GOP leader: Take bank reform back to drawing board

[TomCADem]

Source: Associated Press

WASHINGTON — The Republican leader in the Senate says President Barack Obama is trying to 'politicize' financial reform.

Sen. Mitch McConnell of Kentucky says senators ought to go back to the drawing board and try to fix the bill. That's similar to the GOP message about Obama's health care legislation as it headed for Senate passage.

Democratic Sen. Mark Warner of Virginia disagrees and says McConnell and other Republicans should offer specifics, not just "broad-brush critiques."

Obama used his media address this weekend to criticize McConnell for opposing a bill Obama contends would help prevent another financial meltdown. Republicans say the bill would make more bailouts possible.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5hkBdbPhhaFH4oopDf_0ehjLmXnDAD9F5GTS80

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McConnell also admitted that he would still oppose the bill if the industry funded liquidation fund was eliminated. As discussed in another thread, McConnell has been working behind the scenes to strip out any language regulating financial derivatives. In the meantime, McConnell insists that regulation creates the impression of safety, which creates an implicit promise of bailouts. Therefore, the key is to deregulate!

Of course, that the lack of regulation did not prevent the last crisis.

[jpak]

1. Is that their solution to everything Democratic - scrap it and a do-over?

idiots

[Name removed]

9. Deleted message

Message removed by moderator. Click here to review the message board rules.

[jpak]

16. damn! I missed it!

:rofl:

[Zoeisright]

21. Yep, exactly. Oh, and

say no to anything that will help the world of American workers.

[Kerrytravelers]

2. Is "back to the drawing board" the new "clean slate"?

Same song, new lyrics. :eyes:

[TomCADem]

4. Here Is A Link To Frank Lutz's Memo Written Before Any Bill!

It is like you can see the future and read McConnell's mind! You have to love the tag line to the memo: "It's not what you say. It's what people here." The most notable feature of the memo is that it was written before Dodd even released his bill, which underscores that the Republicans were going to try to kill any attempt at financial reform.

http://www.huffingtonpost.com/2010/02/01/frank-luntz-pens-memo-to_n_444332.html

"The American people are tired of add-ons, earmarks, and backroom deals - but they are mad as hell at 'lobbyist loopholes,'" Luntz wrote. "You must put proponents of the legislation on the defense, forcing them to attempt to justify the 'lobbyist loopholes' and exemptions placed in the bill... Highlight the exemptions. Broadcast them. Remind them, 'The legislation is filled with lobbyist loopholes that exclude certain wealthy, powerful industries from regulations.'"

On the specific issue of a Consumer Financial Protection Agency, Luntz argued that opponents should stress the high-cost of creating an additional regulatory body in addition to the damaging effects it will supposedly have on "small business owners" (as opposed to, merely, small businesses).

"Owning a small business is part of the American Dream and Congress should make it easier to be an entrepreneur," wrote Luntz. "But the Financial Reform bill and the creation of the CFPA makes it harder to be a small business owner because it will choke off credit options to small business owners."

These lines or arguments are similar to the ones used by regulatory reform opponents in the past, often with some success. What's telling is that they are being trotted out again in this type of economic environment.

[City Lights]

3. Stall tactics.

They're trying to run out the midterm-election clock. :thumbsdown:

[annabanana]

5. jeez does THAT sound familiar. . . . . . n/t

[ShockediSay]

26. meanwhile they take money, private jets, lobbyists, and bondage lessons (how appropriate) from

Goldman Sachs, IMHO

[bluestateguy]

6. Here we go with the "start over again" meme

Which is always code for do nothing at all.

Let's say we followed that path: start over again. The next thing we would hear from our enemies on the other side of the aisle is that we should wait until after the election. Just keep kicking the can until eventually people get tired of it and the whole thing can be dropped all together.

[Lil Missy]

7. gop lost the election. No do-overs.

[notesdev]

8. Is that what Wall Street told him?

No doubt, the proposals on the table will be thoroughly emasculated before this Congress passes any, but let's take a look at where McConnell is coming from. Mr. I-object-to-politicization met with 25 Wall St. execs, Cornyn in tow (to raise funds for NRSC), and immediately comes out with this... hmm... who in this mess isn't a wholly owned subsidiary of the investment bankers?

[DCBob]

10. F'k McConnell. Dems only need a couple of R's..

I think they have them.

[msongs]

11. dems gutted the health scare reform bill to appease repubs, why not try it again? nt

[FarLeftFist]

12. They need a drawing board because reading is too complex.

Glenn Beck has ruined their tiny little brains.

[louis-t]

13. Well, maybe the only businesses we should let fail are

the ones McConnell is invested in.

[Mr. Sparkle]

14. Those parasites really do get on my nerves sometimes.

The administration would do well to not water does any reform, because every time they do the Republicans go cap in hand to wall street saying "look at what we have done, pay up."

The Democrats should peel off a few desperate republican's; there should be more than a hand full on this type of legislation.

[tomm2thumbs]

15. He's the same with everything - bawwwwwwwwwwwwwwwww

This like everything else.

[DesertDiamond]

17. No way!! Pass it as is!

[Renew Deal]

18. lol

Same shit. Different day

[mwb970]

19. Interesting pair of stories in the local paper today.

Top of page: Goldman Defrauded Investors Of Billions, Say Investigators

Bottom of same page: Republicans Unanimous In Opposing Financial Reform

Yeah, that's the way to win elections, guys. That and taking away the benefits of the health care reform bill.

:eyes:

[krkaufman]

20. Lather, rinse, repeat.... same old Republican talking points. n/t

[Arkana]

22. Sorry, Mitch, but the Dems have got you dead to rights on this one.

Financial reform is the sexiest topic they could have picked to do at this point in an election year--it enjoys widespread popular support and we have majorities in both houses of Congress. You and your Wall Street compadres are S-C-R-E-W-E-D.

[MadMaddie]

23. I guess it is moving a bit too fast for the mentally slow

Republicans.........

[wisteria]

24. Oh, here we go again. The same damn thing they said about HCR.

They worked on this too, but now we should start from scratch. Another stall tactic to claim we shoved this through too. All for November votes.

[applegrove]

25. We dems need to pass these banking reforms way before the fall elections. Then Obama can run on it.

[mikeSchmuckabee]

27. Back to the drawing board and do nothing