This stall tactic is just an excuse to further water down the bill until a suitable "compromise" is reached, which will happen which will then allow Republicans to maneuver politically and say that they really fought to end "Too big to fail," when in reality what they're doing is trying to weaken the independent consumer protection agency and stronger regulations aimed at PayDay loans which charge exorbitant interest rates -- as much as 400% -- for advances on pay.
To be fair, some Republican senators like Bob Corker of Tennessee have been negotiating with Chairman Chris Dodd in good faith and are working on some fair compromises while trying to achieve real reform.
Let me be clear, I do not want a political win here for the Democrats. If they craft the perfect bill with no compromises it will fail on a party-line vote and there will be NO financial reform which this country so badly needs. This November Democrats are headed for historically consistent losses, and then some, due to the weak economic environment. A party-line vote for solid financial reform would give them a strong narrative to paint themselves as fighting the titans of Wall Street and the Republicans who chose to defend them instead of the people they represent (How NYC Dems will vote will be an interesting thing to watch as Wall Street is their constituency!).
However, unlike the John McCain of 2010, I put my Country First and a moderate, bi-partisan financial reform bill passing sooner rather than later is better for the country.
Let me be clear, I do not want a political win here for the Democrats. If they craft the perfect bill with no compromises it will fail on a party-line vote and there will be NO financial reform which this country so badly needs. This November Democrats are headed for historically consistent losses, and then some, due to the weak economic environment. A party-line vote for solid financial reform would give them a strong narrative to paint themselves as fighting the titans of Wall Street and the Republicans who chose to defend them instead of the people they represent (How NYC Dems will vote will be an interesting thing to watch as Wall Street is their constituency!).
However, unlike the John McCain of 2010, I put my Country First and a moderate, bi-partisan financial reform bill passing sooner rather than later is better for the country.
No comments:
Post a Comment