Obama to use passage of financial regulation bill as a campaign issue (WaPo)

[jefferson_dem]

Obama to use passage of financial regulation bill as a campaign issue

By Michael D. Shear
Washington Post Staff Writer
Friday, May 21, 2010; A13

President Obama plans to use 1,500 pages of often arcane new financial regulations governing a highly complex industry in a populist Main Street message that could help boost his party's political fortunes in November.

The campaign to make that case began even before the Senate passed the bill Thursday night. In a Rose Garden statement, Obama sought to make the connection between the financial legislation and the lives of everyday Americans and businesses.

"Wall Street reform will bring greater security to folks on Main Street -- to families who are looking to buy their first car or their first home; to taxpayers, who shouldn't have to pay for somebody else's irresponsibility," Obama said in a brief statement after the legislation cleared a key hurdle.

The message echoes the one Obama pushed after his health-care legislation passed. But whereas the fight over that issue left his party bruised and the law in need of a PR campaign, aides think the financial legislation remains highly popular with voters.

The financial overhaul passed Thursday with a handful of Republican votes, the culmination of a year of closed-door bipartisan negotiations that at times attracted some significant Republican support. Regardless, Obama's populist rhetoric will be aimed squarely at Republicans who slowed the legislation, with aides saying they will be accused of standing with megabanks rather than with average citizens. Republicans plan to push back against that argument, encouraged by polling they say suggests that voters want action to produce jobs, not Wall Street-bashing.

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http://www.washingtonpost.com/wp-dyn/content/article/2010/05/20/AR2010052005292_pf.html

[Phoebe Loosinhouse]

1. The Politico guy on Morning Joe just said that the banking industry is screaming

about the Blanche Lincoln derivatives stuff that remains in the Senate version of the bill but that no Senator will step up to get rid of this part, so the White House has agreed to be the bad guy and take responsibility for stripping out that part when it goes to conference to provide cover for all the Sens. The reason provided will be that until other international markets take the same step, the money will just go to them.

Sounds like another cozy insider deal with the industry - pass a law, but not a law with any REAL teeth or consequence and then put it in the DONE column.

Derivatives were a major ingrediant of the meltdown. Remember Warren Buffet called them weapons of mass financial destruction. "Reform" will not halt or hinder them. Same old same old.

[Vinnie From Indy]

2. Yep!

Good morning! Cheers!

[Teaser]

3. more sad clown failure porn from haters

enjoy your haterade.

[Phoebe Loosinhouse]

4. I prefer reform of substance that is actually beneficial to average citizens

Not Potemkin Village BS designed to keep the rabble quiet for a few more years, but hey, that's just me

Why don't we just see how this plays out and whether any REAL reform like reining in derivatives survives in the final bill?

I bet you were happy with the credit card bill too that will actually give us: HIGHER rates, annual fees, and no grace periods

http://www.smartmoney.com/personal-finance/debt/credit-card-pitfalls-still-worth-watching-out-for/

Some people pay attention to detail and others don't. Stay happy and dumb. Applaud the puppet show.

[NJmaverick]

9. No you don't, if you did you would be knocking a bill that Paul Krugman called a win

[readmoreoften]

12. +1 But they don't care. They love their football jersey. They're incapable of self-critique.

They apologize for everything. Even unlimited interest rates.

[NJmaverick]

13. You desperately need a mirror

as you just described yourself perfectly

[msongs]

6. lol everybody who wants more than half assed outcomes is a hater...yeah right nt

[NJmaverick]

10. No people that call a bill Paul Krugman described as a "win" as half assed outcome

would meet the hater criteria.

[NJmaverick]

8. How do you explain Paul Krugman calling this bill a win????

[tridim]

11. Do you have a better source than a "Politico guy on Morning Shmoe" ?

That's kind of like trusting a Neocon guy on Faux News.

[Clio the Leo]

5. Whatever works. NT

[NJmaverick]

7. K & R!