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Thursday, July 15, 2010

GOP wants to repeal financial reform before it has even passed

The party of 'No' is at it again. John Boehner (R-fake tan)want to repeal financial reform because there is nothing wrong with the way they system worked before.

One of his top lieutenants, Republican Conference Chair Mike Pence agrees. "We hope [the Senate vote] falters so we can start over," Pence told TPMDC yesterday. "I think the reason you're not hearing talk about efforts to repeal the permanent bailout authority is because the bill hasn't passed yet."

One problem with that quote; the bill specifically does not authorize a 'permanent bailout authority'. Republicans never let the facts get in the way of a good sound bite.


The Senate just passed the bill. Bear in mind this bill is a vastly watered down version of the original bill. While this bill will fix some problems the root cause of the financial meltdown, there is little to prevent the wild speculation on derivatives.

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