Republicans fold

 Posted by at 19:11  Business, economy, Republicans
Apr 282010
 

The Republicans have finally recognized the futility of putting the interests of their billionaire buddies on Wall Street ahead of Main Street America…

GOP abandons blockade of banking regulation bill

Republicans abandoned their blockade against legislation to clamp tough new controls on Wall Street Wednesday, clearing a road to likely passage for the most sweeping rewrite of financial rules since the Great Depression.

Democrats and Republicans agree the Senate will ultimately pass landmark changes aimed at preventing a recurrence of the crisis that knocked the nation’s financial system to its knees in 2008, but the battle now begins over crucial details. The House has already passed its version.

Democrats said the Republicans had given in after three days of votes to block debate, realizing they were on the losing end of a battle for public opinion. GOP lawmakers said they would now switch to trying to change the bill on the Senate floor.

Sen. Sheldon Whitehouse, D-R.I., said, “There’s been immense pressure bottled up inside the Republican caucus through these last three votes. A lot of their members have been very deeply unhappy with the direction their leadership has been taking them. Better heads prevailed.”

Democrats had threatened to hold the Senate in session all night making their case that the Republicans were stalling legislation of importance to virtually every American. The Democrats also have been laying plans to make the legislation a major issue in midterm elections this summer and fall. The Republican retreat came one day after senior executives of Wall Street giant Goldman Sachs were denounced by lawmakers from both parties at a marathon Senate hearing.

It seems that all you have to do to pound some sense into their thick heads is threaten to keep them up all night.