Nationalize The Elections: Boehner Wants To Protect Banks From Reform

by Turkana

The best way to minimize Democratic losses in this year's Congressional races is to nationalize the election. It shouldn't be hard. House Republican leader John Boehner long has been a fan of privatizing Social Security; and last month, Paul Ryan, the ranking Republican on the House Budget Committee released a plan that would slash and privatize entitlements, while exploding the deficit. Now, Boehner is siding with the banks, against Democratic efforts to reform and regulate the architects of our ongoing financial disaster.

Pat Garofalo, of ThinkProgress:

The House of Representatives has already passed a comprehensive regulatory reform bill, and now that Dodd has given up on negotiating with recalcitrant Republicans, he is moving on an expedited timeline, with a markup scheduled for Monday.

Garofalo highlights the Boehner quote in this Marketwatch report of Boehner's appearance before the American Bankers' Associaton, but also note that ABA President Edward Yingling seems to think he also has an ally in yet another Republican:

"Don't let those little punk staffers take advantage of you and stand up for yourselves," Boehner said. "All of us are hearing from our friends and constituents on lack of credit, you can't get a loan, the more your government takes and taxes, the more regulations you have to comply with the more cost you have there and less amount you are going to have available to loan to customers."

Before Boehner, ABA President Edward Yingling told bankers that the longer that the Senate lawmakers can't come to an agreement on the bank-reform bill, the more leverage Sen. Richard Shelby, R-Ala., the banking committee's ranking member, has to prompt concessions.

"Every day that passes gives more leverage to Shelby," Yingling told bankers.

If you love the way and means of banks and bankers, you know who your friends are. The rest of us know who our friends aren't. Elect a Republican House, and John Boehner is your Speaker and Paul Ryan is your Chair of the House Banking Committee. Elect a Republican Senate, and Richard Shelby chairs the Senate Banking Committee. And all the abuses that led to our ongoing financial crisis will be excused, enabled, and further encouraged.

Garafalo:

In February, Boehner met “over drinks” with JP Morgan Chase CEO Jamie Dimon, where he “made a pitch” for Wall Street support by explaining that “Republicans had stood up to Mr. Obama’s efforts to curb pay and impose new regulations.” Sen. John Cornyn (R-TX), chairman of the National Republican Senatorial Committee, “said he visited New York about twice a month to try to tap into Wall Street’s ‘buyers remorse’” with Democrats. These pitches had some effect too; last year, “major Wall Street players began sending an increasing share of their donations to Republicans.”

That should make for some easy campaign ads: Do you want our financial system cleaned up, or do you want government that is captive to its worst abusers? Let the people know that's one of this year's big campaign questions, and let the people decide.