Financial Treason ...and a more consumer friendly perspective

Yesterday, the ABA's top lobbyist, Ed Yingling, said that every week that passes gives the Republicans more leverage. The Republicans could gum up the bill once it hits the floor, delaying financial reform altogether.

"Another thing to understand is the clock is very important here," Yingling said. "It's March. The Congress probably has only 60 more days before they really get into the total election season -- 60 more work days."

Top GOP Senator, Richard Shelby (Alabama): 

"We're Willing To Wait Out The Clock On Wall Street Reform"

Shelby wowed the crowd of bankers assembled at the ABA summit, receiving several rounds of applause and a standing ovation at the conclusion of a speech in which he assailed Dodd's bill and re-asserted his belief that the banking sector's profitability is more important than consumer protection.

"Safety and soundness trumps everything," Shelby said to loud applause. "It trumps the consumer finance whatever."

Shelby's point was that if banks aren't profitable, then they won't be in a position to lend.

He then told the crowd that if they wanted to kill the proposed consumer agency, which would protect borrowers from predatory lenders, they should "elect more Republicans to the U.S. Senate."

in the pursuit of balance... Here's another perspective...

Elizabeth Warren on Consumer Protection (MMBM) from Roosevelt Institute on Vimeo.