Financial Reform and the Filibuster
I'm not going to get into specifics here... because I don't necessarily know the best way to accomplish financial reform... but I know we need it.
So I was a little surprised when I read Paul Krugman's blog post today, where he mentions that republicans may actually have the audacity to use the filibuster to block financial reform.
Wouldn't this be political suicide, especially in the wake of the latest scandal at Goldman Sachs? I'm sure republicans have their own reasons for wanting to block financial reform... but what about the will of the American public, which overwhelmingly wants to see this reform happen? Would there be any way to defend this filibuster?
And is there any way to defend Peter Schiff's position that we need less regulation of the financial industry? He argues that we don't want Washington to become too powerful... but his solution is to give unlimited freedom to hedge fund managers and investment bankers to do whatever they want. This strikes me as being very transparent: a stock broker running for public office, so that he can give more power to his fellow stock brokers and fund managers.
Thoughts/comments would be appreciated.