Today we get to touch upon the previously untouchables of Wall Street; Goldman Sacs and their soon to be labeled coconspirators, The Republican Party. If ever there was an issue that would enjoy rare bipartisan support, one would thing it would be financial reform. But despite raging headlines of alleged wide spread investment fraud and corporate accounting gimmicks, the Republicans are determined to play their current role of obstructionist.
With Goldman Sacs on the hot seat and others sure to follow, the Republicans could find themselves way out on a breaking limb with the Tea Partiers trying to hang them from it. The demographic that makes up this motley crew of pseudo revolutionaries is far too difficult read as their anger is directed at government in general and not one particular Party over another. Should the Republicans find themselves painted as the flunkies of Wall Street gangsters, the Democrats could do far better than expected in November.
After nearly a flawless string of positive press for the last few weeks, President Obama finds himself holding another winning hand, pushing hard for financial reform. This is an argument the White House would love to have with the Wall Street crews and the Democrats overall will want this fight fought in public, on the front page, in the blogosphere, as well as every cable news outlet they can be seen on. This would appear to be the issues that could actually break the Republicans if they are not very careful and or extremely clever.
Unfortunately, thus far the Republicans just don't have anyone sharp enough to make a credible argument to kill the Dodd bill without cutting their own throats in the process. This issues is tailor made for the Democrats and they'd have to be complete blithering idiots to blow this one. If the White House plays their cards right, they could get the strongest regulations they want while crushing their opposition in the process. Financial reform is a populist issue; and while taking the side of the people over corporations may cut into campaign contributions, it generally will garner better press and more votes in the long run. For President Obama, financial reform legislation is a great investment.