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Anti-Reform Ad Looks Like A Dirty Trick

Talk about cynical.

A shadowy special interest group is trying to turn consumer anger at big banks into anger against new federal regulations intended to protect us from another financial crisis.

A shadowy special interest group is trying to turn consumer anger at big banks into anger against new federal regulations intended to protect us from another financial crisis.The ad claims that the “Big Bank Bailout Bill” amounts to a “new $4 trillion bailout for banks.”

Of course the Wall Street Reform and Consumer Protection Act is supposed to prevent the need for another bailout by stopping the reckless lending and investing that brought the banking industry to the verge of collapse and plunged the economy into the worst recession since World War II.

One small part of the bill imposes a $4 trillion cap on how much money the Federal Reserve can loan to failing banks — a power the Fed currently wields without any limits whatsoever.

The ad that twists those facts around is running in 35 markets in 10 states and was paid for by the Committee for Truth in Politics.

About all we know about that group is that it was created by a Republican political operative in North Carolina.

Truth in Politics has never filed any federally mandated financial disclosure statements and has sued the government claiming that it shouldn’t have to tell the public where it gets its money.

Of course it’s not hard to guess that the funding for this misleading campaign is flowing from the financial industry, which is fighting every attempt to rein in what Arianna Huffington calls the “high-flying, no-limits-casino banking culture.”

You can read more about this at FactCheck.org, which is part of the Annenberg Public Policy Center of the University of Pennsylvania.

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