TLP: Maybe Showing Up in a Tank Would Improve the Pentagon's Chances
There is no end, really, to the laughs coming out of the fucking around on Capitol Hill that is known as "financial reform." While the crickets chirp at Constitution and 20th following the "Audit the Fed" vote, the military is getting bitch-slapped and having their dress greens ruffled by a bunch of car dealers in cheap plaid jackets.
David Cho explains in The Washington Post:
In the battle to overhaul the nation's financial regulations, a lobbying effort by the world's most powerful military force may have met its match in the local car dealer.
The standoff centers on a proposal by Sen. Sam Brownback (R-Kan.) to exempt most auto lending from new government oversight. The armed forces argue that extra consumer protections are needed because dealerships often employ high-pressure tactics to trap military families into expensive loans.
The dealers counter that regulators already have the power to crack down on such practices and that the new rules would punish honest Main Street businesses for the mistakes of big banks and reckless traders on Wall Street. A vote on Brownback's provision is expected Wednesday.
The campaigns are forcing lawmakers into an uncomfortable choice between the interests of the military and car dealers, who run one of the most influential and deep-pocketed political action committees in Washington and tend to be intimately involved in politics in lawmakers' home districts.
Ever see a politician in a parade? Waving from a shiny convertible with a big-ass sign plastered on the side with his name on it? No surprise if the car was loaned by a local dealership. Look closer, there's probably another sign on the car. Then there's the matter of the $85 billion Detroit bailout that saved what's left of the American auto industry.
If the car dealers get this one through, it'll be pretty ballsy for them to slap "We Support Our Troops" stickers on their bumpers.