Will Republicans Support Bank Reform?

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Jim Manzi on Barack Obama’s proposal to rein in the size and riskiness of big banks:

The political aspects of such reform are compelling. People are disgusted at recent bank bonuses. I’m a right-of-center libertarian businessman, and I’m disgusted by them….The “populist” observation that the fact of a bunch of well-connected guys each pulling down $10 million per year while suckling on the government teat constitutes almost certain evidence of self-dealing is accurate, and all the fancy finance talk in the world can’t get around it. President Obama has a clear political incentive to pursue this proposal. I assume Republicans will see that they have a clear political incentive to go along, rather than standing up for such a situation. Hopefully, this will create the political dynamic that will allow real, positive reform.

Well, I hope Republicans see it that way too. Unfortunately, Scott Brown’s victory on Tuesday probably makes this unlikely. After all, what lesson are they likely to take from it? There’s no deep thinking required to figure this out: obstruction works, and the louder and more furious the better. I expect them to double down on their opposition to all things Obama, cheered on by Drudge and Fox and Palin and Limbaugh and the tea partiers, certain that this is the path to maximal electoral victory in November.

But maybe I’m wrong! Maybe they’ll suddenly do a U turn and decide that cooperating with Democrats to reregulate Wall Street millionaires is a great idea. Offhand I can’t think of anything less likely, but you never know.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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