Dems are continuing the push for Wall Street reform, and will hold another cloture vote on proceeding today at 4:30, giving the Republicans another chance to show their fealty to Wall Street. If Republicans block today, Reid will bring it back up Thursday, and will keep bringing it back.
Dems believe that forcing Republicans into a perceived stand with fat cat bankers is playing well with not only the Dem base but with independent voters. Indeed, an ABC/Washington Post poll out today shows that nearly two-thirds of Americans want to see the bill passed.
So, this is a scene you're going to see replayed as often as Dems can manage before Republicans agree to pass the bill. "We will give them a night to think about it and then we'll hit them hard with another vote on Tuesday," said a senior Democratic aide involved in the process. "And if that fails we'll really ramp it up -- repeated UCs to go to the bill, possibly an all-nighter, live quorum calls. Our caucus seems pretty resolved; I think we stay on this until something gives." UCs are unanimous consents: the majority of Senate business is done under UC -- which is blocked when someone has an objection. Catch is: if there's not a Republican in the chamber when a Democratic senator calls for unanimous consent to go to the bill -- even if it's 3am -- then they can't block it.
Republicans will keep on keeping on with their Wall Street pals, and why shouldn't they? It's proving lucrative.
For the first time since 2004, the biggest Wall Street firms are now giving most of their campaign donations to Republicans.
A Wall Street Journal analysis of 12 large financial services companies, including J.P. Morgan Chase & Co., Goldman Sachs Group Inc. shows that they have collectively made $1.4 million in political donations, with 52% going to Republicans so far this year. That’s a reversal from last year, according to the most recent round of fund-raising reports covering January, February and March.
Last year, J.P. Morgan’s political action committee gave about 60% of its $100,000 in donations to Democratic candidates. But in the first three months of 2010, the company’s PAC has reversed that trend, sending about 60% of its donations to Republicans.
Morgan Stanley has also reversed course. Last year, the company’s PAC gave $77,500 to Democratic candidates and $63,500 to Republicans. Through the first months of this year, Republicans have received 80% of its $40,000 in donations, according to the analysis....
Meanwhile, the Wall Street firms have also begun writing large checks to the Republican Party, while stiffing the Democratic Party. Goldman, KPMG, and FMR Corp. (the owner of Fidelity Investments) each gave $15,000 to the Republican Party in March.
When the Wall Street Journal is pointing out the fact that Republicans' are happily reaping the bounty of fighting reform, you know that they're not in a very good public relations position. Reid's definitely on solid ground in playing hardball on this one. To quote Markos, "'If he follows through and forces Republicans to make tough choices on good legislation, then [that] will obviously be a positive.'"