Punting the Pundits

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

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Richard (RJ) Eskow: We Lost The ‘CRomnibus’ Fight, But At Least Someone’s Fighting

Last week Sen. Elizabeth Warren (D-Mass.) warned that “the House of Representatives is about to show us the worst of government for the rich and powerful.” They promptly did, and the Senate quickly followed suit. We are now at greater risk of another derivatives-based financial crisis, and billionaires and corporations now have even more influence over the two party’s entrenched establishments.

The “CRomnibus” spectacle was a return to the showdown days of past years, with another phony “drama” ginned up around a “must-pass” bill in order to serve up a “compromise” – a “bipartisan” one, of course – that serves the interests of corporations and wealthy individuals.

But hold the cynicism, because all is not yet lost. “A few more such victories and we are undone,” the Greek general Pyrrhus supposedly said. But we’re looking at the opposite situation: A few more losses like this, and we might be getting somewhere.

Eugene Robinson: Obama’s Boehner Bailout

How often will President Obama come to House Speaker John Boehner’s rescue even when Republican leaders aren’t willing to give much in return? And does the president want to preside over a split in his party?

These are among the questions raised by the dramatic budget battle that came close to breaching the deadline for a government shutdown.

It was a remarkable moment because something quite unexpected happened. [..]

There are several dynamics here that will prove important in the coming year. One is that Senate Democratic negotiators were out of sync with many of their House colleagues. The campaign finance and derivatives sections came out of the Senate, and the potential for further splits between Democrats in the two houses is substantial.

Moreover, Obama will not always be able to count on the Senate to block Republican bills he objects to. To sustain his vetoes, he will depend on House loyalists, the very people the administration’s performance disappointed this time.

Dave Johnson: What Does Wall Street’s Budget Bill Victory Say About Our Democracy?

The budget bill called the “Cromnibus” (for Continuing Resolution and OMNIBUS budget bill) passed over the weekend. It included a provision undoing part of the Dodd-Frank Wall Street regulation bill, allowing banks to gamble on derivatives using money from taxpayer-protected accounts. Citibank literally wrote the provision and paid someone to put it in the bill. [..]

This “Citibank” provision undid months of hard work getting the Dodd-Frank bill in place. No one in the House or Senate would admit to putting it in the bill. No one would say they supported the provision. But House/Senate leadership would not take it out of the bill because it was part of a “deal.” And, of course, it was put in at the last minute, making the choice “vote for it or shut down the government.”

OK, this is not a rhetorical question, it is a question to broadcast. This was written word-for-word by Citibank, to benefit Citibank, putting the taxpayers at great risk. Worse, because taxpayers will back up these risky bets their price goes down, encouraging more and riskier betting, almost ensuring another eventual collapse.