Ladies and gentlemen, your elected officials in action:
[youtube http://www.youtube.com/watch?v=yv6ljeFr-yY]Tag Archives: Harry Reid
Our useless, do-nothing Congress
Wondering what your favorite elected representatives are up to these days? Ask no more:
For public consumption, Democrats and Republicans are engaging in an increasingly elaborate show of political theater. Mr. Obama on Thursday went to the home of a middle-income family in the Virginia suburbs of Washington to press for an extension of expiring tax cuts for the middle class — and for the expiration of Bush-era tax cuts on incomes over $250,000.
“Just to be clear, I’m not going to sign any package that somehow prevents the top rate from going up for folks at the top 2 percent,” Mr. Obama said. “But I do remain optimistic that we can get something done.”
On Capitol Hill, Senator Mitch McConnell of Kentucky, the Republican leader, moved Thursday to vote on Mr. Obama’s proposal, in his broader deficit package, to permanently diminish Congress’s control over the federal government’s statutory borrowing limit, assuming that Democrats would break ranks and embarrass the president. Instead, Democratic leaders did a count, found they had 51 solid votes, and took Mr. McConnell up on what Senator Harry Reid of Nevada, the Senate majority leader, called “a positive development.”
Mr. McConnell then filibustered his own bill, objecting to a simple-majority vote and saying a change of such magnitude requires the assent of 60 senators.
“I do believe we made history on the Senate floor today,” Mr. Durbin said.
Yes, Mr. Durbin, you did make history. But not just today: your current session of Congress conducted the most useless, unproductive, and inefficient use of time in our national legislature since at least 1947.
And no, I’m not just picking on Durbin. Most of the ongoing stalemate in both the House and Senate since 2009 has been the result of Republican obstinacy and intransigence — in other words, their complete denial of the reality that continues to hit them in the face regularly at four-year intervals. (In fact, of the last six presidential elections, Republicans have lost the popular vote five times.) So this is hardly a balanced phenomenon.
But there’s just something about being a senator or representative — from either party — that turns otherwise competent, reasonably intelligent human beings into overgrown children in suits and ties. No, Mr. Durbin, nothing you did today amounts to anything more than a slow, inexorable advancement of the news cycle. Your sole accomplishment in this regard is to fill the airtime on the cable news networks so they don’t have to spend those few hours discussing something even more frivolous than a predestined-to-fail bill proposed in the Senate. (And you probably didn’t even realize that was possible.)
As for Mr. McConnell, there are almost no words to describe his ongoing disastrous behavior. The resident senatorial turkey was too clever for his own good, bluffing that he’d like to go ahead with a vote on ending Congress’ power over the debt ceiling, then filibustering his own bill when it turned out the Democrats had a solid majority.
“Political theater” is right. But it’s a damn ugly performance, and one all Americans are paying for, whether or not we even realized we were attending the show.
Elizabeth Warren: scaring banks since 2008
And rightly so. These days, the fight has moved from her Senate candidacy to a battle over her possible appointment to the Senate banking committee:
Not even two weeks have passed since Democrat Elizabeth Warren rode a wave of grassroots support to victory in the US Senate race in Massachusetts, ousting Republican incumbent Scott Brown. Senator-elect Warren has not yet hired her staff. She has not yet moved into her Senate office. But the banking industry is already taking aim at her, scurrying to curb her future clout on Capitol Hill.
Lobbyists and trade groups for Wall Street and other major banking players are pressuring lawmakers to deny Warren a seat on the powerful Senate banking committee. With the impending departures of Sens. Herb Kohl (D-Wisc.) and Daniel Akaka (D-Hawaii), Democrats have two spots to fill on the committee before the 113th Congress gavels in next year. Warren has yet said whether she wants to serve on the committee. But she would be a natural: she’s a bankruptcy law expert, she served as Congress’ lead watchdog overseeing the $700 billion bank bailout from 2008 to 2010, and she conceived of and helped launch the Consumer Financial Protection Bureau (CFPB).
But the big banks are not fans of Warren, and their representatives in Washington have her in their crosshairs. Aides to two senators on the banking committee tell Mother Jones the industry has already moved to block Warren from joining the committee, which is charged with drafting legislation regulating much of the financial industry. “Downtown”—shorthand for Washington’s lobbying corridor—”has been going nuts” to keep her off the committee, another Senate aide says.
Sen. Jack Reed (D-R.I.), a banking committee member, has been angling to get Warren on the committee, “but there are many bank lobbyists pushing to keep her off,” a top Democratic Senate aide told Politico‘s Morning Money tipsheet. But the aide added, “If she really wants banking, it will be very tough politically to keep her off.”
Several banking trade groups—including the American Bankers Association, Securities Industry and Financial Markets Association, and the Mortgage Bankers Association—declined or didn’t respond to requests for comment. A spokesman for Warren also declined to comment.
The big banks’ opposition to Warren, a fierce consumer advocate, is no shocker. She supported the Dodd-Frank financial reform law, and she blasted Brown, who did vote for Dodd-Frank, for launching a “guerrilla war” to undermine its implementation. She backs the Volcker Rule, a limit on how much banks can trade with their own money. What may trouble the big banks most is Warren’s call for revisiting the Glass-Steagall Act, which separated riskier investment banks from more staid commercial banks. Reinstating Glass-Steagall would mean breaking up sprawling Wall Street institutions such as JPMorgan Chase, Citigroup, and Bank of America.
This is an important moment for the Democratic Party. Its leaders — specifically, Harry Reid, who makes the committee appointments — have a great opportunity to try to demonstrate that they are not beholden to their myriad financial interests and that they do support the sterling work done by Elizabeth Warren to protect consumers and hold financial firms accountable. If they cave on this one, as they very well might, it will be a bad omen for this next session of Congress generally on all sorts of issues.