What we are watching being played in the Senate is a farce performed in the theater of the absurd. The plot is simple. Democrats pretend to “do something” to avoid repetition of the 2008 financial meltdown and Republicans pretend to “stop” them. And the money keeps rolling in — primarily to Democrats.
A responsible administration and Congress would in advance of passing new regulations await the report of a commission they created to investigate what caused the Great Recession. What say the commissioners about all this?
I will take the current bill seriously after I hear from Chuck (for once “the Silent”) Schumer and Andrew Cuomo. For now, it is back to “Much Adout Nothing.”
He’s right up until the part about Wall Street money rolling in “primarily to Democrats.” Wall Street has given more money to Democrats since 2006 — up until 2010. At that time, Wall Street made a big show of cutting off the DSCC and the DCCC. And Citigroup, Goldman , J.P. Morgan and Morgan Stanley gave twice as much to Republicans in the first two months of this year.
John Boehner went from conspicuously courting the campaign cash of Billy Tauzin to conspicuously courting the campaign cash of Jamie Dimon. A couple of cocktails, a few flowers. . . it was all “come back baby, we were so good together” with “Chantilly Lace” playing in the background.
The Democrats were meant to get the message loud and clear, and they did. The financial reform bill is quite toothless and it appears to have codified many of the things Goldman Sachs wanted, including making the bailouts permanent, so it’s win-win for them.
Meanwhile, Carl Levin’s committee is grilling Lloyd Blankfein today, broadcast on CSPAN3. It should be interesting to hear what he has to say about Goldman betting its own money against the products they were selling their clients. If there’s any meat today, that’s where it’s going to be.
Update: Saqib Bhatti is liveblogging the Levin hearing at the SEIU blog.