Obama Rejects Bipartisan Bank Deal

[Me.]

“Although Senate Banking Committee Chair Chris Dodd and his sometime Republican ally Richard Shelby continued to make noises on the Sunday talk shows about a possible bipartisan deal, both President Obama and House Financial Services Chairman Barney Frank have personally urged Dodd not to cut a deal with Republicans. I asked Frank point blank why Dodd would want such a deal, and he said--on the record--"I have no idea, but both President Obama and I have urged him not to."

This is a welcome sign that Obama realizes that public opinion is moving in the direction of tougher banking reform, and that he learned from the health debate that bipartisan compromise on key reform issues is a snare and a delusion. Kudos to Chairman Frank and to the President.

Assuming that Dodd doesn't cave, the Democrats still need 60 votes if Republicans decide to filibuster the motion to take up the bill. But with tide turning strongly against coddling Wall Street, it is hard to imagine that a few Republicans won't break ranks. If so, there may be no filibuster at all.

On one of the most contentious issues, derivatives reform, Maine Republican Senator Olympia Snowe sent a letter to Majority Leader Harry Reid on Friday urging him to back Senator Blanche Lincoln's tough derivatives provision, which not only narrows exclusions in the draft legislation, but keeps big banks from trading derivatives for their own accounts. It's hard to imagine Snowe backing this measure and then joining in a filibuster to block consideration of the reform altogether. Here is part of her letter:”…cont…

http://www.huffingtonpost.com/robert-kuttner/obama-rejects-bipartisan_b_551132.html

[Me.]

1. A Kick Of My Own

To stop this from droping like a stone

[nc4bo]

2. Wall$treet reform needs to be tough - I'm even worried that it won't be tough enough

or there'll be a load of loopholes they can weasel around.

And about that Health Care Ref...err Health Insurance Reform......:puke: I need to see an OB/GYN very badly but have to wait until I get some $$ from the Census work I'll be doing (knock on wood) to pay for it.

HIR is a joke and the punchline could be killing me. Too bad my Prez couldn't have treated Single Payer as seriously as he seems to want to treat W$. Screw the bipartisanshit.

[Me.]

3. My Hope Lies With Barney Frank & The House

When it comes time for reconciliation