Cornyn, McConnell and the Republican Party continues to serve Wall St. breakfast in bed.
Anyone who does not get the fact that the Republican Party works 24/7/365 on behalf of fat cat especially the greed infested oinkers on Wall St., is delusional or lives in some kind of alternative universe.
Where delusion and alternative realities are concerned Teabaggers come to mind. Now that we know the teabagger movement is fueled by a bunch of rich older white guys like Dick Armey and Turd Blossom Rove well, hell. What else is new about teabaggers and right wing Republicans? So much for ginned up fake grassroots movements.
About 25 Wall Street executives, many of them hedge fund managers, sat down for a private meeting Thursday afternoon with two of the most powerful Republican lawmakers in Congress: Senate minority leader Mitch McConnell of Kentucky, and John Cornyn, the senior senator from Texas who runs the National Republican Senatorial Committee, one of the primary fundraising arms of the Republican Party.
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Check out the predictably pimped out tools for Wall St.
John Cornyn and Mitch McConnell.
The stated topic of the meeting: The Financial reform bill being sponsored by Senator Chris Dodd, the Democrat and chairman of the senate banking committee. Both McConnell and Cornyn listened to numerous complaints the executives have with the bill. These included complaints about provisions that allow the government to continue to prop up financial institutions
that are "too big to fail."
The undercurrent of the gathering, however, was undeniably political. It came on the heels of President Obama and Democrats in Congress passing health-care reform by a narrow margin, and who are now turning their attention to passing financial services reform a little more than a year after the Wall Street meltdown.
The Senators explained they can't just oppose the Dodd bill - they need to come up with a reform plan of their own, as they fight its least free-market components, such as the notion that the government can determine which banks are "too big to fail."
In the meantime, they need to increase numbers of Republicans in both the House and the Senate if they are going to make an impact on not just this bill, but other measures to increase Washington's control of the financial business. To do that they need the support of the financial community. At one point McConnell quoted something he attributed to Democrat Barney Frank, the chairman of the House Financial Services Committee.
McConnell, according to a person who was present, said "Barney likes to say 'Wall Street used to say we have Washington by the (neck), and we're going to change that.'"
Wall St. does have Washington by the neck and Mitch McConnell and John Cornyn want to keep it that way.
In fact, the Republican plan to protect Wall St. while blaming Democrats for the 2008 bailout and perpetual bailouts is beyond reprehensible.
He held up a leaked memo attributed to GOP strategist Frank Luntz that advises Republican lawmakers to accuse Dodd and other Democrats of perpetuating bailouts for giant banks.
The public disliked the bank bailouts, so framing the Democrats' financial overhaul legislation as a "bailout" could win Republicans votes.
"Nothing could be further from the truth. The bill as drafted ends bailouts," Dodd said, describing how regulators would get new powers to dissolve large financial institutions, even healthy ones if their size is deemed to threaten the broader financial system.
Additionally, the Dodd bill would require large institutions to present plans for how to liquidate their companies, if necessary.
Senate Chris Dodd entered the despicable and cowardly political memo written by GOP strategist Frank Luntz into the official Congressional Record. He did so because Mitch McConnell recited from Luntz's memo verbatim, lying about the bill proposed by Dodd.
Barney Frank called McConnell out as well.
Unlike John Cornyn and Mitch McConnell, not all Republicans are shameless shills for Wall St. and Frank Luntz.
Though the GOP is following Luntz's advice on rhetoric regarding Wall Street, several Republicans are still working in a bipartisan way with Democrats -- including Sens. Olympia Snowe (R-Maine), Susan Collins (R-Maine), Bob Corker (R-Tenn.), Saxby Chambliss (R-Ga.) and Richard Shelby (R-Ala.) -- muddying McConnell's message of opposition.
Maybe the above's constituents will show their wrath at the polls if their elected officials are dumb enough to get behind Cornyn and McConnell who blindly obey Frank Luntz and Wall St.
Obama says no more bailouts.
"I am absolutely confident that the bill that emerges is going to be a bill that prevent bailouts -- that's the goal," Mr. Obama said. The New York Times described McConnell as "sitting impassively nearby."
In coming out so early against reform, and doing so just after meeting with Wall Street executives and without the full support of his party, McConnnell has given Democrats an opportunity to tie the GOP to the financial industry and isolate elements of the Senate GOP.
Anderson Cooper of CNN reported on McConnell's deplorable behavior last night. Too bad CNN did not include John Cornyn because he is as big a liar as Mitch McConnell.
In this morning edition of the New York Times Paul Krugman calls out McConnell and the GOP for its shameful hypocrisy.
Protecting Wall St. while pretending to stand up for Main St.
Now, Mr. McConnell surely isn't sincere; while pretending to oppose bank bailouts, he's actually doing the bankers' bidding. But before I get to that, let's talk about why he's wrong on substance.
Another shameless performance.
It's a truly shameless performance: Mr. McConnell is pretending to stand up for taxpayers against Wall Street while in fact doing just the opposite. In recent weeks, he and other Republican leaders have held meetings with Wall Street executives and lobbyists, in which the G.O.P. and the financial industry have sought to coordinate their political strategy.
And let me assure you, Wall Street isn't lobbying to prevent future bank bailouts. If anything, it's trying to ensure that there will be more bailouts. By depriving regulators of the tools they need to seize failing financial firms, financial lobbyists increase the chances that when the next crisis strikes, taxpayers will end up paying a ransom to stockholders and executives as the price of avoiding collapse.
Republicans continue to stand up for Wall St. and financial weapons of mass destruction.
It's a truly shameless performance: Mr. McConnell is pretending to stand up for taxpayers against Wall Street while in fact doing just the opposite. In recent weeks, he and other Republican leaders have held meetings with Wall Street executives and lobbyists, in which the G.O.P. and the financial industry have sought to coordinate their political strategy.
And let me assure you, Wall Street isn't lobbying to prevent future bank bailouts. If anything, it's trying to ensure that there will be more bailouts. By depriving regulators of the tools they need to seize failing financial firms, financial lobbyists increase the chances that when the next crisis strikes, taxpayers will end up paying a ransom to stockholders and executives as the price of avoiding collapse.
Predictable teabagger reaction to this? Put on blindfolds, clap hands over ears. It's not John or Mitch's fault, they cry. Barack Obama made them do it.
