Wall Street and its allies have been calling the shots in Congress for decades, so they must be glad to see how things are shaping up on financial regulatory reform. Congress is about to vote on a final bill that fails to fix the key flaws in the bills passed by both the House and Senate. At the start of this process I made clear that I had a simple test for financial reform -- will it stop another financial meltdown? This bill fails that test, and I won't support legislation that fails to protect the people of Wisconsin from the pain of another economic disaster. And I don't need to be lectured about this issue by people who supported the repeal of Glass-Steagall, which paved the way for this terrible recession.
TPJ: This bill is window-dressing but the window is still broken and cold air is still pouring through and freezing our economy to death. Not only does this financial bill not reform banks but thanks to Senator Scott, "Stop Spending Money" Brown the bill will be payed for by the remaining stimulus/TARP funds. So the banks get away with little real structural reform AND they don't have to pay for it!! YOU DO!!!! I didn't mind the stimulus/TARP/recovery funds initially because we had to break the fall, which we did. We might not be out of it yet but we at least prevented a further decline by the mass influx of spending with the stimulus funds.
However, now that we have some breathing room and need to repair the system, the Republicans and Tea Party folks (and a handful of corrupt Democrats) want YOU to pay for it!! It's so backwards!! You spend tax payer dollars in emergencies like the initial financial crash that Bush left for Obama but when it comes to reforming the very industry that caused the crash you make THEM pay for that end of the process. This Tea Party movement is going to lead the Republican Party off a cliff, which is fine by me but I just hope it doesn't take the rest of us in the process. They have three competing ideologies--1). End, "too big to fail" banks, but 2) support business interests at all times, and 3) end government spending.
So, they agree we need to reform the big banks. O.k., the Democrats go about working on a bill, which kept getting whittled down (mostly by Republicans) who don't believe we should "punish" business. So, instead we get a weak ass bill but since we can't "punish" business they shift the burden to pay for it back onto themselves (the tax payer) who are the very ones claiming they are "taxed enough already!!!!" If they are tired of being taxed to help recover from the shady banking practices then they should go after the banks--not themselves!! It's a circular logic of insanity. They don't know what they want, and since they are so "black and white" with their thinking it backs them into a corner where they make decisions that contradict their other ideologies.
You can't simply make statements (like the GOP/Tea Party are) that the government shouldn't use tax dollars to prop up a vital industry, (even if it's to stop the slide of the stock market and even if it's one that's at the heart of our economy as the financial industry is) then say, but we do need to fix the system. However we're going to ask tax payers (which includes them) to pay for the reform bill, which incidentally does basically nothing to fix the system or ensure that the very same industry they are bitching about (the financial industry) doesn't need propping up again!! Thanks also in part to the whittling down of the bill I mentioned because Reagan said we can't interfere with business!!
I'm telling ya, it makes NO SENSE. They are one big party of contradictions. Aliens help us if these Tea Party folks and certain Republicans get into office (or in some cases, stay in office). Hang on tight for November because these Tea Party extremists are working hard to get their hands on our country to strip it down until we're nothing but a loose confederation of states with no real need to listen to or care about the concerns of those in other states. That's their world of "limited government."