Top Senate Republican blasts Democrats' financial regulation bill

Source: Washington Post

The Senate's top Republican insisted on Tuesday that Democratic proposals to rewrite financial regulations would perpetuate the bailout of Wall Street firms, a criticism that the Obama administration quickly rejected.

"The fact is, this bill wouldn't solve the problems that led to the financial crisis. It would make them worse," Senate Minority Leader Mitch McConnell (R-Ky.) said of legislation that recently passed the chamber's banking committee on a party-line vote. "This bill not only allows for taxpayer-funded bailouts of Wall Street banks; it institutionalizes them."

McConnell's remarks offered a glimpse of how Republicans might frame their opposition to the far-reaching legislation as it heads toward the Senate floor, even as members of both parties continue to work behind the scenes on a potential bipartisan agreement.

* * *
McConnell's critique also brought a swift response from Obama administration officials, who argued that he was mischaracterizing the bill authored by banking committee Chairman Sen. Christopher J. Dodd (D-Conn.) and said that the measure would eliminate taxpayers' exposure to financial failures. "There are no more taxpayer-funded bailouts, period," said Deputy Treasury Secretary Neal Wolin. "Insolvent firms would go away. . . . The industry bears the financial burden, and the taxpayer bears none of it."

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/04/13/AR2010041304564.html

---

Welcome to the financial reform equivalent of "death panels." None of the proposed bills include any bailout provisions. However, this does not stop Republicans from creating complete fictions or the media from spreading these fictions without calling them for what they are: lies.

you know, the teabaggers .............

Therefore, the goal is to deregulate, so that financial markets are inherently unstable, thus there is no implicit promise of bailouts.

Of course, that did not stop the 2008 meltdown.

last week. Don't expect Big Media to air that one.

That a good sign when you have that pig squealing so early on.

Go Democrats!! Keep steamrolling these crooked in-bred sons-of-bitches.

It's all they've got.

They say a lot of stuff that's done nothing but drive them further into extinction. Please. Enough about gops. Unless, of course, treason or un-American trials begin. I'm always in the mood for a good hangin'.

This, of course, ignores the fact that the bailout took place after an unprecedented era of deregulation. Yet, I predict that this talking point will be blared as truth again, again, and again by the media.