The Republicans’ War On America – Blocking Wall Street Reform At the Expense Of The Middle Class

by Ben Hoffman

Senate Republicans are running out the clock on Wall Street reform, reaping dividends from the long-term strategy of delaying Senate action on issues big and small since President Obama took office. From the routine nominations that have been filibustered to the months of useless bipartisan negotiations over health care, the GOP has been explicit: its goal has been to eat up floor time and stall any agenda it opposed.

Now that strategy is paying off. With a long line of progressive amendments that appear to have majority support waiting for a vote, Republicans are objecting to holding a vote. Under intense time pressure, Democratic leadership is working to wrap up the debate and a cloture vote could come as early as Wednesday afternoon.

Sen. Sheldon Whitehouse (D-R.I.) has an amendment to allow states to cap credit-card interest rates stalled. He called out the GOP tactic on the Senate floor.

Senate Minority Leader Mitch McConnell (R-Ky.) urged outright opposition to the bill on Wednesday. “Now, everyone recognizes the need to rein in Wall Street to prevent another crisis. But the bill the Majority wants to end debate on today does not do that. Instead, it uses this crisis as yet another opportunity to expand the cost and size and reach of government. It punishes Main Street for the sins of Wall Street. Worst of all, it ignores the root of the crisis by doing nothing to reform the GSEs,” he said, referring to Fannie Mae and Freddie Mac.

A Democratic aide said that Whitehouse may indeed get a vote on his amendment Wednesday, but many others could be left behind. Other amendments in line would address abuses by payday lenders, cap ATM fees at 50 cents, reinstate a form of Glass-Steagall, ban the trading of naked credit default swaps, and prevent the deregulation of the insurance industry. In order to be considered after cloture, the amendments would need to be ruled germane.

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The repeal of Glass-Steagall was a major contributer to the banking crisis and it needs to be reinstated. Republicans are only looking out for the interest of big business. They could give a rat’s ass about the middle class.

Watch this video of Senator Sheldon Whitehouse calling the Republicans on their reform blocking tactics…

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6 Comments to “The Republicans’ War On America – Blocking Wall Street Reform At the Expense Of The Middle Class”

  1. Mr. Hoffman,

    ” The repeal of Glass-Steagall was a major contributer to the banking crisis and it needs to be reinstated. Republicans are only looking out for the interest of big business. They could give a rat’s ass about the middle class. ”

    WRONGO. Fannie and Freddie caused most of the mess. They were protected by Democrats. Franklin Raines got rich cooking the books. Your guys saved his worthless butt.

    As far as the middle class, you Socialists are doing a bang up job, aren’t you . How’s that Class Warfare workin out for the middle class ? How many more people will Obama put out of work during his war on Capitalism?

    You know your freaking hero has really screwed his brother Democrats in Congress. There is a natural cycle that would have benefited Liberals. Things have been so bad, so long that just by osmosis they would have improved . But your hero has delayed the recovery by his sheer stupidity. That is hitting Pelosi and Company hard.

    By delaying the recovery to later in the cycle he is trying to set himself up for a great economic rebound just before the 2012 election.

    • [Franklin Raines got rich cooking the books.]

      That may be true, but that’s not what caused the banking crisis. Most of it comes from the repeal of Glass-Steagall. If you had any intellectual curiosity, you’d research it a little bit rather than just repeating right-wing talking points.

  2. Mr. Hoffman,

    ” If you had any intellectual curiosity, you’d research it a little bit rather than just repeating right-wing talking points. ”

    You know I should be like you and not do the research. I should just declare your arguments invalid. I should declare you a F**ki*g id*ot. You know like you do when you don’t have the intellectual firepower to dispute my arguments?

    There actually were two separate Glass-Steagall Acts. Which one are you in favor of reintroducing? But in the interest of moving the debate along and not dwelling in mindless trivialities, I assume you mean the Act of 1933.

    This is what put the firewall between the two areas of Banking. Regulation, as you call it. Now this assumes that the crash of 1929 was “primarily caused” by the misdeeds of Banks in the 1920s. Just as it “assumes” that the misddeds of Banks “primarily caused” the 2008 Banking Sector meltdown.

    You have fallen for a “Red Herring”. The Banks were certainly not blameless in either case. I say they were a secondary cause in both cases.

    Also, if you care to research it, I say the 1933 Act’s real value was the creation of the FDIC. At that time banks were failing as fast as Obama’s promisesses are now .

    And again, when Obama was crucifying Capitalist Pig Dogs for the current mess,,,why oh why weren’t the former heads of the GSEs on the same crosses????????? Do your own research and look at the numbers Fannie and Freddie are still costing the treasury.

    A lot of Wall Street has paid back their Government Welfare. Do you think Barney Frank’s buddies at Fannie and Freddie ever will? Do you think the UAW welfare at Government Motors or Chrysler ever will?

    • Gramm-Leach-Bliley Act of 1999 (P.L. 106-102, 113 STAT 1338)

      Repeals last vestiges of the Glass Steagall Act of 1933.

      The Glass-Steagall Act prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company.

      The Gramm-Leach-Bliley Act allowed commercial banks, investment banks, securities firms, and insurance companies to consolidate.

      • Mr. Hoffman,

        Question. Since you blame Gramm-Leach-Bliley 100% for the financial collapse, does that mean that you blame President Bill Clinton for the financial collapse??

        I mean, according to ” you ” Fannie and Freddie had nothing to do with it. Barney Frank, Chris Dodd, and Senator Barak Obama who protected executives of Fannie Mae and Freddie Mac from the Bush Administration’s new Regulation of the GSEs had nothing to do with the financial collapse.

        Now Bill Clinton did not have to sign Gramm-Leach-Bliley, did he ? Bush or Reagan or Bush did not sign it, did they ?

        I am using Ben Hoffman logic. There is no getting around it . Bill Clinton is our villain here .

  3. [Since you blame Gramm-Leach-Bliley 100% for the financial collapse, does that mean that you blame President Bill Clinton for the financial collapse??]

    I didn’t say it was 100% to blame. You lie even when you don’t have to. 🙂

    It WAS one of the major causes, as most economists would agree, and yes, as I’ve said many times, Clinton is partially to blame since he signed it. He also signed the Commodity Futures Modernization Act of 2000, which was largely the reason for the spike in oil prices a few years later. He also signed the Telecommunications Act of 1996, which led to giant media conglomerates.

    Clinton was an extremely conservative president.

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