Don't do it Durbin's way (Chicago Tribune Slams Durbin)

http://rs6.net/ ^ | September 23, 2008 | Dennis Byrne

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Don't do it Durbin's way
Dennis Byrne
September 23, 2008

When the public's loathing of Congress is soaring, why is the re-election of Sen. Dick Durbin, an architect of that body's many disorders, thought to be a cinch?

How low is Congress' job approval rating? While President George W. Bush's is a dismal 32 percent, according to RealClearPoli- tics.com, Congress' is an even more wretched 21 percent. As the Senate majority whip and second in command, Durbin can't escape blame.

One can find many reasons why Durbin shouldn't be re-elected and his Republican rival Steve Sauerberg deserves a closer look: Durbin's grinding partisanship, among the worst in the Senate, according to washingtonpost.com; the millions he has raised from clout-heavy, legal, securities, investment and real estate interests, according to OpenSecrets.org; his craven about-face on abortion; his unabashed love of earmarks. True, some voters might support Durbin for those reasons. But when measured by the Democratic mantra-the willingness or ability to change things-Durbin flunks.

Consider the fate of Durbin's own legislation, the awkwardly named Increasing Transparency and Accountability in Oil Prices Act. He introduced it in June as a response to the "excessive speculation" by oil traders supposedly responsible for driving spot crude oil prices more than $140 a barrel. The bill would strengthen the Commodity Futures Trading Commission (CFTC) to help nail those nasty traders by, for example, closing the "London loophole" that allows traders to "avoid speculation limits and reporting requirements by routing transactions through off-shore markets." Naturally, Democratic presidential candidate Barack Obama assigned the bill to a high place on his agenda for change.

Well, at least it made for a good news release; the bill is still sitting in a Senate committee because Durbin and the rest of the party's leadership couldn't get the votes to bring the legislation to the floor for debate. Yes, blame Republicans for opposing full debate. But there's also this: Republicans and Democrats agreed to the two-thirds majority requirement, and those are the rules of the game that the leadership of either party must work with if they want to change anything. Also, Republicans would have agreed to a full debate if the legislation also contained provisions for increased access to domestic oil, but the Democrats wouldn't allow it. So much for bipartisanship to get change.

Wait, it gets better: The premier trader of oil futures (where presumably most of the "excessive speculation" occurs) is the New York Mercantile Exchange. That exchange recently was acquired by the Chicago Mercantile Exchange, which also recently took over the Chicago Board of Trade. The combined CME Group now controls a mind-bending 98 percent of the U.S. futures market.

That makes the CME one of the most important cogs in the city's and state's economy, and no Illinois politician in his right mind from either party, including Durbin, would want to take it on.

But Durbin would, some might argue, because he courageously puts the public good ahead of parochial, special interests. OK, but perhaps not.

Here's why: The Justice and the Treasury Departments said they might look into whether the CME/NYMEX merger would impose "unnecessary restraints on competition [that] threaten the ability of the U.S. financial markets to adapt to changing dynamics, including the increasingly global nature of those markets." Sounds familiar doesn't it, as the recent market crisis has strengthened the argument, especially among Democrats, that the markets need more regulation.

But on Feb. 7, Durbin and Rep. Rahm Emanuel, another denizen of the Chicago political machine, wrote to the departments, expressing "our strong objections" to the look-see. Just the suggestion of a probe, they complained, cost CME shareholders big, causing their stock to fall 17 percent in a single day. Besides, they said, Congress has done everything necessary to make sure that the CFTC does its job. The CFTC, they said, already was engaged in "vigorous oversight."

In other words, Durbin was for the CFTC before he was against it. And it took him only four months to reverse himself. So, which Durbin to believe, the change agent or the status quo agent? The simple-minded, populist basher of complex financial markets? Or the voice of CME shareholders? In truth, Durbin and Emanuel are the quintessential agents of the status quo that Obama condemns. One can wonder if they're even committed to change.

If the fairy godmother showed up tomorrow and granted Obama a wish, and Obama were true to his promise of change, Durbin and Emanuel would immediately disappear like Cinderella's carriage and turn into a pumpkin.

Or maybe that's not Obama's wish at all.

www.chicagotribune.com/news/nationworld/chi-oped0923byrnesep23,0,6747070.story
Copyright © 2008, Chicago Tribune

 

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Career politicians have made a mess in Washington. 

Have you had enough?

It is time we bring the citizen-legislators back to government.

Click here to help get Steve across the finish line

 

Sauerberg for U.S. Senate - P.O. Box 667 Lombard, IL 60148.  For more information on Steve's campaign please visit our website at www.sauerberg2008.com
 

Visit Dr. Sauerberg's Web site!

[TribalPrincess2U]

While you’re here, you might be interested in this...

Dear Friend,

The Senate is set to sell us out again! They are trying to take away E-verify. If it is not reauthorized before Congress adjourns at the end of this week-that’s three days from today-it will expire. This means the great laws we got passed in states like Arizona and Oklahoma will have no teeth; George Bush’s executive order requiring all federal contractors to use E-verify will become impotent; patriotic employer’s will not be able to voluntarily make sure that they are hiring legal workers. In short: All the progress in enforcement we’ve made in the last few years will be taken away!

We were able to get the House to re-authorize E-Verify with no strings attached. However, Sen. Robert Menendez is holding up the reauthorization unless he gets over 500,000 more permanent green cards at a time when unemployment is at a five year high! They cannot make us choose between enforcing our laws and flooding our country with foreign workers.

This is urgent, so we need to act now! Call up your senator. Tell him that reauthorizing E-Verify for at least five years must be the number one priority before the Senate adjourns. If he is up for reelection, let him know that he should not expect your vote if E-Verify expires.

[You can either call the capital switchboard at (202) 224-3121 or toll free at 1 (866) 220-0044 and ask for your Senator, or click here for a list of direct lines to their offices.]

If you have extra time you can call up the Senate Leadership. Tell the Republicans that they should not take up any other legislation until E-Verify is reauthorized. Demand that the Democrats stop blocking the bill!

[Republicans:
Mitch McConnell: (202) 224-2541
John Kyl: (202) 224-4521
Democrats:
Richard Durbin: (202) 224-2152
Harry Reid: (202) 224-3542]

E-Verify is our most effective tool against illegal immigration. We cannot let them take it away!

[econjack]

Just the suggestion of a probe, they complained, cost CME shareholders big, causing their stock to fall 17 percent in a single day. Besides, they said, Congress has done everything necessary to make sure that the CFTC does its job. The CFTC, they said, already was engaged in "vigorous oversight."

If the price of something falls 17% in a single day in a free market after threat of a probe, you can rest assured that Congress has not "done everything necessary to make sure that the CFTC does its job." Durbin's an old political hack and it's time to put him out to pasture along with all the rest of the pork barrel spenders in Washington.

[Shadraq]

Congress' is an even more wretched 21 percent.

I can't remember when Congress's approval rating was over 30%.

[oprahstheantichrist]

Is this an actual endorsement, or just a “piece?” Either way, it’s akin to the LA Slimes bashing OhBombUs. Just a blip, I’m sure....

[arrogantsob]

Only divine intervention can save us from this buffoon.

[Maelstorm]

Pray and work as hard as you can. There are things bigger than we at work. I watched the movie facing the giants and it was uplifting. There is power in faith.

[Kraskarella]

PRESS RELEASE
FOR IMMEDIATE RELEASE September 17, 2008
CONTACT Irene Napier 618-465-7655

The Illinois Federation for Right to Life Political Action Committee (IFRL-PAC) is pleased to announce the endorsement of Steve Sauerberg Republican Candidate for the U. S. Senate in the general election to be held November 4, 2008.

The foundation upon which our country was built is the protection of human life. The protection of unborn children in Illinois is of primary importance. If we do not restore and maintain the protection of the right to life for the weakest and most helpless members of our Society, we ourselves will become endangered.

We are proud to announce our endorsement of Steve Sauerberg. Not only has Steve Sauerberg promised to vote to protect unborn children, but he has also indicated his support for the disabled and those who are endangered by disability or age.

The Illinois Federation for Right to Life is a state-wide organization with local affiliates throughout the State of Illinois.
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