The Wall Street Journal reported that the bank bailout bill crafted by the Democrats, and pushed by President Obama, has failed to make it past a procedural hurdle in the Senate. The Democrats failed to sway a single Republican Senator, and they also lost Ben Nelson, a Democrat.
The Senate voted 57-41 on a procedural measure allowing lawmakers to move toward debate on financial regulatory overhaul legislation, falling short of the 60 votes needed. All GOP senators present voted against invoking cloture, joined by at least one Democrat, Sen. Ben Nelson (D., Neb.).
The partisan vote underscores the high political stakes surrounding the legislation, which would subject the nation’s financial institutions to new consumer and capital rules, boost regulation of derivatives and allow the government to respond more aggressively to crises in the financial system. If enacted, it would represent the most sweeping changes to regulation of financial markets since the Great Depression.
Does anyone really believe Congress can fix Wall Street? Just look what happened with health care! Remember, they have to pass these bills before we can find out what’s in them.
Via memeorandum
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