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March 23rd, 2010
06:00 PM ET

Chances of meaningful reform of financial system?

FROM CNN's Jack Cafferty:

With some wind at their backs coming off their health care victory, Democrats may use their "mojo" to target financial reform next.

It's hard to believe that a year and half after our financial system almost collapsed... we're still operating under the same regulations, or lack thereof.

On second thought, it's not hard to believe at all.

Now, the Senate Banking Committee has sent a massive Wall Street regulation bill to the full chamber - on a strictly party line vote.

Once again, not a single Republican supported it... although some top Republicans sound optimistic that the final bill would get bipartisan support.

The bill would give the government unprecedented powers to split up companies that are considered a threat to the economy - the so-called, "too big to fail."

It would also create a council of regulators to watch for risks along with an independent consumer watchdog.

The American Bankers Association was quick to come out against it - no surprise there. The House already passed a version of the bill last year. But with midterm elections around the corner - unless the Democrats act fast and President Obama gives it everything he's got - passage this year could be a long shot.

Meanwhile a new CNN/Opinion Research Corporation poll shows 53 percent of Americans favor greater government regulation of financial institutions... 43 percent oppose it.

Support for regulation is highest among upper-income people... probably because they have more to lose.

Democrats are also much more likely than Republicans to support reform.

Interested to know which ones made it on air?

FULL POST


Filed under: Economy
March 23rd, 2010
05:00 PM ET

Where do the Republicans go from here?

ALT TEXT

Supporters of the Tea Party movement demonstrated outside the Capitol over the weekend against the health care bill which was just signed into law. (PHOTO CREDIT: NICHOLAS KAMM/AFP/Getty Images)

FROM CNN's Jack Cafferty:

The health care debate represents the "most crushing defeat" for the Republican Party in four decades... and that's coming from a Republican.

Former Bush speechwriter David Frum says the GOP may be overly optimistic about its chances of winning seats in the midterm election; and that the party has only itself to blame for what has happened.

Not all Republicans feel this way - some think they haven't miscalculated; and they're prepared to campaign on a pledge to try to repeal health care reform. Their mission now will be to prove to voters that this bill is a bad idea and that it will cost them.

But that won't necessarily be easy. The Democrats were smart - and timing is good. Very good. Consider this: Some of the benefits of health care reform go into effect only weeks before the midterm elections - a lot of them being the most popular and least costly to implement.

Also, voters may be left with a bad taste in their mouths from the way some Republicans behaved at the end of this debate... including shouting insults in the House chamber and encouraging outbursts from the galleries.

Of course - there is hope for Republicans. They were very effective last summer at controlling the message with tea parties and town hall meetings; and polls show that Republicans are among some of the most motivated voters heading into the midterms. But it's definitely time for the GOP to step up and prove they're more than what the Democrats call the "party of no."

Here’s my question to you: Where do the Republicans go from here?

Interested to know which ones made it on air?

FULL POST


Filed under: Republican Party • Republicans