Wednesday, September 8, 2010

Reid's "amnesia"

Senate Majority Leader Harry Reid, facing a tough re-election bid in one of the states hardest hit by the recession, said today that the economic downturn was not his fault.

"I had nothing to do with the massive foreclosures here," Reid said during an appearance on the ABC News/Washington Post "Top Line" program, adding that he also had no part in contributing to the state's dismal unemployment figures.
On Monday, May 17, President Barack Obama met with Rahm Emanuel, and was informed by his chief of staff that a number of Democratic U.S. Senators were still insisting on the inclusion of the Glass-Steagall amendment and the restrictions on derivatives in the Dodd financial reform bill. Emanuel had been engaged in round-the-clock negotiations, over the weekend, with a group of Senators, attempting to cajole, bribe and threaten them into dropping their amendments, and letting the Dodd bill go to a final vote, unchanged. In characteristic Nero fashion, the President went absolutely berserk, and demanded that all such Senate insubordination be crushed immediately. He demanded that the Dodd bill be passed, as-is, by Thursday, May 20.

Over the course of the next 72 hours, on Obama's orders, Emanuel, Larry Summers, Majority Leader Harry Reid, and Sen. Chris Dodd used every dirty trick in the book, to kill the Cantwell-McCain amendment, and the Lincoln-Cantwell amendment, which sought to reverse Dodd's sabotage rewrite of the anti-derivatives measure already in the bill. The White House even crushed the Levin-Merkley amendment, that would have incorporated the so-called Volcker Rule, limiting certain activities by commercial banks—demonstrating that Obama's professed public support for the Volcker reforms were themselves pure lies.

Nor do I recall reading anything about Reid fighting for the HBPA, which would have forced an end to foreclosures while housing prices fell to values which the economy can support. Instead we got "homeowner support" bills which did essentially nothing for homeowners.