Why the Dodd Financial Services Bill Is Bad… For Democrats

The New York Times‘ headline said it all: “Off Wall St., Worries About Financial Bill”. The Democrats in Washington may think it’s a slam dunk, but the rest of America doesn’t agree.

… Let’s hold people and businesses more accountable and responsible for what they do and how they do it.

¦The dirty secret of the Senate financial reform bill is that some of its biggest supporters work on Wall Street. Recipients of taxpayer bailout money have no concerns about the bill — in fact, the CEOs of Citi and Goldman Sachs have publicly endorsed it, and several of the other big banks have expressed support. It keeps the “too big to fail” guarantees in place for another generation of financial services companies.

¦Regardless of what side you’re on, the financial reform bill is special interest heaven — a bill written by lobbyists, for lobbyists,

¦But most average Americans — the ones who bailed Wall Street out in the first place — cannot afford lobbyists, and won’t be exempted from the legislation.

¦Americans want to change the direction of their government, and they will keep replacing incumbents until they get it right.

read the whole article: Frank Luntz: Why the Dodd Financial Services Bill Is Bad… For Democrats