I'm confused. The main reason, according to Republicans, that they don't like the proposed financial reform bill is that it allows bailouts. It very precisely does not.
The Democrats’ bill, sponsored by Senator Christopher J. Dodd of Connecticut, would give the Federal Reserve oversight of the largest financial institutions, those with at least $50 billion in assets. And it would let the Treasury secretary — with support from regulators and the approval of a special panel of three bankruptcy judges — take over any giant company that posed systemic risk to financial stability, and essentially force it out of business.
That's force it out of business. Not hand it billions and step back. Who wants to hand billions to a company and let them do what they want? Well, Mitch McConnell did. He voted for the Bush bailout over a year ago. He handed a bunch of banks billions back in 2008 and made no demands on them.
At a news conference on Tuesday, Mr. McConnell acknowledged his own support for the $700 billion bailout in 2008 when the Bush administration warned of an imminent crisis. “That is not to say that we think it ever ought to be done again,” he said.
It's a mood thing. Maybe McConnell would vote for one again or not, maybe depending on whether his friends are getting a piece of the action or not. Who knows.
The only serious possibility here is that the Republicans, who are being outrageously dishonest, are doing so for political reasons. Unremitting, anti-American partisan politics are getting to be a bad habit with the right. Doesn't that mean that people who vote for Republicans prefer dishonesty? I guess it does, bottom line.
During a meeting with leaders of Congress from both parties in the Cabinet Room Wednesday morning, the president rejected the contention of Republicans — and notably their leader in the Senate, Mitch McConnell of Kentucky — that the measure offered by Senate Democrats would only make bailouts of gigantic, risk-laden institutions more likely.
Right. But McConnell's fantasy life must be in control here. Or his ailing hippocampus is eroding his short term memory. Could be either one.
The Republican strategy, as reflected in Mr. McConnell’s comments, is carefully calibrated for a highly competitive midterm election year. In many ways it is a political high-wire act, as the Republicans seek to oppose the Democrats’ bill while not appearing to side with the banks at a time when popular anger at Wall Street is high. ...NYT
