Senate blocks financial regulation bill

[Amerigo Vespucci]

Source: USA Today

A sweeping proposal to revamp Wall Street suffered a legislative setback today when the Senate failed to bring the measure to the floor for debate.

Voting 57-41, Senate Democrats could not muster the 60 votes needed to overturn the threat of a GOP filibuster and begin formal debate on the bill, which has become President Obama's top priority following his success on health care.

At least one Democrat, Sen. Ben Nelson of Nebraska, voted with all Republicans against advancing the measure. Senate Majority Leader Harry Reid, D-Nev., switch his vote to "no" on the measure -- a procedural move that will allow him to call for a new vote later this week.

Politically, the failed vote immediately allowed Democrats to cast Republicans as obstructionists on the issue that Americans generally support. A Washington Post-ABC News poll found that about two-thirds of Americans back new regulations on banks.

Read more: http://content.usatoday.com/communities/onpolitics/post/2010/04/senate-blocks-financial-regulation-bill-on-party-lines/1

[Akoto]

1. May it come back to bite them in the ass at the polls. n/t

[OhioChick]

2. +1 n/t

[Kablooie]

17. Only if the Dems have the guts to use it. They haven't demonstrated that kind of resolve recently.

[BlueIdaho]

3. Ben Nelson.. that figures...

[Hosnon]

4. This is insane. There's no other word to describe it. Wall Street uses

our money to gamble, LOSES, and then we BAIL THEM OUT with our tax dollars - a sequence of events that nearly DESTROYS our economy - and Republicans block the vote???

:grr: :nuke: :grr: :nuke: :grr: :nuke:

[damntexdem]

5. Now make them actually filibuster -- well, stay all night.

And keep it up as long as they obstruct.

[mike_c]

6. Ben Nelson, utter tool....

eom

[ozymandius]

7. I am glad they voted against opening debate.

This vote was a trial balloon and really designed to make Republicans eat shit. Republicans will bathe in the unflattering regard as corporate whores. As Goldman Sachs gets hit with waves of lawsuits and charges, loses pre-trial motions and, generally, behaves guiltily, so strengthens the association with the Republican party.

[florida08]

9. exactly right

We watched it..slow as molasses and Reid's was the last vote which was a no. Afterwards the new dems came to the podium to chastise the republicans. Was great to watch.

[JBoy]

13. I'd wait about 2 weeks before bringing anything back to the floor.

Spend the next 14 days educating voters on what the Republicans just did, and firmly plant "Repubs=Wall Street".

Wait until the Repubs start complaining how long it's taking the Dems to bring it back. Then come back with the same fucking bill.

[AlinPA]

8. "Senate blocks financial regulation bill"- should say "Republicans block financial

regulation bill". That USA Today headline stinks.

[AlbertCat]

14. "Republicans block financial....

you mean

"Republicans and one ass hole Dem block financial regulation bill"

[annabanana]

27. Boy, NO KIDDING!.

One of the reasons that Congress usually gets such low "ratings" is because the corpomedia will not break out the bad actors and expose them.

[high density]

10. Let's vote on it every day

Let them continue to rack up votes for an unfettered Wall St.

[florida08]

11. strategy

http://is.gd/bJ22k..

[demwing]

12. The next thing you know, we'll worry about whether we have the votes

needed to overcome the possibility that we cannot overturn the threat of a possible GOP filibuster. In fact, just the letters "G*O*P" have attained the power to stop Democratic officials from trying at all.

Democratic party leaders had little comment, as they had not yet climbed out of bed, and were quoted only as mumbling "Meh!" while they stumbled to the fridge for a quick beer before giving up on the day entirely.

[annabanana]

28. heh...."G-(st)-OP"

That's about the size of it.

[blm]

15. USA Today wants public to direct anger at Senate instead of Senate REPUBLICANS.

They know many people will only SEE the headline.

THIS is how corpmedia helps the Republicans in ways most will hardly notice.

[Kablooie]

16. Well now. Isn't that a surprise? Who'd a thought.

I sure hope the Dems hold onto their values but based on everything they've done in the recent past I have very little hope of that. I expect it to be a pitifully ineffective GOP bill by the time they are done.

And we will all suffer the consequences including even more GOP control of our government after the fall.

[classysassy]

18. " There are none so blind as those who refuse to see "

The americans citizens that listen to Rush and the other right wingers that spew their ignorance 24/7 don't realize how harmful they are to our frail democracy,they are not aware that the mouth pieces for the cooperations don't give good damn about them,but as long as they spew their racist craps the ill informed citizens will continue to believe their lies.

[UpInArms]

19. Republicans block bank-reform bill

Source: CBS Marketwatch

WASHINGTON (MarketWatch) - Democratic efforts to reform how the nation's bank are regulated received a major setback Monday after Republicans voted unanimously to oppose a key procedural motion put forward by congressional leaders that would have allowed for a debate on the financial institution bill by the full Senate. Democrats are set to schedule another vote on beginning Senate debate on bank reform as soon as Wednesday. The effort to begin debate failed by a vote of 57-41. Democrats needed the "aye" votes of 60 senators for the bill to move ahead.

Read more: http://www.marketwatch.com/story/republicans-block-bank-reform-bill-2010-04-26?siteid=bnbh

---

Look at that Party of No go!

These people should be locked in leg irons.

[Rex]

20. Repukes are pond scum, they love seeing the working man get screwed

all the while they are spending millions on their misteresses or parties with dildo's and uniorns. The GOP - party of 'we always do' what we say not to do.

Repukes are a serious threat to America.

[AlinPA]

21. There are some fat brown envelopes in the pocket of 41 senators just packed

with crisp 100 dollar bills. "That's just a starter, senator, by the way how is that steak?"

[TomCADem]

22. Finance Bill Hits Impasse

Source: WSJ

GOP leaders said the vote was not just a show of strength, but an effort to bolster Alabama Sen. Richard Shelby, the senior Republican on the Senate Banking Committee. Mr. Shelby is negotiating with Democrats on a package of changes to the bill that Republicans hope will ensure wide support. "If we hang together on the floor," said Sen. Shelby, "we can create critical mass" for compromise.

The overhaul of derivatives, the complex financial products that were at the heart of the recent crisis, remains one of the most contentious elements of the legislation. Democrats want to force big banks to spin off their derivatives trading desks, a move opposed by the Treasury Department and the Federal Reserve, and many Republicans.

Mr. Shelby suggested he would look closely at a proposal for regulating derivatives hammered out Sunday by Sen. Dodd and Senate Agriculture Chairwoman Blanche Lincoln (D., Ark.). The idea of forcing banks to spin off derivatives trading is strongly opposed by many major banks, which earn billions of dollars yearly on such trading.

Sen. Judd Gregg (R., N.H.) denounced the proposal as "punitive language put in out of spite," and dismissed the idea as "pandering populism, which just simply dislikes anything that has to do with Wall Street."

Read more: http://online.wsj.com/article/SB10001424052748703465204575207960621725650.html?mod=WSJ_business_LeadStoryCollection

---

Oh no! God forbid that we cut into the profits banks generate from trading risky investments like derivatives! That's tyranny!

:sarcasm:

[rpannier]

23. Judd Gregg

The Ann Coulter Republican

[jannyk]

24. ...and to think, Obama wanted him on the 'team'

WTF was he thinking!?

[glinda]

25. For each compromise with these thieves, the Dems will loose strength.

[hollowdweller]

26. This fight will show if the admin and dems are learning anything.

I mean they are on the right side of this issue.

Will they bow to their Wall Street connections and water the bill down?

Or will they use it as a blunt instrument to hammer the GOP before the midterms?

OR will they so mishandle the messaging on this one like they did on healthcare that they will be on the right side but end up looking bad?

[Beetwasher]

29. Holy Fuck! This Article Is One Helluva Piece Of Propogandistic GARBAGE!! GAHHHH!!!!!!!

It's maddening. The spin is going to make me vomit.

"Senate blocks financial regulation bill"

The SENATE?????????

"A sweeping proposal to revamp Wall Street suffered a legislative setback today when the Senate failed to bring the measure to the floor for debate."

Again, the SENATE???? No mention of Repub Obstruction, yet. :eyes:

"Voting 57-41, Senate Democrats could not muster...."

Ahh, yes, must be the Dems fault. :eyes:

"At least one Democrat, Sen. Ben Nelson of Nebraska, voted with all Republicans...."

Gotta make sure we know it's Bi-partisan!

"Politically, the failed vote immediately allowed Democrats to cast Republicans as obstructionists on the issue that Americans generally support."

Finally, four paragraphs in when most people probably have already stopped reading, they mention the Repubs obstruction and the majority popular support for the legislation. But of course first they have to frame it as a Dem FAILURE.

Love that liberal media.