April 28th, 2010
08:12 AM ET
5 years ago

New DNC ad accuses GOP of siding with Wall Street

A new DNC ad hits national cable television airwaves Wednesday.
A new DNC ad hits national cable television airwaves Wednesday.

Washington (CNN) - One day after Senate Democrats' second attempt to open debate of a financial reform bill failed, the Democratic National Committee is out with a new ad slamming Republicans for not supporting the measure.

The 30-second spot launching Wednesday and airing on national cable comes as both parties seek to prove that their allegiance is to everyday Americans and not big financial institutions. According to an ABC News/Washington Post poll released Monday, 65 percent of the public supports stricter federal regulations on the way banks and other financial institutions conduct their business, with 31 percent opposed. A majority of people questioned in a CNN/Opinion Research Corporation poll conducted last month also favored greater government regulation of banks and other financial institutions.

"Tell republicans: If they side with Wall Street over Main Street, you won't be siding with them," the DNC's ad says.

On Monday, Republican National Committee Chairman Michael Steele argued that it's Democrats who are siding with Wall Street.

"Senate Democrats stood with Wall Street by attempting to move forward with a bill that creates a permanent bailout for irresponsible financial firms, institutionalizes 'too-big-to-fail,' and does nothing to reform Fannie Mae and Freddie Mac, organizations that were at the heart of the financial crisis," Steele said in a statement.

"So instead of working with Republicans to responsibly reform financial regulations, Harry Reid decided that it's better to have no bill at all, creating a partisan side show instead of holding Wall Street accountable," he added.

–CNN Deputy Political Director Paul Steinhauser contributed to this report


Filed under: DNC • Financial Reform • RNC
soundoff (23 Responses)
  1. Gil

    The Party of No better start saying, "Yes" soon. They will be throwing out the window their dreams of 2010 election comeback. With the Arizona Immigration Law and now Texas thinking the same Unconstitutional law they will be putting a nail in their pipe dreams. I'm so Happy!

    April 28, 2010 09:13 am at 9:13 am |
  2. Terry From West Texas

    To the Conservative mind, the economy is a sorting machine that separates winners from losers. The wealthy are the winners. You can tell they are winners because of their wealth. If you have wealth, then you must also have the special personal qualities that wealth is attracted to: intelligence, hard-working, creativity, originality, dedication, will-power, etc.

    The middle class (or 'loser class') is composed of losers. You can tell they are losers because they are not wealth. They must not, therefore, be gifted with those special qualities. Members of the loser class are not wealthy, which proves that they do not deserve wealth (or they would have it).

    The lower class is the loafer class. They don't have anything because they don't deserve anything.

    Makes sense, right?

    April 28, 2010 09:15 am at 9:15 am |
  3. Joy

    The same Republican talking points always. They are already complaining about the number of pages the current proposal has and Steele now speaks about Fannie and Freddie.

    When are these folks going to get serious? It's my understanding they plan to address Fannie and Freddie later.

    I'm really sick of the games. It's time to stop lying and work together. One would think there would be some sort of code of ethics where members of congress are not allowed to mislead the American people.

    April 28, 2010 09:17 am at 9:17 am |
  4. Steve (the real one)

    Where's the ad that highlights how all 15 members of Congress who voted to save their pay raises are all Democrats? Let's see that one!

    April 28, 2010 09:18 am at 9:18 am |
  5. haren

    Do they have any idea or amendment to offer or their idea is just to say no.

    April 28, 2010 09:18 am at 9:18 am |
  6. th

    The CEO's of all companies make way too much money. But when someone makes money on the backs of other people something needs to be done. How much money does one person need? They couldn't possibely spend all the money they are raking in during their lifetime. Enough with the greed

    April 28, 2010 09:19 am at 9:19 am |
  7. USN

    Thats funny , why would the GOP side with so many democrates? Most of obama;s pwople came from Goldman and all the top people at Goldman are dem's ?????

    April 28, 2010 09:19 am at 9:19 am |
  8. John D

    These scumbags, the democrats are the real reason we are where we are yet they continue to blame everyone else.

    The truth lies with Clinton, Frank and Dodd! They are the real culprits and America knows it! Lower than whale dung!

    April 28, 2010 09:20 am at 9:20 am |
  9. Bob Dog

    More fabulous entertainment from the repubs.

    If you are anything other than a wealthy white male, why would you EVER, EVER, have anything to do with the repub party?

    April 28, 2010 09:20 am at 9:20 am |
  10. Charlie from the North

    Seriously folks all it would take to break this wall of NO is about 4 or 5 more Democrats. Let's see what having them really in charge will do. We've seen what un checked Republican influence will do for us. No thanks. Let's really give them their chance. We can always vote them out in a couple of years if it doesn't work.

    April 28, 2010 09:22 am at 9:22 am |
  11. Djinn

    So we all know that the Repugnicans are bought and paid for by the corporations and financial interests. The question is how do we get rid of them when so many Americans swallow their lies hook, line, and sinker? People VOTE these jerks out and lets get on with democracy and our recovery from their 8 year reign of plunder.

    April 28, 2010 09:26 am at 9:26 am |
  12. Joe from CT, not Lieberman

    What truely sucks is a group of senators representing less than 30% of the population can hold up reforms that 65% of the population favors!

    April 28, 2010 09:27 am at 9:27 am |
  13. Tired and Broken Ant

    "siding with wall street."

    You mean the same Wall Street that provides investments, jobs and growth for the entire world? You mean THAT Wall Street?

    Without investment, there are no jobs. Period.
    Despite what Kommrade Hopenchange tells you.

    April 28, 2010 09:31 am at 9:31 am |
  14. southerncousin

    When they didn't we ended up with the worthless stimulus package that rewared unions and will destroy our economy in the long run. And in order to get the health care and destroy business, jobs and the economy the slimy libertards by passed the procedure. All the Republicans are asking is to end bank bailouts, of course you have to remember Obozo got a $1 million in campaign contributions from current libertard whipping boy, demon Goldman Sachs. If you make money, you are considered an enemy of the state by this administration and the libertard congress. Levin is unbelievable, if a republican had spoken the way he did yesterday, the liberally biased media would be calling for resignations. But that is life and thinking on the left, lying, hypocrisy and the heck with the country and those who pay taxes, lets make it easier on the dope smokers.

    April 28, 2010 09:31 am at 9:31 am |
  15. J.C. - Independent 4 Universal Health Care

    Dr. Ron Paul of GOP does not side with Wall Street, but the financial crisis happened during the GOP's watch and Michael Steele should point his finger at himself, not outwards.

    April 28, 2010 09:32 am at 9:32 am |
  16. Seth

    Why do you people want to pitt Main Street against Wall Street.

    That may be a cute catchy phrase, but it is not based in anything but political manipulation.

    Leave main street alone. Leave Wall street alone.

    If you want to create animosity. How about "the People VS the Politicians'

    We are all independent and free Americans on main street ,wall street, back or front street. Just LEAVE US THE HELL ALONE!!

    April 28, 2010 09:35 am at 9:35 am |
  17. Ken

    The Democrats are pushing a smoke screen to deflect attention from their creation of the policies that caused our financial problem. All the banks did was trade. Guess what, every trade has a buyer and a seller. There are always two positions and the trades were entered into freely. On the policy side, it was Congress that forced banks to make sub-prime loans or face federal penalties (Rangel, Dodd, CRC). It was congress who set up Freddie and Fannie to assume the risk of these bad loans (socializing the potential loss, while privatizing the gains). The bad assets created were the sub-prime loans, and Congress owns them. Wall Street, like the unions, funnel the great mass of their political contributions to the Democrats (they are the easiest to buy). This entire kangaroo court is designed to deflect the public’s attention from the cause of the problems with an easy target. Ok Americans, will you continue to be fooled by these power hungry politicians?

    April 28, 2010 09:35 am at 9:35 am |
  18. Anonymous

    Tell the truth to the people. They have the right to know that republicans favor wall street over the people of our great country. They should pay for their loyalty to the wall street dollars and not trying to help bring us out of this big mess that we are in which was caused by wall street.

    April 28, 2010 09:37 am at 9:37 am |
  19. jenn, philadelphia

    And the Democrats sided with Fannie Mae and Freddie Mac. Now that we've pointed fingers and everyone can be blamed, how about they stop sniping at each other and fix the problems?

    April 28, 2010 09:37 am at 9:37 am |
  20. Chut Pata

    Wall Street bankrolls the elections of both the Republicans and Democrats. However Democrat voters pressurize Democrats to side with Main Street, and therefore the Democrats have to side with Wall Street discreetly. Republicans are under no such pressure and openly favors Wall Street.

    April 28, 2010 09:38 am at 9:38 am |
  21. Mike, FL

    If GOP and WallStreet lobbyist succeed in watering down the financial reform or defeated it all together, we are bound for other financial crises in the near future!

    April 28, 2010 09:40 am at 9:40 am |
  22. doug

    Americans want there to be honest oversight and fair regulations to make sure that Wallstreet doesn't take advantage of middle class Americans, we don't want to use the Demo-rat Barney Frank and company disaster to be used as a bridge to socialism.

    Just go with the facts, ok, I realize if you are a Democrat that will be like a Muslim having a pulled pork sandwitch but for the decent people just look at how much Goldman Sachs donated to Obama and the libs compared to the Republicans. There's your truth.

    April 28, 2010 09:41 am at 9:41 am |
  23. Bubba

    I don't find the GOP's attitude reassuring, especially after GOP Chairman Limbaugh announced that he wants the United States to fail. They aren't working for the voters anymore, are they?

    April 28, 2010 09:43 am at 9:43 am |