April 12th, 2010
03:31 PM ET
10 years ago

In new TV ad, DNC pushes for financial regulatory overhaul

In new TV ad, DNC pushes for financial regulatory overhaul.

In new TV ad, DNC pushes for financial regulatory overhaul.

Washington (CNN) - The Democratic National Committee announced Monday that it is launching a new television ad focused on changing the rules that govern Wall Street.

"Not Again," a 60-second TV spot, will beginning airing Tuesday in Washington and on national cable outlets, according to a DNC spokesperson. The commercial will air for at least one week, said the spokesperson, who would not offer any further specific details about the buy.

The ad opens with images of storm clouds as viewers are asked to recall the near-collapse of the economy in 2008 when some Wall Street giants faltered and were assisted by financial support from the government.

"2008. Trillions in savings wiped out," an announcer says in the ad. "Millions of jobs lost. Homes and businesses foreclosed on. Wall Street's risk and greed cost us trillions. The result? The worst recession since the Great Depression."

After detailing a number of regulatory changes favored by the White House, the ad closes with an image of Capitol Hill and the message: "Tell Congress we can't afford another financial crisis. Pass President Obama's plan to hold Wall Street accountable... now."

The airing of the ad comes as Congress returns from a two-week recess and will likely turn its attention to financial regulatory reform legislation.

Related on CNNMoney.com: Senate panel OK's Wall Street reform

Filed under: DNC • Political ads • Wall Street
soundoff (28 Responses)
  1. Dano

    You can bet the GOP will be voting NOOOOOOO on this legislation. They'll argue that the bankers and CEOs can be trusted to oversee their industries. That's how they earn their multi-million dollar bonuses, right?

    April 12, 2010 03:16 pm at 3:16 pm |
  2. Jeff from Chicago

    Good way to keep people from knowing the truth, blame someone else. that's how the democrats got elected.

    Truth is, the democrat leaders, (mainly clinton), lossened up the credit market so everyone could own a home, not just those that are fiscally reponsible. so then the home market crashed because people could not afford the homes they had and the democrats blame Wall Street and the rich.

    The democrats know how to play the blame game. They just don't know how to run a country to prosperity, only collapse.

    rich and business is what makes this country strong so doing everything possible to bring them down only brings down the country.

    Guesst hey will never learn until it is too late, like maybe now.

    April 12, 2010 03:18 pm at 3:18 pm |
  3. AK Steve

    Finally, the Dems get out a head of an issue. Even though they SHOULD have tackled this last year, at least they're out a head of what will most likely be a GOP/lobbyist media blitz trying to pigeon hole finance reform as a socialist government take-over.

    Get the facts out Dems, You'll take the carpet right out from under the GOP sleeze-machines feet.

    April 12, 2010 03:18 pm at 3:18 pm |
  4. Randolph Carter, I'm no expert but...

    Ha! I'll believe it when I see it. Our congress critters know better than to bite the corporate hand that feeds them. Watch, It'll be another big expensive corporate giveaway with no real reform, just like healthcare. What a freaking joke. And we're the ones who will suffer. Y'all think Obama is a socialist? Yeah, right. Have a nice day!

    April 12, 2010 03:25 pm at 3:25 pm |
  5. Victim of GOP Taliban

    The Republicans need to quit playing dumb and pretend that Wall Street can magically police themselves. We still don't have anything in place that can prevent another meltdown.

    April 12, 2010 03:31 pm at 3:31 pm |

    LONG OVER DUE. Enough corporate welfare: limit leverage and keep an eye on these guys. As George W. Bush said "Wall Street got drunk". So let's have somebody there to cut them off when they've had too much. Let's have real economic growth and not the smoke and mirrors economy of the Bush years.


    April 12, 2010 03:37 pm at 3:37 pm |
  7. Party of The People vs The Party of No

    This is leadership.

    I know what the Democrats are FOR based on their message.

    They are for tighter reform on Wall Street that would prevent the casino mentality.

    They are for making sure we never hear that company XYZ is "too big to fail" and therefore MUST get government assistance.

    They are for treating a hedgefund manager's income just like that of other Americans instead of giving them preferential tax treatment that you and I can not get.

    I DO NOT know what the Republicans are for, except saying NO to anything President Obama advances.

    April 12, 2010 03:50 pm at 3:50 pm |
  8. Doug,lib jersey

    Ha, priceless, from the gimme gimme party.

    Shouldn't it be, tell congress you need your cheese off the backs of your neighbor every 1st of the month!

    Democrats are all take no give, explains the comments here at the ticker, so hateful, such is the entitlement lib.

    April 12, 2010 03:56 pm at 3:56 pm |
  9. George Guadiane - Austerlitz, NY

    What happens on Wall Street Stays on Wall Street!

    The ONLY difference between the Wall Street and the Las Vegas casinos is the address (and some of the nomenclature):
    Instead of betting we have "investing." Instead of Brokers we have "the House."
    End of the day, the odds may be a little different, but the promises are the same; Some are going to win and some are going to lose and if you're not the house, you could lose everything.

    People who bet their life savings on Wall Street deserve whatever they get. People who LIE (and "color" the facts) ABOUT WALL STREET deserve to go to prison.
    If you want the mindlessly unethical practices to stop, the laws MUST have an unambiguous CRIMINAL COMPONENT. Until the self serving opportunists face prison for deception and theft, they will just find new ways to break the old rules.

    How about this: "Any transaction that is undertaken between any two (or more) parties where ALL OF THE ELEMENTS are not fully disclosed and understood constitutes fraud and is punishable by a MANDATORY incarceration for a period of ___ and payment of damages in the amount of 200% of the losses incurred. Multiple offenses MUST BE SERVED CONSECUTIVELY. ANYONE convicted of this crime may not work in the finance industry EVER AGAIN.

    Like carrying a gun in certain states, or bank robbery, if we want people to refrain from engaging in these practices, we MUST make sure that there is more than ample reason to NOT do it.

    Seriously, if you walk into a bank and say "this is a stickup," you go to jail. If you knowingly, willfully defraud "clients" with valueless assets and or pass them along, even without understanding what you are doing (like dealing in stolen goods), you should pay a price. People and their assets should be safe from predators.

    April 12, 2010 04:00 pm at 4:00 pm |
  10. Claudia, Houston, Tx

    It's our duty as Democrats to go about the business of our country and let the Republicans sit on their behinds and complain while doing nothing.

    April 12, 2010 04:01 pm at 4:01 pm |
  11. jeff jackson, alabama

    Do your research and think hard about this.
    Forget if you are a democrat or republican
    for awhile. Part of this plan is to do away
    with financing with a bank through a car
    dealership, a boat dealership, and many retail
    stores. Also a bureau will set a cap on
    commissions salesmen can make in many
    professions. ( REGARDLESS OF PROFITS MADE )
    The banks will rake in ALL the profits on those
    loans and the business men and women in
    America who invest in their business will suffer
    along with their sales teams.
    Doing away with middle class America IS NOT
    Wake up, quit name calling and complaining
    about silly crap and call your representatives !!!!!

    April 12, 2010 04:02 pm at 4:02 pm |
  12. stormerF

    The Government needs to stay the hell out of the Financial institutions business and let them fail when they make bad loans.Get the Government out of backing mortgages and wishing for the tooth fairy to give everyboby a house... Dump Fannie Mae and Freddie Mac,Put the ones who took contributions from them in jail and lets keep moving.

    April 12, 2010 04:04 pm at 4:04 pm |
  13. CHRIS D.

    That's the next urgent reform we need.......ASAP....Wall St. needs tougher rules & clarity for investors, as far as how the rules of the road will change........

    This reform must be passed.

    April 12, 2010 04:06 pm at 4:06 pm |
  14. S.B. Stein E.B. NJ

    Part of this was letting lenders give anyone a loan without verifying income. Part of it was the rating agencies rate question things as top of the line. There is a portion of blame that needs to go to those that sold these derivatives without fully understanding them and saying that they are great investments. The math people who made them up didn't even fully understand them which should have been a warning sign.

    April 12, 2010 04:06 pm at 4:06 pm |
  15. Rick McDaniel

    The problem, as I see it, is that all of these "improvements", never seem to accomplish their goal.

    The reason? Perhaps because the wealthy and powerful, in Washington, don't really want to impact on their investments.

    April 12, 2010 04:06 pm at 4:06 pm |
  16. RCasson

    Cool ad.

    April 12, 2010 04:20 pm at 4:20 pm |
  17. rh5

    Make Banks and Wall Street live within their means, like we are having to do. Their addicted to Deregulation, time for an intervention. It's American taxpayers who fund corporate welfare (97% don't pay taxes at all), not the WTO. The expectations of stockholders, (shhh they don't think anyone knows they are there) has to be tempered. Stockholders run company board rooms, they are unconcious of anyone else around them. Like working people and America.

    April 12, 2010 04:33 pm at 4:33 pm |
  18. frank in valparaiso indiana

    We should have overhauled Wall Street before we gave them a dime.

    April 12, 2010 04:37 pm at 4:37 pm |
  19. Liz the First

    The need for financial reform is a no-brainer! let's see if the folks with no brains, (rethugliKKKlans) support it or fight for the financial institutions' right to give us a brand spanking new depression. if the American people don't wise up soon and see where the republicans' priorities lie, this country will go under. it's really that simple.

    April 12, 2010 04:37 pm at 4:37 pm |
  20. al in memphis

    Obama, what socialist, bad for business effort are you trying to pull with this, and health care reform, and credit card reform, and student loan reform, and energy reform. etc.

    IWall Street gamble with money they did not have and when the foreign banks refused to lend additional money - they came calling to the public treasury. Who got paid off– the foreign banks and Wall Street bonuses. Now the political PR machine wants us to believe that this was all the housing crisis - you better check to see what does housing have to do with deriatives.
    Its a sad day when govenment has to protect the public from greedy business like it protected the public from the Mafia.

    For those wanting Obama to be a one-term president–you will get your wish because he is trying to accomplish too much on behalf of the people instead of business as usual for greedy corporations.

    April 12, 2010 04:41 pm at 4:41 pm |
  21. PalmReader

    "Tell Congress we can't afford another financial crisis. Pass President Obama's plan to hold Wall Street accountable... now."

    Not if the party of HELL NO has it's way.

    GOPers LIKE Wall Street raking in billions in profits unrestrained. GOPers LIKE big business raking in billions in profits unrestrained. GOPers LIKE the banking industry raking in billions in profit unrestrained.

    So much so that ALL GOPEers will fight any and all regulatory restrictions tooth and nail. Regulation is ABSOLUTELY out of the question for our GOP friends.

    None. Zip. Zilch. Zero.

    April 12, 2010 04:44 pm at 4:44 pm |
  22. Dar

    Sure sure sure, let the Dems fix it. Just like Barney Frank tried to tell us that the banking system was whole two years ago. And then, opps Bush must have done something wrong. And he did, he trusted Frank.

    April 12, 2010 04:46 pm at 4:46 pm |
  23. Dominican mama 4 Obama

    Outstanding!! Go get 'em!

    It is such a breath of fresh air to have proactive vs. reactive or deluded government. I can sleep easier at night knowing that although the 'fundamentals' of our economy are not quite robust YET, there are people in charge working towards just that.

    April 12, 2010 04:47 pm at 4:47 pm |
  24. Dominican mama 4 Obama

    The expression "Never Again" would've been more apt, because what the previous administration put us through AND left us in was a FINANCIAL HOLOCAUST of as of yet undetermined magnitude.

    April 12, 2010 04:49 pm at 4:49 pm |
  25. Annie, Atlanta

    I'm shocked that nearly 2 years after our global economic meltdown, caused by Wall Street, that Congress hasn't seen fit to do something, anything!, about it.

    Do they truly own our government, or at least enough politicians to continue business as usual, because that's what they're doing? Very telling.

    April 12, 2010 04:53 pm at 4:53 pm |
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