Bank Lobbyists Laugh At Congressional Dems

by: David Sirota

Wed Sep 24, 2008 at 10:10


In a story about Banking Committee Chairman Sen. Chris Dodd's admirable efforts to amend bankruptcy laws and put limits on executive compensation (ie. what should be the absolute minimum in any bailout), Roll Call reports that the financial industry is openly laugh at him and fellow Democrats:

"Not all lobbyists believe the Dodd bankruptcy provision is the real deal. One industry advocate, who would speak only on background, said he believes it was floated for purely political purposes. 'No one's taking Dodd seriously,' this lobbyist said."

The financial industry's attitude towards Congress is Henry Paulson's attitude: namely, that the national legislature is a joke whose only role is to cut fat taxpayer checks to lawmakers' Wall Street donors. Will Democrats once again be the punchline, or will they push back? Sign Bernie Sanders' letter telling them to push back - hard.

David Sirota :: Bank Lobbyists Laugh At Congressional Dems

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Who would have thought... (0.00 / 0)
that eight years of Congress bowing to every whim of the president would lead to no one taking the threats of Congress seriously?

It's almost as if Congress would have been better off acting as a co-equal branch of government instead of a rubber stamp for the president.

How weird.

Well, this time Congress NEEDS to follow the administration and write THIS blank check because the administration says horrible things will happen otherwise. They wouldn't lie about something this important.  


We've got a 9% Congress and a 19% President telling (0.00 / 0)
us to trust them.  What a crock.  I don't believe Dodd, Schumer or any of them, not for a minute.   We need to clean both parties' houses.  

[ Parent ]
Is this an "engineered crisis"? (0.00 / 0)
It baffles my mind to understand how a crisis this big was such a surprise.   Surely, Paulson and others had good clues that trouble was coming months ago.  If they had acted then there would have been time to reasonably and rationally address the issue.  

It is significant that this surprise happened 6 weeks before the election and just as Congress was about to go on recess.  This sure looks like a "planned crisis" to me.  

If Bush and Company thought this would be helpful to the Republicans - it just may backfire.  


How to be taken seriously (4.00 / 2)
Sirota is right that everyone should sign the Sanders letter, though it is too bad that it doesn't go far enough. In particular:

He should replace the income tax surcharge with an 80% wealth tax on intangible assets above $10 million.

That mere presence of this kind of language on the hill would instill real fear in the gang of thieves currently negotiating the bailout.  Nothing short of that will, I'm afraid.

The other component is that talk needs to be coupled with bodies in the streets-millions of them-who are serious about shutting Wall Street and every major financial center in every region through acts of civil disobedience.  

And there should be a general strike set for the day of the vote.

Sanders should be sending the email list of signatories to groups organizing these actions and others.  And the unions should get off their asses and mobilize their membership for this.  (Informally of course since doing so officially would be violation of Taft-Hartley)

Sadly-since we suck, as Paulson surely knows-none of this will happen.  And some diluted version of the Paulson bill will get passed over the next couple of days.

That's my prediction.  

I'd love to be proven wrong.


I'll be there (0.00 / 0)
I just cancelled my class.  (A first for me-hope I don't get fired).

My sign (mounted on a pitch fork) will say ("Wealth Tax Now!")

Hope to see lots of you peasants-with pitch forks.


[ Parent ]
I'm not betting against you. (0.00 / 0)
The bailouts will be just another FISA and Iraq.   You see, we are just too stupid to be bothered with. (I did sign Bernie's letter.)

[ Parent ]
Bank lobbyists have names (4.00 / 1)
They have to file forms. So who is lobbying for Goldman Sachs, Morgan Stanley, et al? Tommy Boggs? Someone else? They have names. Should be possible to find out and contact them and tell them, directly, they need to take the American taxpayer seriously.

do the people asking for the money respect us? (0.00 / 0)
I don't feel like the people asking for the bailout respect me and the other rubes they want to pay to fix their problem.

Have the people asking for the money expressed any contrition?

Have they owned-up to doing anything wrong?

They want us to pay b/c there's a common obligation that stems from us all being U.S. citizens. But do you feel the people asking us for the money respect as equals? As fellow citizens?

I don't feel the respect.


The Sanders link not working... (0.00 / 0)
I cannot get to the Sanders link?

Is it working for other people?

Do they block links from outside the USA?


Funny, Bernie spells it "Sanders" at that site (0.00 / 0)


"It sounds wrong...
     ...but its right."


[ Parent ]
so I need a copy editor (0.00 / 0)
so sue me

[ Parent ]
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