Dem. Sen. Carper: Dems should drop areas of disagreement from Wall St. reform bill

It’s difficult to overstate how idiotic, politically naive, and just plain dangerous this move is.

Democrats should drop areas of disagreement with Republicans from their Wall Street reform bill in order to move forward, Sen. Tom Carper (D-Del.) suggested Wednesday.

Carper, a member of the Senate Finance Committee, said that he thinks a bipartisan deal can be reached on financial regulatory reform legislation, and argued it should be done by dropping the most contentious areas of the bill.

“At the end of the day…we agree on about 80 percent of the stuff here,” Carper said during an appearance on Fox News. “I think what we need to do is focus on the 80 percent on which we agree and set aside the 20 percent for another day.”

Among those provisions creating friction is a $50 billion, industry-funded pool of money to help wind down financial institutions if they begin to fail. Republicans have derided this provision as a pool for endless bailouts, though they’ve also maintained other objections to the legislation.

What he’s recommending is that we cave to Republicans on their ridiculous claims that the bill includes a “bail out,” which it does not. But by dropping the provision, we then prove their point, and they’ll run against every single Democrat claiming that they wanted a bail out in the reform bill. It’s the same thing that happened when Joe “You lie!” Wilson yelled at the president, claiming falsely that the health care reform bill would permit illegal aliens access to the bill’s funds. The next day the White House had Dem Senators review the legislation to make sure Wilson’s concerns were met. As a result, every Republican ran around claiming that Obama had just admitted that he had in fact lied, and the GOP was even more emboldened to challenge the Dems on health care, and they did.

CyberDisobedience on Substack | @aravosis | Facebook | Instagram | LinkedIn. John Aravosis is the Executive Editor of AMERICAblog, which he founded in 2004. He has a joint law degree (JD) and masters in Foreign Service from Georgetown; and has worked in the US Senate, World Bank, Children's Defense Fund, the United Nations Development Programme, and as a stringer for the Economist. He is a frequent TV pundit, having appeared on the O'Reilly Factor, Hardball, World News Tonight, Nightline, AM Joy & Reliable Sources, among others. John lives in Washington, DC. .

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