The Headline Says It All

Ken AshfordBloggingLeave a Comment

So we had a massive economic breakdown last year, and we're still suffering for it.  And it was primarily due to banks trading toxic assets, which was something they could do because there was no financial regulation to stop them.  The big boys of Wall Street played with matches; the economy burned.

So naturally, we don't want this to happen again, right?  We want to not only get out of this hole, but be sure we do't fall into it again, right?  Makes sense.  We need to pass some tough financial regulations so that the Wall Street fatcats don't lead us again into another depression.

Guess who is going to try to prevent this happening?

The headline says it all: "House Republicans Huddle With Lobbyists to Kill Financial Reform Bill."

House Democrats are seizing the oppotunity to paint Republicans as what they are — politicians beholden to corporate interests:

Democrats launched a coordinated offensive Tuesday in support of the financial regulatory overhaul.

They have recast the issue as "Wall Street reform" and promise a "barrage" of advertisements and news stories in the districts of vulnerable Republicans who oppose the bill, depicting them as the obedient servants of Wall Street. […]

House Financial Services Chairman Barney Frank (D-Mass.) blasted out a fundraising appeal Tuesday through the Democratic Congressional Campaign Committee (DCCC) saying Republicans oppose the bill in hopes of continuing to reap contributions from Wall Street banks.

"House Republicans now oppose financial regulation because they have learned nothing from the current economic crisis," Frank added.

Those who don't learn from the past are forced to repeat the past.