Sen. Bob Corker R-TN ‘WH politics and healthcare have killed the bipartisan Financial Reform Bill’

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Corker sounded very sad that Dodd (D-CT-Friend of Tangelo) let him know yesterday that they will not be proceeding with the bipartisan talks on the Regulatory Reform Bill. Compare this announcement with the optimistic tone Warner (D-VA and Warner is also IMO the DNC choice to run against Hillary in ’16 no doubt) and Corker had just 2 weeks ago, remember ALL must bow before the almighty health care reform, even this, the most important thing they can do for the economy…

Recall this is the second time the Dems have screwed Corker after he put it all on the line for them, the same thing happened when he was trying to help in the GM bailout talks…fool me three times??

Corker has been taking serious heat for working with Dodd and the Dems and here is his reward,  he is dumped to the curb…let it be a lesson to others, these Congressional Democrats are NOT your Daddy’s Dems, they are ideologues and even those who WANT to work together (Corker kept going on and on about how wonderful Dodd and Warner D-VA were), the WH will put the kibosh on it….

So are they going to ram ahead on a partisan Financial Regulatory bill using reconciliation too?

CNBC:

A bipartisan effort to craft a financial reform bill fell apart in the Senate, with Senate Banking Committee Chairman Chris Dodd (D-Conn.) saying he would move ahead on a revised package without Republican support. At a news conference after Dodd’s announcement, GOP committee member Bob Corker said the “decision was very disappointing” but added he understood “the pressure he [Dodd] was under.”

“There’s no question the White House, politics and health care have kept us from getting to the goal line,” he added….

…”Dodd is going for broke, hoping that somehow he can push a bill out of committee even though he has not been able to work out crucial deals behind closed doors,” said banking analyst Bert Ely. “I have been highly skeptical for months about the prospects of major financial regulation legislation this year. I now am more skeptical than ever “…

Another key legislative issue biting the dust because Obama and Pelosi are OBSESSED with healthcare. Nice way to govern..NOT.

This is a great time to post NakedCapitalism’s EXCELLENT (should win Pulitzer for Truth in a world of propaganda hacks) Blog post on how Obama has TANKED meaningful financial regulatory reform already:

I’ve seldom seen so much rubbish written by people who ought to know better in a single day. Many able people have heaped the scorn and incredulity on three articles, one a piece on Rahm Emanuel slotted to run in the Sunday New York Times Magazine, another an artfully packed laudatory piece on Timothy Geithner by John Cassidy in the New Yorker and a more even handed looking one (I stress “looking”) in the Atlantic.

Ed Harrison has skillfully shredded parsed the Geithner pieces . Simon Johnson thrashed the New Yorker story

Continues after the break:

…Banking expert Chris Whalen was so disturbed by the numerous distortions in the New Yorker piece that he had already fired off a long letter to the editor by the time I pinged him, with these starting paragraphs:

Jack Cassidy tells us that “Timothy Geithner’s financial plan is working—and making him very unpopular.” Unfortunately this is completely wrong. Cassidy’s comment just illustrates why the New Yorker has fallen into such obscurity, namely because it is more Vanity Fair than its vivacious sibling and unable to perform critical journalism.

In fact, the banking system is continuing to sink under bad loans and even worse securities losses. Telling the public that the banks are “fixed” is irresponsible. Unfortunately this false perception is widespread, including among major media such as CNBC and also with a number of my clients in the hedge fund world.

…Yves here. The reason that people who can discern clearly what is afoot are so deeply disturbed is simple, and all the comments touch on it. The campaign to defend Geithner and Emanuel, both architects of the administration’s finance friendly policies has gone beyond what most people would see as spin into such an aggressive effort to manipulate popular perceptions that it is not a stretch to call it propaganda.

This strategy, of relying on propaganda to mask their true intent, has become inevitable, given the strategic corner the Obama Adminstration has painted itself in. And this campaign has become increasingly desperate as the inconsistency between the Adminsitration’s “product positioning” and observable reality become increasingly evident….

Obama’s repudiation of his campaign promise of change, by turning his back on meaningful reform of the financial services industry, in turn locked his Administration into a course of action. The new administration would have no choice other that working fist in glove with the banksters, supporting and amplifying their own, well established, propaganda efforts....

Please if you read one thing today, go read Yves whole piece…

March 11, 2010. Tags: , , , , , , . Economy, Finance, Healthcare, Obama Administration, Politics, TARP, Taxes, Wall St.

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