Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Republicans Want to Abolish Financial Firemen

McConnell is doing Wall Street's bidding

By Kevin Spak,  Newser Staff

Posted Apr 16, 2010 9:08 AM CDT
Email

(Newser) – Mitch McConnell wants to abolish fire departments—they just bail out burning buildings. We won’t get out of this mess until the biggest buildings are allowed to burn! That’s essentially what McConnell’s latest assault on financial reform amounts to, writes Paul Krugman in the New York Times. The Senate minority leader’s been ranting that reform will lead to perpetual bailouts. He's wrong.

“Letting banks fail is a bad idea for the same reason that it’s a bad idea to stand aside while an urban office building burns,” Krugman explains. “The damage has a tendency to spread.” For decades, the FDIC has handled traditional bank collapses in an orderly fashion; it seizes them, protects depositors, and cleans out stockholders. The financial reform legislation just creates a similar process for financial giants. The only people who oppose that are Wall Street executives—and the Republicans doing their bidding.

Senate Minority Leader Mitch McConnell, center, accompanied by Lisa Murkowski, and Richard Shelby, speaks to reporters on Capitol Hill in Washington, Tuesday, April, 13, 2010.
Senate Minority Leader Mitch McConnell, center, accompanied by Lisa Murkowski, and Richard Shelby, speaks to reporters on Capitol Hill in Washington, Tuesday, April, 13, 2010.   (AP Photo/Manuel Balce Ceneta)
« Prev« Prev | Next »Next » Slideshow
5%
Hilarious
0%
Intriguing
0%
Depressing
91%
Brilliant
2%
Scary
3%
Annoying
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Showing 3 of 17 comments
derni
Apr 18, 2010 12:38 PM CDT
The Gop is so funny..that want the public to actually buy the theory that they DON"T want to regulate but let banks and Wall st just free fall if they need to..what a joke..you see..they have received $$$ from wall st and banks to say this..that way the banks and wall st can continue to gamble with the derivative market..and if it d=falls we get screwed..so I suggest you vote these poor excuses for human beings with a conscience out of office..and if you think they're right..then buy GOLD so when we really go under next time you have something in the bank..Ask Greenspan how he changeded his mind and watch the PBS series online called the Derivatives and wall st fall just watch ONE OR TWO VIDEOS AND YOU'LL SEE WHAT'S HAPPENING..nd by the way..we were WARNED by a woman in the top spot at the dept of commerce about this before it actually took place..six months after Russia had an economic collapse..so make sure your congressman0women vote to REGULATE derivatives..if they don't regulate kiss your dupa goodbye
Derni
Apr 16, 2010 8:06 PM CDT
McConnell is sending up a SMOKE SCREEN..he wqants no legislation and or regulations and says let them fail or burn or whatever..what he's really saying is: They paid me large summs of $$$ not to put in regulations so leave them alone..he's not too smart..if the derivatives take us down to the mat a second time we're in deep trouble..we need regulations..nice try Gop
cornelison
Apr 16, 2010 4:45 PM CDT
Watch for the GOP to convince voters that they are for reform and it's really The White House that caters to Wall St. Just watch and the voters will believe the GOP.

 
Mitch McConnell • Paul Krugman • FDIC • bailout • bank regulation • financial reform • Too Big to Fail • Obama bank regulation

More Newser Stories

Volcker Rule Too 'Complicated,' Says ... Volcker

IMF May Need Billions More

GOP Is Extorting Middle Class

Whistleblowers Hit Jackpot Thanks to New Finance Law

Obama Sticks to Agenda, Polls Be Damned
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne