emptywheel – Republicans Vote to Ban the Terms “Wall Street” and “Deregulation”
By: emptywheel Wednesday December 15, 2010 4:19 am
Apparently, the Republicans on the Financial Crisis Inquiry Commission have abandoned the commission because the other six members would not agree to ban the phrases “Wall Street” and “deregulation” from the final report.
The four Republicans appointed to the commission investigating the root causes of the financial crisis plan to bypass the bipartisan panel and release their own report Wednesday, according to people familiar with the commission’s work.
Frustrated in part by the Financial Crisis Inquiry Commission’s chairman, Phil Angelides, and the tenor of the panel’s preliminary findings, the Republicans are choosing to ignore the five Democrats and lone independent and issue their document ahead of the commission’s Jan. 15 release.
During a private commission meeting last week, all four Republicans voted in favor of banning the phrases “Wall Street” and “shadow banking” and the words “interconnection” and “deregulation” from the panel’s final report, according to a person familiar with the matter and confirmed by Brooksley E. Born, one of the six commissioners who voted against the proposal.
“I certainly felt, and I think the majority of the commission felt, that deleting those phrases would impair the commissioners’ ability to give a full and fair and understandable report to the American people about the causes of the financial crisis,” Born said.
“Certainly, it’s hard to imagine Wall Street wasn’t involved,” she added.
It all sounds so childish. But then, it’s no more childish than holding a bunch of unemployed Americans hostage to make sure the very wealthy get tax cuts and an estate tax cut. So, as much as the Obama Administration seems intent on giving the banks what they want, Republicans seem insistent on using nuclear tactics to steal even more for the banks.
I guess both parties really are going to insist on pushing us into a Depression and/or full-on feudalism, aren’t they?