WASHINGTON (AP) – Senate Republicans have blocked President Barack Obama’s choice to head the consumer protection agency that was created after the 2008 financial meltdown.

His nominee, former Ohio Attorney General Richard Cordray, ran into near-solid opposition from Republicans.

As a result, Democrats couldn’t muster the 60 votes needed to move ahead on the nomination. Only one Republican joined Democrats in voting Cordray.

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From AFP:

The US Senate on Saturday blocked a White House-backed bill to offer a path to citizenship to young undocumented immigrants who attend college or enroll in the military.

Lawmakers voted 55-41, largely along party lines, to end debate on the Development, Relief and Education for Alien Minors (DREAM) Act, falling short of the 60 needed to do so and effectively killing the legislation.

Some of President Barack Obama’s Democratic allies sided with most Republicans to defeat the measure, which opponents had charged amounted to amnesty.

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Yesterday, Scott Brown caved, and the Senate passed its “financial reform.” That story is at the top of every news web site.

But what the establishment media didn’t tell you – unless you waded through the details in a select few news articles or saw this fairly balanced short article in the Washington Post – is that Wednesday evening,  hours after the first cloture vote failed and hours after  I informed BigGovernment.com readers about an effort by Sen. David Vitter (R-La.), to narrow the scope of what I have been calling the Obama-Dodd-Frank-Everything’s A Bank Bill, Democrats blinked and Vitter’s amendment passed without objection by voice vote.

Vitter’s amendment to the so-called “Restoring American Financial Stability Act” gives a precise meaning to the term “financial company” – changing the definition from Dodd’s original language of “substantially engaged in activities in the United States that are financial in nature” to that of the much stricter “predominantly engaged.” And his amendment precisely defines “predominantly engaged” as a business that makes no less than 85 percent of its revenue from financial activities.

As a result of Vitter’s measure that passed during the brief 24-hour period of most of the GOP standing together in opposition (along with Democrats Maria Cantwell and Russ Feingold for their own reasons), a very important change was made.

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Yesterday, Republicans held firm against bailouts to big banks and Wall Street.  They held firm against creation of a super regulatory bureaucracy.  They held firm against a massive government intervention in our economy.  All in all it was a good day.

But a word to the wise:  DO NOT SNATCH DEFEAT FROM THE JAWS OF VICTORY.

Republican leaders have been making noises about a compromise measure for a week.  Now is not the time to get weak.

The Democrats continue to deny the bill is a bailout.  But they are slowing losing that battle.

NPR said:

“A vote for reform is a vote to put a stop to taxpayer-funded bailouts,” Obama said in his speech in New York on Thursday.

I cannot find any experts — of any party — who are willing to agree with Obama on this one.

“We’re not seeing a very forceful step on the too-big-to-fail problem,” said Carmen Reinhart, an economist at the University of Maryland. “If there’s any doubt that the crisis may be systemic, we will bail out again.”

So, if a major bank says, “Hey, save us or the economy will go under,” the government’s going to save the bank. Full stop.

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Either Thursday or later this week, Senate Democrat Majority Leader Harry Reid (Nev) wants the Senate to vote on a “motion to proceed” on the Senate’s version of the healthcare bill. That wouldn’t be so bad except for the fact that it has barely been seen by anyone in the Senate. At least not as far as most Senators are concerned. Why is that? Because the bill has not been shown to them with sufficient time to study it, that’s why.

What Reid wants is for the Senate to vote to proceed on a bill that has not been seen, not read, not studied by the very Senators from whom he wants to force a vote. If this bill is so important, why isn’t it imperative that our Senators actually get to see the thing they are expected to vote on?

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