Sen. McConnell Doubles Down, Sticks With "Permanent Bailout" Lie

April 19, 2010 4:04 pm ET

Less than a week after being universally mocked for attacking Wall Street reform immediately after a meeting with 25 Wall Street bankers, Sen. Mitch McConnell took to the Senate floor to give it another shot.  Contrary to his assertions, the bill does NOT reward or bailout firms, but safely dismantles "any failed financial company" that threatens the stability of the entire economy.  The costs of dissolving these companies are paid NOT by taxpayers, but by fees levied on financial companies.  Additionally, the bill specifically states a failed firm's creditors shall "bear losses."

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