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-- or 57.
Than days -- 41.
Three fifths of the senators duly chosen and sworn not having voted in the affirmative the motion has not agreed to.
Of that motion that vote happening at the beginning of our show the motion was a for cloture to move forward with financial regulatory reform.
Now it heads back to the drawing board and continue the negotiations here's what the White House put out.
A statement by President Obama moments ago quote I am deeply disappointed that senate Republicans voted in a block against.
Allowing a public debate on Wall Street reform to begin the reform the both parties have been.
Working on for a year would prevent a crisis like this from happening again I urge the Senate to get back to work.
And put the interest of the country ahead of party.
It wasn't entirely a party line vote senator Ben Nelson a Democrat from Nebraska voted with Republicans.
To scrap this cloture vote and send it back to negotiations.
A story -- tonight let's bring in our panel Steve Hayes senior writer for the weekly standard.
One Williams news analyst for national public radio and syndicated columnist Charles -- State it was a bipartisan vote at least one Democrat.
-- what politician I think -- what you -- from the president is exactly what Democrats were hoping to get out of this vote.
An opportunity to paint Republicans as obstructionist -- friendly to Wall Street this has been happening now for.
What really for the better part of the year but especially intensely for the past couple weeks he saw Harry Reid savage Mitch McConnell the minority leader.
-- you've seen Democrats making these kinds of statements to try to link Republicans with Wall Street.
The interesting thing that I thought the president -- he said this kind of that this bill would insure that this kind of crisis couldn't happen again.
That it altogether unclear and there is a wider than disagreement about whether that is in fact the case.
But one thing -- people seem to agree on at least people not in in the Senate not and the Democratic Party.
Is that the the kinds of -- that we saw are not likely prevented in this kind of go we've had this back and forth between the parties for the past couple weeks.
This report that others have talked about NPR reporter couldn't find an expert who said.
Who could say that this bill would prevent such Billiton in the first place and you have the kinds of incentives with this broad government backstop that's being provided.
That could actually encourage these kind of that I think is the central question and -- Democrats can.
Can answer that more effectively they're not gonna get many Republicans on board.
One that that is a point that there was Democrat push back at the beginning that this was all talking points that too big to fail.
Was just a talking point that Republicans inserted but.
You talked to people on the left -- even from Brookings think they say it may be institutionalized.
In the bill as written car.
Well noted that the counterpoint Brett is simply this.
We have for the banks and FDIC.
Federal deposit insurance and what this would do is allow for a structured.
-- reorganization of something that it's failing and along the lines are too big to tell us that you don't have -- have this.
Domino impact on the -- the economy they don't want a disorderly.
The segregation of some major financial institutions on Wall Street.
What interest me here is I think the Democrats politically the play -- you just keep having cloture vote you just make Republicans look bad because you say they're standing and defending the silver spoon -- on Wall Street.
To that -- let me just interrupt you senator Reid the majority -- switched his vote when no votes so that.
Procedurally they can bring up another cloture vote is as early as tomorrow.
Right so I think that we'll see that that kind of political play and given what's happened with the SEC with the emails from Goldman Sachs I think and public opinion is clearly opposed -- Wall Street it's a very tough situation for Republicans.
But the Republicans it is interesting here say that they have an alternative bill that they had yet to unveil.
And when they talk about the what we can see so far in terms the shape -- this alternative bill coming from the Republican Party.
It's less about this business about oh there's bailouts hidden somewhere in there.
It's more about things like concern about privacy information because there'd be a consumer protection group formed and would they be gathering information on.
Loans and all that kind of thing where they're concerned about.
You know unusual mortgage deals that might be put together.
What in that concerned -- they gonna stifle consumer credit are they gonna make it harder for businesses and individuals to get credit.
If they're Republicans really have an alternative if it's going to be -- Charles just within the past minute senator Nelson just put out a statement saying that he could not support a bill that he had not seen.
As of yet but don't take his.
No vote on this cloture vote he says to me that he won't support the negotiations still on continuing.
Which is really what Republicans have been saying that we're we're okay with regulatory reform as long as it's good reform and we want to keep negotiate.
Which is -- Nelson is oh he's cleaning up after himself human nature that he explained the vote so he would be unhappy -- as we would like to.
As an example of how bad the -- he simply.
Explaining anyways he had read it.
But look the president says in that statement that you mention he's dismayed by the he is joyful he couldn't be more happy about the vote it was engineered precisely.
By the Democrats.
To produce the affected -- would choose to get the Republicans.
Appear to be standing in a way of reform which the president has said.
In his speech he made last week and you we -- In favor of reform.
Which means my deal or you're against its a year -- your wall -- Look it's all demagoguery from the beginning of this the president needs to recoup from health care debacle.
He fixed on this the problem is that for of the Republicans.
Unless they produce a bill quickly which they should they've got to have an -- They're gonna get him in November because it's very hard to explain in -- sound -- or 32 and what's wrong with the bill.
I'll give one one shot at it and and the weakness of my attempt to show you how hard it is.
-- talked about this is just like the FDIC.
Guaranteed all the banks.
Yes but it guarantees all the things police and nobody has an advantage.
In the -- here it's only the big guys the guys who pose a systemic risk -- the bailout.
Which means that instantly regretted -- -- tiered system.
President said in his speech in New York unless your business to motto is to bilk the consumer you won't be afraid in -- If you are a smaller institution lending.
You won't like the bill not to because you bilk you of customers but because the big guys who will be able.
To borrow and lend a lower rates because they now have an implicit guarantee and secondly that increases.
I'd like in October oh wait when you have to get that congress on board for the TARP.
Under the bill the treasury action unilaterally.
So yeah institutionalizing.
Worthy charged that it would be institutionalized.
In the bailouts right and makes it easier -- a very strong arguments why does.
Exactly what the president is saying it does not.
But it's hard to make that case it -- sound byte which is why he likes the political.
And -- I can't talk about derivatives and Warren Buffett believe that for another.
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