Financial Reform Dance, Verse Two

Brian Beutler reports for Talking Points Memo that Senate Republicans have once again dropped their obstruction of financial reform.

Without a single objection, Republicans tonight dropped their three day filibuster of financial reform legislation, agreeing unanimously to debate the Democrats' bill on the Senate floor.
Though clearly a big defeat for the Republicans, their line tonight is that they endured this week's political maelstrom for a substantive reason: to allow Sen. Richard Shelby (R-AL) to extract as many concessions out of Banking Committee Chairman Chris Dodd as he could. When Dodd said no more, they relented. Of course, bipartisan talks have broken down several times before, without Republicans relenting, and if you scratch below the surface, you find that the GOP's calculation was rooted more in an understanding that the caucus didn't have an appetite for endless obstruction this time around.

Again, it is hard for me to see the political gain for the GOP in allowing itself to be portrayed as defending Wall Street, particularly given the populist anger of the Tea Party Right. Perhaps a bit of posturing against anything the Democrats propose will maintain their cred with their base so long as they drop it before these supporters have the chance to think about the actual substance of their position. It is also possible that I am giving them way too much credit.

--Ballard Burgher