‘Stop Too Big To Fail’ commercials hit Nevada’s airwaves … Media Matters swings into action

It doesn't get much plainer than this e-mail to know that Media Matters is no objective third party trying to correct the facts of public discourse, as they would like people to believe.

Media Matters is a left-wing political group attempting to convey a point of view in the public discourse. They want people to think they are an arbiter of some sort, but they are not. They are a player.

I think that makes them an intellectually criminal outfit. Little more than a "non-profit" arm of the Obama government. A wolf in sheep's clothing.

But, as always, you be the judge.

Get a load of this e-mail Nevada media received this morning and see Media Matters for the far left political advocates they are. Wonder how many news folk in Nevada will fall for it and cast the news as the big, bad banks says thus and so, but here's the truth from Media Matters. One will be too many.

Hi folks,

The big bank front group "Stop Too Big To Fail" is going up with ads in Nevada this week. 

Here is our fact check: http://mediamattersaction.org/factcheck/201004160003

Best,

Chris

Wall Street Front Group, Stop Too Big To Fail, Launches False Ads Against Reform
April 16, 2010 11:24 am ET

On April 16, 2010, the Wall Street front group Stop Too Big To Fail scheduled a press conference call to release a new television ad claiming Wall Street reform would lead to "more bailouts for big banks." That is absolutely not true. In reality, reforming Wall Street will make bailouts impossible by safely dismantling failing banks that endanger America's economic stability.  The costs incurred will be paid by Wall Street, not taxpayers.

"Stop Too Big To Fail" Ad Spreads Wall Street's Lies
Stop Too Big To Fail Ad:
Now Congress is considering so-called 'financial reform' legislation which would authorize even more bailouts for big banks - paid for by hidden taxes on our pensions, retirement accounts and saving. [Stop Too Big To Fail press release, 4/15/10]

The Front Group Is Run By "AstroTurf Aces"
Stop Too Big To Fail Is A "Project Of Consumers 4 Competitive Choice." According to Stop Too Big to Fail's website, it is "a project of Consumers 4 Competitive Choice." [StopTooBigTooFail.com, accessed 4/16/10]

Leaders Of Consumers 4 Competitive Choice Are "AstroTurf Aces" With "A History Of Fronting Astroturf Lobbying Campaigns." According to a Roll Call article headlined "AstroTurf Aces Push Credit Fee Event":

Consumers for Competitive Choice, a self-described grass-roots nonprofit representing mostly small-business owners, is storming Capitol Hill today in a push to lower the fees that credit card companies charge merchants.

But while the group says its interest in the issue was instigated by its small-business members, the two men behind the effort have a history of fronting AstroTurf lobbying campaigns on behalf of some of the nation's largest companies.

Robert Johnson and Jim Conran, president and executive director of Consumers for Competitive Choice, respectively, have led several lobbying campaigns where they have sided with companies that have given financial contributions to nonprofits affiliated with them. [Roll Call, 2/4/10]

"Permanent Bailout" Line Is Straight From Frank Luntz's Pro-Wall Street Memo
Frank Luntz:

[Luntz, The Language of Financial Reform, January 2010]
Frank Luntz Represents A Myriad Of Wall Street & Financial Interests.  According to Frank Luntz's companies, Luntz, Maslansky Strategic Research and The Word Doctors, his clients include:
Ameriquest Mortgage Company
American Express
Bear Stearns
Merrill Lynch
U.S. Chamber of Commerce
VanKampen Investments

Financial Reform Ends The Bailout Culture, Brings Accountability And Transparency To Wall Street

Bush-Appointed FDIC Chair Said Wall Street Reform Will Make Bailouts "Impossible." In an interview with American Banker, FDIC chairman Sheila Bair said, "The status quo is bailouts. That's what we have now. If you don't do anything, you are going to keep having bailouts. Bankruptcy doesn't work - we saw that with Lehman Brothers.... [This bill] makes them impossible and it should. We worked really hard to squeeze bailout language out of this bill. The construct is you can't bail out an individual institution - you just can't do it. In a true liquidity crisis, the FDIC and the Fed can provide systemwide support in terms of liquidity support - lending and debt guarantees - but even then, a default would trigger resolution or bankruptcy." [American Banker, 4/15/10]

WSJ: Senate Bill "Would Make A Government Bailout Virtually Impossible." As reported by the Wall Street Journal: "A spokeswoman for the Connecticut Democrat said Friday he would change a provision that would have allowed the Federal Reserve to use emergency powers to lend to an individual 'financial market utility.' Only payment and clearing firms deemed 'systemically important' by a proposed council of regulators would have been eligible.... The change Mr. Dodd has agreed to would make a government bailout virtually impossible, though the government would be able to seize and dismantle failing firms." [Wall Street Journal via Factiva, 3/19/10]

Kudlow: "Dodd's Financial-Regulation Proposal Raises The Possibility Of Substantial Progress On The Road To Ending 'Too Big To Fail' (TBTF) And Bailout Nation." In a column written for RealClearMarkets, Larry Kudlow wrote, "Sen. Chris Dodd's financial-regulation proposal raises the possibility of substantial progress on the road to ending 'too big to fail' (TBTF) and bailout nation for banks and other financial institutions... First, under the Dodd scheme, large complex companies will have to submit plans for rapid and orderly shutdowns should they go under. These are called 'funeral plans.' Then, in terms of these orderly shutdowns, the bill would create an 'orderly liquidation mechanism for the FDIC to unwind failing systemically significant financial companies. Shareholders and unsecured creditors will bear losses and management will be removed.' Good." [Kudlow, RealClearMarkets, 3/16/10]

Washington Post: "The Bill Provides A Way To Rein In The Risks They Take With That Money, And Taxpayers Won't Be On The Hook If They Nevertheless Collapse." In an editorial written after the Senate released its plan to reform the financial system, the Washington Post wrote, "Like the House bill, it would authorize a council of regulators to name systemically risky institutions, limit their leverage and require them to pay into a $50 billion resolution fund that would deal with a big firm's collapse. To be sure, listing 'too big to fail' institutions only encourages the market to offer them artificially easy funding. But at least the bill provides a way to rein in the risks they take with that money, and taxpayers won't be on the hook if they nevertheless collapse." [Washington Post, 3/18/10]

The Bill Would Dismantle Failing Banks, Not Bail Them Out
Contrary to the ad's assertions, the bill makes bailouts "impossible."  The bill does NOT bailout firms, but safely dismantles "any failed financial company" that threatens the entire economy.  This dissolution fund is financed NOT by taxpayers, but by fees levied on financial companies.

The Senate's Restoring American Financial Stability Act Ends The Risky Bailout Culture, Liquidates Failed Institutions.  According to Section 204 of the Restoring American Financial Stability Act of 2010:

[Restoring American Financial Stability Act of 2010, accessed 4/7/10]
–Media Matters Action Network