From all accounts the right wing has left their collective body today after the Romney campaign smacked at Joe Biden for saying this during a speech in Danville, VA:
Romney wants to, he said in the first 100 days, he's gonna let the big banks again write their own rules. Unchain Wall Street!
They're going to put you all back in chains.
After weeks of slanderous and baseless accusations leveled against Governor Romney, the Obama campaign has reached a new low. The comments made by the Vice President of the United States are not acceptable in our political discourse and demonstrate yet again that the Obama campaign will say and do anything to win this election," said Romney spokeswoman Andrea Saul. "President Obama should tell the American people whether he agrees with Joe Biden’s comments."
Now here's what I would say if I were President Obama. I would say I don't agree with Joe Biden because, well, we're still chained by Wall Street. We are still beholden to Wall Street's beck and call, their manipulated markets, their threats if we (and our government) does not bow to their whims and demands. So it's less about us being unchained because we're not, and more about how much worse it would be if they didn't have the teeny tiny small constraints imposed by the Dodd-Frank legislation.
Chaining Wall Street and unchaining the rest of us would mean reinstating Glass-Steagall. We're not even close to that.
The Obama campaign did shoot back a reply:
For months, Speaker Boehner, Congressman Ryan, and other Republicans have called for the ‘unshackling’ of the private sector from regulations that protect Americans from risky financial deals and other reckless behavior that crashed our economy. Since then, the Vice President has often used a similar metaphor to describe the need to ‘unshackle’ the middle class. Today’s comments were a derivative of those remarks, describing the devastating impact letting Wall Street write its own rules again would have on middle class families. We find the Romney campaign’s outrage over the Vice President’s comments today hypocritical, particularly in light of their own candidate’s stump speech questioning the President’s patriotism. Now, let’s return to that ‘substantive’ debate Mitt Romney and Paul Ryan promised 72 hours ago, but quickly abandoned.
I can see where it would be politically advantageous for Romney to turn this into some kind of racial reference on Biden's part, but it fails, largely because Wall Street's shackles know no racial boundaries. It's purely about who has the money and power and who doesn't. For Wall Street, most of us aren't even on the radar, unless we're catering their parties or something.
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