TPMDC
Schumer To GOP On Financial Reform: You Lie!
Sen. Charles Schumer (D-NY)
Share
Send to a friend!
Republican rhetoric has softened, but the Democrats aren't laying off at all. At a press event this afternoon, Sen. Chuck Schumer (D-NY), the third ranking Democrat took the gloves off, and called the earlier Republican line on financial reform a lie.
"On the health care bill we allowed too many lies to get out there without rebuttal, because we thought they were so obviously untrue," Schumer said. "But we've learned our lesson. And the minute these things come out of the mouths of some of our Republican colleagues, we rebut them. And we rebut them again and again. And fortunately these lies are not taking hold."
Pressed by reporters as to whether he agreed with that interpretation Senate Majority Leader Harry Reid was unwilling to go that far, saying only that the GOP contention that financial reform will lead to more bailouts is "not true."
At the event, Democratic leadership took the unusual step of showing video clips of GOP leaders intoning against the financial reform bill, followed by a clip of Sen. Bob Corker (R-TN) rebutting their claims.
Democrats are poised to force a vote on financial reform this Monday evening, over Republican objections. They say a bipartisan agreement is imminent, and there's no reason to force a vote earlier than that.
Senate Majority Leader Harry Reid said today that the GOP is out of time.
"If there is some breakthrough agreement [Sens. Richard] Shelby and [Chris] Dodd can offer the first amendment," Reid said at a press conference today.
Negotiations between Shelby and Dodd, the principal Republican and Democratic financial reform negotiators, will continue at a meeting this afternoon.
Comments (75) | Join the Conversation!
Leave a comment
Follow us!
Most Popular
TPM Stories Now Surging on Digg.com
TPM Top News
© 2010 TPM Media LLC. All Rights Reserved.
cambridgeMR
April 22, 2010 1:01 PM
Hell yes. I was wondering when they would whip out the L-word.
People need to know that the Republicans are lying. This is not a difference in opinion. -- one side is saying the truth, and the other side is lying.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Overreach THIS!
April 22, 2010 1:38 PM in reply to cambridgeMR
Not arguing with you, but just as background, Senators are not supposed to openly talk that way about one another. It eventually leads to them swinging baseball bats and the like. Just mentioning.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
SW
April 22, 2010 1:45 PM in reply to Overreach THIS!
Caines, but whatever. High time in my estimation.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
jeaton
April 22, 2010 2:23 PM in reply to SW
Or, maybe canes.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
xargaw
April 22, 2010 1:48 PM in reply to Overreach THIS!
Well, in the ideal world Senators are not supposed to lie either. So when they do, is silience your answer? Truth really ought to have at least a fighting chance.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
EastWest
April 22, 2010 2:04 PM in reply to xargaw
And they most certainly are NOT supposed to shout, "You lie!" to the President during a State of the Union speech. Calling a lie a lie in a press conference is just fine. Good for Schumer.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Leftflank
April 22, 2010 2:23 PM in reply to xargaw
Absodamnlutely!
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
readerOfTeaLeaves
April 22, 2010 2:32 PM in reply to xargaw
Agree that truth ought to have a fighting chance.
The Dems need to continue this kind of 'Truth Squading'. A lot of things have changed in the political landscape after Katrina, and I think we're still seeing the extended fallout.
The GOP is still doing the PR-as-politics gig they've mastered.
It worked before Katrina.
It doesn't work very well post-Katrina.
The Dems seem to finally be figuring this out.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
chimpale
April 22, 2010 1:57 PM in reply to Overreach THIS!
I think bald-faced lies, as told by GOP senators about the motivations of the President and their Democratic counterparts, should also fall into the category of "breach of decorum".
The lies they tell are not even part of a debate within the Senate. They're intended to bullshit and rile the public, urging them to harass their opponents. Calling a lie a lie is fair play, plain and simple.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
JNagarya
April 22, 2010 8:02 PM in reply to chimpale
Telling the truth is fair play.
If identifying a lie as being a lie is the truth, then telling the truth is fair play.
It's the lying that's immoral -- corrupt. It's the lying that violates the rules of fair play.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
mcrose68
April 22, 2010 2:17 PM in reply to Overreach THIS!
Yes. Totally agreed.
Unfortunately, as we learned during the health care debate, a fist full unchecked lies beat a full house of decorum.
There are lines that need to be drawn.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Cal Gal
April 22, 2010 2:21 PM in reply to Overreach THIS!
Not about each other as individuals, on the floor of the Senate. I don't think that applies to the other party as a whole, and it doesn't apply outside the chamber.
About time, I say.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
hunter
April 22, 2010 2:29 PM in reply to Overreach THIS!
Just because one mouth-breathing cracker of a slaveowner swung a cane one time doesn't mean we should fearfully refrain from telling the American people when they other side's talking points are pure, willful lies.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Docb
April 22, 2010 5:26 PM in reply to Overreach THIS!
Problem is that republicans dialed up the rhetoric and down the PC..All rules are off the table now..They lie--it is true! Good for schummer , Begala, and the rest ..Repubs are lying repeatedly..Media needs to cover this..even if they are forced..call , write, email..loudly and often --target your local outlets as well!
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
shooter242
April 22, 2010 4:15 PM in reply to cambridgeMR
Doesn't it occur to you folks, if there are going to be no more bailouts, then why does the Senate need a bailout fund?
Bankrupt companies don't need money to go out of business or be sold. The only reason to have a fund is to bailout a company or it's counter-parties.
Schumer is the one lying to you.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Susan from 29
April 22, 2010 4:40 PM in reply to shooter242
The Senate doesn't need, nor does the bill contain a bailout fund. What is it about reality that you find so elusive?
The bill originally included a provision for a fund to dismantle failing banks, provided by the banks themselves, not the taxpayer. That is dismantle them, not bail them out. Frank Luntz does not represent the real world, anymore than calling new Tide "Improved" makes it better.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
shooter242
April 22, 2010 5:08 PM in reply to Susan from 29
What in the world makes you think a fund is needed to dismantle a non-depositor bank? It doesn't. Never has, never will. In a bankruptcy or reorg, debt is canceled. All it assets are intact and able to pay it's continuing bills..
This song and dance about needing money to dismantle a company is just a lie, yes a lie, to formalize the process used by AIG to pay off Goldman. Geez, think for a second. Do you really believe anybody needs $50 billion to pay utility bills or whatnot? No, it's just money to pay off favorite sons like Goldman. Obama got a million from them. Do you actually believe Goldman will suffer in any way?
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Angry McAngus
April 22, 2010 6:06 PM in reply to shooter242
Geez, I didn't realize you were a financial guru. Why didn't they hire you to sort this shite out?
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
JNagarya
April 22, 2010 8:07 PM in reply to shooter242
How much money does Republican Mitch McConnel get from Wall St./Goldman? Much more than a million.
As for the "bail out" fund: it costs money to "wind down" a failed business. You'd know that if you knew what you're talking about.
And the "bail out" fund was not a "bail out" fund. It was a bank-funded pool of money with which to "wind down" FAILED financial "services" business.
Repeating the bald faced lies -- and you know they are that -- is IMmoral, becaues LYING is IMmoral.
"The more we lie, the more out of our minds we become." - R. D. Laing.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
chimpale
April 22, 2010 9:39 PM in reply to shooter242
Do you actually know anything that you're saying? No. It's just another tactic, like using the word "bailout" when the financial reform bill doesn't include one.
Do you really think anyone believes that you're providing them with the scoop on what it does or doesn't take to dismantle a bank? Do you really think anyone regards you as an authority?
As you would say, heh.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Angry McAngus
April 22, 2010 6:04 PM in reply to shooter242
You are willfully stupid if you believe that.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
lalaland
April 22, 2010 1:11 PM
you don't like it? Schue ME! HAHAHAHAHAHAA
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Given Up
April 22, 2010 1:15 PM in reply to lalaland
This is funnier than it should be...
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Cal Gal
April 22, 2010 2:23 PM in reply to Given Up
Made me LOL.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
jdb316
April 22, 2010 1:13 PM
About time
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Steaming Pile
April 22, 2010 1:14 PM
"On the health care bill we allowed too many lies to get out there without rebuttal, because we thought they were so obviously untrue."
More precise, but not safe for public consumption: "We seriously underestimated the collective stupidity, ignorance, and gullibility of the American public when it came to Republican lies about the health care bill. Who knew there were that many people out there who would buy that bullshit about 'death panels?' Well, hopefully we learned from that mistake."
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Given Up
April 22, 2010 1:17 PM in reply to Steaming Pile
Very true, what was that quote, "No one has ever lost any money by underestimating the intelligence of the american public." or something like that.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
DES
April 22, 2010 1:28 PM in reply to Given Up
No one in this world, so far as I know, has ever lost money by underestimating the intelligence of the great masses of the plain people. Nor has anyone ever lost public office thereby. By H.L. Mencken
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
CityGuy
April 22, 2010 2:25 PM in reply to DES
"There's a sucker born every minute." P. T. Barnham
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
exregis
April 22, 2010 2:36 PM in reply to Given Up
Adlai Stevenson:
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
JNagarya
April 22, 2010 8:09 PM in reply to exregis
"I just tell the truth, and the Republicans THINK it's Hell." -- President Harry Truman.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Angry McAngus
April 22, 2010 6:07 PM in reply to Given Up
H. L. Mencken
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
larmar
April 22, 2010 3:29 PM in reply to Steaming Pile
When communicating with Employees rule # 1: break it down to a 3rd grade level. I would think that rule would also apply to communicating with the general public.
I love my President, but he has difficulty breaking things down to an easily understood level. Long, slow, drawn out statements only lead to boredom among the audience.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Humantyphoon
April 22, 2010 1:24 PM
I like that they took a play from the Daily show with the video clips.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
jpaese
April 22, 2010 1:26 PM
Unfortunately for the Dem's, I think their only chance of winning is to grow a pair and start standing up like this on EVERYTHING the Republicans are doing to mislead the public. I say unfortunately, because they don't exactly have a solid track record of sacking up when it matters.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Cal Gal
April 22, 2010 2:30 PM in reply to jpaese
Here's when it matters: October. Because other than us few, us proud, us political junkies, voters don't start to pay attention until then.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
twoviragos
April 22, 2010 2:51 PM in reply to Cal Gal
I hope you are right, Cal Gal, because my fear has been that many voters only start to pay real attention when they walk into the voting booth.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
again
April 22, 2010 1:27 PM
I wonder how much of the lies going uncalled rested with that idiotic George Lakoff conceit that to counter a lie is to reinforce the lie?
Glad schumer is doing this, but would ultimately prefer to hear from a less Wall Street-tainted Dem on this. As an ex-NY'er, I have to say that excludes a large number of New York democratic pols, of which Shumer is but one.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Rich in NJ
April 22, 2010 1:33 PM
At least part of the Republican strategy is to gamble that their serial, bold-faced lies won't be called out by either the Dems of the MSM. It's about time that at least some Dems call them out for their despicable bullsh*t.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
expat46
April 22, 2010 1:33 PM
I thought the Republicans were now onboard. Why are they opposed to voting on Monday? I smell a rat.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Overreach THIS!
April 22, 2010 1:40 PM in reply to expat46
Reid's powers of olfactory detection work in ways similar to your own.
They're trying to pull a Charles Grassley all over again, just need more time, almost there, some very exciting developments, blah-blah.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Cal Gal
April 22, 2010 2:33 PM in reply to Overreach THIS!
Yep.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
readerOfTeaLeaves
April 22, 2010 2:34 PM in reply to Overreach THIS!
Yup; I think the GOP playbook on the stunts like Grassley pulled on health care needs to be tossed in the Dustbin of History.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Effin Rightman
April 22, 2010 1:35 PM
What? If a person says "come this way" and you know that way is the ditch with the sewage, you shouldn't say, "He's lying? Don't listen to this schmuck." I want you should tell us. This is not difficult.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
DES
April 22, 2010 1:49 PM
Shelby may have been a prick when it came to blocking nominees but I prefer him over all other Republicans for having an actual independent mind.Shelby was elected in Alabama as a Democratic Senator in 1986. He won reelection in 1992 but changed parties in 1994. That said if we had more Republicans like him we would still have the the Glass-Steagall act.Shelby was the only Republican to vote against The Gramm-Leach-Bliley Act, he also voted against NAFTA which in hindsight was a giant job killer. In addition he voted against the TARP bailout. I don't know if he would have voted that way if he was the deciding vote or if he had a different plan. Irregardless I like him better than any other lock step Rethug, at least the man votes his convictions no matter what or he has in the past anyway.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Cornelius
April 22, 2010 2:08 PM in reply to DES
Did you just change your avatar? The face was different but the nose was the same. I swear I read this same post yesterday by someone else.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
DES
April 22, 2010 2:13 PM in reply to Cornelius
I changed my avatar last week. I did post a similar comment on Shelby yesterday.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Cornelius
April 22, 2010 2:25 PM in reply to DES
TY
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
human
April 22, 2010 2:10 PM in reply to DES
sorry, I don't like people pointing out little typos or whatever--but "irregardless" isn't a word. Just "regardless" works.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
human
April 22, 2010 2:14 PM in reply to human
although you note something that would make this whole financial reform bill very simple--just repeal Gramm-Leach.
In retrospect, it was one of Clinton's biggest mistakes to sign that.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
DES
April 22, 2010 2:15 PM in reply to human
Noted.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
chameleon
April 22, 2010 2:18 PM in reply to human
I hate when people say irregardless.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Cornelius
April 22, 2010 2:23 PM in reply to human
correct, but it is used in prose. Another reason not to use it -
it is a double negative.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Leftflank
April 22, 2010 2:30 PM in reply to human
irrespective is the other derivation, irregardless is a lazy slang mix
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
George C
April 22, 2010 3:27 PM in reply to DES
The only problem is that Shelby has an IQ maybe in the upper double digits. The guy is dim. And voting against TARP is hardly a badge of honor, given the alternatives.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Catsy
April 22, 2010 1:50 PM
More like this please.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
traitorjoe
April 22, 2010 2:06 PM
Chuck Schumer for Majority Leader - Give 'em hell!
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Riyaz Guerra
April 22, 2010 2:09 PM
Toughen up the regulation please!
We have them on their knees now,..show no mercy.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
bobosqueakers
April 22, 2010 2:12 PM
and how long did it take to learn this lesson...
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Cornelius
April 22, 2010 2:30 PM in reply to bobosqueakers
Yea, nice to see but did Chucky just wake up? I always prefer the guy who's saying these things when he is walking into the wind. Takes nothing when the wind is at your back. But I'll take it.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
DES
April 22, 2010 2:30 PM
If you check the Gramm-Leach-Bliley Act passed the Senate by 90-8,and by the House 362-57. A veto proof majority. Clinton DID sign it, however, with that wide a margin a veto would have been meaningless.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Cornelius
April 22, 2010 2:46 PM in reply to DES
Thought it only passed by 4-5 votes in the Senate, with Hollings from SC as the only Dem voting for it?
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
DES
April 22, 2010 3:08 PM in reply to Cornelius
From the legislative history section at:
http://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act
" The bill then moved to a joint conference committee to work out the differences between the Senate and House versions. Democrats agreed to support the bill after Republicans agreed to strengthen provisions of the anti-redlining Community Reinvestment Act and address certain privacy concerns; the conference committee then finished its work by the beginning of November.[8] [12] On November 4th, the final bill resolving the differences was passed by the Senate 90-8,[13] [14] and by the House 362-57.[15] [16] This legislation was signed into law by Democratic President Bill Clinton on November 12, 1999.[17]."
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Cornelius
April 22, 2010 6:06 PM in reply to DES
see below for response.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Leftflank
April 22, 2010 2:33 PM
Chucky had them at Shalom!
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
boycottfaux
April 22, 2010 2:35 PM
Lordy, Lordy, Lordy . .
Finally some TESTES!!!!!
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
RCE
April 22, 2010 2:43 PM
I'm really divided. On one hand, I don't want Harry Reid to be Senate Majority Leader, on the other hand, I don't want Sue Lowden being a senator.
Why can't Reid just step down and let a senator with some real cojones take the job?
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
matty
April 22, 2010 2:51 PM
The Republicans lie but Schumer is no innocent. He has fought financial transparency tooth and nail his entire political career. He is a whore of Wall Street.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Douglashh
April 22, 2010 2:55 PM
It's about fucking time. I'm so sick of the Democrats doing nothing while the GOP tells bold faced lies.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Knox Co. TN demo
April 22, 2010 3:49 PM
This is why Chuck Schumer is my favorite Democratic Senator. I love the way he made Sen. Grassley admit that medicare is a government program after blasting Government run healthcare.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
fsudirectory
April 22, 2010 4:30 PM in reply to Knox Co. TN demo
Big fan of Schumer, bigger fan of Kaufman right now though.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
AS
April 22, 2010 4:08 PM
I miss John Boner's: Hell No You Can't! Hell No you Haven't!
Stocking up on my popcorn and Jack Daniels for this fight.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
shooter242
April 22, 2010 5:05 PM
What in the world makes you think a fund is needed to dismantle a non-depositor bank? It doesn't. Never has, never will. In a bankruptcy or reorg, debt is canceled. All it assets are intact and able to pay it's continuing bills.
This song and dance about needing money to dismantle a company is just a lie, yes a lie, to formalize the process used by AIG to pay off Goldman. Geez, think for a second. Do you really believe anybody needs $50 billion to pay utility bills or whatnot? No, it's just money to pay off favorite sons like Goldman. Obama got a million from them. Do you actually believe Goldman will suffer in any way?
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
Cornelius
April 22, 2010 6:03 PM
You're right - the joint conference committee worked out the differences between Senate and House versions but on initial vote think Fritz Hollings was the only Dem to vote for it. Curious only because former Pres Clinton, in his "I was wrong" admission, made it look originally like a done deal. Remember reading about a Washington dinner get together when Arthur Levitt was pushed out as SEC overlord after the bill was passed.
Talk about being in the right place at the right time. Get that Moody's AAA rating, sell the bonds to a big teacher's pension, work in the shadows, cover any risk with a CDS, and make a few bucks. What an opportunity - for all the amoral personality types. Only in America!
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?
RocketEngineer
April 23, 2010 12:29 AM
Hold their feet to the fire.
After the disrespect that greeted President Obama today in New York, lets make financial reform so stringent that Wall Street howls. Make it hurt the CEO's of the investment banks. Heck make it hurt the middle managers.
Then dare the Re-pubic-ants to filibuster.
Maybe we can make the incentive to get an MBA in finance so small that college students start going into engineering and science instead.
Reply | Flag Abuse
Are you sure this comment violates TPM's Terms of Service?