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Tuesday, April 27, 2010

THE PARTY OF WALL STREET

"Wall Street people learn nothing and forget everything."
- Benjamin Graham -

Senate Minority Leader Mitch McConnell (R-KY) led his party in the Senate by blocking debate on the proposed bill to regulate Wall Street yesterday. In doing so, he pretty much proved what everyone knows anyway: the Republican Party is the party of Wall Street. While posturing as though he was a populist on the side of the average American by saying his opposition to the proposed Democratic regulation was based on its supposedly allowing "endless taxpayer-funded bailouts for big Wall Street banks." Well, now, that is just a lie, and McConnell knows it. The bill in question has NO provision for a government bailout of any kind, and instead spells out very specifically that next time a big bank is on the verge of collapse, it will be allowed to do so. Even further, the cost of its collapse and funeral will be covered not by taxpayers, but by a pool of funds contributed to beforehand by all the big banks.

More evidence that McConnell is lying and talking out of both sides of his mouth comes from the fact that, a mere two weeks ago, both he and Sen. John Cornyn (R-TX), who is also chairman of the National Republican Senatorial Committee (a GOP fundraising arm) went jointly to meet with Wall Street bankers to raise money. They met privately with hedge fund investors and KKR, a major private equity firm in New York. It should also be noted that according to Open Secrets.org, between 2005-2010, the huge Wall Street bank JPMorgan Chase & Co. was Cornyn's second largest campaign contributor. So now we are supposed to believe that McConnell and Cornyn are really looking out for the best interests of working and middle America and want to come down hard on Wall Street? How gullible do these guys think we are?

It was also interesting to note that Nebraska's pseudo-Democratic Senator Ben Nelson voted with the solid McConnell-led Republican bloc to kill debate on the bill and keep it from coming up to the floor. Just another of a long line of Republicanesque anti-progressive votes by Nelson, and it should serve as a lesson to all liberals and progressives: do NOT stay home from the primaries or elections this fall out of disgust. Your non-vote could end up aiding the election of conservative Republicans like McConnell or Cornyn, or mushy, Republican-Lite Democrats like Nelson.

The Democrats will not be stopped by this latest conservative Republican effort to lie about, distort, and obstruct the passage of this much-needed legislation. According to a very recent Washington Post/ABC News poll, 61% of Americans believe that it is "a good idea for the government to more strictly regulate the way major financial companies do business." Obviously, big bankers, the Chamber of Commerce crowd, financial lobbyists, and the Republican Party (the party of Wall Street) all disagree and will oppose any attempt to more strongly regulate an out-of-control Wall Street. The Chamber of Commerce, in particular, has opposed any effort by the government to tilt the economic balance in favor of poor, working, and middle class Americans for as long as I can remember. They have consistently sided with and promoted now-discredited, failed free-market, conservative Republican notions of deregulation, export ofAmerican jobs overseas, and tax breaks for big business and the wealthy. But they are wrong - dead wrong - and this time I believe financial regulation will prevail. The 61% majority of Americans who strongly favor action on behalf on Main Street will trump the wishes of the big Wall Street banks, the Chamber of Commerce, and its beloved Republican Party, the party of Wall Street.

12 comments:

BigmacInPittsburgh said...

Just when are the real American people(not these fake ones, teabaggers) going to really tell these fake and bought and paid for republicans to go pound sand and get a life?

Holte Ender said...

No doubt when a Bill to reform Wall Street and the financial industry does get close to passing, the Republicans will say: "Lets start again with a blank sheet of paper and get it right, we want reform too."

JUDGE TRUTH 101 said...

You know Jack. I sometimes think seccesion is a good idea. Get these working American hating, Wall Street sucking bastards their own country to screw up. I'm tired of these lying assholes screwing mine.


They're good at making up titles like "No Child Left Behind" or "Operation Iraqi Freedom" and "Enduring Freedom." But what in the name of God have they done other than stick the collective boner of the right wing up America's ass?

tagskie said...

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Jack Jodell said...

BigmacInPittsburgh,
I hear you. I've been waiting for that to happen for a long, long time now...
---------------
Holte Ender,
That's about it, but we'll all know they're bluffing. They'll do ANYTHING to impede a progressive initiative.
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Judge Truth101,
I share your frustration, and you may have a point with that secession idea.
---------------
tagskie,
thanks, but I think you're spammin' me.

Beach Bum said...

How gullible do these guys think we are?

I love rhetorical questions. However, many if not most Americans have been seduced by the love of money that our character as a nation has been corrupted. I hesitate to say we have sold our souls but that may be wishful thinking on my part.

mud_rake said...

"It" was nothing more than delinquents playing with other people's money- and getting an adrenaline rush plus big cash for the ride. it's always more fun to 'play' with other people's money when you 'win' even when you lose. Think addictive-personality disorder with rewards.

Jack Jodell said...

Beach Bum and mud-rake,
You are both very rigt-o in your analyses. The sad fact is that our society's moral principles have been corrupted and both parties have become enablers of the criminals on Wall Street. But it has been the Republicans who have been Wall Street's strongest proponents and have acted as agents for them. A few Democrats, but nearly all of the Republicans, have been active drones for the Wall Street queen bee of oligarchs.

TomCat said...

I'm late enough in this conversation that the GOP has caved on debate. Apparently staying up all night was more of a sacrifice than they can bear. Now comes the fun part. Progressive Democrats have several excellent amendments to offer. The GOP can filibuster them, but every time they do, they will paint themselves further into a Wall Street corner.

Jack Jodell said...

I'm sure they'll try anyway and accuse Obama of being a socialist who wants to take over the economy and end free enterprise or some other such nonsense. But that argument will fall flat, and we'll end up having these Repubs right where they belong: in a pro-Wall Street noose that will help to strangle them. Great observation, TomCat!

Lisa G. said...

Don't you wish that the desires of the American people could be translated into votes to reform basic things like Wall Street? Wow, wouldn't that be a concept. The will of the PEOPLE is who they should be serving; they seem to have forgotten that and are slaves to their corporate masters. My own rep, Melissa Bean, is part of the bankster group trying to water down this legislation. She's gonna get an ear full today.

TomCat said...

Now the GOP can goose step behind BP.