A Picture Worth a Billion Words - Party of NO is at it again!
A PICTURE WORTH A BILLION WORDS.
President Obama Criticizes Mitch McConnell in Finance Reform Push
President Calls Kentucky Senator's Statement on
Proposal 'Cynical, Deceptive"
By RACHEL MARTIN
President Obama used his weekly
address today to remind Americans of all the damage left in
the wake of the financial crisis and the need to pass
financial reform.
In his weekly address, the president discusses financial
accountability."Eight million jobs lost, trillions in
savings erased, countless dreams diminished or denied,"
Obama said. "I believe we have to do everything we can
to ensure that no crisis like this ever happens again."
But the president also got personal today, directly attacking
Senator Minority Leader Mitch McConnell for leading the
charge against the Democrats' financial reform billnow making
its way through Congress.
In his address, the president cited a meeting the Kentucky
Republican had weeks ago with Wall Street Executives.
"Lo and behold, when he returned to Washington, the
Senate Republican Leader came out against the common-sense
reforms we've proposed," the president 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."
Administration officials say the current reform bill has two
primary objectives: to protect taxpayers from bearing the
risk of future bank failure and to bring the derivatives
market out of the "shadow market" so it can be
better regulated.
Republicans have been railing against the bill, in particular
a $50 billion fund -- paid for by the banks -- intended to
pay for possible bank failures in the future.
The White House doesn't support the idea of such a fund,
either, but Republicans are using it as an opportunity to ink
the entire bill with the poisonous "bailout"
moniker.
On the Senate floor earlier this week, McConnell said:
"In fact, if you look at it carefully, it will lead to
endless taxpayer bailouts of Wall Street banks."
All 41 Senate Republicans signed a letter Friday saying they
will block the current reform bill if and when it is brought
to the floor next week. The bill, they say, "establishes
new and unlimited regulatory powers that will stifle small
businesses and community banks."
Punctuating the political battle over financial reform is the
latest revelation linking Wall Street greed to the disastrous
U.S. housing crisis.
On Friday, the Securities and Exchange Commission slapped
Goldman Sachs with a civil suit, alleging widespread investor fraud.
"The civil suit raises the level of awareness of deceit
on Wall Street, the selfishness and self-serving behavior
that needs to be regulated," University of Maryland
economist Peter Morici said. "We might have gotten
financial services reform without it, but this makes it more likely."
But when it will happen is unclear.
Republicans say they want to go back to the drawing board in
hopes of getting a true bi-partisan bill.
But earlier this week White House press secretary Robert
Gibbs said the administration would not support bad policy
just for the sake of bi-partisanship. He used a rather
obscure analogy to suggest that when it comes to
bi-partisanship, Republicans are afraid of commitment.
"A lot of Republicans get to church," he said,"but very few of them have made it to the altar."
Also See McConnell Enemy Of America
RNC Document Mocks Donors, Plays on 'Fear'
Watch Thom Hartmann on Freespeech TV
Please sign this very important petition "demand question time"
(of our political leaders) HERE...
We really need more dialog from those at the top...
The Republicans have got to be made to realize they can't hide
behind "NO" any longer! thinkingblue
Let's keep our heads,
while we continue to watch THE
THEATER OF THE ABSURD!!!
"A SEARCH FOR TRUTH WILL FIND INJUSTICE."
thinkingblue
posted by thinkingblue at 10:47 AM
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