weakly. I see TPM commenters wanting their President to behave with courage and conviction. It never seems to happen. I think that is reason enough to assume Obama will never do what it takes. I suspect he won't in this instance as well.

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April 18, 2010 7:32 PM    in reply to gtash

Is he behaving weakly? Sometimes giving the appearance that you are flexible portrays your opponent as the who is wrong. The GOP were making a big stink about this. They didn't say anything else. Now they are complaining about another provision. It's obvious that the GOP is not dealing in good faith. It seems the denizens of the left blogosphere only know one technique. There are ways in getting a bill without being stubborn.

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April 19, 2010 8:21 AM    in reply to gtash

I have been following how the Whitehouse and Democrats have approached passing this bill. They are relishing the fight. Frankly, weakness is one thing we are not seeing from Obama. He is engaged. He is exposing McConnell and Friends for the Wall Street shills they are. The Republicans might emerge from this fight with a victory, but so far the Democrats are playing it just right. Obama is not showing weakness.

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April 19, 2010 9:18 AM    in reply to ronbyers

It's called jealousy. They have nothing against this president but to call him names. This president rocks and will play their sorry asses like a fiddle.

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April 19, 2010 1:13 PM    in reply to Micheline

"Why does TPM portray every move by Obama as weakness? Has it ever occurred that the president may have done this to portray the GOP as dishonest and inflexible."

It is possible, and I would like to think this is clever strategy. But the experience of HCR leaves little basis for trust on this account.

All last summer and fall I kept telling myself, "This is Obama playing chess while everyone else is playing checkers..." but repeated failure to follow through let the right and its MSM enablers to control the public debate virtually to the end.

We did get HCR, but it was weaker than it might have been and has far lower popularity than it should have, which is a self-inflicted wound that will cost the Democrats in the fall.

So far - financial reform seems to be following the same script.

Obama, and the rest of the Democrats, need to start hammering the Republicans effectively very soon to change the story.

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April 18, 2010 6:34 PM   

Is it really that complicated: Make them filibuster all day and all night forever.

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April 18, 2010 6:44 PM   

Curious, why would Republicans pick up the "start over" talking point after it failed with HCR? It really doesn't seem like a winner. The insincerity reeks as though it were a massive pile of elephant poop.

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April 18, 2010 6:46 PM    in reply to Joshua the Teacher

Because they believe that the polls show that their lies have successfully distorted reality thereby furthering their craven interests.

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April 18, 2010 6:51 PM    in reply to Joshua the Teacher

they do it because it works in their world and the media and their base rewards them. Then you have all these pollsters saying that the Dems are going to get slaughtered in Nov. so they figure why stop.

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April 18, 2010 7:04 PM    in reply to Joshua the Teacher

Like health care, I think it must be because they have no real alternative and don't want anything done. Instead of just saying "no," they pretend like they want to get something done and try to avoid having to suggest changes the bill.

They did try pretending this was about the "bail-out" fund, but now that Obama called them out on their bluff they don't have anywhere to turn other than the back to the drawing board, pretending this is rushed. That way at least they can later bust out the old talking point that Obama is cramming this down the American people's throats.

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April 18, 2010 9:00 PM    in reply to Joshua the Teacher

I thought so too. I don't pay a lot of attention to this stuff, but for the average listener the "start over" ploy must just sound like an old tired refrain. Where, for heaven's sake, were they on the first go round? Perhaps in New York talking to Wall Street? Is that why they missed it?

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April 18, 2010 9:52 PM    in reply to Joshua the Teacher

Of course it reeks, but it allows them to say, "Oh, yes. We want reform." Then they go on to say the Dems' bill is so bad that for good reform to occur, Congress needs to start over.

It's a delaying tactic to give them cover from actually saying they oppose reform.

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April 18, 2010 6:44 PM   

LOL!!!! LOL!!!!!!!!!! Omg! these guys are jokes. Six figure salaries to read some fucking talking points.

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April 19, 2010 8:19 AM    in reply to Viva!America!

Ditto.

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April 18, 2010 6:51 PM   

"We ought to go back to the drawing board," Senate Minority Leader Mitch McConnell said on CNN Sunday morning.

How'd that suggestion work out for you guys on HCR?

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April 18, 2010 7:10 PM    in reply to Catsy

If you submitted an application for a loan and the bank said "go back to te drawing board" would that be constructive?

If you filed your taxes, and the IRS told you tha you needed to "go back to the drawing board" would you think that was constructive?

"Go back to the drawing board" is just another way of saying "hell no". It isn't constructive, and Obama and the Democrats in Congress need to hammer that point home, in terms that make expicit sense to the average voter.

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zsa

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April 18, 2010 6:55 PM   

Make the GOP filibuster financial reform. My understanding is that is that the Dems would need to maintain a quorum, whereas the GOP would only need to keep one brain-dead zombie on the field round-the-clock. So it's tough on the old guys ... do it anyway ... juice them up with amphetamines and bring cots into the Senate chambers.

But the optics are unmistakable ... the default posture for Republicans is in defense of Wall Street fat cats.

Course, the Dems will pre-negotiate everything away and we'll be stuck with a crap bill that no Republicans will vote for anyway.

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April 18, 2010 8:39 PM    in reply to zsa

I was about to write to my state's senior senator, Chris Dodd, suggesting just that, but then, I thought better of it. I'm not sure if we want to give Republican demagogues around-the-clock opportunities to promote their lies on the Senate floor in front of C-SPAN cameras.

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April 18, 2010 6:55 PM   

I love your choice of photos for McConnell. He looks befuddled.

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April 18, 2010 10:23 PM    in reply to gtash

I think he looks like he's *getting* that size-12 enema. Hard to tell if he's enjoying it, though.

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April 18, 2010 6:58 PM   

The Repubs will not work constructively on anything. Dodd worked extensively with Shelby on the Finance Comm bill and then McConnell pretends like they have been excluded from the process. Obama even gives them the restucturing fund and they STILL say NO NO NO. FUCK THEM ALL!!! Bring it to the floor and force a filibuster by any means necessary. FORCE THEM TO STAND AGAINST COMMON SENSE FINANCIAL REFORM!!!!!

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April 18, 2010 7:03 PM   

This is great for Democrats, isn't?

I remember a gigantic headline by TPM a day or two ago that Dems were besides themselves with anticipation and "giddy" at the prospect of GOP obstructionism. So what's all the whining about??

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April 18, 2010 7:13 PM    in reply to Lalo35adm

Not everybody is whining, but I think some people are a little concerned and frustrated because this "let's start over" tactic did resonate with people for HCR, and even though HCR was successful, it took a big toll on the Democrats' popularity (at least temporarily). It didn't change the legislative result, but it worked disturbingly well with the media and with a lot of people.

I don't see it working here, though. The scare tactic potential just isn't the same with financial reform as it was for health care.

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April 18, 2010 9:03 PM    in reply to Lalo35adm

That's the way people react when someone takes a big crap on their front porch.

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April 19, 2010 8:20 AM    in reply to Lalo35adm

I realize this is probably hard for a Republican to understand, but some of us are actually concerned with what is best for the country, and not just what is good politics for the Democratic Party.

The politics of the Republican Party standing up for their masters on Wall Street will probably be quite good for the Democratic Party heading into a difficult midterm election cycle. But for a country desperately in need of enhanced regulation of the financial sector...not so much.

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April 18, 2010 7:07 PM   

F**K THE REPUBLICANS!!! THEY HAVE NO INTEREST IN DOING THE PEOPLE'S BUSINESS.
GO RECONCILIATION

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April 18, 2010 10:11 PM    in reply to ru4862

You can't go reconciliation with this because it doesn't affect the federal budget. HCR did.

I suppose they could try the nuclear option the way Trent Lott & Co. tried to do with GWB's Supreme Court nominees. But while that produced a short-term victory, it backfired in the long run.

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April 19, 2010 1:27 AM    in reply to jdb316

No this would require some balls.
The better analogy here is the Government shut down.
They need to take this message to the voter, and make November about the question of :
Do you want the thieving bastards on Wall Street to continue to pillage the US economy like the parasites they are. If so, vote for the GOP and you can continue to block any meaningful accountability and regulations.

But if you want working men and women to have a chance to live without bailing out the people who have the easiest and most lucrative job in the world (borrow at 0% and loan at 5%), then grab back that 60th seat and we can get back to business.

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slb

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April 19, 2010 2:32 AM    in reply to ru4862

Under Senate rules, you can't have more than one budget reconciliation bill in any given year.

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April 18, 2010 7:08 PM   

Obama AND a cadre of his spokes people need to take their case for reform to the nation. The GOP will oppose everything and want to stall by claiming the need to begin again. Let it be clear to the nation that the WH supports vigorous reform and the GOP supports the corrupt bankers. The DEMs need to dawn their white hats and let the GOP where the black ones at their peril.

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April 18, 2010 7:12 PM    in reply to xargaw

I agree. The president needs to call a prime time news conference and speak directly to the people. Democrats have been down this road before. It would be a mistake to give into GOP demands

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April 18, 2010 7:37 PM    in reply to ru4862

Forget with any concessions too. We don't gain any GOP when we make concessions, so why should we? All this does is weaken the Bill. If I hear Obama say "bi-partisan" one more time I am going to shoot my TV.

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April 19, 2010 3:26 AM    in reply to ru4862

Do ya think Obama can get the GOPers into a room in front of TV cameras again? No I don't think they'll walk into that trap again. It's too hard to talk BS when the man is standing right there right in front of them.

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April 18, 2010 7:09 PM   

"Likewise, moderate Republican Scott Brown (R-MA), once considered a swing vote on regulatory reform, explicitly threatened to vote to block the bill from even being debated."

Brown was elected not to kill HCR, but to kill FR, financial reform. The megabucks raised in the last of his campaign came disproportionately from financial institution employees, as I recall.

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April 18, 2010 7:10 PM   

"We ought to go back to the drawing board," Senate Minority Leader Mitch McConnell said on CNN Sunday morning.

yeah yeah... that's the same thing they said about health care reform.. look where that got them...

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April 18, 2010 7:15 PM   

I give up on the dim dems.

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April 18, 2010 7:36 PM    in reply to FDRdog

Hang in there Fala!

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April 18, 2010 7:42 PM    in reply to GTFOOH

FDRdog,

My thoughts exactly. Dems are hopeless. If they had any balls they would force the republicans to filibuster the bill on the floor. The Majority leader should keep the senate open all night.

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April 18, 2010 7:44 PM   

The "back to the drawing board" phrase is the most elaborate phrase that McConnell has managed to find in his Luntz Thesaurus.

The "start over, and we'll be with you" is such thin ham that the public has had its credulity broken. In this case, the big lie (that there is a "slush fund" created, that it's "TARP") has begun to fail very, very early in the talking points cycle, and so the White House's "concession" was really quite unnecessary, except that the White House might not have been very interested in a rescue fund, and so the public is not outraged at the idea of taxing banks, not outraged at the fund, and now does not understand why "go back to the drawing board" is a good idea.

If the GOP tries with banking what it did with health care, it will fail hugely. The politics of confusion become politics of fear when people barely understand their own health insurance and live in mortal dread of anything happening to the slim protections they have. In that case, it was easy to have any doubt turn into fear, fear into panic, panic into support for the party of No Theater. The regular pleb, on the other hand, does not feel endangered or fearful at the idea of the local MBNA branch having to pay a tax.

(An article in Slate argued that we must not use "Kabuki theater" to refer to a politics of pure gesture and symbolic recitation without dialog. How about, instead, we propose that the Japanese had Noe Theater, and the Republicans have invented No Theater?)

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April 18, 2010 11:50 PM    in reply to Geogre

"the White House might not have been very interested in a rescue fund"

I think the WH knew full well that the Party Of Hell No would reject this 'compromise' even before they offered it.

I co-sign the idea of a press conference, and Obama should lead with the left hook - 'We offered them a compromise on the one issue they had a problem with, and they rejected it.'

Follow with the right cross of 'If Republicans in Congress are not interested in making progress, they should get out of the way and let us lead.'

It's time to (metaphorically) bloody the obstructionists. Obama can do it without breaking a sweat.

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April 19, 2010 5:25 AM    in reply to StrangerNY

The question, for me, is whether the WH was offering the concession only because they doing the "Jedi knight" thing or because they actually were willing to lose the point. If they were willing to lose the point, was it because they were willing to lose taxing banks (what the Republicans actually care about, what will lose some corrupt Democratic support) or to lose the rescue capability. I'm betting, of all of these, it's the last.

As for the Jedi thing, health care shook my confidence in WH management skill.

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April 18, 2010 7:56 PM   

As a little kid, did you have an older brother or family member who under guise of playing would hold one of your arms and with the other hit you repeatedly all while chanting

'Stop hitting yourself. Stop hitting yourself. Stop hitting yourself."

Only this time....go for it Mitch.

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April 18, 2010 8:02 PM   

NYT Editorial: Republicans are "shilling for the banks."
The money quote, from the Times:

The White House and Democratic leaders need to push back hard against Republican posturing, making it clear to Americans that robust reform is the only way to protect the system — and taxpayers — from a repeat catastrophe. When Republicans try to block reform, they are doing nothing more than shilling for the banks.

http://www.nytimes.com/2010/04/18/opinion/18sun1.html?hp

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April 19, 2010 5:02 AM    in reply to ru4862

That all sounds great but you forgot how god damned stupid Americans are! OOPS! The fact is that the banking boys in the Senate pretty much have this wrapped up anyway and stupid fukking average Joe idiot is so completely uninformed it looks to him like the Dems are pissing away his tax dollars on the banker boys and he is voting Republican! Dems always play nice and always loose to the liars and the money. America is hopeless you know.

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April 18, 2010 8:36 PM   

How about "OK, we won't use the $50 billion to keep the lights on at failing banks, we'll just charge the oversize banks $50 billion and use it for other things"?

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slb

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April 19, 2010 2:38 AM    in reply to paulw

The fund is not for "keeping the lights on at failing banks," it's to cover the costs of liquidating failing banks in an orderly fashion.

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April 18, 2010 8:54 PM   

Obama is a slow learner and the Republicans know it. They're playing him like a cheap fiddle and he's all too eager to cooperate.

All they have to do to get more free concessions from Obama is say no and by the time the process is over, his eagerness to please his enemies will have prevailed over his duty to serve the people and just as with healthcare we'll get a Republican financial reform bill which means it won't be worth the paper it's written on.

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April 18, 2010 9:37 PM    in reply to oleeb

Actually you are the one that's embarrassingly slow. Do you honestly think you have better insight into GOP behavior than the people who have to work with these idiots?

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April 18, 2010 11:09 PM    in reply to oleeb

I don't think Obama is a slow learner, just not muck of a leader. But he will "slow down" on financial reform so as to figure how to play both sides against the middle. Don't forget he has accepted more contributions from his Wall Street friends than anyone else and has to figure how to play this out. Hope this bill has teeth and that Obama gets behind it but don't be surprised Obamabots if the "bipartinship" bullshit isn't used as part of the narrative to weaken any proposed legislation. We'll all find out about our President if he cannot deliver real financial reform legislation this year. If he can't make this work and settles for half measures, well then, it will say more about him than anything else. Let's hope he doesn't disappoint, like he did for some of us on HC "Reform".


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April 20, 2010 12:46 AM    in reply to Cornelius

You should probably get on the Palin bandwagon then, she's sure to give you all that you apparently need.

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April 18, 2010 9:09 PM   

My guess: the G(d)OP will go into the November election and acknowledge the country's going to hell. followed up with "you've had two years of Democrat change. We ought to go back to the drawing board," With facts unstated and sound bites the common knowledge they might just hijack the Dems' theme.

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April 18, 2010 9:23 PM   

I don't think really possible for the Democrats to 'ram it through' (As per the GOP reality) when it come to the financial reform bill if the GOP are a united front as usual. Yet the first part of the script hasn't changed. Democrats offer concessions which the GOP promptly claims to be insufficient, and then they demand everyone start over. I'd say offering concession in the face of this obvious result is and was a mistake as the only people who'll see the Democrats as being the more open party will also know already that the GOP position is ridiculous.

Democrats got a healthcare bill through, but these tactics did not win the PR battle. Since this bill will likely depend entirely upon public pressure today or what happens in 2010, I think a different strategy would be a good idea.

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April 18, 2010 9:35 PM   

Now look at that... Just when I thought the GOP hammered almost every limb available of theirs to the floor, they played the one-upmanship acrobatic trick and found another dangling limb they could hammer down. I believe it was their forked tongue this time. You saw it hear first folks.... The worlds crazyist political freak show on earth.

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April 18, 2010 9:39 PM   

When will they ever learn?

Pete Seeger asked that more than 40 years ago, and it's still true today.

NO MORE CONCESSIONS. They will NEVER act in good faith.

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April 18, 2010 9:47 PM   

mcconnell is a political hack and nothing more. he is the best example of the worst thing that is wrong in washington.

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April 18, 2010 10:08 PM   

No matter what " fixes " or concessions the dems. make to the financial reform bill, it will not get the rethuglicans to come on board to vote for the bill to come to the senate floor for debate. So, Harry the ball is in your court . Go to the senate floor with the bill and make that meally mouth , wall street enabler Mitch McConnell show the public who he represents, the crooked wall street hedge fund managers, who screwed them out of their 401K pension funds, and homes, or the honest hard working middle class tax payer.

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April 18, 2010 10:18 PM   

What? we are playing this idiotic game again? Fool me once Mr. President

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April 18, 2010 10:19 PM   

Hey Suz you get a crack at nothing you lost the election

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April 18, 2010 10:26 PM   

Hey Mitch, talk to the finger.

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April 18, 2010 10:29 PM   

When Texans choose the school books you guaranteed a nation of retards*

*retards used only as satire in this comment

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April 18, 2010 10:37 PM   

So Turkey Neck want's some more of those $5 BIL in GS bonuses for the quarter, shocking.

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April 18, 2010 11:35 PM   

even after the repubs got their faces rubbed in shit during the HCR debacle...

they're still sticking their fingers in their ears and saying 'LALALALALALAAL CAN'T HEAR YOU!'...

pro-tip: if you got your asses handed to you last time because you couldn't come up with jack shit...time to actually do some work and put up an alternative

pro-tip 2: you are elected and paid to govern...standing their stomping your foot and saying 'no' and 'i don't have to because i haven't seen proof you are who you say you are' or 'well i don't have to because you're black...HAH! SO THERE!'...it makes you look like a giant douche

economy picking up, jobs being created...uh-oh...better start screaming louder!

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April 18, 2010 11:35 PM   

This "story" is poorly written. It takes you four paragraphs to explain what the fuck you're talking about. Try again, TPM, try again.

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April 19, 2010 12:23 AM    in reply to Reece

Gee Reece? Kind of tense tonight.

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April 19, 2010 1:01 AM   

I'd tell the GOP to go to hell. Challenge them to filibuster the entire package and shame them into action.

Imagine what would have happened if a Democrat was president during the 9/11 attacks. Those people would filibuster any action of a Democratic President to deal with the attacks.

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April 19, 2010 3:31 AM   

Why are we still offering concessions to this obstructionist party? If they want to filibuster and we can't get the 60 votes for cloture, let them filibuster then use it against them in the midterms.... or use the "nuclear option."

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April 19, 2010 5:27 AM   

Fuck 'em. Don't give one goddamned inch. Take back all concessions. Concessions are blood-in-the-water to a shark--just whets their apetite. Make them filibuster. Make them justify their defense of the robber barons. Call them out as LIARS!. Hang it around their necks like a rotten albatross.

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April 19, 2010 5:54 AM   

Everyone needs to take a breath. This is politics. Not candy land.

Of course the GOP will say it’s a bailout bill and we should start over. What do you expect? It wouldn't matter what was in it. Or how many concessions were made; good or bad.

They know their base of support will believe it. Limbaugh, Hannity, and Beck will see to that. And maybe in the meantime, they can peel off a few conservative independents.

They WANT / NEED a knockdown, drag out fight. Or, at least they think they do. On anything.

But, it did not work out well for them in 2008. It did not work out well for them on HIR. And it won't work out well this time either.

And even though they may pick up a few seats in 2010 (remains to be seen), it will be because of the economy. Not HIR or Financial Regulatory reform.

The point is they WANT a fight. They NEED a fight. We shouldn't give it to them if we can avoid it. We need to govern with class. And just continue working.

That philosophy will carry the day in the end.

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April 19, 2010 8:31 AM    in reply to willia451

"We need to govern with class." Precisely.

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April 19, 2010 7:40 AM   

It's a waste of time and taxpayer dollars to go back to the drawing board when Republicans only bring erasers.

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April 19, 2010 8:35 AM   

I am just wondering what happened inside the Republican Party recenly.

Last year they pulled out all the stops to kill HCR. They were surprisingly unified in their votes and in their messages in both the House and the Senate. They almost stopped HCR the way the Republicans did during the Clinton era. One of the major messages they were unified on early this year was that the HCR was badly flawed and should be scrapped. Everyone should just abandon the effort and start over in an effort to "get it right the next time." They lost on HCR and have been acting confused and disorganized ever since.

Since the final passage of HCR, the Republicans have been all over the map in their messages, especially on Obama'S next legislative push, Financial Reform. Even McConnell and Boehner were at a loss for a coherent, organized message. There was no party line.

No party line, that is, until two weeks ago when McConnell, Boehner and others met with the Wall Street bankers who oppose Financial Reform. Immediately after they left that meeting the Republican message changed radically. All of a sudden the only message has been the one Boehner and McConnell are currently singing in chorus, and no one else is breaking ranks. It's like someone turned on the lights in the kitchen and suddenly all the cockroaches stopped randomly scampering around and lined up in neat files behind the leadership.

Someone is in control of the Republican Party and they reached out and applied party discipline again, overnight. Prior to two roughly weeks ago there was no unified Republican position on Financial Reform, but then the leader(s) flipped the switch. The messages and behavior are no longer in the control of individual legislators.

That leads to two clear questions. Exactly who is the leadership in the Republican Party who has the ability to take control almost literally overnight as we have just seen happen? And how have those leaders done it?

Frankly I don't see either Boehner or McConnell as being powerful enough to apply this kind of discipline, at least not by themselves. Though if they can do this kind of manipulation of the party behind the scenes, you'd think they'd get a more believable message to unify behind.

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April 19, 2010 9:04 AM    in reply to Richardxx

The real answer is....nobody.

When in doubt, just vote NO! And that's what we are seeing.

At the end of the day, there is nothing waiting for GOP candidates that cooperate and legislate with the Dems, even if they get some of what they want, other than a primary challenger from the right.

Compromise = Capitulation in the GOP world right now.

The GOP base wants President Obama taken down at ALL costs. So that is what the GOP is trying to do.

It really is that simple.

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April 19, 2010 9:02 AM   

Let's review shall we. The CRA, which is the predicate for our economic disaster was created by Democrats under Carter. Democrats didn't think it had enough teeth, so Democrats, including Barack Obama filed suit to force banks to lend to less than credit worthy customers. Bill Clinton, a Democrat, set enforcable goals for minimum # of loans to people who could not afford them.

He also pulled drivatives from SEC oversight and regulation.

Fannie Mae and Freddie Mac..ALWAYS controlled by Democrats bundled these mortgages and sold them to create toxic assets...while making themselves filthy rich.

These Democrats at fannie and Freddie also lied about knowing that the instruments were risky.

Democrats on Wall St. knew full well they assets were toxic..but sold them anyway without disclosure ...and made themselves filthy rich

Republicans, including president Bush and others in congress tried to rein in Fannie and Freddie, but Democrats like Barney Frank and Chris Dodd blocked them...while at the same time taking HUGE amounts of money from Wall St.

Democrats at Goldman Sachs knowingly sold assets they knew were no good...and made themselves filthy rich.

Meanwhile, the head of the NY fed at the time...Turbo Tax Timmeh Geithner turned a blind eye...and is now pretending to take action....after giving his bankster buddies billions of our money.

Now they want to impose a $50 billion tax on the banks...but since corporations do not pay taxes..the consumers will pay that..so the Democrats at the banks will again be free to fuck up and make themselves even morer filty rich..while we again bail them out

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April 19, 2010 10:21 AM    in reply to Barney

You're trotting the old CRA nonsense out again? FFS, just come out and admit that you really think poor brown people are responsible for all the country's problems. Your hood will fit better afterwards.

The CRA did not make mortgage brokers write "liar loans" so that fools making $75k/yr in California and elsewhere could buy million-dollar houses. Most of the most toxic loan products weren't even OFFERED by institutions regulated by the CRA, as they were far too risky to pass FDIC muster.

Of course, this doesn't fit into the "it's all the poor people's fault" narrative that RW hack-shops like the Heritage Foundation are selling, so you won't see it on Faux News.

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April 19, 2010 10:54 AM    in reply to Barney

Democrats on wall st? Democrats at Golden Sachs? You really suck at trolling.

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April 19, 2010 11:21 AM    in reply to Barney

And Bill Clinton's Penis....You forgot to blame
something on Bill's penis. Didn't you get the memo, Barn?
Again?

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April 20, 2010 12:40 AM    in reply to Barney

Step back from the TV & slowly back away. Nodding yes to faux is killing your perspective.

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April 19, 2010 9:13 AM   

"Well, we certainly didn't talk about blocking the bill," the Kentucky Republican replied. "I don't know anybody who's in favor of blocking this bill."

Crowley pressed McConnell again about Cornyn's attendance at the meeting. "But what did the Wall Street people tell you?"

"Well, they have concerns about the bill," the Senate minority leader explained, adding that he thought the Senate ought to "go back to the drawing board" and fix the legislation.

http://politicalticker.blogs.cnn.com/2010/04/19/mcconnell-explains-wall-street-meeting-with-cornyn-2/?fbid=ZrYoqZY33Y2

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April 19, 2010 9:34 AM   

The sole reason why this article exists is because the Dems 1) have no spine and 2) are utterly incapable of framing issues correctly.

If the Dems would ever - EVER!! - learn how to frame issues precisely, and stick to those frames, never wavering from them and ignoring the Republican framing, they might actually get something done without all this obstructionism.

BTW, if anyone things Scott Brown is a Teatard they're high. He was a Republican the day he was sworn into office. His masters are corporations and the RNC.

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April 19, 2010 10:02 AM   

The democrats are so inept if they don’t prosecute the republicans for turning down Obama’s concession. Party of no that destroyed our country remember

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April 19, 2010 10:22 AM   

Since the average American is an idiot with no reading comprehension, the Dems need to explain in plain English what the Repubs are doing. The bill would have required that the banks provide their own bailout, not the taxpayer. The Repubs object to that, which infers they'd rather have the taxpayers bail out the banks again--a sure spark to start a revolution.

However, I don't know why the Dems would offer to remove one of the most important items because, if the Repubs agreed, we'd be screwed by both parties. Is that playing chicken? Maybe, but I don't know if the Dems are smart enough or courageous enough.

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April 19, 2010 10:38 AM   

What a shock. I'm waiting for the headline " Republicans hold gun to baby, blame Democrats, threaten to shoot." Hell, it's where they're headed.

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June 6, 2010 6:50 AM   

Is he behaving weakly? Sometimes giving the appearance that you are flexible portrays your opponent as the who is wrong. The GOP were making a big stink about this. They didn't say anything else. Now they are complaining about another provision. It's obvious that the GOP is not dealing in good faith. It seems the denizens of the left blogosphere only know one technique. There are ways in getting a bill without being stubborn.

m65 kamagra

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