Is it Worth It?
by digby
Chris Hayes has written an excellent primer on the state of the financial reform bill that everyone should read before the sausage is fully prepared. I fully concur with this conclusion:
Progressive critics of the healthcare reform bill like Bernie Sanders and Dennis Kucinich voted for it because they were persuaded that the bill moved things in the right direction and would provide immense relief and security to millions of Americans. With financial regulation, the banks aren't holding 30 million uninsured Americans hostage. And a bill that passes but doesn't reconfigure the political economy of the financial sector stands a good chance of making things worse, allowing Washington and Wall Street to go back to the status quo with a false sense of security that the problem has been solved. At this point, I think the House bill with stronger derivatives language would clear the bar. But throughout the next few months, the most important part of the fight to watch is how the banks react as the legislation develops. If the banks aren't fighting and squealing like hell, you'll know the reform isn't worth the paper it's written on. And if you see the main industry groups actually endorsing the final product, as, say, AHIP and PhRMA did with healthcare reform, then it's time to bring those "kill the bill" chants out of retirement.
I have no problem with that if it happens. This thing is looking like it could turn out to be a real stinker that offers very little in return for ignoring the systemic problem of Too Big To Fail.I like Barney Frank and I don't doubt that he did the best he could, but it was actually the very least that anyone in good conscience could expect. If the Senate is further watering it down to near uselessness, it's hard to see why any liberal wouldn't walk away and come back with something better until it passes. I'd say the odds of a vote for this bill ending up being another Iraq war albatross around their necks are 50/50 at best.
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