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Date Posted: 12:27:15 06/03/10 Thu
Author: Jeffman
Subject: Re: Depressing but doubtless true.
In reply to: Paul Davis 's message, "Depressing but doubtless true." on 08:00:47 05/31/10 Mon

Im not surprised. They are all politicians and they play by the rules of back room deals. Thats both parties!

Jeff

> >href="http://www.rollingstone.com/politics/news/;kw=%5B
>36899,157778%5D?RS_show_page=0">http://www.rollingstone
>.com/politics/news/;kw=%5B36899,157778%5D?RS_show_page=
>0
>
>On May 18th, as the clock ran out on the deadline to
>file amendments, reform-minded Democrats staged a
>concerted push to close the loopholes. But when Sen.
>Maria Cantwell of Washington offered a proposal to
>eliminate the "Trojan Horse" sham, Reid tried to slam
>the door on her and everyone else working to
>strengthen reform. The majority leader called for a
>vote to end debate – a move that would squelch any
>remaining amendments. This extraordinary decision to
>cut off discussion of our one, best shot at revamping
>the rules of modern American finance was made, at
>least in part, to enable senators to get home for
>Memorial Day weekend.
>
>But then something truly unexpected took place.
>Cantwell revolted, joined by Sen. Russ Feingold of
>Wisconsin. That left Reid in the perverse position of
>having to convince three Republicans to come over to
>his side to silence a member of his own party. On May
>20th, Reid got the votes he needed to kill the debate.
>A few hours later, the Senate passed the bill,
>loopholes and all, by a vote of 59-39.
>
>In a heartwarming demonstration of the Senate's truly
>bipartisan support for Wall Street, Sen. Sam Brownback
>– a Republican from Kansas – stepped in to help
>Democrats kill one of the bill's most vital reforms.
>At the last minute, Brownback mysteriously withdrew
>his amendment to exempt auto dealers from regulation
>by the CFPB – a maneuver that prevented the
>Merkley-Levin ban on speculative trading, which was
>attached to Brownback's amendment, from even being
>voted on. That was good news for car buyers, but bad
>news for the global economy. Senators may enjoy
>scolding Goldman Sachs in public hearings, but when it
>comes time to vote, they'll pick Wall Street over
>Detroit every time.

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