May 192010

Seeing no other option, Sens. Carl Levin (D-Mich.) and Jeff Merkley have decided to attach their amendment to Brownback’s. The measure would require banks to cease trading taxpayer-backed money for their own gain. The current bill leaves the decision of whether to ban such activity up to regulators. The gambit would put progressives in the uncomfortable position of being forced to back the auto-dealer loophole in order to pass the Levin-Merkley amendment.

Ryan Grim, Huffington Post

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Is there anything else on the planet as twisted and useless as the United States Senate? Filibuster this, and secret hold that – the dysfunction is mind numbing. Now we have Senators Merkley and Levin trying to stop bank gambling, but they need to give auto dealers a free ride in order to do it. What kind of convoluted broke-back system produces such garbage?

The auto dealer exemption should never have passed the House in the first place. But Franks caved to Campbell and gave the Republicans another business victory at the expense of the public. The Senate should be fighting to fix the House bill, not succumbing to lobby pressure and matching it.

Damn, I hate to side with Wall Street, but this is just bad legislation.

Read the Article at HuffingtonPost

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