It is wonderful to see the leadership of the Republican Party taking sides with Wall Street, which is what they always do, take the side of big business before taking the sides of the public.
But what makes it even more interesting is how they are twisting the facts so that the American public, confused and still bitter about having to bail out the big banks and other institutions that caused the crash of 2008, doesn’t know that what the GOP is trying to defeat is a bill that would protect the public from future bail out.
They have spent the last few weeks quoting GOP pollster Luntz: that the Democrat financial reform bill will lead to more bailouts. Unfortunate for the republicans, as this may seem, the reality is the opposite, the party that proposed the largest bailout, and who does not want to reform the financial system is the Republican Party.
The Democratic reform bill passed by the house proposes that if large institutions collapse Wall Street will be held accountable, not the taxpayer. Any cost of dismantling a firm will be paid first with the assets at the expense of shareholders and creditors.
Republicans, it seems, will not go ahead with that. They have decided to filibuster any proposal of reform.
It is time for the Democratic leadership to make the GOP members in the Senate stand there and filibuster, in front of the cameras, and tell the American people that the reason they want to defeat this proposal is because Wall Street has then in their pocket.
It is very sad to see a party that has had no proposals, no ideas, and who’s only intention is to try to defeat, not just the White House’s ideas but also anything that would help this great country move forward after the deepest recession since the Great Depression, and that has broken every record of filibustering since it lost the majority in the Senate in 2006.
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