The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Filibuster Financial Reform? What Kind of Senator Would Dare to Do Such a Thing?

Posted on | April 20, 2010 | 9 Comments

Five years ago, it was a certain freshman Senator from Illinois and his fellow Democrats:

[I]n July 2005 . . . the Senate Banking Committee, then controlled by the Republicans, adopted tough regulatory legislation for the GSEs [government-sponsored entities, i.e., Fannie Mae and Freddie Mac] on a party-line vote — all Republicans in favor, all Democrats opposed. . . .
If legislation along the lines of the Senate committee’s bill had been enacted in that year, many if not all the losses that Fannie and Freddie have suffered, and will suffer in the future, might have been avoided.
Why was there no action in the full Senate? As most Americans know today, it takes 60 votes to cut off debate in the Senate, and the Republicans had only 55. To close debate and proceed to the enactment of the committee-passed bill, the Republicans needed five Democrats to vote with them. But in a 45 member Democratic caucus that included Barack Obama and the current Senate Banking Chairman Christopher Dodd (D., Conn.), these votes could not be found.

Yup, that’s right. The same Barack Obama who now excoriates Republicans for opposing “reform” joined his Democratic Senate colleagues — including current “reform” advocate Joe Biden — five years ago in filibustering GOP-backed legislation which could have prevented the Fannie/Freddie collapse that helped produce the 2008 meltdown.

Don’t ever accuse Democrats of having no standards. They’ve got two standards: One for them, and one for everybody else.

BTW, this might be a good time to start talking about Goldman Sachs giving $1 million for Obama’s 2008 campaign, don’t you think?

(Hat-tip: Cassy Fiano in the Greenroom.)

Category: Barack Obama, Corruption, Economics

Comments

9 Responses to “Filibuster Financial Reform? What Kind of Senator Would Dare to Do Such a Thing?”

  1. Obama helped cause the housing crisis « The Javelineer
    April 20th, 2010 @ 4:08 pm

    […] (h/t RSM) […]

  2. Adobe Walls
    April 20th, 2010 @ 11:16 pm

    Saw on Special Report that 8 of the top ten dollar amount recipient’s of Goldman money this year are Social Democrats. Doubt we’ll see that any where but Fox either.

  3. Adobe Walls
    April 20th, 2010 @ 6:16 pm

    Saw on Special Report that 8 of the top ten dollar amount recipient’s of Goldman money this year are Social Democrats. Doubt we’ll see that any where but Fox either.

  4. My, oh, my! President Obama sure does have a short memory! | The Lonely Conservative
    April 20th, 2010 @ 7:46 pm

    […] The Other McCain asks: Filibuster financial reform? What kind of Senator would dare to do such a thing? AKPC_IDS += […]

  5. Mark J. Goluskin
    April 21st, 2010 @ 4:19 am

    First, will anyone, any living conservative/Republican call for Timmy Geithner’s head? http://rightviewfromtheleftcoast.blogspot.com/2010/04/amatuer-hour-at-white-house.html Yea, I am not holding my breath either! Also, do you not realize that the Dear Leader can do whatever he wants? Where is the media “oversight” on this guy?

  6. Mark J. Goluskin
    April 20th, 2010 @ 11:19 pm

    First, will anyone, any living conservative/Republican call for Timmy Geithner’s head? http://rightviewfromtheleftcoast.blogspot.com/2010/04/amatuer-hour-at-white-house.html Yea, I am not holding my breath either! Also, do you not realize that the Dear Leader can do whatever he wants? Where is the media “oversight” on this guy?

  7. Virginia Right! News Hound for 4/21/2010 | Virginia Right!
    April 21st, 2010 @ 5:35 am

    […] Filibuster Financial Reform? What Kind of Senator Would Dare to Do Such a Thing? […]

  8. Professor Tom
    April 22nd, 2010 @ 8:54 pm

    That’s Bolshie, son!

  9. Professor Tom
    April 22nd, 2010 @ 3:54 pm

    That’s Bolshie, son!