'Don't be fooled' by Mitch McConnell. He's fighting for Wall Street.

Chris Dodd has been on fire about Wall Street reform. He's not letting Mitch McConnell and the repugicans spin this one. Yesterday, Dodd said, "We don't work for the big banks." But, Mitch McConnell and his fellow repugicans do work for the big banks.

Today, Paul Krugman eviscerates McConnell, too. McConnell, on behalf of Wall Street, is trying to deceive the American people. It's despicable. And, it's just blatant:

It’s a truly shameless performance: Mr. McConnell is pretending to stand up for taxpayers against Wall Street while in fact doing just the opposite. In recent weeks, he and other Republican leaders have held meetings with Wall Street executives and lobbyists, in which the G.O.P. and the financial industry have sought to coordinate their political strategy.

And let me assure you, Wall Street isn’t lobbying to prevent future bank bailouts. If anything, it’s trying to ensure that there will be more bailouts. By depriving regulators of the tools they need to seize failing financial firms, financial lobbyists increase the chances that when the next crisis strikes, taxpayers will end up paying a ransom to stockholders and executives as the price of avoiding collapse.

Even more important, however, the financial industry wants to avoid serious regulation; it wants to be left free to engage in the same behavior that created this crisis.

And, a final warning from Krugman:

So don’t be fooled. When Mitch McConnell denounces big bank bailouts, what he’s really trying to do is give the bankers everything they want.

Exactly.

It's good to see that the Senate Democrats are in a fighting mood. They're not letting the repugicans lie on this issue. McConnell really thinks the American people are too stupid to figure out his lies. He's wrong.