Choke On It

by digby

One of the benefits of making government spending and deficits the big villains in the economic downturn is that you can position yourself to be a populist while simultaneously helping out your rich pals:

Senate Republican leader Mitch McConnell says there is no support within his party for the financial overhaul plan outlined last week by Democrats.

Republicans say they believe the bill goes too far and could limit the availability of credit.

McConnell’s declaration puts on shaky ground legislation that President Barack Obama has made a top priority. The bill by Senate Banking Committee Chairman Chris Dodd would extend government oversight of financial institutions and empower regulators to dismantle failing firms that threaten the broader economy.

Democrats hold a majority in the Senate, although some of their more conservative members might be tempted to side with Republicans if they think the proposal could hurt the financial industry.

If Democrats had spent more time naming the culprits and less time coddling billionaires, this would be a tough go for the Republicans. As it is, people are convinced that the recession was caused by Obama bailing out the banks and raising the deficit. Once you go down that rabbit hole the Republicans can defend Wall Street and the banks as the “engine of recovery” and insist that the government not only refrain from disrupting the “free market” but actually roll back whatever lame regulations currently exist.

Can’t you see that we simply can’t hold back the most productive members of society when they are saving us from the financial ruin that Obama’s socialist policies have created?

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