Third-Party Group Attacks Financial Reform Bill

[undeterred]

MILWAUKEE -- Wisconsin Democrats are sounding off about a controversial political TV ad that is running in Milwaukee. The ad comes from a relatively unknown national third-party group called the "Committee For Truth In Politics". The group doesn't have a Web site, and has reportedly fought to keep from disclosing its financial information to the federal elections commission.

But, an ad from this group is creating quite a stir. The ad zeroes in on government spending. It uses on-screen graphics to claim that what it calls a "financial reform bill" is actually a "new $4 trillion bailout for banks." The ad ends by urging voters to tell U.S. Sens. Herb Kohl and Russ Feingold not to support the legislation. But is the ad true? The nonpartisan analysis group factcheck.org says not entirely.

The group says what the ad claims is a big bank bailout refers to a plan that would allow the Federal Reserve to loan up to $4 trillion to failing banks. However, the ad overlooks the fact that the Fed already had the authority to do that, with no limit. Today, a spokesperson for the Wisconsin Democratic Party called the ad misleading. "What I think it is, is a way to distort the argument about banking regulation," spokesperson Graeme Zielinski said.

Feingold says the ad is trying to distort the record, and in a statement, the Feingold senate campaign says the ad wants people to believe that Feingold supported Wall Street bailouts, when the truth is, they say, he opposed Wall Street bailouts. Feingold's office did not say how many calls it has received, but Kohl's office tells 12 News that the senator has received just under 50 calls on the subject over the last few weeks, of 8,000 to 9,000 calls, letters and e-mails he gets from constituents on all issues each week.

WISN 12 News tried to contact the Wisconsin Republican Party for comment, but no one has replied.

The lawyer of this unaffiliated third-party group was contacted by 12 News with no reply. Their lawyer is a national political attorney who represented Wisconsin Supreme Court Justice Michael Gabelman in his recent judicial ethics hearing.

http://www.wisn.com/news/22468050/detail.html

This ad is running in Madison too. The name of the group is at the bottom of the screen in a light font- I couldn't read it either time I saw the ad. They apparently don't want anyone to know who they are. With the new Supreme Court ruling, I think we're in for a lot more of this crap.

[yourout]

1. Saw it the other day...

Basically another big ass lie that they will get away with.

[betharina]

2. this ad is running in the chicago area as well.

what the hell? i have seen this 3 times today and it is only 7 am!
http://www.youtube.com/watch?v=8xANMUnNnf0

[undeterred]

3. The Committee for Truth in Politics Pre-Emptively Attacks Wall Street Reforms

By David Weigel 2/3/10 2:00 PM

Two great catches by Ben Smith — and more by his commenters — reveal that the little-known Committee for Truth in Politics is running ads that frame proposed financial regulatory reform as, paradoxically, “one big bailout” for banks. The ads are running in Pennsylvania, Montana, North Dakota and Colorado, and they crystallize an attack that Rep. Michele Bachmann (R-Minn.) made against the House’s version of reform, passed in December: that it was a “permanent bailout bill” because it created a closely regulated fund that could be tapped for future bank emergencies. (Frank Luntz used crisper language in a memo to Republicans.)

http://washingtonindependent.com/75671/the-committee-for-truth-in-politics-pre-emptively-attacks-wall-street-reforms

So its being run in states where Dems are up for re-election or there is an open seat...

[undeterred]

4. dupe