The Party of No is back, baby! Sen. Mitch “Turtle” McConnell fired off a letter to Harry Reid trumpeting his party’s 41 votes in favor of blocking debate on financial reform. You’d think that something like fraud charges against Goldman Sachs would actually make the Republicans want to tackle the issue, but you’d be wrong. See, the issue is difficult, and GOP opposition is actually quite nuanced and tough to explain. It has to do with the notion of “Too Big To Fail,” and whether or not the government should be bailing out businesses at all…
When asked what areas he thought should be fixed, he replied: “Well, what areas do you think should be fixed? I mean, you know, tell me. And then I’ll get a team and go fix it.’’
He appeared to oppose the creation of a consumer protection agency within the Federal Reserve. “It’s more government, it’s more government regulation at a time when businesses are trying just to pay their bills,’’ he said. “Is that good? . . . If it’s an area we need to fix, then I’m certainly open to it. But I haven’t heard that that’s the biggest thing that’s problematic with it.’’
But don’t fret, everyone! We actually do know why Brown opposes the bill! Thanks to the fine folks at Think Progress, we know that Brown received $200,000 in campaign donations from Wall Street and business executives. We also know that the heavily-Republican Chamber of Commerce spent $1 million on issue ads backing Brown in the final days of his campaign.
Oh sure, maybe Scott Brown rides around in a pickup truck, but it’s Wall Street that’s doing the driving.