In a historic development, we may be on the verge of the Senate passing amendments that will bite off the Wall Street hand that has fed the Senate, Congress and all politicians for decades. The Huffington Post reports that "Harry Reid will make sure that an amendment to break up megabanks and cap their size comes up for a vote, the Senate majority leader said. He added that he was leaning heavily toward voting for the amendment, cosponsored by Sens. Sherrod Brown (D-Ohio) and Ted Kaufman (D-Del.). Reid will also support an amendment from Sen. Bernie Sanders (I-Vt.) that will authorize an audit of the Federal Reserve." In an ironic twist, the president may be the last party remaining to protecting Wall Street's interests, as democrats wholesale turn their back on their former masters. Should the critical Brown/Kaufman and Sanders amendments pass it will be game over not only for Goldman Sachs and the Federal Reserve, but to the entire financial oligarchic/kleptocratic status quo that has controlled this country for decades. The next inevitable logical progression is the passage of the McCain amendment which essentially returns Glass-Steagal. Should that happen, look for all fin stocks to trade at about 25% of their current levels.
On Wednesday, Reid was noncommittal when asked by reporters at a briefing about the two major amendments. In an interview in his office with the Huffington Post on Thursday, Reid went further when asked if he'd considered the amendments since the briefing.
"I'll probably vote for it," Reid said. Does that mean it'll come up for a vote?
"Oh, it's going to come up. I'll make sure it comes up," said Reid of the Brown-Kaufman amendment. "Unless my staff convinces me differently. But what I know about it, I'll vote for it."
Reid said he has not been lobbied by the White House to oppose either Brown-Kaufman or the Sanders amendment. "No one's talked to me," he said.
Reid's backing gives Brown-Kaufman two powerful backers. On Tuesday, Reid second in command, Majority Whip Dick Durbin (D-Ill.), said on the Senate floor he was backing the measure.
"I would say that [of] all the many amendments which will be offered, this is clearly a game changer," said Durbin. "I am supportive of this amendment, even though I know that some of my friends in the banking -- some of my friends in the banking industry won't be happy with that. What they're talking about is dealing with the concentration of wealth and the concentration of economic power to a level which can literally bring the economy down. That's what we went through leading into this recession. That's what led to the massive taxpayer bailout. And that's what the Brown-Kaufman amendment addresses foursquare."
UPDATE: Sen. Michael Bennet (D-Colo.), who had previously voted against a previous iteration of an audit of the Fed, will support the Sanders amendment, his spokesman Adam Bozzi tells HuffPost. Meanwhile, Greg Sargent reports that Sen. Al Franken (D-Minn.) will vote for Kaufman-Brown.