Financial Reform Bill passes and the rats come out

Isn’t funny how life plays out sometimes. Yesterday the Senate passed the Financial Reform bill. The bill was passed with the aid of four Republicans. Olympia Snow and Susan Collins, naturally went along with the madness. Chuck Grassley and Scott Brown were the other two.  Brown threw in his hat for a little bit of crony capitalism: 

Brown's vote was secured partly through the help of Frank, his Massachusetts colleague. In an interview, Frank said Brown called him Wednesday evening as Frank was working out on the elliptical machine in the House gym. Brown wanted assurances that Frank would fight in conference to preserve provisions in the House bill that protect large and solvent Massachusetts institutions, such as State Street and Fidelity, from "unnecessary intrusion" by government regulators. Over the next 24 hours, Frank sent Senate leaders two letters stating his position, and Brown indicated that "on that basis, he could vote for cloture," Frank said. 

I hope this quells any more foolish talk of Brown 2012.  He was the panic button to stop ObamaCare.  Since that failed, there is little need to continue to support this guy the next time around.

After the Senate voted to end debate (again with Brown’s help) Obama came out to the Rose Garden to laud the bill and push for its passage. As Obama droned on about things the bill is suppose to do, but clearly won’t, a rat scurried past the podium: 

Obama had just begun an afternoon statement to reporters lauding the end of a Senate filibuster on his financial overhaul plan when some kind of rodent — opinions differ on which — dashed out of the bushes to his right, just outside the Oval Office. 

There is something very fitting about that rat showing up. The Financial Reform bill that is supposed to have addressed the causes of the financial meltdown, does not address two of the biggest causes, Fannie Mae and Freddie Mac or using bailouts for companies “too big to fail”.

Perhaps the Associated Press was trying to say that in an underhanded kind of way: 

Moreover, rodents of all kinds are pretty common in Washington… 

Yes, they are pretty common, and come November 2^nd the voters get to play exterminator.

Via: Memeorandum

Via: The Washington Post

Via: Associated Press

Via: Politico 

Republicans and Democrat Ben Nelson block advance of Financial Reform bill

Washington Post: Republicans voted unanimously Monday to block an effort to overhaul financial regulations from reaching the Senate floor, pledging to hold out for significant changes to the bill even as they acknowledged the political risk of appearing to obstruct a popular cause.

The 57 to 41 vote in favor of beginning debate, short of the 60 needed, was expected, although Democrats did suffer an unanticipated defection when Sen. Ben Nelson (Neb.) joined Republicans as a no. Senate Majority Leader Harry M. Reid (D-Nev.) was prepared to call further votes Tuesday, Wednesday and beyond.

"We need to keep the pressure on to get a deal as quickly as possible," Reid spokesman Jim Manley said. [MORE]

Let the game begin. Harry Reid and the Democrats aren’t really that serious about reforming the financial industry. If they were, how come such troublesome things like, Fanny Mae, Freddy Mac, the sub prime mortgage market or Mortgage Backed Securities are not addressed? These were the things that damn need brought down our financial house.  Instead, what we get is another 1300+-page bill, which seeks to give government more control over the private sector.

Democrats are looking for issues to run on in November. By trying to paint Republicans as defenders of Wall Street excess, they hope to give themselves something else to run on other than ObamaCare. Look for Reid to drag out this bill for all it is worth.

Ben Nelson is also playing a game here too. He wants to distance himself from Reid and Pelosi whenever and wherever possible in a sorry attempt to erase the memory of the Cornhusker Kickback. Good luck with that, Ben! In the end, should a significant Republican issue be addressed in a rewrite of the bill, old Ben will be right back on board with the Democrats.

Via: Memeorandum

Via: The Washington Post

Via: banking.senate.gov