Financial Reform: Is the entire American empire are at stake?

It's being reported that although Senate Banking Committee Chris Dodd and Richard Shelby continued to hint at a possible bipartisan deal, President Obama and House Financial Services Chairman Barney Frank have personally asked Dodd *not* to cut a deal with Republicans. Could this be a sign that Obama realizes that public opinion is asking for tougher banking reform, and that he "got it" from the health debate that bipartisan compromise is not the right path? This afternoon, the Senate will do a test vote on the Wall Street reform and they need the support of at least one Republican to get the 60 votes required to open debate on the bill. Sen. Mitch McConnell (R-KY) said the GOP will block the debate from proceeding. On the Republican side, there's Olympia Snowe, the Republican senator from Maine, who has written to Harry Reid urging him to include in the bill Arkansas Democrat Blanche Lincoln's strong amendment to regulate derivatives. And Scott Brown, the accidental Republican Senator from Massachusetts, ran as a populist. Will these two Republicans really vote on the side of the big banks and against the people? On the Democratic side, there's Connecticut Senator Chris Dodd, who's the chairman of the Senate Banking committee and retiring from the Senate this year. But instead of behaving like he's liberated by no longer needing big bank money to run for office, Dodd had been putting forward weak proposals, more as if he's thinking of a retirement career as a lobbyist for the big banks that he's generally been a friend to over the past few decades. How all these weird political cross-currents play out will be fascinating to watch, particularly because the financial solvency and future of both average Americans and the entire American empire are at stake.


avaysberg's picture
avaysberg 13 years 5 weeks ago

I don't know how all will play out but I am fascinated also because we are bringing into the light all of the problems - healthcare, financial systems, immigration, gay marriage,etc. I am happy to be debating these issues and allowing people to think about things. Whether Obama is going far enough or not he is at least trying to solve this. I have faith that we as a people are approaching a new level of maturity.

Rob_F's picture
Rob_F 13 years 5 weeks ago

What I don't like about the whole thing is that it all seems so secretive still. Most Americans have no idea how reform will help them or hurt them. Things are done so quickly by the people who are supposed to be servants of the people that most do not know what is being done. For example the government takeover of student loans in the healthcare bill. So in some sense financial reform seems scary to most people because it is so important. I respect what you say but the election of Scott Brown was not an accident. He was voted in and votes are never an accident.

Gambling can be fun at this casino en ligne because they make you forget that you are gambling away your money.

sandyc954's picture
sandyc954 13 years 5 weeks ago

People in the tea party think they are preserving what founding fathers were framing for our country. I invite the tea party folks to read some more quotes from the founders. <>

Below is a relevant one to begin with. Knowing many feel like independent individuals, consider there may be "cunning, ambitious and unprincipled men" usurping power over "the people".

Anger is allowing the blame to be assigned on liberals or "big" government, when there are subverters of freedom having too much power and influence on our government.

Consider it may be corporations that need to have our attention and regulating commerce is in the Constitution.

However [political parties] may now and then answer popular ends, they are likely in the course of time and things, to become potent engines, by which cunning, ambitious, and unprincipled men will be enabled to subvert the power of the people and to usurp for themselves the reins of government, destroying afterwards the very engines which have lifted them to unjust dominion.

GEORGE WASHINGTON, Farewell Address, Sep. 17, 1796

EricDByrd's picture
EricDByrd 13 years 5 weeks ago

Thom, I like the idea you continue to tout, that one of the best ways to stimulate the economy is to give the benefits to the bottom, rather than the top, because the poor spend most of their stimulus, while the rich simply add it, another drop in their bucket, to their personal black hole of net worth, and the money never stimulates anything. But Republicans/righties in general love to say that the rich man who receives this stimulus invests it in companies who then create jobs. Here is the answer to that, and an answer you need to add to your meme, that I've never heard you say: when a rich man receives a benefit, he does invest it, but he invests it in a process that will create more SUPPLY. A poor man invests the benefit also, but he invests it by purchasing something, in a way that creates more DEMAND. The question we need to ask ourselves, then, is, We're in a recession, do we need to create more supply, or do we need to create more demand?? The answer is obvious, and so obvious that even the evil righties at the top levels of government, whose only raison d'etre is to serve the wealthy who keep them in power, cannot rebut. They can't spin that. Therefore it is an idea that needs to spread to Obama's mind. He needs to ask this question from the stump.

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