Apr 27, 2010
GOP goes to bat for Wall Street greed
The Republicans failed to protect the insurance companies despite the millions of dollars the health insurance lobby pumped into their coffers, so it appears they are fighting even harder to protect one of their other major benefactors, Wall Street.
Senate Republicans circled the wagons in defense of Wall Street on Monday and blocked debate on the Democratic effort to overhaul the financial system and crack down on the Wall Street greed that was a major contributor to the worst recession since the Great Depression. In a 57-41 vote, Democrats fell short of the 60 votes necessary to proceed to the Wall Street bill.
Senate Majority Leader Harry Reid, D-Nev., will have the Senate vote on a motion to reconsider the measure Tuesday and also set up a new vote on a motion to proceed to the bill for Wednesday, according to published reports.
Like what we saw during the debate for health insurance reform, Wall Street lobbyists are spending $1.4 million a day to make sure we never get real financial reform. We are also hearing the same kind of rhetoric we heard from Republicans then; things like, “scrap the bill and start over,” or “you’re moving too fast.”
The fact is the Bush administration threw money at Wall Street with zero oversight. Over the past 30 years, conservatives successfully gutted regulation and preached 'smaller government' while millions of Americans lost good jobs and Wall Street and corporate America made record profits. Wall Street invented new, more complicated ways to make money off other people’s money.
It’s unclear when the teabaggers will hit the streets to protect this blatant effort of the Republicans to protect Wall Street at the expense of the majority of middle class Americans, but I’m not holding my breath.