Health Care passage was a really tough climb, but...
...passing meaningful financial reform should be easier, because we can rally mass support for the simple concept of ending "too big to fail." It's Main Street versus Wall Street, period. I think Congressional Democrats can stick to that message!
I know that to some extent, this goes against common wisdom. The arcane world of credit default swaps is complex enough to make even an MBA's head spin. I heard one congressman on a radio program say when started throwing these terms around back in his district, people's eyes would just glaze over. The beautiful thing is, we don't need to worry about explaining all of that! All we need to do (we, meaning the progressive grass roots) is continue to sound the alarm and rally support for strong reform around a simple message.
Despite the fact that it's been more than a year since the near financial meltdown, a recent Pew survey found that 59% of Americans want Congress and the President to pass financial reform. Does anybody out there in leftyville really believe the Tea-Partiers will get all in a tizzy over financial reform the way they did over health care? I suppose it's possible, but unlikely. And even if it does happen, it will be easier to marginalize them on this issue compared to health care. The voices for meaningful reform can dominate this debate now that the issue will be front and center in people's minds.
So now that we've accounted for the grass roots side of things, lets consider the big-money guys from the banking industry. Of course they have Congress' ear... but Congress has to get re-elected in November. If they deliver a watered-down piece of legislation, it will demoralize the base of the Democratic party (probably won't help Republicans either). The turnaround on health care showed us that Democratic party leaders are sensitive to this side of the political equation. The meme is out there: Winning now helps you win in November! Most politicians in this anti-incumbent environment will jump at the opportunity to be seen as the champion of the little guy against big banks. And if they are not pointed in the right direction on this one, I believe it will take much less pressure from their constituents to set them straight.
I watched Senator Bob Corker's press conference a few weeks ago after the talks between him and Senate Banking Chairman Chris Dodd broke down (I watched Dodd's newser too). I came away believing there was a genuine effort to negotiate a deal. The bottom line however, is that this effort broke down because of ideological differences between the parties (over the Consumer Protection Agency and other issues). Dodd knew he had to get the ball rolling, so he announced the next step in the process, the markup.
So here's where we are now: If the Congress, particularly the Senate, does not hear a loud, obnoxious, clamoring, pleading voice for meaningful reform, we will get a watered-down piece of you-know-what. Reconciliation is probably not an option this time! Best case scenario if we don't get a Snowe, Collins or, dare I say it... a Scotty Brown (!) is to bring a good bill to the Senate floor and let the Republicans filibuster to their hearts content. Personally I wouldn't care if Harry Reid did anything else this year! Stand up to the obstructionists on an issue where public opinion is unambiguous!
When the big banks say the Consumer Financial Protection Agency is "big government," we should tell our congressmen that we want an agency devoted to looking out for OUR best interests. When the tea partiers scream about socialism, we need to shout right back, reminding everybody how a "no rules" approach brought this country and the world to the brink of financial collapse. There is a loud, clear and powerful response to every argument on this issue. It's only when you get down into the weeds that it gets tricky... and we don't need to go there. As long as the bill takes care of "too big to fail," regulates the derivatives trade and puts a tough consumer watchdog in charge of financial products, this is a bill that should be supported.