April 20th, 2010
06:50 AM ET
12 years ago

DNC ad: GOP, Wall Street lobbyists trying to block reform

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/03/31/art.mccain.flags.cnn.jpg caption="John McCain is featured in a new television ad from the DNC about financial regulatory reform."]Washington (CNN) - The Democratic National Committee is launching a new television ad Tuesday accusing Republicans of cozying up with "Wall Street lobbyists" to block financial reform.

The 30-second ad, titled "For Years," will run on national cable for two weeks, according to a DNC spokesman.

"For years, Republicans stood by while Wall Street ran wild," a narrator says in the ad. "Risky bets. Lax regulation. When the economy collapsed, Republicans looked the other way."

The spot then zeroes in on Sen. John McCain, reprising an attack from the 2008 presidential race. Viewers are shown clips of McCain telling voters, "The fundamentals of our economy are strong."

McCain made that argument during the final weeks of the presidential race, even as the financial sector was in full meltdown mode. (His campaign said he was referring to the tenacity of American workers.)

"Now Republicans are working with Wall Street lobbyists to block reform," the ad continues. "Reforms that would protect consumers and prevent a future bailout. Tell Republicans it's time to reform Wall Street."

The House has passed its version of a finance reform bill, and now Democrats are looking to bring a Senate version to the floor for debate this week. The Senate bill, approved by Democrats on the Senate Banking Committee, would set up new regulatory oversight of financial industry practices.

But top Republicans in the Senate argue that the bill would give the government too much power of private industry and are calling for it to be re-worked.

Filed under: DNC • Wall Street
soundoff (46 Responses)
  1. Debbie

    Don't let Republicans get away with the kind of flat-out lies they told about Health Care Reform. Dems are right to immediately quash the Repub lie that this bill allows bail-outs when in fact it PREVENTS them.

    There should be some penalty at least in the form of voter confidence for lying to the public to purposely mis-lead. Repubs are trying to protect banks, investment co's the same way they did the health care industry, both at the expense of the American people. If this isn't made clear, they'll claim – and some will believe – they've somehow improved a faulty, "socialist" bill when in fact they're fighting to remove the most effective & important safeguards for us.

    This isn't rocket science, people! GOP is trying to prevent protection of the American citizens from a repeat of the financial meltdown. It's exactly what it looks like, and no Republican spin should be able to confuse you!

    April 20, 2010 08:54 am at 8:54 am |
  2. Our nation is divided and on the brink

    And tell Democrats it's time to reform the Democratic Party or call it what it actually has become – the Socialist Party....oh wait...maybe Communist Party would be a more accurate term.

    April 20, 2010 08:56 am at 8:56 am |
  3. Liz

    Well, for a guy who wasn't even sure how many houses he owned, the economy was strong. I hope they do make the republicans filibuster protecting Americans from greedy banks and investment firms. maybe some folks, even the ones who post on this site and rip us liberals, might finally wake up to who's actually on their side here. i've never seen so many people so adamant about supporting the people who are trying to screw them over six ways to sunday. if you are not a multimillionaire, you have no reason at all to support the republicans. they do not support you! step away from the Kool-Aid!

    April 20, 2010 08:56 am at 8:56 am |
  4. Liberal4Obama

    Great ad. If republicans carried anymore water for Wall Street than they are now their new headquarters would be located at the Hoover Dam.

    April 20, 2010 09:01 am at 9:01 am |
  5. dwg

    About frakkin' time DNC started doing SOMETHING about republican responsibility for mess(es) we are in and lies they tell!

    April 20, 2010 09:04 am at 9:04 am |
  6. Rick Sheridan

    Crack down on the crooks!

    April 20, 2010 09:07 am at 9:07 am |
  7. Jerry - Florida

    And the Democrats want help from across the aisle. What a joke! GOP, stand your ground.

    YES, I am a life-long Democrat.

    April 20, 2010 09:12 am at 9:12 am |
  8. Seattle Sue

    Well yeah, but John McCain is a delusional old fool.

    April 20, 2010 09:14 am at 9:14 am |
  9. Woodsong

    Nice!!! They are spending our tax dollars on an ad!!!!!! Get them out of office!!!!

    April 20, 2010 09:17 am at 9:17 am |
  10. Richard

    Any congressmen/women who have served over ten years should not be reelected. These are the people who allowed our economy to deteriorate to the level it has sunk. What does congress do? It votes to give itselves full retirement benefits after five years of service as well as free medical benefits. Congress is totally indifferent to the regular citizen, they got their's! Members of congress should not receive any retirement nor medical benefits after leaving office. Right now they feel they are "entitled" to all they can get. How can we impose term limits on congress? They're the one's who will vote themselves out of office! hah! eliminate their retirement/medical benefits? never happen. and congress wonders why the average American is fustrated with our government! Ethics! Integrity! I think not!

    April 20, 2010 09:26 am at 9:26 am |
  11. Angela

    The truth is that financial reform will never allow another tax payer bailout of wall street and there will no never be another too big to fail bank. Republicans need to know that not of usare as stupid as Palin and Bauchman. One can see Rusia from her house so she is foreign policy expert and the other uses a bull horn to yell into a microphone. Please go away.

    April 20, 2010 09:26 am at 9:26 am |
  12. Scott Kenan

    How pathetic that Republicans still don't understand that Human Rights is what our government is formed to protect and support. We did not form the Union to enslave ourselves economically or any other way.

    April 20, 2010 09:35 am at 9:35 am |
  13. fortydam

    The GOP is doomed for destruction, just like their leader Rush Limbaugh promised. He wanted all of the moderates out of the party, and that is just what is happening. The ultra right will create the perfect storm for the moderates in this country. Any left leaning GOP or right leaning democrat will win their elections. This country is sick of ultra leaning politics.

    If the GOP blocks this bill, or even paints it as something to help wall street, they will be undressed in front of the nation one more time.

    April 20, 2010 09:35 am at 9:35 am |
  14. BCW - NYC

    For the past 30 years since Reagan, the private sector (Financial) has been de-regulated. This all based on the GOP's believe of free market and market self regulation. Now, the reality of main street proves that it simply does not work. The rich got richer and the middle class is disappearing faster than we can imagine. The bankers risky gamble of the subprime mortgages tramatize millions of families all over the country.

    It is insane for anyone in congress, especially the GOP to NOT regulate the financial sector now. Do we all know what the definition of insanity is? Repeating the same failing policy and expect a different result. Please! It is time to stand by We, the people. Not the big corporations, bankers and financial institute. They only care about breaking profit record.

    Please read the news today and see how much all the 13 big banks have profited from this economic crisis. Not just listen to the sound bites.

    April 20, 2010 09:36 am at 9:36 am |
  15. Nelson, Colorado Springs Co

    Well Term Limits needs

    April 20, 2010 09:37 am at 9:37 am |
  16. Anita

    Senior citizen here ~ lost over $5,000 in the market's downfall & I will never, never, EVER be able to save that money again in MY lifetime. A reform bill just might help others from wondering how they will survive their golden years should their years of savings disappear in a split second. Any Senator who votes against reform is obviously doing a lot better than his/her constituents and has little to worry about. Good news, tho' ~ someday those Senators will be voted out of office & shall become a part of the constituent body they now represent. I pray they shall all reap what they sow and will come to understand what us "common folk" live thru everyday. Hope I live long enough to see it happen.

    April 20, 2010 09:37 am at 9:37 am |
  17. katiec

    The republicans continued support for big business, in the process sacrificing the American people will be their downfall.
    Their unAmerican obstruction against anything, regardless of merits
    has reached a point that they cannot lie their way out of.
    How anyone can support a political party that has put their personal gains, irresponsible goals, win at any cost mentallity over the survival of our country is beyond me.
    They have never acknowledged or admitted any responsibility for the horrendous diasters they created, and, refuse to support anything to right their wrongs.
    Domestic terrorists??

    April 20, 2010 09:39 am at 9:39 am |
  18. PT

    McCain...(His campaign said he was referring to the tenacity of American workers.)

    McCain doesn't even know what he talks about. Others speak for him. He stands in the background behind Sarah Palin and lets her poisonous tongue and others promote him. He's a ridiculous man. Say's he likes a good fight yet lets others do the fighting for him and is still stuck on WAR... WAR... WAR! and words like "Force Them" Stronger Sanctions.” Has this man any idea how this planet really works? This country?
    I cannot believe how poorly they have all run this country for 8 years.

    Make NO mistake...I am not part of the "Americans" they repeatedly
    talk about and try to manipulate every day. They are not well educated middle income people. Gun control was a closed issue until Sarah brought it to the forfront with a lie that "They are going to take our guns"

    Sorry, but an educated middle class American knows better.

    April 20, 2010 09:40 am at 9:40 am |
  19. Josh

    These republicans do not want a strong bill against wall street, they want to water the bill down so it is worthless. We as Americans should let the republicans know that we know what they are trying to do. Call them up and tell them to pass the bill as it is, with the 50 billion dollars which the big banks will have to provide to bail out any failing bank. We as Americans should force the republicans and some democrats out of the pockets of these big wall street firms. November will be a good time to start.

    April 20, 2010 09:42 am at 9:42 am |
  20. nola321

    2008 Presidential campaign contributions of individual contributors (employees, owners, members, and those people's immediate family members) bundled together for each company.

    Goldman Sachs $994,795
    Microsoft Corp $833,617
    Google Inc $803,436
    Citigroup Inc $701,290
    JPMorgan Chase & Co $695,132
    IBM Corp $528,822
    Morgan Stanley $514,881
    General Electric $499,130

    Merrill Lynch $373,595
    Citigroup Inc $322,051
    Goldman Sachs $230,095
    JPMorgan Chase & Co $228,107
    Wachovia Corp $195,063
    UBS AG $192,493
    Credit Suisse Group $183,353
    PricewaterhouseCoopers $167,900
    Bank of America $166,026
    Bear Stearns $117,498
    Lehman Brothers $114,357

    Just saying.....

    April 20, 2010 09:45 am at 9:45 am |
  21. Rush To Judgement

    Republicans are against anything that puts any onus or responsibility on the wealthiest in America, be they corporations or individuals.

    They blindly favor tax cuts for the wealthy while transferring the burden for paying for the cost of their version of big government (Department of Defense) to the middle class.

    Capital gains taxes and the Top Income tax rate are ALWAYS paid by the wealthy and SOMETIMES paid by some in the middle class. When these "rich people tax" rates come down, that money has to come from somewhere else.

    That somewhere else are: sales taxes, excise taxes, lotteries, gas taxes, property taxes, medicare and FICA all take a bigger bite out of WORKING PEOPLE.

    That is what has happened since Ronald Reagan was president. The burden has been shifted to the backs of the common man.

    It's time for those with the largest resources to pay more or to be more tightly controlled.

    April 20, 2010 09:46 am at 9:46 am |
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