Is the Financial Reform bill being filibustered that surprising? Only the last part.
WASHINGTON — Undaunted by a Senate setback, Democrats appeared increasingly confident Monday they will be able to take advantage of Americans’ anger at Wall Street and push through the most sweeping new controls on financial institutions since the Great Depression.
The Senate, in a 57-41 vote, failed to get the 60 supporters needed to proceed on the regulatory overhaul. One Democrat, Sen. Ben Nelson of Nebraska, joined with the Republicans.
Okay, the Republicans blocking debate is not all that surprising. They’ve been doing that since Obama moved in. The surprise is why is Ben Nelson going along with this? What’s that, Sam Stein of the Huffington Post? You know the answer?
Democrats were surprised on Monday evening when Sen. Ben Nelson (D-Neb.) did an abrupt about-face and became the only Democrat to help filibuster legislation to revamp Wall Street regulations.
The removal of a provision that would have dramatically benefited financial tycoon and Nebraska native Warren Buffett, it was said, played a role in the Senator’s flip.
“He was on board until today and the only thing that changed was the removal of that provision,” said one Democratic aide, who definitively said Nelson changed his vote because the Buffett carveout was removed.
Earlier in the day, Senate negotiators agreed to remove a provision that Nelson had inserted last week, which would have exempted any existing derivatives contracts from being subjected to new capital requirements. That provision had been pushed by Buffett’s Berkshire Hathaway Inc., which has $63 billion in existing derivatives contracts and would have to set aside $8 billion to cover potential losses on those contracts if the legislation were to pass.
Okay, the last time we went down this road with Nelson was the infamous “Cornhusker kickback” in which Nelson allegedly voted for the Senate Health Care bill in exchange for the government fully paying for expanded Medicare coverage in Nebraska. (Which was eventually yanked from the final bill.) Yes, it had the air of pork about it but it would have helped a lot of people get on Medicare so I’m willing to spot him that one.
This on the other hand just stinks to high heaven. Seriously, helping to block a bill to reform our broken financial system so one of your constituents won’t be slightly less rich?
That’s like a polka band covering Led Zeppelin songs with newly rewritten Christian lyrics. There’s no demographic that shit is going to play to.
The good news is that the Health Care win seems to have pumped the Dems with legislative growth hormones and they are pushing ahead.
Nelson should be put on the spot again relatively soon as a Democratic leadership aide told the Huffington Post that the party plans to reintroduce regulatory reform within a matter of days.
“As early as Thursday?” the Huffington Post asked.
“Could be earlier than that,” the aide replied.
In the meantime, I think Sen. Nelson is due for a public spanking. May I suggest that perhaps we should introduce a new definition to the term “Cornhusking”.
1. To create a situation where either one person or a group of people could suffer a major financial setback.
“Hey what happened to my 401K?’
“I’m sorry, sir. It appears to have been cornhusked”.
“I’m sorry, son. But your College fund got cornhusked. But on the bright side, Liberty University will give you a free ride. Although I’d forget about that degree in astrophysics. From what I hear, Rapture theory is where the big money is anyway.”
“Pa. This guy says he wants to cornhusk me behind the barn.”
“Better let him, son. That new engine block for the pick up ain’t gonna pay for itself.”
Okay, the last one isn’t strictly the correct usage but I think it captures the spirit.