Krugman says ‘don’t be fooled’ by Mitch McConnell. He’s fighting for Wall Street.

Chris Dodd has been on fire about Wall Street reform. He’s not letting Mitch McConnell and the GOPers spin this one. Yesterday, Dodd said, “We don’t work for the big banks.” But, Mitch McConnell and his fellow Republicans do work for the big banks.

Today, Paul Krugman eviscerates McConnell, too. McConnell, on behalf of Wall Street, is trying to deceive the American people. It’s despicable. And, it’s just blatant:

It’s a truly shameless performance: Mr. McConnell is pretending to stand up for taxpayers against Wall Street while in fact doing just the opposite. In recent weeks, he and other Republican leaders have held meetings with Wall Street executives and lobbyists, in which the G.O.P. and the financial industry have sought to coordinate their political strategy.

And let me assure you, Wall Street isn’t lobbying to prevent future bank bailouts. If anything, it’s trying to ensure that there will be more bailouts. By depriving regulators of the tools they need to seize failing financial firms, financial lobbyists increase the chances that when the next crisis strikes, taxpayers will end up paying a ransom to stockholders and executives as the price of avoiding collapse.

Even more important, however, the financial industry wants to avoid serious regulation; it wants to be left free to engage in the same behavior that created this crisis.

And, a final warning from Krugman:

So don’t be fooled. When Mitch McConnell denounces big bank bailouts, what he’s really trying to do is give the bankers everything they want.


It’s good to see that the Senate Democrats are in a fighting mood. They’re not letting the GOP lie on this issue. McConnell really thinks the American people are too stupid to figure out his lies. This time, he’s wrong.

On October 27, 2010, Joe was one of five bloggers who interviewed President Obama. Joe is a DC-based political consultant with over twenty-five years of experience at both the state and federal level. Joe has managed political operations and legislative efforts for both candidates and issues-based organizations. For seven years, he was the Director of State Legislation at Handgun Control, Inc. He served as that organization's first Political Director during the 2000 cycle. Joe is a graduate of the University of Maine School of Law. In addition, he has a Masters in Public Administration from Lehigh University and received his B.A. from the University of New Hampshire. Joe also has a fun dog, Petey, a worthy successor to Boomer, who got Joe through eight years of Bush and Cheney. Joe likes to think he is a world class athlete having finished the 2005 Chicago Marathon in the time of 4:10. He has completed six other marathons as well -- and is still determined to break the four hour mark.

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