Inspire Political Discourse

Too Many Wall Street Shills ...

McConnell (R-Ky) managed to get 41 GOP senators to vote against even DEBATING the financial reform bill. This, after his private meeting with Sen. Cornyn and a group of 25 Wall Street executives, most of them hedge fund managers, a week earlier.

As a financial reform bill starts to take shape in Washington, two key lawmakers came to New York City last week to explain what it means for Wall Street, and how financial executives might help prevent some of its least market-friendly aspects from becoming law by electing more Republicans, FOX Business Network has learned.

About 25 Wall Street executives, many of them hedge fund managers, sat down for a private meeting Thursday afternoon with two of the most powerful Republican lawmakers in Congress: Senate minority leader Mitch McConnell of Kentucky, and John Cornyn, the senior senator from Texas who runs the National Republican Senatorial Committee, one of the primary fundraising arms of the Republican Party.

The undercurrent of the gathering, however, was undeniably political. [......]

It was revealed earlier in the week that McConnell's talking points came directly from a memo created by GOP pollster, Frank Luntz, and are nearly all completely false.

McConnell's hometown paper published a scathing editorial titled "McConnell to big banks' rescue". The Lexington Herald-Leader accuses McConnell of  pandering to Wall Street executives ,as well as his repetition of the false talking points created by Luntz. 

President Obama Calls Out Mitch McConnell

In his weekly remarks, President Obama accused Mitch McConnell of lying. You GO, Mr. President! 

Now, unsurprisingly, these reforms have not exactly been welcomed by the people who profit from the status quo – as well their allies in Washington.  This is probably why the special interests have spent a lot of time and money lobbying to kill or weaken the bill.  Just the other day, in fact, the Leader of the Senate Republicans and the Chair of the Republican Senate campaign committee met with two dozen top Wall Street executives to talk about how to block progress on this issue.

Lo and behold, when he returned to Washington, the Senate Republican Leader came out against the common-sense reforms we’ve proposed.  In doing so, he made the cynical and deceptive assertion that reform would somehow enable future bailouts – when he knows that it would do just the opposite.  Every day we don’t act, the same system that led to bailouts remains in place – with the exact same loopholes and the exact same liabilities.  And if we don’t change what led to the crisis, we’ll doom ourselves to repeat it.  That’s the truth.  Opposing reform will leave taxpayers on the hook if a crisis like this ever happens again.

Read the entirety of his remarks, or view the video. For more on this still developing situation , I filed my posts under the categories Mitch McConnell and Financial Reform.