Richard Shelby

Good Morning America's George Stephanopoulos on Friday offered White House spin for the passage of financial reform, enthusing, "...You've got the well looking like it's capped. Passage of financial reform. Big day for the White House." Over two segments, he touted Obama's take: "But, the President called it a big win for the whole country."

Talking to Jake Tapper, the former Democratic operative fretted, "This is another big pillar of his legislative agenda, the stimulus, following health care. Yet, his poll numbers continue to slide. How does the White House plan to address that?"

Most probably wouldn't think of Rolling Stone magazine as a primary source for information on something like financial regulation reform. However, if you listen to some of the left-wing talking heads like Ezra Klein, Rolling Stone's Matt Taibbi is in the know on major policy issues.

So how do Taibbi and the other folks at Rolling Stone keep their readers interested in a topic that wouldn't suit their usual demographic? They do so with "insults" according to Taibbi.

In the May 26 issue of Rolling Stone, Taibbi's article, "Wall Street War," lamented the impact lobbyists in Washington, D.C. have had on the legislative process of the financial regulation reform. And in order to keep readers interested, he painted Sen. Richard Shelby, R-Ala., as a villain with a degree of insult:

On Wednesday’s CBS Early Show, co-host Maggie Rodriguez discussed President Obama’s Tuesday night press conference with Republican Senator Richard Shelby and asked: "The President will head to Capitol Hill today to sell his budget and last night he wondered why Republicans who have been critical of it haven't come up with an alternative budget. What's the answer?"

After Shelby explained that Republicans have serious concerns about the President’s budget, Rodriguez quickly ran to Obama’s defense: "Senator, the President said that even if he takes out all this spending from the budget, he'll still have a deficit, as evidenced by the $1.3 trillion deficit that he inherited from the Republicans." Shelby responded by declaring: "...we had a deficit, but nothing like this...This is scary. I believe we've reached the tipping point now, the tipping point, and if we tip over, it's a point of no return. We're looking at inflation and financial and economic destruction. We cannot go down this road."

Perhaps not fully listening to what Shelby was saying, Rodriguez exclaimed: "But it looks like we are, and what good does it do the American people to -- to point that out? Why not work with the President to try to reach a compromise?" Shelby replied: "Well, I don't think we should compromise destruction of our economic system. And this is where we're going here."

The proposed automaker bailout has a big stamp on it that says "union-built," but the news media hasn't noticed.

Over the past month, accusations have been flying against several Southern senators who oppose a $14 billion bailout for the beleaguered big three automakers and support the the alternative of Chapter 11 bankruptcy. These senators, critics say, are representing the interests of foreign automakers that donate heavily to their campaigns. But what has been largely ignored is the other side of the equation - the influence of the United Auto Workers (UAW) on the members of Congress that voted for the bailout. 

According to campaign finance data from the Center for Responsive Politics Web site OpenSecrets.org, when broken down by how members of Congress voted, for the 2008 election cycle the UAW gave more than eight times as much in campaign cash to members that voted for the bailout than those that voted against it -- $1.14 million to proponents versus just $136,500 that voted against it.

Barney Frank favors bailing out the Detroit automakers over letting them go into bankruptcy.  Chief among his concerns is that bankruptcy might "bust" the unions. You know, those organizations whose contract demands have put Detroit on the brink of extinction.

The Massachusetts Dem, chairman of the House Financial Services Committee, was interviewed by Maggie Rodriguez on today's Early Show. He appeared alongside Sen. Richard Shelby (R-Al.), ranking Republican on the Senate Banking Committee, who favors letting the automakers reorganize under Chapter 11.