(H/T – C & L)

We’re going to have to watch this corporatist tool like a hawk. Not as if we didn’t have to watch Dodd, mind you, but still:

If Senator Tim Johnson ascends to the chairmanship of the Senate Banking Committee, the biggest winners will be Wall Street, pay-day lenders and credit card companies. The biggest losers: widows and orphans.

No, really.

In late 2006, the South Dakotan spoke out against an effort by his fellow Democrats to cap the interest rates that members of the military pay for short-term loans. “This time it’s military. Who’s to say it isn’t going to be widows and orphans or other sympathetic groups in the future?” he griped in an interview with the American Banker.

That’s the man who’s next in line to lead the Banking Committee if the current chair, Sen. Chris Dodd (D-Conn.), as expected, vacates the position to take the Health, Education, Labor and Pensions Committee chair left empty by the death of Ted Kennedy.

Meanwhile, Democrats are hoping to push through the most sweeping financial regulations in a generation, including the creation of a government panel that would regulate financial products with an eye toward consumer protection. All of that will have to go through the Banking Committee.

Consumer advocates and backers of a regulation overhaul are deeply concerned that handing the committee to Johnson would be a death sentence for reform.

“He’s got a long track record of supporting small predatory loan companies, pay-day loan companies,” said one longtime consumer advocate, who spoke on the condition of anonymity because he would have to work with Johnson as banking chair.

In 2003 and again in 2005, Johnson intervened with federal regulators on behalf of pay-day lenders, sending a letter to the Federal Deposit Insurance Corporation,

[youtube]http://www.youtube.com/watch?v=d4TqNI9rU_s&eurl=http%3A%2F%2Fcrooksandliars%2Ecom%2Fsusie%2Dmadrak%2Fif%2Dtim%2Djohnson%2Dheads%2Dbanking%2Dcommitte&feature=player_embedded#t=214[/youtube]

I was glad to see Johnson supports the public option, and I hope he builds a fire under Steffy to support one too. We already know, Ironic Johnny is bought and paid for by the Healthcare industry, so we know what he ‘thinks’.

But, Johnson added, that doesn’t mean the federal government shouldn’t introduce a public option that he said would help contain health costs and guarantee coverage to people who don’t have insurance. Johnson, speaking with the Argus Leader Editorial Board, said he favors a public option based on Medicare, the government program for the elderly.

I was also glad to see Johnson calling out the opposition’s scare tactics and bullshit:

While the vast majority of South Dakotans are polite, he (Johnson) said, others have called him a “Nazi” for supporting health reform. “My staff tells me it is very ugly among a few South Dakotans,” he said.

Well, not sure if I would support Hitler’s healthcare plan.

Liberal Democrats in the House have threatened to turn against any reform effort that doe

All three of them? Not sure who these liberals are they speak of?

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Though I think most of the people whining and bitching at the healthcare townhalls across the country are misinformed and, well, f’ing stupid, I still support their right to dissent. For those of us that were against the failed experiment in Iraq, we should have been this vocal. But I see, our Washington delegation is chickening out as usual and not holding any public meetings.

Sen. Tim Johnson and Rep. Stephanie Herseth Sandlin would be most likely to bear the brunt of any angry opposition to the health reform plans driven by their party leaders in Congress. But they won’t be holding any town halls on the subject.

I think the best way would be to get all 3 of them on a stage together so they can hear it from both sides, I know I have a few things I would love to ask all 3 of them. No surprise though, especially from Johnson (Mr. dodge debates). I remember last 4th of July when he was running he was in the SF parade and a certain poster here (wink-wink) approached him before the parade started and very politely asked him NOT to support FISA. Him and his wife acted surprised that a constituent would encoste him before the parade. They act like they are freaking untouchable. We elected you, it is time you listen to us, even the batshit crazy ones among us.

As expected, the credit card reform bill passed the senate. In fact, the vote was 90-5.

Our senators showed us all who really owns them by voting ‘no’ on needed consumer protections, and in fovor of the credit card industry.  Johnson was the only democrat to vote against the bill, and Thune was one of four republicans – all from states that play a major part in the banking industry – to vote no.

The CC industry has now threatened that  consumers will have a harder time obtaining credit as a result of this bill:

The goal in the legislation should be to obtain the right balance: providing protections, while maintaining the important role of credit cards in providing loans to consumers and small businesses. Unfortunately, we believe the bill does not achieve that balance and will therefore cause an unnecessary decrease in credit availability.

But really, they have to be bluffing here. If you ran a business that had both customers who paid on time and customers who were total deadbeats, which group would you rather alienate; the ones who bring in steady revenue, or the ones who pay sporadically if at all?

If you are unable to responsibly use a credit card, having access to one will only make your financial problems worse. Maybe going back to the days when only responsible people had credit cards will be a good thing.

I have to roll my eyes at the local CC companies crapping their pants about jobs being effected. If you can’t find a way to turn a profit in the CC business without screwing your customers over, you shouldn’t be in business.

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One more reason why I have trouble supporting the Democratic party and their candidates. They continue to take money from lobbying groups that are bad for society. And Tim Johnson is no exception, taking money from one of the most crooked (legal) groups, Pay day loan centers;

A newer player representing Internet payday lenders — a growing segment of the market — also ramped up its lobbying and political giving efforts. The Online Lenders Alliance, formed in 2005, nearly quintupled, to $480,000, its lobbying expenditures from 2007 and 2008. It contributed $108,400 to candidates in advance of the 2008 elections compared to about $2,000 in the 2006 contests. Gutierrez was among the top House recipients, getting $4,600, and the top Senate recipient was Sen. Tim Johnson, D-S.D., a Banking Committee member who got $6,900.

Of course, this is no surprise, but extremely disappointing considering the economy and the devasting affect these places have on lower income families, especially in South Dakota. Johnson should have known better.