Posts tagged with 'lobbying'
Weekly Mulch: Fighting the Joe Millers of the World
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by Sarah Laskow, Media Consortium blogger
Joe Miller, Sarah Palin’s choice candidate for one of Alaska’s Senate seats, does not believe in climate change. That didn’t bother Alaska voters: this week, Miller bested Sen. Lisa Murkowski in the state’s Republican primary.
If that weren’t worrisome enough, it also emerged that the fossil fuel industry spent eight times more than environmental groups on lobbying in 2009, the year the House passed the climate change bill. It’s been a bad year already for environmental causes, and as the November election edges closer, progressives might want to start working overtime to regain momentum on climate and energy issues.
Murkowski was solidly against the idea of the Environmental Protection Agency (EPA) regulating carbon. But she was willing to talk about cap-and-trade programs, and at the very least, she was willing to admit climate change was happening. Depending on how November’s election shakes out, the shift towards climate-denial in Congress may only worsen. A slew of Republican candidates are convinced that, as one put it, “only God knows where our climate is going,” as Care2 reports. (more…)
Weekly Audit: Republicans Filibuster Our Financial Future
by Zach Carter, Media Consortium blogger
Last night, Senate Republicans proved beyond any doubt that when it comes to the economy, they stand with Wall Street and against everybody else. Joined by lone Democrat Sen. Ben Nelson (D-NE), Republicans successfully filibustered the procedural technicality of opening debate on Wall Street reform. It’s an unmistakable ploy to kill the bill and collect campaign cash from bigwig bankers. The coming weeks won’t be pretty.
Republicans are going to be battered by this filibuster. Financial reform is popular, and nobody on Capitol Hill wants to be seen as the agents of Wall Street in Washington come November. Republicans are hoping to rhetorically counter Obama’s proposals, negotiate a fatally weakened reform package, and then vote with Democrats for reform-in-name-only before the elections. But the U.S. financial system is broken and voters know it needs strong medicine.
In a speech last week before Cooper Union Hall in New York City, Obama laid out what’s at stake in the reform fight. Our biggest banks don’t fear failure because they know the government will bail them out in a crisis. As a result, they take massive risks that endanger the economy. Our current regulators ignored predatory lending in order to protect Wall Street profits. To top it off, the risky, multi-trillion-dollar market for derivatives—the financial weapons of mass destruction that brought down AIG—remains beyond the scope of regulatory authority altogether. (more…)
Weekly Mulch: Cochabamba Summit Offers New Approach to Combating Climate Change
By Sarah Laskow, Media Consortium blogger
On Monday, climate activists, nonprofit leaders, and governmental officials will gather in Cochabamba, Bolivia, to look for new ideas to address climate change. The World People’s Conference on Climate Change and the Rights of Mother Earth, organized by leading social organizations like 350.0rg, “will advocate the right to “live well,” as opposed to the economic principle of uninterrupted growth,” as Inter Press Service explains. In the absence of real leadership from the world’s governments, the conferees at Cochabamba are looking for solutions “committed to the rights of people and environment.”
The United States certainly isn’t stepping up. Sen. John Kerry (D-MA), along with Sen. Joe Lieberman (I-CT) and Sen. Lindsay Graham (R-SC), were supposed to release their climate legislation next week, just in time for Earth Day. But yesterday the word came down that the release was being pushed back by another week, to April 26. (more…)
Weekly Audit: Congress Must Get Tough On Wall Street
by Zach Carter, Media Consortium blogger
Congress returns from its April recess this week with financial reform at the top of its to-do list. With millions of Americans still 
bearing the brunt of the worst recession in 80 years, Congress needs to start protecting our economy from Wall Street excess, and repair the shredded social safety net that has allowed the Great Recession to exact a devastating human cost.
Big banks are an economic parasite
In an excellent multi-part interview with Paul Jay of The Real News, former bank regulator William Black explains how the financial industry has transformed itself into an economic parasite. Black explains that banks are supposed to serve as a sort of economic catalyst—financing productive businesses and fueling economic growth. This was largely how banks operated for several decades after the Great Depression, because regulations had ensured that banks had incentives to do useful things, and barred them from taking crazy risks.
The deregulatory movement of the past thirty years destroyed those incentives, allowing banks to book big profits by essentially devouring other parts of the economy. Instead of fueling productive growth, banks were actively assaulting the broader economy for profit. None of that subprime lending served any economic purpose. Neither do the absurd credit card fees banks charge, or the deceptive overdraft fees they continue to implement.
Weekly Mulch: New bills and old money
By Sarah Laskow, Media Consortium blogger
Climate legislation is returning to the Senate’s docket, and leaders on Capitol Hill are hoping that this version, a compromise bill spearheaded by Sens. John Kerry (D-MA), Lindsey Graham (R-SC) and Joe Lieberman (I-CT), can pass without getting caught in the morass of money and politics that has delayed action so far.
A long, long time ago…
Remember, there was a time when Congress was going to pass climate legislation before the international climate change negotiations in Copenhagen. President Barack Obama was going to show up with a bill in hand and lead the world towards a better climate future. After the House passed its climate bill in June 2009, the Senate began discussing climate change, and a first stab by Sen. Kerry and Sen. Barbara Boxer (D-CA) went nowhere. Now, Kerry has turned to less liberal colleagues to draft an alternative that would appeal to moderates and even Republicans.
Now the Massachusetts senator is promising that climate change isn’t dead. A new bill is coming—more information may be in the offing as early as today, as Kate Sheppard reports at Mother Jones. (more…)
Weekly Pulse: Bayh-Partisanship=Giving Your Seat to a Republican
By Lindsay Beyerstein, Media Consortium Blogger
You will be shocked, shocked to hear that a Blue Dog Democrat who made a career out of undermining his own party is sucker-punching them on his way out. Sen. Evan Bayh of Indiana abruptly announced this week that he would not seek reelection in November. Bayh’s departure is ratcheting up insecurity in the Democratic caucus at the very moment they need to take decisive action to pass health care reform.
Bayh could easily have won a third term, but it’s unclear whether any other Democrat can hold the seat. To add insult to injury, Bayh waited until 24 hours before the filing deadline for Democratic primary candidates, sending Indiana Dems scrambling to find a candidate to run in his place. Bayh’s tardiness was calculated. Since no Democrats were ready to file by the deadline, the Indiana Democratic establishment will get to handpick Bayh’s successor.
In a call with state Democratic officials, Bayh said his abrupt departure is for the best, as Evan McMorris-Santoro reports for TPMDC. According to Bayh, he’s doing the party a favor by sparing them a contentious primary process. Thanks a lot.
What does this mean for health care reform?
What does Bayh’s departure portend for health care reform? Monica Potts of TAPPED argues that replacing a conservative Democrat like Bayh with a moderate Republican won’t make that much difference. Bayh was never a reliable Democratic vote.
But Tim Fernholtz of TAPPED dismisses this view as naive. Fernholtz predicts that, for all of Bayh’s faults, the senate will be much worse without him: “In essence, the difference between this insubstantial Hoosier and, say, [GOP hopeful] Dan Coats, is simple: You can buy off Bayh.” Bayh voted for health care reform and the stimulus, no Republican, no matter how “moderate” is going to vote that way.
Anyone who expects a moderate Republican from Indiana to support any part of the Democratic agenda is deluded. On the other hand, the Senate Democrats already passed their bill, their only remaining task would be to pass a “fix” through budget reconciliation to make changes in the legislation that would be acceptable to the House. Of course, reconciliation will be a bitter political fight. One wonders whether the demoralized Senate Democrats will have the stomach for it.
About that health care summit…
Note that congressional Republicans have yet to commit to attending the “bipartisan” health care summit that they called for. Christina Bellatoni of TPMDC reports that yesterday White House Press Secretary Robert Gibbs wondered why the Republicans were for the summit before they were against it:
“Right before the president issued the invitation, the—the thing that each of these individuals was hoping for most was an opportunity to sit down on television and discuss and engage on these issues. Now, not accepting an invitation to do what they’d asked the president to do, if they decide not to, I’ll let them leap the—leap the chasm there and try to explain why they’re now opposed to what they said they wanted most to do,” Gibbs said.
Busting the filibuster
On the bright side, the Democrats still have a sizable majority in the Senate, with or without Bayh. Republicans would have to beat all 10 vulnerable Democratic incumbent senators in the next election in order to regain control of the Senate. The more immediate threat to health care reform and the Democrats’ ability to govern in general is the institutional filibuster. Structural reform is needed to break the impasse. Lawyer and author Tom Geoghegan talks with Amy Goodman on Democracy Now! on strategies for busting the filibuster.
Public option resurfacing
Mike Lillis of the Washington Independent reports that four senate Democrats have thrown their lot in with progressives clamoring for a public option through reconciliation. Sens. Sherrod Brown (OH), Jeff Merkley (OR), Kirsten Gillibrand (NY) and Michael Bennet (CO) argue for the public option in an open letter to Majority Leader Harry Reid. The letter reads:
There are four fundamental reasons why we support this approach – its potential for billions of dollars in cost savings; the growing need to increase competition and lower costs for the consumer; the history of using reconciliation for significant pieces of health care legislation; and the continued public support for a public option….
Big pharma’s lobby
That’s nice, but let’s not forget who’s really in charge. In AlterNet, Paul Blumenthal recaps the sorry history of collusion between the White House, the pharmaceutical lobby group PhRMA, and the Senate. According to Blumenthal the White House steered pharmaceutical lobbyists directly to Sen. Max Baucus (D-MT), chair of the powerful Finance Committee, who was entrusted with crafting the White House’s favored version of health care reform.
Abortion and health care reform
As if we didn’t have enough to worry about, Nick Baumann of Mother Jones notes that the National Right to Life Committee (NRLC) is making abortion is an obstacle to passing health care reform through reconciliation. The NRLC is insinuating that Bart Stupak (D-MI) and his coalition of anti-choice Democrats will vote against the Senate health care bill because it it’s slightly less restrictive of abortion than the bill the House passed. The good news is that it’s procedurally impossible to insert Stupak’s language into the Senate bill through reconciliation. The bad news is that Speaker Nancy Pelosi (D-CA) needs every vote she can get to pass the Senate bill and anti-choice hardliners could be an obstacle.
This post features links to the best independent, progressive reporting about health care by members of The Media Consortium. It is free to reprint. Visit the Pulse for a complete list of articles on health care reform, or follow us on Twitter. And for the best progressive reporting on critical economy, environment, health care and immigration issues, check out The Audit, The Mulch, and The Diaspora. This is a project of The Media Consortium, a network of leading independent media outlets.
Weekly Mulch: Climate Reform’s Good, Bad, and Ugly
By Sarah Laskow, Media Consortium Blogger
The next United Nations climate change conference is almost a year away, and health care is still dominating the legislative agenda in Washington. That means climate reform opponents, from the coal industry to the global warming skeptics, have plenty of time to work, out of the spotlight, to derail progress. Here’s a glimpse of the enemies of reform—and the companies and individuals that are still fighting for change in 2010.
Take the case of Cape Wind, an offshore wind farm planned for Massachusetts’ Nantucket Sound, as an example. The project faced yet another roadblock this week, when the National Park Service said the site could be listed as a historical place, prized by Nantucket’s Native American tribes. But as Kate Sheppard writes in Mother Jones, the park service’s decision counts as a victory for a less sympathetic opponent as well. William Koch is the founder and president of the Oxbow Group, a privately-held group of companies, and he has laid out more than a million dollars to fight Cape Wind. (more…)
Weekly Audit: Stop Wall Street’s Economic Rampage
By Zach Carter, TMC Blogger
Over the past year, Wall Street’s excess has helped push the unemployment rate to epic levels and created millions of foreclosures. Yet the rules of the financial road remain unchanged. As 2009 draws to a close, it’s astonishing that so little progress towards financial reform has been made.
President Obama, Congress and federal regulators have not been tough enough on the nation’s financial elite. As Monika Bauerlein and Clara Jeffery emphasize for Mother Jones, the government has committed about $14 trillion in bailout funds to save the banking system without demanding much of anything in return. Goldman Sachs and other big banks are now planning to pay giant bonuses that come straight from taxpayer giveaways rather than invest that money in socially constructive banking.
“Bankers aren’t being rewarded for pulling the economy out of the doldrums,” Bauerlein and Jeffery write. “Nope, they’re simply skimming from the trillions we’ve shoveled at them.”
The major banks are even spending our bailout money to lobby against reform. When President Obama called a meeting for leaders of the nation’s largest banks to scold them for their lobbying, the heads of Morgan Stanley, Goldman Sachs and Citigroup didn’t even bother to show up, as Matthew Rothschild describes in a podcast for The Progressive.
It’s easy to see why the bank execs are so indifferent, Rothschild argues, even to the president. Now that almost all of these banks have repaid the loans they received under the Troubled Asset Relief Program (TARP), Obama has no negotiating leverage and the bankers know it. Even though it represents just a tiny fraction of the $14 trillion bailout, TARP was the only program that attached any strings to that money. Prior to those TARP repayments, Obama could have demanded that banks do more lending to help the economy, work harder to keep troubled borrowers in their homes—or face executive compensation restrictions or other penalties.
And many of the same regulators who helped bring about today’s economic disaster are still in power. As Sen. Bernie Sanders (I-VT) explains for Brave New Films (video below), Federal Reserve Chairman Ben Bernanke blew just about every major policy decision he faced in the years leading up to the crisis. Bernanke, who was recently named person of the year by Time magazine, failed to rein in reckless mortgage speculation, predatory lending or excessive compensation packages. Nevertheless, President Obama has appointed him to another term.
“This recession was precipitated by the greed, recklessness and illegal behavior on Wall Street,” Sanders says. “One of the key responsibilities of the Fed is to maintain the safety and soundness of our financial institutions … The Fed was asleep at the wheel, Bernanke did not do the job.”
Sanders notes that even Bernanke’s financial clean-up operations have been deeply flawed. Bernanke has helped make today’s too-big-to-fail banks even bigger. If we want to stop the lobbying and policy deference that politicians grant to Wall Street, we have to break up the biggest banks into smaller firms that do not endanger the economy if they fail.
Bernanke is not the only holdover from the Bush administration that wields significant economic power under Obama. As I note in a piece for The Nation, John Dugan, the top bank regulator appointed by President George W. Bush, remains in office today, despite failing to ensure the financial health of our largest banks and actively working to undermine consumer protection.
Campaign contributions from the bank lobby will not be enough to counter the voter outrage that President Obama and members of Congress are facing, nor should they. If our leaders want a serious shot at re-election, they need to recognize the need for significant change on Wall Street. That means breaking up the big banks and setting economic policy that helps all of our citizens, not just financiers.
This post features links to the best independent, progressive reporting about the economy by members of The Media Consortium. It is free to reprint. Visit the Audit for a complete list of articles on economic issues, or follow us on Twitter. And for the best progressive reporting on critical economy, environment, health care and immigration issues, check out The Mulch, The Pulse and The Diaspora. This is a project of The Media Consortium, a network of leading independent media outlets.
Weekly Audit: Saying ‘No’ to Corporate America
By Zach Carter, Media Consortium Blogger
By proposing financial reforms that won’t curb Wall Street excess, U.S. policymakers have offered an unacceptably weak response to our enormous financial crisis. If voters don’t demand that their elected representatives help workers and consumers instead of simply boosting corporate profits, the economic downturn will last for several more years and leave the economy vulnerable to another bank-induced meltdown. (more…)
Daily Pulse: GOP Stalls For Time
By Lindsay Beyerstein, Media Consortium Blogger
Republicans are continuing their attempts to derail health care reform. This week, GOP senators tried unsuccessfully to write further delay into the Senate Finance Committee’s bill, Alex Koppelman reports in Salon:
Working on reform legislation Wednesday, the panel spent most of the morning debating an amendment by Republican Jim Bunning of Kentucky that would have delayed votes on any other amendments until they were written up in official legislative text. The Congressional Budget Office would then have had to post the language for three days before votes—which would, effectively, have stalled any progress on the bill for a week or two, at least. There are, after all, more than 500 amendments waiting to be debated and voted on.
It sounds like a bid for transparency. In practice, there would be a 72-hour window for lobbyists to read the bill and tell legislators how to vote, as Sen. Pat Roberts (R-Kan) more or less admitted. Roberts said that the amendment would give time for “the people that the providers have hired to keep up with all of the legislation that we pass around here.” The hired guns Roberts mentions are health care industry lobbyists.
At this point, the GOP’s only hope is to run out the clock. Bad faith bipartisanship is a great time waster: Steve Benen of the Washington Monthly notes that Sen. Chuck Grassley (R-Iowa) is proposing yet another bipartisan group to negotiate the Senate’s health care bill. Grassley and Finance Committee Chair Max Baucus (D-Mont) already wasted the entire summer searching for a bipartisan bill that didn’t attract a single GOP vote, not even Grassley’s.
It’s not like the Republicans have a viable counter-proposal. James Ridgeway notes in Mother Jones that GOP is gearing up to run against health care in the midterm elections. Even the Republican Study Committee, supposedly the party’s legislative idea factory, couldn’t come up with anything besides tinkering with Medicare.
This post features links to the best independent, progressive reporting about health care and is free to reprint. Visit Healthcare.newsladder.net for a complete list of articles on health care affordability, health care laws, and health care controversy. For the best progressive reporting on the Economy, and Immigration, check out Economy.Newsladder.net and Immigration.Newsladder.net. This is a project of The Media Consortium, a network of 50 leading independent media outlets, and created by NewsLadder.