The Republicans in the Senate have once again served their Wall Street masters well. On Wednesday, they blocked an effort to close debate on the bill and bring it to a vote. In other words, they're filibustering again. Two Republicans did vote to close debate, but all other Republicans voted together to not allow a vote on final passage. The vote was 57-42 (with 60 votes needed to close debate).
I don't think the Republicans want to kill the bill with their filibuster. Surely they realize it would be a big mistake to go into the November elections as the party that prevented Wall Street reform. The huge majority of Americans want the reform, and they wouldn't be happy if the Republicans killed it.
Instead, they are just trying to weaken the bill as much as they can -- hopefully enough to be acceptable to Wall Street. They want to delay the bill in the hopes that the Democrats will fold (as they have in the past) and submit to some amendments that will take the real teeth out of the bill. Majority Leader Reid hit the nail on the head when he said, "They [Republicans] want to let Wall Street off the hook."
If the Democrats are smart, they will stick to their guns, even if it takes the bill much closer to the election. This issue is a winner for Democrats and they should stand strong. The reality is that the Republicans are bluffing about killing the bill, and the Democrats need to call them on it -- no matter how long it takes.
There were two Democrats that voted with the Republicans, but for a different reason. Senator Russ Feingold (D-Wisconsin) and Senator Maria Cantwell (D-Washington) both voted against cloture because they said the bill as it stands is not strong enough. I tend to agree with them. At the very least the Nelson Amendment, which would ban "naked credit default swaps" should be added to the bill (it was tabled on Tuesday so they could proceed to a vote).
Senator Arlen Specter (D-Pennsylvania) was not present for the vote. I guess he's still licking his wounds after the defeat he was handed by Pennsylvania voters on Tuesday. It is not known whether he'll be back when Majority Leader Reid tries again today to close off debate.
no big surprise there huh?
ReplyDeleteNo surprise at all.
ReplyDelete"Wall Street" gives far more money in campaign contributions to democrats. You should check your facts before assuming the republicans were "serving their masters". Too bad you're stuck believing your own hype. Sad that you folks are riding your ponies to the left.
ReplyDeleteYou're partially right. When Wall Street saw how the 2008 vote was going, they started donating much more money to Democrats to hedge their bets. That's probably why we got such a weak financial reform bill. But the Republicans have been wholly-owned by Wall Street for decades.
ReplyDeleteBy the way, I don't own a pony, but if I did I would be proud to ride him to the left.