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Financial Reform
  • U.S. Senate Votes 60 to 40 in Favor of Doing Something

    Breaking from its 16-month strategy of (with incredibly few exceptions) not doing stuff, fighting about shit and accomplishing fuck-all, the United States Senate today voted to get something done

    The Senate voted Thursday afternoon to end its three-week debate on a bill to rewrite the nation's financial regulations, paving the way for a final vote on the landmark legislation.

    The 60-to-40 vote — the minimum required to end debate — succeeded, though two discontented Democrats broke party ranks for the second day in a row. The measure squeaked by with the help of three Republicans: Sens. Olympia J. Snowe and Susan Collins of Maine, and Scott Brown of Massachusetts, whose concerns Obama administration officials worked to assuage in the lead-up to Thursday's vote.

    "It's been hard to get to this point," Majority Leader Harry M. Reid (D-Nev.) said on the Senate floor, adding, "but I think it's been a good debate."

    This all, of course, means that…

    Under Senate rules, debate on the legislation is now limited to 30 additional hours[.]

    And this is a job that people spend their lives fighting for.

    Tags: Financial Reform, Harry Reid, Money, Olympia Snowe, Scott Brown, Senate, Susan Collins
  • Senate GOP, Ben Nelson Really Getting the Hang of This Blocking Financial Reform Thing

    For the third straight day in a row, Senate Republicans and Democrat Ben Nelson have voted to block discussion of financial regulation reform

    Senate Republicans blocked progress on financial-overhaul legislation for the third straight day Wednesday. The Senate voted 56-42 on a procedural motion early Wednesday afternoon, with Democrats again falling short of the 60 votes needed to start actual debate on the bill. Democratic Sen. Ben Nelson of Nebraska again sided with a unified GOP caucus against the motion

    Coincidentally, for also the third straight day in a row, Sen. Ben Nelson has had millions of dollars worth of stock in a company that was originally supposed to get a sweetheart deal in this bill but, at the last minute, did not…

    Senator Ben Nelson owned with his wife as much as $6 million worth of stock in Warren Buffett’s Berkshire Hathaway Inc. and supported an exemption to proposed derivatives rules sought by the Omaha, Nebraska, company

    "It doesn't influence my decision at all; never has, never will," said Nelson, who was governor from 1991 to 1999.

    Coincidences are so coincidental, aren't they? I mean, seriously, what are the odds? They must be astronomical. Am I right? (I'm pretty sure I'm right.)

    Tags: Ben Nelson, Democrats, Financial Reform, Money, Republicans, Senate
  • Barack Obama Appeals to Wall Street to Help Rein in Wall Street

    While speaking with Wall Street at Wall Street today, President Obama urged Wall Street to join him in supporting anti-Wall Street regulation that would protect Wall Street from the corrupting influences of Wall Street…

    "Ultimately, there is no dividing line between Main Street and Wall Street. We rise or we fall together as one nation. So I urge you to join me — to join those who are seeking to pass these commonsense reforms," according to Obama's prepared remarks for a speech in New York City.

    "And I urge you to do so not only because it is in the interests of your industry, but because it is in the interests of our country."

    We don't wants it! We hates it! Must not have the reformses. Sneaky little president. Tricksy Democratses! Wicked, tricksy, false! No. Not Democratses! Yes, Democratses, false! They will cheat you, hurt Wall Street, lie! President is Wall Street's friend! Democratses is Wall Street's friends! Wall Street don't has any friends; nobody likes Wall Street! Wall Street not listening… Wall Street not listening… You're a liar and a thief. No!

    Tags: Barack Obama, Economy, Financial Reform, Money, Wall Street
  • Fun and Games with the GOP's Anti-Financial Reform Playbook

    greedy-pig-vertPresident Obama has proposed legislation to reform the financial sector, on account of the econopocalypse caused by the financial sector. You know what that means: any time President Obama [verb meaning 'to suggest'] [noun meaning 'policy'], Republicans rush to their battle stations to dump boiling [word that means 'opposite of yes'] all over the country.

    In the fight against financial reform, the GOP has another powerful weapon — this 17-page playbook crafted by creepy spinmeister Frank Luntz (excerpts and full .pdf download here), complete with a list of "Words to Use" when explaining why financial reform is the worst thing since health care reform.

    Grab your pencils, it's time to play Republican Really Mad Libs!

    Read More »

    Tags: Barack Obama, Economy, Financial Reform, Frank Luntz, Republicans