Sen. Tarryl Clark: Bachmann the populist? Beware...
The congresswoman's position on Wall Street reform is good for, well, the congresswoman and Wall Street.
By TARRYL CLARK
(Printed in the Star Tribune 12/17/09)
It should be common sense. The financial crisis we're in is in large part due to years of letting Wall Street, including banks and credit card companies, run wild with little government oversight. Taking steps to bring them back under control shouldn't be all that controversial.
Somehow, U.S. Rep. Michele Bachmann missed that memo. Last week she voted against much-needed financial regulatory reform, saying no to a bill that represents the chance for a historic shift in the way our financial institutions do business.
By now, perhaps we're all a little used to seeing Bachmann vote with special interests in order to advance her own agenda. What's new and remarkable about this particular vote is that she's presenting her position as an act of populism, as if taking direction from Wall Street is somehow an act of standing up for Main Street.
Figuring out which side is which in some of these Washington legislative battles can be tough for those of us who aren't Beltway insiders. So let's start with this: The regulatory reform that Bachmann characterizes as a Wall Street giveaway was relentlessly attacked by Wall Street itself, which spent millions in advertising and millions more on lobbyists to try to beat it, weaken it and fill it with loopholes. That Bachmann joined Wall Street in that attack probably tells you all you need to know about who she's representing in this fight.
That may not surprise you when you look at the more than $100,000 that Bachmann took from banks, credit card companies and similar financial interests. Most special interests fund their friends, not their enemies.
Read the full piece here.