Monday, April 19, 2010
GOP Meltdown Continues Apace
Well it looks like the financial reform bill will come to the Senate floor for a vote this week. Further, in what will certainly go down as one of the great political blunders in American history the GOP is poised to filibuster the bill, and they apparently have the votes in line to pull it off.
But the GOP better proceed with caution. Yesterday, I posted a blog at Nuestras Voces Latinas that questioned the political strategy of the GOP in cozying up to the hateful and violent elements of the Tea Party. The risk of alienating blacks, Latinos and other minorities seems likely to guarantee the demise of the GOP.
Today, I want to emphasize the political dead end they are flirting with by threatening to kill financial reform. Here is the issue: they are trying to claim the bill is too friendly to banks. The problem is the banks have lined up with the GOP. As Senator Dodd states: "why are those Wall Street firms taking the Republican side in this bill?” Every consumer group lines up with the Dems and every business group supports the GOP. Bush appointee Sheila Bair also supports the bill and as head of the FDIC has proven herself to be a reliable and professional regulator. Bair claims the bill makes bailouts impossible. The American people will see through the GOP's sophistry. The Dems should force the issue and require the GOP to stall all Senate business by actually filibustering the bill with the full media circus that will entail. If that happens it will be the death knell of the GOP.
If the GOP kills this bill all future financial crashes should be credited to their obstinate refusal to do anything. The financial sector has spent $1 million per congress person to stop this bill; if the GOP gives them a victory the American people will abandon the GOP in November.