Ellington

For the second time this week, the GOP stood together on Tuesday to block cloture on the Senate Financial Reform bill. Their party unity may, however, be working according to plan for the Democrats, who are feeling strong public support for the measure, according to CNN. In fact, the Republicans are in the awkward position of standing pat with the banking industry, fighting reforms that include additional oversight for the bank's investment arms and the ability of the FDIC to step in and protect consumer interests in failing banks. (Here's a nice little wrap up of what reform is meant to do.)

The problem, for the GOP, is in the numbers -- according to a recent CNN poll, 65 percent of consumers want increased regulation of the financial industry, while 53 percent want banks to pay into a $50 billion fund that could be used to unravel banks. (That provision might not make it through this process, although it could be added back later by amendment.) The cloture vote would begin debate on the bill in the Senate, although in a practical sense it may be the final hurdle to passage that the GOP can toss up, since a bill could then pass the Senate with a majority vote. The GOP would be free, of course, to offer amendments and debate.

In what many are calling "hardball," Senate Majority Leader Harry Reid has promised to continue calling cloture votes and other procedural votes during the week in order to force Republicans to hang together as a caucus and to, potentially, catch them out of the chamber or otherwise in a procedural bind. Using tactics that he avoided during the health insurance reform debate, Reid seems very comfortable putting the GOP on the defense with vote after vote, forcing them to actively work against what may prove to be a popular bill.

Goldman-Sachs representatives may be making it a little easier for financial reformers as well, given their performance on Capitol Hill today, as reported by Marketplace on NPR. In one key exchange, "Fabulous" Fabrice Tourre kinda throws his company's clients under a bus:

FABRICE TOURRE: I believe we have a duty to serve our clients, and with respect to our role as market maker, to show prices to our clients and to offer them liquidity. I do not believe we were acting as investment advisers for our clients

Reminds me of something in the WayBack machine:

Gordon Gekko: It's not a question of enough, pal. It's a zero sum game, somebody wins, somebody loses. Money itself isn't lost or made, it's simply transferred from one perception to another.

(Wall Street 2, in theaters soon!)

Meanwhile, over at the Libertarian Party, the locals are upset that the GOP is taking over their tea parties. Wes Benedict, Executive Director of the Libertarian Party:

"Many Libertarians around America are planning to go to Tea Party rallies tomorrow. I also expect lots of Republican activists and politicians to be there. But frankly, I don't think those Republicans belong there. The people participating in these rallies are saying 'There's too much government spending,' but Republicans, decade after decade, have supported massive increases in government spending. During the George W. Bush administration, Republicans in Congress supported spending trillions of dollars on foreign wars, a massive Medicare expansion, and banker bailouts. Republicans doubled the budget and doubled the federal debt. Why can't the Republican Party just admit that it loves big government?

Touche? Also, I like this:

"Libertarians are often frustrated when the press characterizes us as 'right-wing' or 'conservative.' Although we certainly support reducing government spending, which most conservatives also claim to support, we differ from right-wingers on many issues: for example, we oppose foreign interventionism, support immigrant-friendly policies, oppose overreaction to terrorism, and oppose the War on Drugs.

Fair enough -- and while I can't go whole-hog on the Libertarian bandwagon (wouldn't it be nice if third parties were viable in the U.S.) some of those points are the reason I've been known to call myself "Libertarian... Until It Gets Silly." ;-)

Previous Comments

ID

157475

Comment

Update: GOP blocked the bill for the third time today, but Reid may be prepared to keep the Senate open all night with repeated votes, and there's some sign that the GOP will relent and let the bill onto the floor.

Author

Todd Stauffer

Date

2010-04-28T13:41:07-06:00

ID

157485

Comment

The Democrats have just been handed their meal ticket to win in November if they can just take advantage of this.

Author

golden eagle

Date

2010-04-28T14:45:34-06:00

ID

157487

Comment

Which is why the GOP will cave on this one. There is no benefit to opposing financial industry reform legislation which, unlike health care reform, is very popular with the general public across political affiliation.

Author

Jeff Lucas

Date

2010-04-28T15:08:01-06:00

ID

157492

Comment

We'll see, Jeff. The GOP is already spinning the legislation as the most intrusive legislation in the history of American politics.

Author

Ronni_Mott

Date

2010-04-28T16:26:46-06:00

ID

157494

Comment

The GOP is already spinning the legislation as the most intrusive legislation in the history of American politics. That from the folks who gave us the Patriot Act and warrantless wiretapping? Nice.

Author

Todd Stauffer

Date

2010-04-28T16:32:30-06:00

ID

157497

Comment

And, we're off. After a unanimous consent request that received no objections, the bill moves forward and debate begins. (Oh, and this was just the filibuster *before* the bill -- now they debate, amend, and the GOP can filibuster on the backend. Lovin' that democracy?)

Author

Todd Stauffer

Date

2010-04-28T18:09:11-06:00

ID

157557

Comment

"Lovin' that democracy?" We're not a democracy, we're a republic. If we were a democracy, everybody could vote for or against bills on their iPhones, like American Idol.

Author

DrumminD21311

Date

2010-04-30T14:00:28-06:00

ID

157563

Comment

We're not a democracy, we're a republic. If we were a democracy, everybody could vote for or against bills on their iPhones, like American Idol. The terms are not mutually exclusive; we're a republic that works as a representative democracy. A republic can range from the Islamic Republic of Iran to something more along our lines. The broadest definition of a republic is simply a country without a monarch. If we were a *direct democracy* then everyone would vote for or against bills... most likely NOT on their iPhones (at least, not yet).

Author

Todd Stauffer

Date

2010-04-30T15:28:35-06:00

ID

157623

Comment

This is news to me. I didn't know the notorious GOP as Obama called them a few days ago had financial woes. Now I know they had lesbian bondage inclinations, like to be diaperd up, and practice un-christian sex at the Christian apartments in DC with women not their wives, but I didn't know they were having money problems too. Oh well you learn something new every day.

Author

Walt

Date

2010-05-04T17:03:41-06:00

ID

157696

Comment

"People who believe in their own liberty, but not in anybody else's, are not by any reasonable definition libertarians". Your assessment is PRICELESS, Tom Head. Ths is one that should be listed as the best quote of the century!

Author

justjess

Date

2010-05-07T10:38:38-06:00

ID

157699

Comment

Actually, I believe Tea Party events started in response to the Bush/Paulson bailouts.

Author

Mark Geoffriau

Date

2010-05-07T11:12:22-06:00

ID

157884

Comment

The Democrats kicked some mo' booty tonite in the elections. Mark Souder, another piece of crap republican, is resigning from Congress because his family values and love for his significant other got trumped by a fine piece of staff tail. Upon resigning he reportedly cried uncontrollably and told his constituents that he was going to miss the christian-owned republican apartments in the nation's Capital where lying, sheming, pretending, cheating on your wife and un-christian orgies are as rampant as little-boy molesting at the Catholic church. Upon being outed and the staffer telling Congressman Souder she wasn't giving him any more, he abruptly turned, got on his knees, threw up his hands and told the Lawd he was sorry that he sinned against his family and republican values. They tell me the Lawd said "republican, please, you all ain't got no family values." Go Mark Souder and take the rest of the republican trash with you or we will get them the next elections.

Author

Walt

Date

2010-05-18T23:02:14-06:00

ID

157895

Comment

Walt, in the words of the famous singer, Chaka Khan, "It's hard to stop - doing something that's G O O O O O O O O D to ya."

Author

justjess

Date

2010-05-19T12:02:01-06:00

ID

157899

Comment

Actually, I believe Tea Party events started in response to the Bush/Paulson bailouts. But they didn't really do much until after Obama took office. Otherwise, the Tea Party would've been protesting the high amount of spending during the Bush administration.

Author

golden eagle

Date

2010-05-19T20:03:37-06:00

ID

157904

Comment

"But they didn't really do much until after Obama took office. Otherwise,the Tea Party would've been protesting the high amount of spending during the Bush administration." Great point, golden eagle. I can't believe the public over-sight that this President is getting. I have never heard of so many "report cards" surveys, studies, polls and queries in my entire life. At some point, the Tea group will have to admit that it's all about "COCOA".

Author

justjess

Date

2010-05-20T08:53:42-06:00

ID

157908

Comment

"At some point, the Tea group will have to admit that it's all about "COCOA"." Nobody ever has to admit anything. Just keep saying "I don't recall," and Fox News will hire you. Deny, Deny, Deny.

Author

DrumminD21311

Date

2010-05-20T16:29:37-06:00

ID

157909

Comment

Jess, how do we explain the BBBK party (aka Boundless and Bountiful Booty Kissers) made up of blacks like radio host KW and uncle Bill Marcey, the TEA Party candidate running against Bennie Thompson. According to my sources at 2 Legit 2 Quit News Service, Marcey told the TEA Party conventioneers recently that powerful Mississippi whites had rubbed his head, called him a good boy, and ordered him to get Bennie, who must be really scared with the TEA party and the BBBKs both gunning for him. You know what Jess, the Teabaggers just could be good whites and a couple of dumb _______, who are simply misunderstood as they try to do good. After all, the klan, so says many members, is comprised of good christian people merely trying to do the lawd's work. So what if a fringe member or two gets drunk and does something horrible to someone like Walt. Nall, it's not about the cocoa, it's about heritage and pride. No wonder a certain judge is willing to stop being a judge to lead these fine christian people.

Author

Walt

Date

2010-05-20T16:54:16-06:00

ID

157911

Comment

"No wonder a certain judge is willing to stop being a judge to lead these fine christian people." Why is "Christian" always synonymous with "good?" To me it's synonymous with "ignorant" and "deluded." Drummin strikes again!

Author

DrumminD21311

Date

2010-05-20T21:44:14-06:00

ID

159976

Comment

Sadly, that's a problem that both the Democratic and Republican parties have, and probably the tea party. People turn their heads way too easily. I think of all those years of Dick Armey getting away with everything in site, for starters. Argh.

Author

DonnaLadd

Date

2010-09-24T12:34:01-06:00