TBD on Ning
Swiftboating Finance Reform
By Robert Reich
WEDNESDAY, APRIL 28, 2010
Republicans are blocking a Senate vote on the Dodd bill, seeking to build public support by misleading the public. They’re claiming to want a stronger bill when in fact they’re doing the Street’s bidding by seeking a weaker one.
Evidence of their tactics comes in the form of a shady anti-financial reform group called “Stop Too Big To Fail” which today announced a new TV advertising push in three key states. The ad features an out-of-context quote from me to bolster its case to kill financial reform.
As TPMmuckraker has reported, Stop Too Big To Fail is the project of a veteran astroturf operation called Consumers for Competitive Choice, and it’s using the services of an ad agency that worked with the Swift Boat Vets For Truth in 2004. TPMmuckraker says the group has already spent $1.6 million on anti-reform ads and won’t say who’s funding the group’s efforts.
“Stop Too Big To Fail” has previously featured MIT economist Simon Johnson in one of its media conference calls before Johnson realized the goals of the outfit and demanded it stop using his name. Now, “Stop Too Big To Fail” is using me.
I demand it stop using my name.
The new ad, which is running in Virginia, Missouri, and Nevada, claims in a voice-over: “Congress is considering so-called financial reform that gives our government unlimited executive bailout authority. Unlimited bailouts for big banks, paid for by you and me. Even President Clinton’s secretary of labor said, ‘it preserves the possibility that the Fed could launch another bank bailout.’” The ad demands: “No more bailouts with our money.” It finishes by asking viewers to call their senators and ask them to vote against financial reform.
If the message sounds familiar, it is. It’s what we’ve been hearing from Republican opponents of reform in recent weeks: keep talking about bailouts while seeking to kill the reform bill.
If you read my post from two weeks ago that the group cites in the ad, you’ll see I was actually describing the very strategy employed by “Stop Too Big To Fail.” In that post, I critique the Dodd bill as not being tough enough on big banks — but I argue for tougher reform, exactly the opposite of what this group is seeking.
The Swiftboaters are back.
WEDNESDAY, APRIL 28, 2010
Republicans are blocking a Senate vote on the Dodd bill, seeking to build public support by misleading the public. They’re claiming to want a stronger bill when in fact they’re doing the Street’s bidding by seeking a weaker one.
Evidence of their tactics comes in the form of a shady anti-financial reform group called “Stop Too Big To Fail” which today announced a new TV advertising push in three key states. The ad features an out-of-context quote from me to bolster its case to kill financial reform.
As TPMmuckraker has reported, Stop Too Big To Fail is the project of a veteran astroturf operation called Consumers for Competitive Choice, and it’s using the services of an ad agency that worked with the Swift Boat Vets For Truth in 2004. TPMmuckraker says the group has already spent $1.6 million on anti-reform ads and won’t say who’s funding the group’s efforts.
“Stop Too Big To Fail” has previously featured MIT economist Simon Johnson in one of its media conference calls before Johnson realized the goals of the outfit and demanded it stop using his name. Now, “Stop Too Big To Fail” is using me.
I demand it stop using my name.
The new ad, which is running in Virginia, Missouri, and Nevada, claims in a voice-over: “Congress is considering so-called financial reform that gives our government unlimited executive bailout authority. Unlimited bailouts for big banks, paid for by you and me. Even President Clinton’s secretary of labor said, ‘it preserves the possibility that the Fed could launch another bank bailout.’” The ad demands: “No more bailouts with our money.” It finishes by asking viewers to call their senators and ask them to vote against financial reform.
If the message sounds familiar, it is. It’s what we’ve been hearing from Republican opponents of reform in recent weeks: keep talking about bailouts while seeking to kill the reform bill.
If you read my post from two weeks ago that the group cites in the ad, you’ll see I was actually describing the very strategy employed by “Stop Too Big To Fail.” In that post, I critique the Dodd bill as not being tough enough on big banks — but I argue for tougher reform, exactly the opposite of what this group is seeking.
The Swiftboaters are back.
Tags: finance, politics, reform
Views: 1
Replies to This Discussion
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Permalink Reply by brujo on
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Herein lies the problem. Americans are pissed, capital P, and we don't know who to believe. But who are we angrier at? Big Government or Big Business? My disenchantment with the current administration deals more with how fractured the Democrats are and their inability at times to lead. My disenchantment with the Republicans stemmed from their being led by big money. This administration has a real opportunity to fix and subsequently stabilize our financial markets. I hope they're up to the task, because 7 years of a boom-bust-explode cycle hasn't been to most people's liking.
Does it surprise me that someone out there would co-opt a message and use it to their own gains? Nah, I'm just suprised when the other side cries foul, because it's something both parties have done for the last 20 years. -
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Permalink Reply by Madhatterat60 on
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What I'd like to see is the absolute end of TOO BIG TO FAIL. If that means breaking up the big boys into some smaller biggies....do so. But in this country, if you make a crappy investment...and it craps OUT....you take your lumps like everyone else!
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