Oh my: GOP filibusters Dems’ financial reform bill

posted at 7:30 pm on April 26, 2010 by Allahpundit

Actually, it was the GOP plus Ben Nelson, who’s right on track for a primary challenge in 2012 notwithstanding his support for O-Care. Ironic quote from Captain Kickback: “This has an awful lot of unintended consequences.” Unlike, say, health-care reform.

The One is “deeply disappointed.”

I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate on Wall Street reform to begin. Some of these Senators may believe that this obstruction is a good political strategy, and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether. But the American people can’t afford that. A lack of consumer protections and a lack of accountability on Wall Street nearly brought our economy to its knees, and helped cause the pain that has left millions of Americans without jobs and without homes. The reform that both parties have been working on for a year would prevent a crisis like this from happening again, and I urge the Senate to get back to work and put the interests of the country ahead of party.

This isn’t a bill-killer, just a bit of muscle-flexing by both sides. The Dems figured it was worth a shot to call the vote in case Brown, Snowe, or Collins was ready to cave; if not, then the filibuster can (and will) be spun as Republicans once again proving that they’re the “party of fatcat bankers” or whatever. As for the GOP, they got to show their base that they’re willing to stand up against bailouts all the while knowing that negotiations will continue this week. Shelby’s said that he and Dodd are “conceptually very close” to a deal and Scott Brown issued a statement after voting no that to emphasize that “my vote is not a vote against financial reform; instead it’s a vote to insist that the parties continue bi-partisan negotiations to come up with a commonsense bill we can all be proud of.” Republicans are going to try to buy themselves some more leverage by introducing their own bill — fewer bailout loopholes, natch, plus more scrutiny for Fannie and Freddie — but ultimately, financial reform is not the hill the GOP’s going to die on. The polling shifts a bit depending upon how the questions are phrased (mention “Wall Street” and support for reform inches up), but there’s no hardcore majority opposition for this the way there was for O-Care. In fact, Dave Weigel makes an interesting catch from today’s WaPo poll showing a heavy majority in favor of stricter regulations “on the way banks and other financial institutions conduct their business”

I’ve gotten a look at the internals of this morning’s poll on financial reform, and the party breakdowns confirm that the package being debated in Congress simply hasn’t generated much ire among members of the GOP base. With one exception, they oppose its provisions. The opposition just isn’t very intense.

Thirty-five percent of Republicans support “requiring large banks and other financial companies to put money into a fund that would cover the cost of taking over and breaking up any large financial company that fails and threatens the broader economy,” the part of the bill labeled the “bailout fund” by Republican leaders. Twenty-seven percent support “having the federal government regulate the complex financial instruments known as derivatives.” Forty-four percent support “increasing federal oversight of the way banks and other financial companies make consumer loans, such as mortgages and auto loans, and issue credit cards.” And a majority, 53 percent, support “stricter federal regulations on the way Wall Street firms conduct their business.”

The politics here are much harder than they were with ObamaCare for the simple reason that populist sentiment is more complicated on the issue. “No more bailouts” is easy not merely because it’s laissez faire but because it’s anti-bank; to the extent that the rest of the Democrats’ bill is “anti-bank” too, you’d expect to see populist opposition to it soften. And, per WaPo’s poll, you do. Exit question: How many Republican votes will the final bill get? Over/under is seven.


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Exit question: How many Republican votes will the final bill get?

None if they want to hold their seat.

upinak on April 26, 2010 at 7:33 PM

Hopefully, they all understand that Obanking is just like Ohealthcontrol, Obailouts, and OTarp, it’s nothing more than one more government takeover to take CONTROL.

JamesLee on April 26, 2010 at 7:35 PM

Exit question: How many Republican votes will the final bill get?

Same number of votes Obama’s SCOTUS nominee gets.

11

angryed on April 26, 2010 at 7:35 PM

Scott Brown’s statement on the vote from FaceBook….

“My vote is NOT a vote against financial reform; instead it’s a vote to insist that the parties continue bi-partisan negotiations to come up with a commonsense bill we can all be proud of. As currently written, the legislation contains loopholes that could leave the taxpayers on the hook for future bailouts of Wall Street.”

Knucklehead on April 26, 2010 at 7:36 PM

Wasnt Chucky Schumer between a Barack and a hard place on this issue ?

William Amos on April 26, 2010 at 7:36 PM

Oh come now. Cigar smoke will solve the impass.

Limerick on April 26, 2010 at 7:37 PM

Exit question: How many Republican votes will the final bill get?

3

portlandon on April 26, 2010 at 7:37 PM

This is a good thing, offer an actual reform and trust the public, they instinctively understand when the Democrats say reform they mean an increase of their power over all of us.

rob verdi on April 26, 2010 at 7:39 PM

This is rich:

I urge the Senate to get back to work and put the interests of the country ahead of party.

tru2tx on April 26, 2010 at 7:40 PM

The economy will be better served if Collins, Snowe, and Brown can be convinced that a much better deal can be had after the 2010 election.

I’m assuming that there are some good aspects to the bill, as some economic conservatives have claimed. I know nothing about those good aspects. Does anyone know why Shelby thinks a deal is a worth the bother?

thuja on April 26, 2010 at 7:41 PM

do republicans have a financial reform bill out there?

Exit question: How many Republican votes will the final bill get?

Snowe and Collins and I wouldn’t be surprised in Brown caved.

deidre on April 26, 2010 at 7:42 PM

Glenn has breakdown on Climate Exchange
SCAM. It is UNBELIEVABLE…..

CALL LINDSEY AND ASK WHO THE JOYCE
FOUNDATION IS…..AND HOW ARE THEY
INVOLVED IN CLIMATE EXCHANGE…

nondhimmie on April 26, 2010 at 7:42 PM

Exit question: How many Republican votes will the final bill get?

None

RINOs arent Republicans

William Amos on April 26, 2010 at 7:44 PM

Ben Nelson must be taking his orders from Berkshire-Hathaway…?

d1carter on April 26, 2010 at 7:44 PM

Keep stressing: It creates a permanent bailout fund using tax dollars.

“Permanent” and “bailout” together isn’t going to fly.

amerpundit on April 26, 2010 at 7:44 PM

This is my favorite quote: “others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether.”

I will fix it now: “others may see delay as an opportunity to take this debate behind closed doors, where healthcare and union financial industry lobbyists can water down reform or kill it altogether. can make a deal with the democrats so that they can continue their wicked ways.”

bloggless on April 26, 2010 at 7:45 PM

Some of these Senators may believe that this obstruction is a good political strategy, and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether.

Behind closed doors. Isn’t that a DEMOCRAT tactic?

tru2tx on April 26, 2010 at 7:45 PM

and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether. But the American people can’t afford that.

Teh, heh, Mr. Transparency (all of a sudden) in Chief.

Hope ‘n Change Pick ‘n Choose

Schadenfreude on April 26, 2010 at 7:45 PM

Toto is trying to jump back on the balloon for Oz.

Limerick on April 26, 2010 at 7:46 PM

Maybe Republicans are getting the message?

Rode Werk on April 26, 2010 at 7:46 PM

Shameless rhetoric by The One. If one Republican senator voted to let the bill proceed, it would have been hailed as a bipartisan victory. One Democrat bolts and it’s partisan obstructionism.

Slublog on April 26, 2010 at 7:47 PM

This is rich:

I urge the Senate to get back to work and put the interests of the country ahead of party.
tru2tx on April 26, 2010

Caving to the Fascist-In-Chief is in the interest of the country…the New America: No freedom but all the security the state can make you imagine you have.

SKYFOX on April 26, 2010 at 7:48 PM

“— fewer bailout loopholes, natch, plus more scrutiny for Fannie and Freddie,”

Fannie and Freddie…?

… That’s just crazy talk!

Seven Percent Solution on April 26, 2010 at 7:50 PM

“I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate on Wall Street reform to begin”

Get very used to being “deeply disappointed” Mr. President—now and in the your brief future as a leader.

Rovin on April 26, 2010 at 7:51 PM

I feel Snowe will have another historic orgasm.

Enoxo on April 26, 2010 at 7:52 PM

Slublog on April 26, 2010 at 7:47 PM

Same thing with the media.

Bill passes with one Republican:

Bipartisan Vote Advances Financial Regulation Overhaul

Bill fails with one Democrat:

Republicans (and One Democrat) Block Debate on Financial Reform Bill

It’s typical.

amerpundit on April 26, 2010 at 7:52 PM

Fannie and Freddie…?

… That’s just crazy talk!

Seven Percent Solution on April 26, 2010 at 7:50 PM

Lession not learned

Fannie Mae to shorten waiting periods for some troubled borrowers to get new home loans

William Amos on April 26, 2010 at 7:54 PM

My financial reform bill consists of 20 words,

BLOCK INTERNET PORN AND ANY OTHER NON-BUSINESS RELATED WEBSITES AT THE SEC. THEN PRPERLY TRAIN THE MORONS THAT WORK THERE.

Problem solved.

Daveyardbird on April 26, 2010 at 7:56 PM

awesome. On one hand, America’s socialist party is determined to slam through everything they can before 2010 rolls them back (then we can get to repeal. investigate. impeach. repeat) so our side’s strategy should be the slow down game. Take as much time as possible. Give up nothing!

joeindc44 on April 26, 2010 at 8:00 PM

Why did Harry Reid vote NO?

Mr. Pickles on April 26, 2010 at 8:01 PM

I didn’t see the fat lady yet …

tarpon on April 26, 2010 at 8:02 PM

My financial reform bill consists of 20 words,

BLOCK INTERNET PORN AND ANY OTHER NON-BUSINESS RELATED WEBSITES AT THE SEC. THEN PRPERLY TRAIN THE MORONS THAT WORK THERE.

Problem solved.

Daveyardbird on April 26, 2010 at 7:56 PM

..got yerself a grand (+1,000) fer that one red leader. Uncommonly good and monitor-spatteringly funny!

The War Planner on April 26, 2010 at 8:05 PM

Check out the picture of dingy harry on drudge…priceless!

lukespapa on April 26, 2010 at 8:05 PM

Why did Harry Reid vote NO?

Mr. Pickles on April 26, 2010 at 8:01 PM

According to what I heard on Fox tonight, it was some sort of a procedural move so that they can bring this back to the floor tomorrow.

Knucklehead on April 26, 2010 at 8:06 PM

Mr. Pickles on April 26, 2010 at 8:01 PM

I believe he has to so it can brought to the floor again after tweaked.

Cindy Munford on April 26, 2010 at 8:07 PM

I am not totally against some reform but the elephant in the room is Fannie & Freddie. Unless they are included and wording removing future bail outs it is a no go.

Cindy Munford on April 26, 2010 at 8:08 PM

They had better win the spin war on this one. I’m not 100% confident that they have the upper edge on it.

Red Cloud on April 26, 2010 at 8:10 PM

Isn’t this that Siskel and Ebert rule where you have to kill the movie villain three times before he is really dead? Like health care, it will be back?

Skandia Recluse on April 26, 2010 at 8:11 PM

Actually, it was the GOP plus Ben Nelson,

More bipartisan than Obamacare.

RINO in Name Only on April 26, 2010 at 8:13 PM

I oppose it in no uncertain terms. There would be more opposition if Republicans did a better job at explaining what is so wrong with this bill. They should present their own bill.

exceller on April 26, 2010 at 8:14 PM

Ben Nelson is on Warren Buffet’s lease…….

BottomLine5 on April 26, 2010 at 8:15 PM

Why did Harry Reid vote NO?

Mr. Pickles on April 26, 2010 at 8:01 PM

Procedural. It allows him to bring it up for another vote later.

amerpundit on April 26, 2010 at 8:15 PM

Bot kings and goldman sachs hit hardest.

jukin on April 26, 2010 at 8:16 PM

Bot = boy I hate when enthusiasm beats prof redings ass.

jukin on April 26, 2010 at 8:17 PM

And after Obama reached across the aisle with ObamaCare!

Chuck Schick on April 26, 2010 at 8:19 PM

Beer summit!!!!

Hening on April 26, 2010 at 8:26 PM

I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate…

ARE YOU FRIGGIN’ KIDDING ME?

Obama has the cojones to say this after the massively partisan, one-sided, closed door health care meetings?

How can a man so brazenly lie to an entire country?

cannonball on April 26, 2010 at 8:29 PM

Someone help me out here.

I thought we had 41 Republicans in the Senate.

The final vote was 57 Yeas to 41 Nays. One democrat voted nay, and two Republicans did not vote. Do we have 42 Republicans now; and if we do, what did I miss?!?

IrishEi on April 26, 2010 at 8:34 PM

I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate…

I am deeply disappointed that you won. A big difference is my disappointment will be eased greatly in November.

Your disappointment, on the other hand, will only continue to grow.

And that makes me feel good.

BobMbx on April 26, 2010 at 8:40 PM

How can a man so brazenly lie to an entire country?

cannonball on April 26, 2010 at 8:29 PM

Pathological. It’s the truth the instant it leaves his mouth.

A pathological liar always tells the truth…or something.

BobMbx on April 26, 2010 at 8:44 PM

We should reread AP’s first paragraph. If anything were going to make me a cynic, it would be something like this: a firm 41 votes here — including Mr. Kickback himself — but not on the Obamacare abortion.

I have no illusions about the nature of Obamafinance. It’s mistargeted in key ways and damaging in others, as it stands now.

But it’s amazing how tough these senators will hang when what’s at stake is an industry that yields them a lot more direct profits and perk leverage than the health care and insurance industries. In the case of Obamacare, the big downside is that it’s going to lay unbearable burdens on the American people. That, they couldn’t find it in themselves to resist.

J.E. Dyer on April 26, 2010 at 8:45 PM

The polling shifts a bit depending upon how the questions are phrased (mention “Wall Street” and support for reform inches up)

and yet for some strange reason many in the GOP elites think nominating a “fat cat Wall streeter” to head the GOP ticket in 2012 is a sure fire way to win the election against Obama. Idiots they are.

unseen on April 26, 2010 at 8:57 PM

The whole democrat “death to the free market” thing has stalled.

Mojave Mark on April 26, 2010 at 8:59 PM

Time to shut the Marxist revolution down completely. Pass nothing until after Nov. Now that everyone, including the bamboozled mods and indies, have seen how irresponsibly these dems are governing under Obama, shut them down.
-
The government doing nothing for a few months is far better than letting these bast*rds get one more ‘hysteric’ piece of legislation put into law.

RalphyBoy on April 26, 2010 at 8:59 PM

The whole democrat “death to the free market” thing has stalled.

Mojave Mark on April 26, 2010 at 8:59 PM

Don’t bet on it, Soros ahs tank economies before and now he has even more inside info.

thomasaur on April 26, 2010 at 9:03 PM

Don’t bet on it, Soros ahs tank economies before and now he has even more inside info.

thomasaur on April 26, 2010 at 9:03 PM

Yeah but you see with the dems in controll the tanking of the economy would pull the dems further down. Soros are no in a box. The leverage they have while big will work agains them if they use it now. Now it will be socialism that is seen as the problem not capitalism.

Its funny how things change once you gain power.

unseen on April 26, 2010 at 9:09 PM

Why in the world would the GOP let anything get through the Senate from now until November? After November, the Repubs will be in control in the House and perhaps in control in the Senate. They’ll be able to control the agenda to a large extent. The party of NO must say NO to Teh Won’s agenda.

WordsMatter on April 26, 2010 at 9:11 PM

Why in the world would the GOP let anything get through the Senate from now until November? After November, the Repubs will be in control in the House and perhaps in control in the Senate. They’ll be able to control the agenda to a large extent. The party of NO must say NO to Teh Won’s agenda.

WordsMatter on April 26, 2010 at 9:11 PM

LOL you don’t understand RINO’s Like the $1.9 trillion debt limit that they could have stopped, or obamacare they want these programs as much as the socialist dems. They just do not want to have their paw prints on them. After all it was a RINO that first made the individual manadte part of his helathcare (Mitt. most Rino’s are happy with the $500 billion cut from medicare. they just don’t want their name next to it.

this financal bailout is the favor of the RINO’s yet they do not want to be seen as agreeing with it.

the smart thing to do is to not let a name to a post office go thru form now to NOV but the Rino’s want the socialism so they will let “slip” a couple of the bills like amnesty, cap and tax, etc. the Brown win upset the RINO’s plan’s. Now they have the power to stop everything and the RINO’s are still trying to figure out how to lose yet not be seen as caving.

Sad i know but that is what a rINO does

unseen on April 26, 2010 at 9:20 PM

Wall Street, especially the criminal organization known as Goldman Sachs, needs to be kept from assaulting and robbing America but I have little doubt, from his past modus operandi, that Obama’s idea of “reform” is anything other than to reward the guilty, punish the innocent, increase his own power and feather his own nest and that of his cronies.

MB4 on April 26, 2010 at 9:20 PM

“Stricter regulations” might be a fine idea if Congress and the White House weren’t currently filled with worthless, corrupt and incompetent jackasses.

Anyone who thinks that Democrats have either the brain power or the integrity to police Wall Street must be huffing paint.

NoDonkey on April 26, 2010 at 9:39 PM

Exit question: How many Republican votes will the final bill get?

None if they want to hold their seat.

upinak on April 26, 2010 at 7:33 PM


Ding Ding Ding, we have a winner!

jackal40 on April 26, 2010 at 9:39 PM

I hate Barack Obama. No. Really. I do.

SouthernGent on April 26, 2010 at 9:46 PM

I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate on Wall Street reform to begin.

The word is “bloc”. Even a Navy corpseman can tell you that.

Tuning Spork on April 26, 2010 at 9:48 PM

…and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether. But the American people can’t afford that. A lack of consumer protections and a lack of accountability on Wall Street nearly brought our economy to its knees, and helped cause the pain that has left millions of Americans without jobs and without homes. The reform that both parties have been working on for a year…

Oh, it’s so important that they took 12 months to pass ObamaCare first, and now we have to rush a financial “reform” bill through.

Bah, Humbug!

The only transparency in this administration is the obviousness of the lies, the clear intent to have everything their way, and the hypocrisy of having a dozen of so “Wall Street Fat Cats” inside the White House, and the brazen deceit spewed in every speech and statement.

Brazen deceit and lies, all of it. And the chumps seem to be buying it. Allow NOTHING to pass until the new Congress is seated in January 2011. NOTHING!

Who is John Galt on April 26, 2010 at 10:25 PM

I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate on Wall Street reform to begin.

Hey champ, the opposition vote was more bi-partisan than those that voted for it.

PatMac on April 26, 2010 at 10:29 PM

They are going to cave in the end, the ones mentioned above will cross over. What is even more scary is that Graham is only against a Cap n Tax bill now since he feels double crossed. That only means a bigger pay off in the next negotitations. SCARY!

bluemarlin on April 26, 2010 at 10:39 PM

Small business will face the brunt of this legislation and it will only further crony capitalism. Economy of scale will kill small businesses and not make a dent in large corporations.

ButterflyDragon on April 26, 2010 at 11:10 PM

I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate on Wall Street reform to begin.

This is possibly the biggest lie of all. Bringing that bill to the floor will NOT allow debate to begin. Harry Reid will decide what, if any, ammendments will be allowed to be discussed. Then Reid will demand an end to the debate, without tiny little items like Fredie and Fannie, the CRA, various bills signed by Clinton (like the one allowing CDO’s to NOT be on the open market), EVER being discussed at ANY time!

Freddy on April 27, 2010 at 12:50 AM

Headline:

OH MY

Text:

Well, it’s really no big deal, I just wanted some traffic today.

Allahpundit

fossten on April 27, 2010 at 7:24 AM

The Repubicons should continue to filibuster this bill until the 4 poison pills NRO mentioned yesterday are removed. PERIOD.

olesparkie on April 27, 2010 at 7:41 AM

Exit question 2:

If the SEC just filed suit against Goldman Sachs for fraud under current laws and regulations, where is the lack of accountability?

Stephen Macklin on April 27, 2010 at 9:06 AM

What is needed is Congress Reform not Financial Reform. Congress Reform begins Nov 2, 2010

Dasher on April 27, 2010 at 9:24 AM

Obama behaving stupidly again. Name a bill that was passed with hype, urgency and promise that did what we were told it would do. Just one. Pelosi said the Obamascare bill would provide 400,000 jopbs immediately. We know she lied. This bill will never do what they say it will do.

Oh by the way, where can we read this bill?

seven on April 27, 2010 at 9:24 AM

They still don’t get what’s on We the People’s minds. Jobs, jobs, jobs! Their boot hasn’t been lifted off our throats and they keep trying to pass everything they can before Nov. Next up, immigration.

Kissmygrits on April 27, 2010 at 9:49 AM

Forty-four percent support “increasing federal oversight of the way banks and other financial companies make consumer loans, such as mortgages and auto loans, and issue credit cards.”

News flash dummies- they already DO! That’s why financial institutions were forced to allow crappy customers to get huge home loans, which caused a run on the loans, which caused phony inflation of home prices, and when they couldn’t make their mortgage payments, it caused the bubble to burst.

Dodd and Frank should be in jail, not overseeing more “reforms.”

NTWR on April 27, 2010 at 1:07 PM