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A Bad News Day For Democrats

What an amazing news day it was today. Speaker Pelosi officially surrendered on ObamaCare. The Supreme Court gutted McCain Feingold and invited the likes of Exxon and BigPharma to enter the political fray directly. And President Obama declared war on the very Wall Street speculators that were his biggest financial backers in the 2008 election.

It's amusing that Speaker Pelosi needed forty eight hours to acknowledge the humiliation that Massachusetts delivered to her door in the form of Scott Brown but denial is a river that courses deep and wide through the Democratic Party on this anniversary of the inauguration of President Barack Obama. However, the stunning Massachusetts defeat that was, in effect, a plebiscite on ObamaCare may turn out to be the third most important story of the week.

The Supreme Court ruling on first amendment rights today promises to rearrange the funding apparatus of campaign finance. The immediate winners, as Tom Maguire noted, are the broadcast outlets and the losers are the print media dinosaurs that pined for the exclusivity of their position. Put a fork in them. At the next level, consider that lobbyists may have just been disintermediated, a fancy term for having someone else take your place at the competitive table. Big and small business will invest heavily in their new found freedom to push their message on a more level playing field, particularly against unions and quasi governmental 501 C3 organizations that operate under the radar of McCain Feingold. In short, today's ruling was a body blow to the financing apparatus of the Democratic Party.

The President's new regulatory policy recommendations regarding the banking industry are more complicated and require some fleshing out. As they say, it's all in the implementation. The problem plaguing Wall Street and its largest banks is that the public has figured out that these bankers continue to operate with a pre 2008 policy mindset regarding compensation for themselves while the public now understands that these same banks would be out of business without taxpayer support in the form of TARP and access to the Federal Reserve. Lord help these bankers when the Tea Party movement moves its attention away from federal spending, privacy rights and national security to the cronyism that has corrupted our financial system.

Note: Some commenters have noted that Pelosi hasn't given up on ObamaCare. The ObamaCare debate has devolved from a real political debate to a perception issue. I think what we are seeing now is some residual pandering by Pelosi to a fringe element of the base that is furious about the outcome and not easily placated. The House Democrats now opposed (after the Brown election) to a vote on the Senate version of ObamaCare are bending to the number one rule of politics: at the end of the day every politician will do what is in their own self interest. Surprisingly, even in the age of Obama, elections still have a way of distilling the base interests of politicians. Maybe Pelosi is still entertaining these objections out of self interest? After all, her Speaker position is clearly at risk.


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Comments (17)

Be sure to check out NRO's ... (Below threshold)

Be sure to check out NRO's note that the Dems are NOT through with the idea of reconciliation yet...just posted 1 hour ago. They are meeting through the weekend to discuss.

And we owe it ALL to Scott ... (Below threshold)
GarandFan:

And we owe it ALL to Scott Brown! Just ask Stevie Green. Scott Brown HAS THE POWER! As for Barry Obama's "war" on banking (you'd think the guy has the Alinsky handbook at his bedside), it will probably turn out like his "war" on Fox. Barry is going to have a hard time having anyone in Congress do his bidding any longer. Elections are coming up and the Democrats are in survival mode. "Taking one for Barry" isn't an option. Hell the worst thing Barry can do to any of them is threaten to campaign on their behalf.

Wall Street sure was angry ... (Below threshold)
Tsar Nicholas II:

Wall Street sure was angry and depressed about those proposed banking regulations.

SCOTUS decision truly a landmark. Arguably the most important free speech ruling, well, ever.

Roberts-Alito-Scalia-Thomas-Kennedy need to make it past the Teleprompter's term. {knock on wood}

Uh... I think you spoke too... (Below threshold)
ParamusParis:

Uh... I think you spoke too soon. Pelosi is the Borg, or rather, the PORG

Speaker Pelosi officiall... (Below threshold)
wolfwalker:

Speaker Pelosi officially surrendered on ObamaCare.

Not yet, she hasn't. Not entirely. It seems she still has one last card up her sleeve.

The four conseratives are s... (Below threshold)
Stan25:

The four conseratives are still young enough to have some bearing on the court. Roberts being the youngest member at 50+. Kennedy is the oldster in the five that handed down the stunning reversal, today. Oh btw, has anyone checked out the tirade that Chuckie Cheese Schumer had when he learned of the decision? He just about went spastic and make threats of holding hearings. In my opinion, that was all blow hard rhetoric to placate his liberal voters.

wolfwalker, #5Don'... (Below threshold)
iwogisdead:

wolfwalker, #5

Don't worry. "Reconciliation" has three times the number of syllables than Nancy can deal with. Let the Dems pull more shenanigans to force through an astonishingly unpopular piece of legislation. That sort of thing has worked so well for them this week.

The SCOTUS ruling will have... (Below threshold)
hmmm:

The SCOTUS ruling will have unintended consequences.

There is nothing stopping foreign corporation from pouring money into a US subsidiary and influencing our elections. It is assumed by many on the right that this will help Republicans because they are more corporate-friendly. That is true. It is also true that many anti-American foreign interests do business here and will now have unlimited power to influence our elections.

Citizens on the left and right will have no way to counter money spent on ad space that is sold to the highest bidder. And those bidders may well be betting on the failure of America. The world already hates us - why should we let outsiders into our democracy?

We have just opened Pandora's Box.

"There is nothing stopping ... (Below threshold)
GarandFan:

"There is nothing stopping foreign corporation from pouring money into a US subsidiary and influencing our elections."

Ya mean like all those 'unverified' contributions to Obama via the internet. You know, the contributions with the odd cents attached? 'Cause everyone knows that Americans always contribute amounts like $24.32, $47.83 etc.

@ GarandFan"Ya ... (Below threshold)
hmmm:

@ GarandFan

"Ya mean like all those 'unverified' contributions to Obama via the internet. You know, the contributions with the odd cents attached? 'Cause everyone knows that Americans always contribute amounts like $24.32, $47.83 etc."

Exactly. But instead of $24 how about 2.4 million in a house race where a Tea Party candidate has a good shot at unseating the Dem who voted for the pro-corporate bailout. Guess what - the Dem will get the money and crush the Tea Partier. Why would Wall St fund a Tea Party insurgency when the Dems are already in charge and doing what Wall St wants? Seen the DOW lately? It recovered, we didn't.

I'm not sure why people assume this will necessarily be better for Republicans in the long run or help shrink the size of gov't. You watch - Dems will make out like bandits and whore themselves to Wall St. just like they're already doing. Only now there are no limits.

We'll look back at this decision in a few years and wonder what all the cheering was about.

"But instead of $24 how abo... (Below threshold)
JB:

"But instead of $24 how about 2.4 million in a house race where a Tea Party candidate has a good shot at unseating the Dem who voted for the pro-corporate bailout."

Umm, did you read the decision?

There is this wonderful thing called "disclosure".

All contributions of $1000 or more are public.

The main reason why Chuckie... (Below threshold)
Stan25:

The main reason why Chuckie Cheese Schumer is so upset about the Supreme Court ruling is that he has lost a huge amount of campaign contributions that came to him under the table. According to a chart that was published here: http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/How-the-courts-campaign-finance-ruling-hurts-Wall-Street-favorite-Chuck-Schumer-82288732.html This was where he was getting a lion's share of his under the table campaign money. With the ruling, he won't be getting as much blackmail money from these corporations.

"It is also true that ma... (Below threshold)
Oyster:

"It is also true that many anti-American foreign interests do business here and will now have unlimited power to influence our elections."

You've countered your own argument. They're doing business here. The profitability of their business will be the driving force for who they donate to. It has always been thus. Even for left leaning domestic businesses who pretend to fight for "social equality" but scratch the surface and you'll always find the "favors" granted for their support. It's ALL about the bottom line.

But besides all that, no more special treatment or exemptions for the "correct" groups.

@ oyster You've... (Below threshold)
hmmm:

@ oyster

You've countered your own argument. They're doing business here.

Doing business here does not necessarily mean doing good.

Goldman Sachs "does business here". They are in the business of betting on American failure and business is good. And after our economy collapsed the Dems bailed them out.

BTW - this doesn't just apply to corporations but also unions. And the corporations are NOT going to fund a Tea Party insurgency. No way, no how.

They are now free to kill ANY up and coming populist conservative with unlimited ad buys. Put it this way - the movie Avatar has already raised more money than the Obama campaign did in all of 2008.

A single Hollywood movie studio could crush a presidential candidate. We have NO IDEA what we've done.

All bow to CEEZER... (Below threshold)
Ha ha ha ha:

All bow to CEEZER

In other good news on Frida... (Below threshold)
GarandFan:

In other good news on Friday (that even AP could not spin for Barry):

Unemployment rates rose in 43 states last month, the government said Friday, painting a bleak picture of the job market that illustrated nationwide data released two weeks ago.

The rise in joblessness was a sharp change from November, when 36 states said their unemployment rates fell. Four states -- South Carolina, Delaware, Florida and North Carolina -- reported record-high jobless rates in December.

Kalifornia is at 12.4% Gotta love those Obamanomics! Hey! Great idea! Let's tax the shit out of banks that repaid their TAARP Loans. Even the one's that didn't want the money in the first place. Ain't like it's gonna hurt the market. Oh, wait! The markets been in free-fall the last 3 days. Oh well. Give it time. Barry will have us at Haiti's level by 2012.

Bad news for demacrats is g... (Below threshold)
Flu-Bird:

Bad news for demacrats is good news for me i think ill do a barrel roll over the NBC peacock and humiliate him




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