http://theweek.com/article/index/202324/Why_the_GOP_blocked_financial_reform Why the GOP blocked financial reform
A new poll suggests the public are overwhelmingly in favor of stricter regulations on Wall Street banks. So why are the Republicans still fighting against it?
posted on April 27, 2010, at 11:15 AM
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Sen. Mitch McConnell.
The Senate's first vote on reform of the banking and finance industry failed on Monday evening, with Republicans voting unanimously to block the bill. But almost two-thirds (65 percent) of Americans support stricter federal regulations on banks and financial institutions, according to an ABC News/Washington Post poll. And a majority (53 percent) even supports the creation of a bail-out fund for banks, which is the Republicans' main beef with the current version of the bill. Is the GOP on solid ground in opposing the bill?
The GOP is just sending a message to their base: senators are trying to reassure conservatives "they’re willing to stand up against" government bailouts, says Allahpundit in Hot Air. But the resistance is token — everyone knows "negotiations will continue," and Republicans will ultimately play ball. "There’s no hardcore majority opposition for this the way there was for O-Care."
They're misdirected — and the Dems need to go on offense: Even with the public on their side, says Mike Madden in Salon, Democrats insist on "trying to woo Republicans" to support the bill. Why bother? The onus is now on the GOP to "cut a deal" and avoid looking as if they're in the pocket of Wall Street.
The GOP should be pushing reform, not opposing it: The Republicans are missing a golden opportunity here, says Matthew Continetti in the Weekly Standard. Think of the political advantage to be gained by arguing "this bill doesn't go far enough." They aren't playing the hand they've been dealt. My advice? "Call the Democrats' bet. Then raise it."
The Republicans aren't risking much: The GOP isn't worried about the "political price" of Monday's vote, says John Dickerson in Slate. Because "while Wall Street is unpopular, so is the federal government." When the legislation inevitably passes, Republicans will just claim they turned it "into a sensible bill."
