Curbing Big Banks: Draw the Damn Line

[marmar]

from OurFuture.org:



Curbing Big Banks: Draw the Damn Line
By Robert Borosage

December 16, 2009 - 9:51am ET


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Enjoy the health care debate? Wait until the Senate takes on the big banks. It already looks like déjà vu all over again. Democrats, bloodied from self-inflicted wounds in the health care debate, may well commit seppuku over financial reform.

The script is in place for a failed sequel. The administration, via Treasury, cobbled together a reform plan that was weaker than it should be. The banks signed up every ambulatory lobbyist in town to gut the central reforms. The House fended off Melissa Bean's attempt to be the Joe Lieberman of financial reform, but ended up passing a bill even weaker than the administration's proposal — with nary a Republican vote.

And so to the Senate. Senate Finance Committee Chair Chris Dodd put out a remarkably strong reform measure. The bank lobby made it clear that was a non-starter, so Dodd decided to begin a "bipartisan" process in the Finance Committee - think Max Baucus redux — searching for the elusive Republican moderate. Meanwhile Blue Dog and New Dem Democrats — Bayh, Warner, Bennet and others - are openly casting about for ways to weaken the proposed agency to protect consumers from bank gouging. And we have yet to hear from Joe Lieberman, still focused on torpedoing health care, who no doubt will weigh in with his inimitable combination of pious corruption and treacherous venom.

The White House has signaled that the president is prepared to let the bipartisan process play itself out. Of course, the president would prefer a strong bill, and will oppose anything that is too weak. But the White House has a big stake in passing any bill labeled comprehensive financial reform. Sound familiar? Don't slit your wrists - the holiday break is coming.

During the break, the White House and Senate might review the debacle known as health care reform, and consider a different strategy. Why spend weeks or months pursuing Republicans, when they are committed to a strategy of obstruction that appears to be working for them, if not the country? Why give the bank lobby a free pass to buy up the handful of Blue Dogs and New Dems to cripple reforms? Why let sanctimonious old Joe gleefully line his campaign pockets while sticking it to liberals another time? Why not call their bluff? ..........(more)

The complete piece is at: http://www.ourfuture.org/blog-entry/2009125116/curbing-big-banks-draw-damn-line

[Mari333]

1. well, this time I wont 'HOPE'for anything resembling good legislation to happen

at THIS point I will now assume the Big Banks will skate and get away with their murderous practices for as long as they want.

I dont expect anything more now from most Dems or the Obama admin.


staying in reality.

[FiveGoodMen]

2. K&R