The final outcome of Sen. Chris Dodd’s finance legislation remains very fluid and a work in progress. So the message from The New York Times to the GOP is — just give up already. Over the next few hours, Republican Senators may yet disappoint their supporters. But a report from the NYT suggests that we are already in the past tense here.
Republicans have already capitulated and surrendered to the big government provisions folded into Sen. Chris Dodd’s financial overhaul bill, if The New York Times is to be believed. Although they still have enough votes to filibuster, the Senate GOP is now back peddling from their earlier objections and appear poised to accept the expansive set of proposals allowing for greater federal control of the private sector, a front page report declares.
In reality, the situation remains very fluid and various amendments remain in play. Over the next several hours, Republicans could very well capitulate but this report makes it appear as though the bill in its current forms is a done deal, when it is not. The headlines betray the wishful thinking at work here. Apparently, the editors and reporters are working overtime to nudge the GOP in their direction.
“As GOP Relents, Regulation Bill Moves to the Floor: Senate to Open Debate — Obama Praises Progress on Effort to Overhaul Finance Industry.”
From here, The Times informs readers that it is game over for free market forces.
“And the decision to allow floor debate appeared to be a significant retreat by the minority, reflecting a calculation that further delay was politically untenable,” the report observes.
“Among the challenges for Republicans was explaining how they could participate in an oversight hearing on Tuesday criticizing Goldman Sachs executives and proclaiming the need to tighten regulation of Wall Street, but then go to the Senate chamber and vote to block debate of the financial regulatory bill.”
Americans for Limited Government (ALG) has released its own analysis of the Dodd legislation and its bailout provisions. This analysis concludes that in addition to creating a $50 billion revolving “orderly liquidation fund,” the bill will actually codify an unlimited bailout-takeover fund rife for abuse. This federal authority will endanger companies across the nation with unlimited government takeovers of their assets, operations, and ownership.
Goldman Sachs has been a major donor for Democrats, contributing over $20 million since 1989, government records show. This is bit of information often goes missing from the reporting. But the objective here to is to cajole holdouts who are standing in the way of greater government control. This is not about objective, detached reporting. This is a front page memo to Republicans tell them to throw in and give up.
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