Wonder if Romney putting the blame on Wall Street, but also main street will sell in Peoria? Obviously, Democrats don’t think it will so they’re hitting him early on it, using his own words that could come back to bite. That’s the beauty of Mitt Romney. He’s got a treasure trove of statements that go from one side of an issue to another depending on the year.
After the defeat yesterday, Sen. Harry Reid is going to make Senate Republicans walk the Wall Street plank over and over again until people get the message. From Mike Allen:
“This is going to be a very tough week to be a Republican: If they want to vote to protect Wall Street like they did last night, we’re going to make them do it again and again. …We will make sure that by the end of this week there’s no question in anyone’s mind about the fact that Republicans are protecting Wall Street over the interests of hard-working Americans.” – Jim Manley, Reid spokesperson
Allen reports that “Goldman Chairman and CEO Lloyd Blankfein plans a conciliatory tone.” Here’s a partial tease of what he is expected to say:
“I recognize … that many Americans are skeptical about the contribution of investment banking to our economy and understandably angry about how Wall Street contributed to the financial crisis. … While derivatives are an important tool to help companies and financial institutions manage their risk, we need more transparency for the public and regulators as well as safeguards in the system for their use. … While we strongly disagree with the SEC’s complaint, I also recognize how such a complicated transaction may look to many people. To them, it is confirmation of how out of control they believe Wall Street has become … We have to do a better job of striking the balance between what an informed client believes is important to his or her investing goals and what the public believes is overly complex and risky. … We didn’t have a massive short against the housing market and we certainly did not bet against our clients. Rather, we believe that we managed our risk as our shareholders and our regulators would expect.”
Not sure why Republicans are fighting something they will eventually be forced to accept, because there is no mileage in an election year of being against finreg. Perhaps they’re looking forward. Romney-Blankfein 2012. At least they’d get Wall Street money.