McConnell's statements are perfectly calibrated to inflame the public. He insists the bill would "allow endless taxpayer-funded bailouts for big Wall Street banks."
Their resemblance to the truth is another matter.
The provision that McConnell claims would allow endless bailouts emerged from a bipartisan collaboration by Sens. Mark Warner, D-Va., and Bob Corker, R-Tenn.
Warner, who learned a thing or two about capitalism as a successful dot.com entrepreneur before becoming Virginia's governor, told The Washington Post: "It appears that the Republican leader either doesn't understand or chooses not to understand the basic underlying premise of what this bill puts in place."
The provision to which McConnell particularly objects creates an orderly process for letting "too big to fail" banks fail, at the industry's expense, without taking down the entire economy.
Called out by his own home-town paper. Good for them! Read it all here.
H/T to Rachel Maddow.
Update: Of course, McConnell, like the typical tea bagger, isn't bright enough to generate his own brand of bull shit. He can only regurgitate somebody else's talking points.
Update 2: Krugman weighs in.
. . . has there ever been a time in US political history when one of the two major political parties was so addicted to doublethink, so committed to pretending that it’s advocating the opposite of its actual agenda?
Actually, this pretty much characterizes the Repugnicant party since at least the Reagan Administration. I have been calling for its demise for a long time. I thought that under Bush, it got about as bad as it could get. Now, with Repugs desperately out of power and the tea party mentality in control, it's gotten out of control.
We are so screwed!