TBTF Banks / Congressional Farce: The Plot Thickens ;-)

It’s not really funny, but the pathetic in-ability / un-willingness of the Democrats

to counter the power of the TBTF banks & their Congressional running dogs IS becoming ever more clearly what we called it:

a total farce.

The Senate will not be able to complete legislation to overhaul the nation’s financial regulatory system this week, the majority leader, Harry Reid of Nevada, said on Wednesday,

It’s not really funny, but the pathetic in-ability / un-willingness of the Democrats

to counter the power of the TBTF banks & their Congressional running dogs IS becoming ever more clearly what we called it:

a total farce.

The Senate will not be able to complete legislation to overhaul the nation’s financial regulatory system this week, the majority leader, Harry Reid of Nevada, said on Wednesday,

after Senator Scott Brown, Republican of Massachusetts, announced that he would use the Fourth of July recess to study the bill.

The House is expected to approve the final version of the bill later on Wednesday,

but Mr. Reid conceded that he would not be able to schedule a vote in the Senate this week

without the unanimous consent of Republicans, many of whom oppose the bill.

Mr. Brown, who had supported the Senate version of the legislation, threatened on Tuesday to block the final measure

because it contained a tax on big banks and hedge funds to pay for the heightened regulation of the financial industry.

Yes, you read that correctly:

all of this because it contained a tax on big banks and hedge funds to pay for the heightened regulation of the financial industry.

Democrats need the votes of at least two Republicans to advance the legislation,

and they quickly agreed to remove the bank tax –

tough guys, aren’t they 😉 ??? –

and adopted a new plan to come up with the roughly $20 billion over five years that the tax would have generated,

without, god forbid, actually making the people who caused this disaster pay for cleaning it up.

But with Senate Republican leaders eager to deny Democrats and President Obama another accomplishment heading into the weeklong recess,

Mr. Brown’s reticence essentially provided a minor victory to the G.O.P.

We’ll see how “minor.”

Senate Republicans have been working to slow the legislative schedule as much as possible,

and Mr. Reid will now likely have to use up the better part of a week to complete the financial regulatory bill – a measure that was widely predicted to pass.

Congress returns on July 12.

In a statement on Wednesday, Mr. Brown thanked House and Senate negotiators for removing the tax, but he would not commit to supporting the bill.

“I appreciate the conference committee revisiting the Wall Street reform bill and removing the $19 billion bank tax,” he said.

“Over the July recess, I will continue to review this important bill. I remain committed to putting in place safeguards

to prevent another financial meltdown, ensure that consumers are protected, and that this bill is paid for without new taxes.”

Pardon us while we vomit.

Senate Democrats need 60 votes to surmount a Republican filibuster and close debate on the financial regulatory legislation.

With the death this week of Senator Robert C. Byrd, Democrat of West Virginia,

there are now 58 senators in the Democratic caucus, including two independents.

At least one Democrat, Senator Russ Feingold of Wisconsin, has said he will oppose the bill –

albeit for the right reasons: he thinks it’s too weak.

Another, Senator Maria Cantwell of Washington, opposed the Senate version of the bill,

but has not said how she will vote this time, according to this piece in the New York Times.

The governor of West Virginia, Joe Manchin III, is expected to name a replacement for Mr. Byrd by the time Congress returns from its recess,

but the Democrats will still need the support of at least two Republicans.

Four Republicans voted for the Senate version of the bill:

Mr. Brown, Susan Collins and Olympia J. Snowe, both of Maine, and Senator Charles E. Grassley of Iowa.