As reported, an "influential panel" of business folks and academics are proclaiming that the accountability regulations passed after the Enron and Worldcom scandals, commonly referred to as the Sarbanes-Oxley Act, are driving businesses and investors away and we must repeal or loosen the laws to maintain competitive.
Let us pretend for a moment this recommendation is accurate, although, as the Washington Post points out, the supposedly "indepenent" panel has gotten money from those who would benefit most from repeal of the law. http://www.washingtonpost.com/wp-dyn/content/article/2006/11/30/AR2006113001538.html
The Dems are taking over. They campaigned against "doing business as usual" and the "culture of corruption." They vowed to stand up for "social justice," do something about the increasing gap between the wealthiest and the poorest, and generally stand up to the influence of "special interests" and "corporate power" in Washington.
Hellooooooo!!!!!!! Are we sensing any contradiction here!!!!!!
I understand that for Schumer's NY City constituency, this is important. NYC is a major financial center and corporate headquarters. Ditto Barney Frank (D-MA), representing the wealthy Newton and Brookline suburbs (and hoping to run for Senate when either Ted Kennedy or John Kerry
retires). But boy, does this suck for the John Tester's of the world.
This will not play well in the economically depressed areas of the Northeast and Mid-Atlantic that flipped to the Ds this time around because they feel the Republican promise of opportunity has failed them. This will not appear to the West and and Rocky Mountain counties where Ds made serious progress, even though few of those seats flipped.
But, most especially, it will seriously piss off the netroots progressives. Already Moveon.org is launching a campaign next week to organize folks to "remind" the Ds why they elected them to come to Washington.
I do not think the Senior Ds in the Democratic Leadership Council really grok what is going on here in the party. I think they have convinced themselves that if they focus on Iraq oversight and a few big ticket items, like Medicade/Medicare reform and minimum wage, that they will be able to carry on with the strategy of wooing business votes. This is a big mistake.