Kaufman Takes on Too Big To Fail
I really wish Senator Kaufman made no Shermanesque statements upon accepting former Governor Minner’s appointment. He is experienced, passionate, more than capable, intelligent, and has served Delaware well over the last year and a half as our junior Senator. And I say that because I want Senator Kaufman to remain my Senator. I want to vote for him. Not only for what he has said today, but for what he has said and done over his tenure. Because, quite frankly, we Democrats in Delaware are not used to being represented by a someone is Congress who wants to break up big banks, regulate and hold corporations to task, and push for a public health insurance option. I say that with all due respect to Vice President Biden, normal respect to Senator Carper and no respect to Congressman Castle.
Since I will not be able to vote for him, I will have to enjoy the moments when a Delaware Senator rails against mega banks on the Floor of the Senate.
I start by asking a simple question: Given that deregulation caused the crisis, why don’t we go back to the statutory and regulatory frameworks of the past that were proven successes in ensuring financial stability?…
Mind you, this is a financial crisis that necessitated a $2.5 trillion bailout. And that amount includes neither the many trillions of dollars more that were committed as guarantees for toxic debt nor the de facto bailout that banks received through the Federal Reserve’s easing of monetary policy…
Given the high costs of our policy and regulatory failures, as well as the reckless behavior on Wall Street, why should those of us who propose going back to the proven statutory and regulatory ideas of the past bear the burden of proof? The burden of proof should be upon those who would only tinker at the edges of our current system of financial regulation…
Congress needs to draw hard lines that provide fundamental systemic reforms, the very kind of protections we had under Glass-Steagall. We need to rebuild the wall between the government-guaranteed part of the financial system and those financial entities that remain free to take on greater risk…
The notion that the most recent crisis was a “once in a century” event is a fiction. Former Treasury Secretary Paulson, National Economic Council Chairman Larry Summers, and JP Morgan CEO Jamie Dimon all concede that financial crises occur every five years or so.
I couldn’t agree more!
Do you think a well organized groundswell could cause Senator Kaufman to change his mind?
No. I meant to put this point in the post but forgot, but the irony here is that, by declaring he was only a place holder, he did not have to fundraise or campaign. And by not doing that, he was freed from the normal cowtowing we see from other candidates and representatives and Senators to their corporate backers, not only here in Delaware but elsewhere.
I dare say if Senator Kaufman was running for reelection like Senator Gilibrand in New York after being appointed to the seat, we would not be seeing the same passionate. Especially if he were facing Castle. That is just the reality of politics.
Kaufman’s situation is, if not unique, than at least very unusual. He’s almost like a perfect storm in a way. Since his Senatorhood has an expiration date on it and only retirement awaits on the other side, he doesn’t need to spend his time doing what most of his colleagues do almost 24/7 — posture for their hoped-for next position, whether that’s the same seat, a higher or different office, or a private lobbying job. This leaves him free to act the way he thinks is best, without having to always be concerned with what donors or voters might say.
The usual problem, though, with new, short-term Senators is that they don’t have the time to learn the job and figure out how the Senate really works. But here, with Kaufman’s long service to Sen. Biden, I’ll bet he knows more about the Senate than most current Senators do.
So, since Castle will be retiring after his Senate term, what you’re saying is we can probably expect great things from him, whereas, if Coons were elected, he would fall into the trap of trying to get re-elected and wouldn’t serve Delaware well at all.
DD, yours is a cynical view of Washington politics, however, unfortunately a correct one.
We have just got to get on with more campaign finance reform, like public funding with a limit, and like having much shorter formal campaigns.
Kaufman is well positioned to take on this issue.
Scott: Kaufman already had more than 20 years of experience as aide to then Senator Biden. You cant get better experience than that! He knows the process, the players and the game played on us all.
Perry, I have now lived long enough to know how politics works. Call it cynical, call it realist, doesn’t matter. And I say that not to demean Senator Kaufman at all.
Anon1, I am not convinced Castle will retire in 2014 and he has not really said he would, except to say he and his wife long for retirement. But he said that before announcing his run for the Senate.
It makes sense for him to retire in 2014, as he will face Beau Biden then, and depending on how he votes, he could have a 4 year record of obstruction. And if that is the case, he will lose to Biden.
Anon1, I didn’t say anything about “great” things. the point was more like “honest” things. And yes, theoretically, if I thought Castle had the backbone and conviction to stand up to his party’s leadership, then his pending retirement should allow him to vote his conscience. Needless to say, I don’t AT ALL think he has it in him. Frankly, I’m not sure any Repub does right now.
But even if he did, it wouldn’t change how I, personally view his candidacy. In my opinion, even if he acted and voted purely on honest conviction, his decisions would still be worse than Coons doing everything his party (and Delaware voters) want him to.
Castle-R is most likely to retire in 2014.
The top tier Dems in 2014 will be Beau Biden or Governor Markell or Lt Governor Matt Denn.
Carney-D remains in the at Large US House Seat.
It was no surprise Castle-R wanted to run in 2010- Castle-R was waiting to run for the US Senate since 2000. 2010-Seat finally became open. 2010 is a neutral-Republican lean- Castle-R who is a long time popular Republican- was a formidable opponent.
Governor Jack Markell and Lt Governor Matt Denn were recently elected to their posts in 2008.-seek re-election in 2012.-Then move to the US Senate.
ex Lt Governor John Carney decided to run for the open US House Castle-R is vacating- hold a safe seat for life.
AG Beau Biden- decided to seek re-election as AG- then run for US Senate or Governor in the future.
Beau Biden is building a record of one mishandled case after another as AG. He is toast. He might not even be able to be elected to AG again.
Anonone, you are famous for your own Shermanesque declarations that certain politicians or policies are toast. He will be reelected easily.
Multiple innocent people jailed for rape or murder. Failure to follow-up on the Bradley investigation for years. Tell me, DD, what record is he going to run on? Biden, like Bush, is a prime example of why electing people because of their DNA is a bad idea.
BTW, you’ll like this: http://i.imgur.com/C5hAo.gif
I think one Bernie Sanders is enough. Delaware doesn’t need a socialist senator. I wish that he were running so that we could run him out on a rail.
Yeah, those Vermonters are not real Americans!
Tell me where I can find pure Capitalism in the Constitution, David?
You can not, so STFU, Mr. So Concerned.
I’d rather have Sanders than most of the Conservative Dems currently making up the majority of the caucus.
I’m so sick and tired of these closeted Socialists who call themselves Conservative and/or Republican!
You want protection by way of the Military? Then you are a Socialist.
You want police and fire protection? Your trash taken from your curb? Then you are a Socialist.
You want to take your kid to the park and not have to watch out for broken bottles and people fornicating on the benches? Then you are a Socialist.
You do not want your fraking Hummer to have a blowout from a lack of properly paved roads? Then you are a Socialist.
You want to post your screeds and tirades on the internet? Then thank Socialism.
I’m so sick and tired of these Cafeteria Capitalists!
One of the results of the Massa mess was the depiction of Rahm Emanuel telling him (it was recorded on video by Massa’s people) that he had to raise 200K a week.
Evidently there is a rule that the freshmen Senators have to raise money relentlessly …I think Jon Stewart did a spoof of it last night.
Glenn Greenwald was tweeting about it this morning.
I know that Kaufman didn’t want to have to raise money. That was his main argument for not staying on and running.
What I didn’t know was that he would have had to constantly work to raise money for the Senate.
He must have known what goes on with the freshman Senators. ( Dylan Ratigan compared it to a freshman frat boy being hazed while the seniors get to spend the dough they raised).
Kaufman SHOULD HAVE done this a FUCKING year ago when passions were WHITE-HOT!!!Now,the banks have had the chance to throw hundreds of millions of dollars[of our money]at the very people dependent on that money for their political survival.[or so they think]RISE UP PEOPLE!!!TAKE BACK OUR COUNTRY!!!LET THE BLOOD FLOW!!!APOCALYPSE NOW!!!!
The guys over at Zero Hedge gave Kaufmann Two Thumbs Up!