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Is the GOP Wall Street shift for real?


Our Democratic Readers Who Comment are extremely suspicious of Republican intentions this morning as they contemplate the widely reported news that suddenly there is hope for bipartisan Wall Street reform legislation coming from the Senate.

Readers express disbelief; they cynically suggest that it has occurred to the GOP that Wall Street may not be all that popular in the land and that fighting reform is not a political winner. But several readers also think the Republican switcheroo is a sheep in wolf's clothing and warn Democrats to watch their backs as talks continue.

As Brady Dennis and Shailagh Murray write, "The change in tone came as the Security and Exchange Commission's lawsuit against Goldman Sachs for allegedly defrauding investors continued to dominate headlines, underscoring public anger at Wall Street and reminding lawmakers of the potential consequences of inaction."

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We'll start with ejmurphy414, who warned, "I don't trust [Senate Minority Leader Mitch] McConnell and the other Republican leaders. They must be planning something sneaky; beware, [Sen.] Chris Dodd!", the Democrat whose committee introduced the legislation.

And daveb4 suggested that "No changes should be made by the democratic leadership without public pledges from 5 republican senators that they will vote to cut off debate."

fortheclueless wrote, "Well they had to get in on something sooner or later. For all the hysteria platforms will have to be built for November... A platform of not being what the other guy is for is not a sustainable platform... And how do they justify not getting in on legislation to reform banking that everybody agrees put the country in the situation of having to bail these banks out in the first place? That will go over like a lead balloon in November if they don't get in on this."

Lang20001 opined that "To all the moron Republicans who say President Obama is a dope, well he outsmarted the Republicans on this issue. He blasted the GOP and Minority Leader Mitch The Itch and got him to back down. The Republicans know that opposing Wall Street Reform might hurt them in November. So they are toning down their hate talk on this issue..."

jimsteinberg1 said, "McConnell obviously tested the waters about reaction to his previous rants about financial reform. Few were buying his line. Now he's posing as reasonable... And people wonder why Americans lose respect our for politicians."

KROVE1 wrote, "...The Republicans tell lie after lie and when they realize the public isn't stupid enough to buy it, they try to pretend they were for the bill all along. Sickening."

bobs426 said, "Remember the guy (Dodd) is a crook and he authored this bill. Whats that tell you libs about your boys who got millions of campaign funds from these fat cats. You libs woudd fall off a cliff for Obama and
his crooked partners."

To which angie12106 replied, "It tells me - Democrats didn't allow donations from fat cats to prevent them from writing a bill for more regulation of fat cats... after McConnell and other GOP leaders met with Wall Street fat cats last week, all GOP senators signed a letter opposing financial reform."

sailorashore wrote, "When Mitch McConnell does a one-eighty practically in mid-sentence and starts making nice about financial reform, we should all be VERY suspicious!... If he is "softening" it's because he is working an angle, and hopes to pull the teeth out of any new proposed regulation that would inhibit the freewheeling behavior of his corporate pals, or to insert some loophole for their benefit..."

DL13 said, "Does the Financial institutions need regulation and a revamping of financial rules and regulations? Absolutely. However, again, the proposed legislation is along party lines that helps the Dems and hurts the taxpayers, which is one of the reasons why 80% of the people distrust Big Government and Big Finance. Big Finance will profit very well under the proposed legislation..."

bkru wrote, "Enforcement is what matters, now, and over the next 10 years. Because anything that is enacted, will take a decade to implement, and those working on the bill know this. So why are we stalling out reform, by not doing enforcement, and talking new rules, while we don't enforce the old rules?"

dolph924 said, "The Obstructionists willing to participate? Hey, Lucy will hold the ball for Charlie Brown to kick (instead of jerking it away) long before the GOP acts in good faith in the Senate. Don't be jerks; just do the bill right and ignore the all-obstruction-all-the-time GOP."

barferio wrote, "The republican party faithful have remarkably short memories... Mitch is counting on that. He can squeeze out a few points with the goobers by the original grandstanding, then he can squeeze out a few more by showing how "tough" he is on the bankers...The fun part of all this - those of us who don't like either party equally can see how this game is played on you suckers."

blinwilly said, "I think someone told the republicans how silly they look decrying a bill that hasn't been written yet. If it's a democratic bill they're against it before they know what it is..."

mike-sey wrote, "Mitch McConnell's credibility is pretty tattered after the Health Care debate and was shredded even further by his dishonest "bail-out" bill statement. I hope the Dems frisk him carefully before sitting down with him or they'll end up with a shiv in the back.

We'll close with jojobo44, who asked, "...Who gets to bail the banksters out when they get in over their head. I know, main street America! Who profits regardless of the outcome? I know, the banksters! Getting the big boys and their gambling (derivative) addiction under control is like trying to get someone off heroine. The success rate is very poor. What will fix it? Tax the derivatives at 95%! The banksters egos need to be smashed!"

All comments on this article are here.

By Doug Feaver  |  April 21, 2010; 9:05 AM ET
 | Tags: Goldman Sachs, McConnell, Republicans, Wall Street, Wall Street Reform  
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Posted by: itkonlyyou23 | April 22, 2010 10:20 AM | Report abuse

Offer in public, loudly, to cooperate. Then denounce bill as too favorable to Wall Street, making the Republicans the good guys and the Democrats the bad guys. Send out the Tea Potties with the message. Have Fox News repeat and repeat, resulting in ALL media repeating the Republican talking points. Run as champions of putting Wall Street in its place. Collect huge donations from Wall Street. Derail effective legislation,

Posted by: CitizenWhy | April 21, 2010 9:34 AM | Report abuse

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