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So, Senate Minority Leader Mitch McConnell says that the current financial reform bill in the Senate "institutionalizes bailouts" of large Wall Street financial firms. Not to put too fine a point to it, he lies!
Actually, the current proposal prohibits bailouts. So says Paul Krugman, who makes the analogy that McConnell's statements are like trying to ban fire departments.
Don't believe him? Ask Sheila Bair, chair of the FDIC, who says It makes them [bailouts] impossible and it should. We worked really hard to squeeze bailout language out of this bill. The construct is you can't bail out an individual institution — you just can't do it.
Who's Sheila Bair? Is she some radical liberal / socialist / communist hippie? No, actually she's a long-time protege of Republican Senator Bob Dole.
None of this will stop McConnell from making this argument. There are none so deaf as those that will not hear, and McConnell will not hear anything that says regulation is good.
Actually, the current proposal prohibits bailouts. So says Paul Krugman, who makes the analogy that McConnell's statements are like trying to ban fire departments.
Don't believe him? Ask Sheila Bair, chair of the FDIC, who says It makes them [bailouts] impossible and it should. We worked really hard to squeeze bailout language out of this bill. The construct is you can't bail out an individual institution — you just can't do it.
Who's Sheila Bair? Is she some radical liberal / socialist / communist hippie? No, actually she's a long-time protege of Republican Senator Bob Dole.
None of this will stop McConnell from making this argument. There are none so deaf as those that will not hear, and McConnell will not hear anything that says regulation is good.
