Frank: Democrats Blocking Progressive Financial Reforms Should Be Kicked Out Of The Party

[cal04]

Last week, Sen. Dick Durbin’s (D-IL) “cram-down” amendment — which would rewrite bankruptcy law to allow judges to renegotiate mortgages with banks — was rejected 45-51 by the Senate. Twelve Democratic senators voted against the bill, after furious lobbying from the mortgage and banking sectors. The financial sector had funneled millions into the coffers of Democratic senators who voted nay, leading Durbin to decry that banks “own” Congress.

This weekend, on the Bill Maher Show, Maher suggested to Rep. Barney Frank (D-MA) that progressive Democrats fighting against moneyed interests form a new party: “Let’s be honest, the Democratic party, starting in the 90’s, also became the party of business and Wall Street. So what we really need is another party that’s the progressive party.”

Frank objected, saying, “We who don’t feel that Wall Street should call the shots are in the majority of the Democratic party.” Frank then suggested that the “minority” in the party that is blocking progressive financial reforms break away to form a third party:

FRANK: Yes, I agree with you that I wish there were more Democrats on one side. But what you’re saying on the Democratic side, who are on the side you want, should leave to become the second party. No, I’m the first party. Let the minority, who doesn’t agree with us, let them become the second party.

Frank suggested seven times during the interview that Democrats cozying up to the financial sector form their own voting bloc. Watch it:

http://thinkprogress.org/2009/05/04/frank-democrats-blocking-progressive-financial-reforms-should-be-kicked-out-of-the-party/

Even with the setbacks, Frank said that progressives should be happy that legislation protecting credit card holders against abuses — which “the banks hated” — passed the House. “If the Senate doesn’t do that, people have a right to be frustrated. But again, the answer is, kick out the minority, don’t kick out the majority,” he urged.

Notably, the influence of big business is also causing centrist Democrats to attempt to neuter President Obama’s ambitious health care reform and clean energy economy proposals.

[wyldwolf]

1. In other words...

Let's race the GOP and see which party can implode the fastest.

Hey, Barney - I agree with your sentiments. Splintering the party isn't the solution.

[Winterblues]

2. I think it is inevitable.

All the "moderates" both Republican and Democrat will form a Party while the GOP wingnuts will have theirs and us Liberals will have ours. Then it will be really interesting to see whose ideas will win out.. I would place my money on the Liberals but this is America where critical thinking is not even a concept...

[wyldwolf]

5. I disagree

I believe we're more likely to see a more Libertarian-strain in the GOP (watch and see - that will be their rebranding), and the Democratic party will remain center-left.

But we'll see.

[TankLV]

3. We need to convice their constitutients to VOTE them out...and WITHOLD FINANCIAL SUPPORT...

that includes DINO Specter and LIEberman...

[wyldwolf]

6. I agree that would be the way to meet Frank's objectives

Easier said than done, though.

[MannyGoldstein]

8. There Is A Crack in The Space-Time Continuum

You and I agree!

[jsamuel]

4. yeah, this idea would not work

All it would do is cause the Dems to lose control. We need to figure out another way. Primaries may not work in conservative states as it raises the chance that they will lose the general election. Two ideas I have read on this site include:

1. Work on moving their constituents to the left in conservative states, that way they can vote the right way or can be "primaried".
2. Since this is all about money, make the progressives a strong moneyed interest that can provide more funding than the other side.

Neither of those would be easy.

[Political Heretic]

10. What is, then?

[MannyGoldstein]

7. K&R - The Clinton Legacy Looms Large Over Congress

We voters need to get serious in the Dem primaries and vote for our interests.

The RepubliCrats should be fired, promptly. Until then, we need to work with them.

[snowdays]

9. What happened to the "any Dem will do" mantra????

plunk