And with this McConnell rallies the 41 Republicans to filibuster Wall Street Reform.
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Luntz: “The single best way to kill any legislation is to link it to the Big Bank Bailout.”

McConnell: “We cannot allow endless taxpayer-funded bailouts for big Wall Street banks. And that’s why we must not pass the financial reform bill that’s about to hit the floor.”

Luntz: “Taxpayers should not be held responsible for the failure of big business any longer.  If a business is going to fail, not matter how big, let it fail.”

McConnell: “[The Dodd bill] gives the government a new backdoor mechanism for propping up failing or failed institutions…. We won’t solve this problem until the biggest banks are allowed to fail.”

Luntz: “Government policies caused the bubble and its ultimate crash. Fannie Mae, Freddie Mac, the Federal Reserve, and the Community Reinvestment Act all had a role in the catastrophe. The government inflated economic bubbles with easy credit policies.”

McConnell: “It also directs the Fed to oversee 35 to 50 of the biggest firms, replicating on an even larger scale the same distortions that plagued the housing market and helped trigger a massive bubble we’ll be suffering from for years. If you thought Fannie and Freddie were dangerous, how about 35 to 50 of them?”
…………………………………..

There is a bit more to this.  The other component is one of acruing that Obama shut out Republicans in the process, leading to the necessary 41 block Republican opposition … which, of course, in the New Age —

.

– though, naturally any compromises with Republican Senators has the effect of bringing it closer to McConnell / Luntz’s claims.  The Populist Campaign for 2010 is one to make out the Democratic Party as the “Party of Big Business” — somewhat appropriate enough in that to shade off that is to fall out of the constructed “Center” as amorphous figures have defined it over the years.

But seriously.

Actually it’s a surprise the bill has come out actually… with… relevant regulations… which actually strike against the Republican Party opposition line.  But then again, Blanche Lincoln faces a primary challenge.  It is a bit weird — in some ways this is a Defining Moment.  Consult again my (since mentally revised slightly) Presidential Rating System.  Why, getting this done would be like Chester Arthur getting through the then desperately needed Civil Service Reform– in the end, this is the Major Issue of the Moment, and the one that more than other sealed Obama into the Presidency.

In terms of Goldman Sachs and what the SEC’s prosecution of a relatively narrow charge means — you tell me.  Ever get the feeling some things are more symbolic than substantive?

Politically, it had long been believed that to come out full force against a process of Regulatory Reform would be a type of political suicide for a Republican Party — believed even now, kind of.  This is a bit of bumpkis – sometimes elections have a certain post-modern quality to them — nothing much matters except the Rage.

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