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"WASHINGTON (CNNMoney.com) -- Senate Democrats failed to muster enough votes Monday to take up Wall Street reform, with a key Democrat voting with Republicans against the push to get the debate started." The senate is so caught up in the trees that we might never gets a bill that regulates the forest (the banking industry in this mixed up metaphor.) I'm not suggesting this bill is good but it should at least make it to the floor for debate so that we, as a country, can move forward.
My prediction is that financial reform will get done but it will be so watered down by industry lobbyists that it will barely be binding. Am I just a Negative Nancy?
This article discusses some of the stumbling blocks between the two parties.
After reading 13 Bankers, it seems to me that politicians, both Republican and Democrat, do not want real financial reform. Washington and Wall Street are closely related with a "revolving door" of personell from one camp to the other. While I find it dishartening that the financial reform bill did not even make it to the floor to be debated, I can't say that I'm actually surprised.
ReplyDeleteEither way, I think that the proposed finacial reform is just a bandaid on the situation. The United States needs real reform that takes power away from these huge companies if we don't want to have a similar financial crisis in the near future.
I think that the reform bill will be watered down as you mentioned and that it will just be there so the public thinks Washington is trying to do something about it. I think that there will need to reform in campaign financing before we will ever be able to pass a true financial form. So until then the power is held by the banks and all of their money.
ReplyDeleteI tend to disagree with Tommy that this bill should have made it to the floor. I feel that it is more necessary for the best legislation possible to make it into debate rather than for something/anything to make it to the floor simply to stir up conversation.
ReplyDeleteOften having multiple drafts of a similar bill creates even more confusion in the general public and government. This confusion can impede support for effective bills and lengthen the process of putting policies into law. Therefore, I think that keeping bills off the senate floor until they are ready is sometimes a good idea.
I agree with Chloe that the bill was just a bandaid but at the same time I think right now it may be necessary to have all these big banks but it is an issue when they have power for too long. I think Ashlee brings up a good point that preparing the right bills so that they actually go through is necessary but at least it is a start to see a weak bill not make it to the floor. Regulation is important but at the same time I think these lobbyists are so worried about their wallets and banks so worried about the free market being free that it will be difficult to reach a medium and pass a bill with effective reform.
ReplyDeleteI agree with Ashlee's point - having multiple health care bills only confused the debate.
ReplyDeleteI am dismayed that the Republicans are opposing financial reform so vehemently. While reform has been a partisan issue in the past, I think it is too important to our country's safety to let it continue to be one. For everyone's sake, I hope cooler heads prevail and the GOP realized that opposing reform will not be good for the health of their party.