A Winning Argument for 2010 March 17, 2010Posted by Dwight Furrow in Dwight Furrow's Posts, politics.
Tags: Consumer Financial Protection Agency
Political analysts are predicting that Democrats face tough elections prospects in the House and Senate in 2010.
But there is an issue that Democrats can run on that might reverse these disturbing trends in the polls.
David Corn, in his Daily Politics column, sees Congressional Oversight Panel Chair Elizabeth Warren’s proposal to establish a ‘Consumer Financial Protection Agency’ as a good issue for Democrats.
Right now, the Consumer Financial Protection Agency, is tied up in the Senate where Republicans and financial industry lobbyists are trying to kill it. But the public is angry about high unemployment and bailouts to banks. So why not use Republican opposition to CFPA to hammer them over their cozy relationship with the banks. Corn writes:
There may not be much the Democrats can do to escape an electoral tide of anger. But if they can show that the Republicans are protecting the Wall Street players who drove the economy into a ditch, that certainly can’t hurt. To have any shot at this, though, the Dems have to cut through all the political clutter and make a clear case…If the GOPers stand in the way of creating a tough CFPA, the Democrats, led by Obama, ought to go crazy on this. Unlike, say, credit default swaps, this is not complicated. The president will merely have to say something like this: “It’s a simple choice. Which side are you on? The banks or hard-working American families? Congressional Democrats and I are trying to create an agency that will protect you from the sleazy practices of banks and credit card companies. The Republicans are working behind closed doors with the lobbyists. Who do you want to win?”
As Corn points out, to make this strategy work, Obama must insist on a strong CFPA and be willing to act on Warren’s statement that she would rather see “no agency at all and plenty of blood and teeth left on the floor” than an ineffective, watered down CFPA. Even if the Democratics cannot get the bill through the Senate, Corn argues “losing a well-defined fight over the CFPA could be a winner for them, if it shows voters that the D’s are battling for them and the R’s are fronting for the banks.”
A sustained, concerted attempt to link Republicans with their banking lobbyist friends will help turn around the mistaken impression that Obama is to blame for the bailouts, which were initiated and carried out at the end of the Bush Administration.
For political commentary by Dwight Furrow visit: www.revivingliberalism.com