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Monday, April 26, 2010

DEBATE BLOCKED

Nest Of Vipers
WASHINGTON — Undaunted by a Senate setback, Democrats appeared increasingly confident Monday they will be able to take advantage of Americans' anger at Wall Street and push through the most sweeping new controls on financial institutions since the Great Depression.
The Senate, in a 57-41 vote, failed to get the 60 supporters needed to proceed on the regulatory overhaul. One Democrat, Sen. Ben Nelson of Nebraska, joined with the Republicans.
But the evening vote was just part of a legislative ballet keeping bipartisan talks alive. At the end, Senate Majority Leader Harry Reid switched his vote to "no," too, but that was just a maneuver that will enable him to call for a new tally as early as Tuesday.
Democrats believe that public pressure and the scent of a Wall Street scandal have given them the upper hand. Republicans themselves have taken up the Democrats' Wall Street-bashing rhetoric and have voiced hope that a bill will ultimately pass. In that light, the path to final approval seems clearer than it ever did during the contentious debate over health care.
The financial overhaul bill is a priority of President Barack Obama and, after health care, its passage would build on his legislative successes – an important political consideration in an election year. The House has already passed its version of new bank regulations.
Less than an hour before the scheduled vote, the White House issued its official endorsement of the bill, saying Obama would oppose adding any loopholes.
Following the vote, the president said he was "deeply disappointed" and urged Senators to put the interests of the country ahead of party.
"Some of these senators may believe that this obstruction is a good political strategy, and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether," Obama said in a statement. "But the American people can't afford that."
Both the House and Senate bills, aimed at heading off any recurrence of the near collapse of the financial system in 2008, would create a mechanism for liquidating large firms that get into trouble, set up a council to detect systemwide financial threats and establish a consumer protection agency to police lending. The legislation also would require investment derivatives, blamed for helping precipitate the near-meltdown, to be traded in open exchanges.
Senate Republicans have been solidly opposed to the legislation so far, but Democrats are determined to force them to block the bill time and again until their unity cracks.
"I don't think it's a tenable political position for the Republicans to be in," White House spokesman Robert Gibbs said.
And Reid mocked the Republicans' cohesion.
"As far as I can tell, the only thing Republicans stand for is standing together," he said. LinkHere
The White House
Office of the Press Secretary
For Immediate Release
April 26, 2010
Statement by the President on Financial Reform
“I am deeply disappointed that Senate Republicans voted in a block against allowing a public debate on Wall Street reform to begin. Some of these Senators may believe that this obstruction is a good political strategy, and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether. But the American people can’t afford that. A lack of consumer protections and a lack of accountability on Wall Street nearly brought our economy to its knees, and helped cause the pain that has left millions of Americans without jobs and without homes. The reform that both parties have been working on for a year would prevent a crisis like this from happening again, and I urge the Senate to get back to work and put the interests of the country ahead of party.”

Here we go NO, No, No, No, again

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