Will the Democrats Lose in 2010 (or 2012) Because They Won’t Pass Real Financial Reforms?

Yesterday, Elliot Spitzer said that the White House’s defense of the financial status quo will give Republicans powerful ammunition in the 2010 elections.

Democratic cheerleader Markos Moulitsas (the “Kos” behind Daily Kos) wrote the following about the Democratic losses in several state elections:

Democratic turnout collapsed. This is a base problem, and this is what Democrats better take from tonight:

… If you water down reform in favor of Blue Dogs and their corporate benefactors, you will lose votes…

If you forget why you were elected — … financial services … reform — you will lose votes.

Tonight proved conclusively that we’re not going to turn out just because you have a (D) next to your name, or because Obama tells us to. We’ll turn out if we feel it’s worth our time and effort to vote, and we’ll work hard to make sure others turn out if you inspire us with bold and decisive action.

The choice is yours. Give us a reason to vote for you, or we sit home.

People elected Obama in the hope that he would be different from Bush. But in the most important ways, he is just continuing Bush and Clinton’s (think repeal of Glass-Steagall) worst policies.

Both the Republican and Democratic party leadership have become lapdops for the big banks and the status quo. Neither are open to real reform or change.

The Democrats haven’t broken up the too big to fails. They haven’t restored Glass-Steagall. They haven’t really reined in credit default swaps. They haven’t pushed for honest accounting or forced the giants to put their toxic SIV-hidden assets back on their books.

People are sick and tired of both parties’ catering to the big boys. Indeed, given last night’s election results and the Dems’ utter failure to institute any real financial reform, trend forecaster Gerald Calente’s prediction that a third party candidate will win the 2012 presidential election is sounding a little less crazy.

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