David Corn: Wall Street Reform: If Obama Can't Win This Message War

Many Americans remain angry about Wall Street. They see that the money-traders made billions devising complicated and self-serving games that imperiled the entire economy; then they were bailed out, while unemployed Americans had to fend for themselves. And obscene mega-corporate bonuses resumed. People are right to be ticked off. Obama might find it useful to show that he shares that anger -- over and over. The White House can't finesse this point and deploy outrage once in a while. Taking the occasional populist poke won't suffice -- especially if the other side is again pushing a big lie. Obama needs to remind Americans repeatedly that he feels their rage and understands their cynicism. And Obama must show that. In other words, it's not only what he says, but how he says it.

Depicting the legislative battle over Wall Street reform as one in which lawmakers must side with either "special interests" or the "American people" is fine, but it doesn't thrill. If I could be so bold as to suggest a tutor for the president, he should spend a little time with Elizabeth Warren, the Harvard law professor who chairs an independent congressional panel overseeing the TARP bailout. She cooked up the idea for a Consumer Financial Protection Agency, which is part of the reform package now being debated in the Senate. She's exceptionally good at talking about these financial issues in clear-cut fashion. She does know how to display utter contempt for Big Finance -- without appearing shrill or marginal. "This is families versus banks," she likes to say, noting that there are not two sides to this issue. Not unless you're a rapacious Wall Streeter looking to preserve your opportunity to play dice with the American economy. She has pointed an accusing finger at specific banks, financial firms and GOP legislators to make a plain case: You are placing Americans in harm's way, and this must not stand. Put her up against McConnell or Boehner, and this debate would be settled within minutes.

To win the Wall Street reform message war -- and perhaps to win the legislative battle in the Senate -- Obama might have to call out the Republicans and the banks with more ferocity. The details of financial reform are even more complicated than those of health care reform. Neither side will succeed by scoring points about the details of a provision regarding collateralized debt obligations. You have to prevail in the struggle for control of the overarching narrative. Obama and the D's can do best by convincing Americans that Warren is right, that this is a fight between American families and the banks -- and that they are on the side of families, while the Republicans are in league with the rich schemers of Wall Street. With Americans still mad about the economic meltdown, with the GOP bedding down with Wall Street, this ought to be a cakewalk for Obama. That is, if he lets loose and puts his mouth where the money is.

UPDATE: In his weekly Internet and radio address, Obama did target McConnell and GOP Sen. John Cornyn: "Just the other day, in fact, the Leader of the Senate Republicans and the Chair of the Republican Senate campaign committee met with two dozen top Wall Street executives to talk about how to block progress on this issue. Lo and behold, when he returned to Washington, the Senate Republican Leader came out against the common-sense reforms we've proposed." Again, this is an okay start, but Obama will have to keep the pressure on McConnell. In that same address, Obama said, "My hope is that we can put this kind of politics aside. My hope is that Democrats and Republicans can find common ground and move forward together." WIth McConnell signaling that his hope is to kill Obama's initiative, it might be time for the president to declare war--and explain to the American public why there is no other alternative.


http://www.politicsdaily.com/2010/04/19/wall-street-reform-if-obama-cant-win-this-message-war/