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Obama caves in again
He even gave them more than they were asking for,
only to get kicked in the teeth - again
As the final Wall Street negotiations came to a close
last week, the Obama administration quietly sided
with Sen. Scott Brown (R-MA) against most Democrats in support of a
loophole in one of the key provisions of the financial reform bill.
Several Democratic Hill aides tell TPMDC that the
Treasury Department, which wielded tremendous
influence over the shape of the legislation, changed its position on
the Volcker rule during the final deliberations,
endorsing an exemption that will allow banks to invest in outside hedge
funds.
"Treasury's official position went from opposed to
[the loophole] to supportive," one aide says.
"They may have (even) overshot Brown's desires by a bit."...
Now, in an irony of ironies, Brown is threatening to
oppose the bill anyway over an unrelated fee on banks
added to the legislation during the final hours of the conference
committee. That, combined with the death
of Sen. Robert Byrd (D-WV), will make final passage of the Wall
Street reform bill a steeper climb.
A lot of people worked real hard to get
Obama elected, and what does he do?
Not only does he cave in at the drop of a hat, he goes farther than his
enemies demand.
We are a party of surrender Monkeys being led by the most
naive president of my lifetime.