Frank Luntz Pens Memo For GOP On How To Channel Economic Anxiety Into Protecting Wall St Abuses

[NNN0LHI]

http://thinkprogress.org/?p=80141

Last Saturday, at the lobbyist-organized GOP retreat, President Obama called out GOP strategist Frank Luntz for pursuing tactics meant to simply “box in Obama” rather than pursue substantive policy debate. True to form, Luntz has released a new memo — obtained by the Huffington Post — which lays out the arguments and language Republicans should use to kill financial reform. Luntz, who gained national recognition for his role in shaping the buzzword-heavy Contract for America with Newt Gingrich in 1994, has built a sizable business selling his messaging advice to both corporations and Republican campaigns.

The new memo instructs opponents of financial reform to simply lie about reform legislation, and to twist economic anxiety resulting from the recession into fear of any government effort to fix the underlying cause of the financial crisis. The most dishonest argument is that financial reform would “punish” taxpayers while rewarding “big banks and credit card companies.” In reality, top financial industry lobbyists are not only fighting proposed oversight regulations, but have said recently that they are opposed to “any regulation” at all.

Luntz, ever the publicity hound, leaks his memos out to the media to claim credit for the Republican charge against reforming Wall Street. While he is certainly a driving force behind much of the GOP misinformation, a closer look at his client list reveals that he is in fact being paid by the finance industry:

– Luntz client Ameriquest Mortgages: The proposed Consumer Financial Protection Agency (CFPA) would eliminate predatory mortgages. Ameriquest, America’s “sub-prime leader,” has been prosecuted by Attorney General Richard Blumenthal for inflating property values so borrowers could get bigger loans, imposing upfront fees without reducing interest rates as promised, and intentionally deceiving lenders with hidden penalties and interest rates on final loan documents.

– Luntz clients Merrill Lynch and Bear Stearns: Under proposed financial reform, big banks, like Luntz clients Merrill Lynch and Bear Stearns, would face a new structure designed to police financial products, prohibit predatory ones, and require clear forms and disclosures. The CFPA would also help regulate hidden bank fees and other bank abuses.

– Luntz client American Express: The CFPA would regulate the credit card industry, preventing predatory interest rates and fees.

[Vinca]

1. Apple computer needs to manufacture a personal lie detector

that would, by law, be attached to all Congressmen and Senators whenever they appeared on the floor of either body or gave a statement to the press. If the gizmo detected a lie, the taser feature would kick in. CSPAN ratings would go through the roof.

[KharmaTrain]

2. The Problem Isn't The GOOP Buying This Shit But The Corporate Media

Rushpublicans lie. That's as simple a statement as one can type. The problem is when the Luntz talking points become the meme of the corporate media...using his framing that is how his dreck is always pushed and sold.

[edhopper]

3. And then the Dems

use the same language to argue against it. Rather than just calling it bullshit.