Lincoln Bill Passes With Republican Support (health care, financial, election, elect)

[dukester.2]

Tough regulation of derivatives moved through Blanche Lincoln's Agriculture Committee with the surprising support of Republican Charles Grassley (R-Iowa) amid signs that the GOP is softening its opposition to financial regulatory reform.

Lincoln Bill Passes With Republican Support

Wow, of all Republicans, Grassley is the one that doesn't exactly leap out at ya. Maybe he see's the light after his failed attempt on not supporting health care reform...

[kovert]

A definite step in the right direction.

Don't break out the champagne yet though.

We are in an election year and until we have public campaign finance reform, people still got to pay their election bills.

Its a damn good start and we have to monitor this to make sure nothing gets watered down.

[kovert]

An interesting take (http://www.newdeal20.org/2010/04/22/senator-blanche-lincolns-derivatives-reform-bill-must-pass-10043/ - broken link) on Blanche's bill.

"The recent charges against Goldman have shaken that belief, just as Senator Lincoln’s bill has Wall Street shaking in its penny loafers. Here is the choice she offers: you can continue with your derivatives, acting against the public interest, or you can be a bank. You cannot be both. Take your choice: blood-sucking vampire squid? Or, serve the public interest. If you go for squid, you lose all public protection. In that case, you go “free market” with all that entails-higher costs of borrowing, 100% downside risk, and prosecution when you lie and deceive. Go ahead and bet against your customers–they will vote with their feet if they do not like that treatment and will sue you when you screw them. Burn down houses and go to jail for arson. Your choice."