Chief negotiators, Frank and Dodd, What could go wrong, right?
Don’t tell me Obama is failing just because of his weak poll numbers. He’s been stunningly successful at passing a radical agenda thanks to Dem Socialist majorities in Congress, and Republicans will have much work to do to undo the damage when they take control, next year. And they will take control of at least the House.
True to form, the partisan bank bailout “compromise” occurred in the wee hours of the morning, spurring Rep. Scott Garrett (R-N.J.) to ask: “Why is it that Congress always sees the need to raise taxes on the American people in the dead of night at 3 o’clock in the morning?”
An all-night House-Senate conference committee delivered President Barack Obama and Democrats a far-reaching and historic achievement Friday – a realignment of the rules that govern Wall Street and a second victory toward Obama’s legislative triple crown.
The compromise bill now goes to the House and Senate for approval. For all the messiness of the process, financial reform and March’s health care reform win cumulatively make clear Obama and Democrats are governing in consequential ways – and once again Friday, without a single Republican vote. The results make clear the argument over Obama is no longer whether he’s effective or not, but whether voters will like the results.
The agreement came at 5:39 a.m., after 20 straight hours of work in the committee, a marathon session that tested the negotiating skills, patience and endurance of several dozen lawmakers tasked with reconciling two competing approaches to reining in Wall Street.
But it left no doubt about the mark Obama has left on his twin Democratic majorities in Congress – reluctant, even recalcitrant at times, but in the end, doing his bidding to remake two of the most important sectors of the U.S. economy.
His hoped-for third act – a wide-ranging climate change and energy bill – is next on Obama’s docket, and absent these successes, it would be easy to believe there was simply no way he could bend Congress to his will yet again, with midterms looming, poll numbers sagging and the nation’s financial coffers tapped out.
Do not underestimate the abilities of this particular group of delusional Utopians, drunk with power. It’s now or never! Weeee!
H/T: Big Government.
Meanwhile, yesterday, the House passed the Disclose Act, the Democrats’ big legislative “fix” to pushback against the Supreme Court’s Citizens United decision. It passed along partisan lines, 219-206, with 36 Democrats voting against it.
Mark Hemingway reported:
House Republican Leader John Boehner’s already declaring that the legislation will “Shred Our Constitution for Raw, Ugly, Partisan Gain.” Normally, I’d automatically dissmiss such a press release as hyperbole, but this time I’m not so sure. For one thing, the DISCLOSE Act does this:
A Democratic amendment tucked into campaign finance legislation Wednesday night also drew fire from Republicans and their allies, who contend it gives special treatment to Democrat-allied labor unions. The language in question would exempt from disclosure requirements transfers of cash from dues-funded groups to their affiliates to pay for certain election ads. It was inserted into the bill by Rep. Robert Brady (D-Pa.), chairman of the House Administration Committee and a big union backer.
So unions now get nearly unrestricted, undisclosed political spending. Further, the restrictions in the DISCLOSE Act only cut one way — against business.
With a political audacity that has become characteristic since the caustic health care debates, the Democrat-controlled House of Representatives voted Thursday to approve a campaign finance disclosure bill that critics on both the left and the right say will disable grassroots political voices – including the nascent “Tea Party” movement that has been looking to sweep away liberal incumbents in November.
Should the Senate approve the DISCLOSE Act, and should it be signed into law by President Barack Obama, the act would take effect in 30 days, even if the Federal Elections Commission has not yet crafted new guidelines – just in time for the mid-term elections in November.
During the one-hour debate on the bill, Rep. Dan Lungren expressed outrage that unlike every other campaign finance bill passed by the House, this bill has no provision for expedited judicial review. He said the lack of such a provision makes it clear the DISCLOSE Act is meant to influence the outcome of the 2010 midterm elections.
He also expressed frustration that so little time was given the House to debate a matter impacting Americans’ First Amendment rights.
“We have spent 40 hours in this Congress naming post offices. Can’t we spend a little time protecting the Constitution of the United States?” Lungren exclaimed.
“We’re talking about political speech: the essence of the First Amendment.”
The Dems believe in political speech! Just more for some than others, that’s all.
Here’s John Boehner speaking on the House floor about the disparities in the bill, (starting at 1:50 in):
It’s going to be a long 4 months heading into November, folks.
Ken Klukowski at the Washington Examiner: DISCLOSE Act attacks freedom of speech
Dana Loesch: Dems Urge Socialist Takeover of Financial Sector
Quote of the day goes to Doug Powers:
I want to get these slimy jerks on an airplane, lock them in, tell them the plane was manufactured by a bunch of guys with a history of shady dealings, no experience in the airline industry and who were up all night, tell them “nobody knows if this will work until we’re airborne” and see how many of these worms wet themselves when the plane starts taxiing down the runway.
How the most transparent administration evah, operates:
The NYTs: Across From White House, Coffee With Lobbyists
Here at the Caribou on Pennsylvania Avenue, and a few other nearby coffee shops, White House officials have met hundreds of times over the last 18 months with prominent K Street lobbyists — members of the same industry that President Obama has derided for what he calls its “outsized influence” in the capital.
On the agenda over espressos and lattes, according to more than a dozen lobbyists and political operatives who have taken part in the sessions, have been front-burner issues like Wall Street regulation, health care rules, federal stimulus money, energy policy and climate control — and their impact on the lobbyists’ corporate clients.
But because the discussions are not taking place at 1600 Pennsylvania Avenue, they are not subject to disclosure on the visitors’ log that the White House releases as part of its pledge to be the “most transparent presidential administration in history.”
Hat tip: Juanell