No sooner was the bill signed than there were emails from Obama operatives flying around the country claiming credit for an achievement that looked unlikely for months, sustained the heaviest Lobbyist attack in history, and won praise from all the advocacy groups who realized that while the bill was flawed, rationalized it as the best they could squeeze out of Congress in this climate.
Republicans are predicting it will lead to job losses. Minority leader Mitch McConnel regurgitated a familiar mantra saying, "The White House will declare this bill a victory. But for millions of Americans struggling to find work, for millions of small-business owners bracing themselves for all the new regulations they'll have to deal with, for ordinary Americans who just wanted to see an end to the bailouts, this bill is no victory."
Now, the businesses that could be regulated under the bill are launching an effort to reform the Reform bill-- their way—to make sure the rules that are still to be written will not be too hard on them.
The Chamber of Commerce and the Business Roundtable have their hatchets out by continuing the full court press lobbying effort that did force compromises in the bill. Of course, they position what they are doing only in the most positive light.
Many banks are falsifying their earnings but still considered too big to fail.
My view they are not too big to jail, yet there is no public pressure from progressives for the prosecution of Wall Street criminals as I call for in my film PLUNDER.
