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View Diary: Sen. Corker (R-TN) to GOP on financial reform: "You've got to be kidding me." (update x4) (262 comments)

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  •  A NYT editorial called GOP shills for Wall St. (8+ / 0-)

    It is a terrific article.

    Last month Democrats on the Senate banking committee passed a reasonably tough financial regulatory reform bill. Now Republican leaders have suddenly begun lashing out against it.

    Did they belatedly discover some problem? No. They suddenly realized that their bet that reform would be watered down as it moved along might not pan out.

    Their battle cry of "no more bailouts" is disingenuous. They are not worried that reform will make bankers' lives too easy, they are worried that it will make them too hard.

    The Republicans started loudly objecting only after Senator Blanche Lincoln, an Arkansas Democrat who is chairwoman of the agriculture committee, took an unexpectedly strong stand in favor of reining in financial derivatives, the complex and largely unregulated instruments that were at the heart of the financial crisis. (Her committee has jurisdiction, because derivatives have long been used to trade commodities.)

    The agriculture committee's bill will be folded into the banking committee's larger legislation, which includes other important reforms like consumer protection and the systemwide regulation of risk.


    The Frank Luntz memo told Republicans to kill off financial reform by calling it a program of "permanent bailouts." Of course this is a lie but Mitch McConnell, John Cornyn (who met with hedge fund managers on Wall St. last week, by the way), Michele Bachmann and others continue to spout the lie every day all of the time.  They repeat it over and over just like they did HCR is a government run takeover of health care.  I am waiting for some of the talking heads in the lame stream media to call out of the lie.

    Meanwhile, crickets are chirping.

    The GOP is merely a party by the fat cats, of the fat cats and of the fat cats.  Everyone else can go to hell.

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