Does that headline from CNN scare the hell out of you? If it doesn’t then you haven’t been paying attention. The GOP doesn’t want financial reform or financial regulation. They want to risk the same disaster that nearly brought this nation to its knees in late 2008.
Why? Because they are shills of Wall Street Banks. Period. There is no other explanation. Don’t try to find one. Repeat: they are shills of Wall Street Banks- all six of them.
Read the book, 13 Banks by Johnson and Kwak. It is a terribly frightening essay about how the next melt down is primed to happen soon and very soon. Apocalyptic.
The authors were on Bill Moyers Journal and presented a stark story of what could be the absolute worst disaster our nation will ever face- the complete meltdown of our entire financial system. And, as the CNN title above suggests, the GOP will be active participants in that failure.
Read the chilling interview with the authors and then try to justify the GOP’s blockage of financial reform. Those 41 senators are co-conspirators in the devolution of this nation. They ought to be arrested and tried for treason.
It is to be noted that the strongest ‘objection’ to the bill by the GOP is language that sets aside $50 bn for ‘bail-outs’ of these banks. ‘Bail-outs’ is the term that minority leader McConnell used because he knows that middle America detested the first set of bail-outs back in late 2008.
However, the bill would establish a $50 billion “orderly liquidation fund,” financed by assessments on “systemically important” financial institutions, as well as banks with at least $50 billion in assets.
Thus, it is not a tax-payer bail out at all, but McConnell chose that one item in the bill to demagogue the entire measure to rein-in Wall Street.
In today’s weekly address, President Obama called out McConnell and said, “… the Republican leader is being duplicitous, and said Mr. McConnell had met recently with two dozen top Wall Street executives to talk about “how to block progress” on the bill.
“Lo and behold, when he returned to Washington, the Senate Republican leader came out against the common-sense reforms we’ve proposed,” Mr. Obama said. “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.”