I found McConnell's attempt to create an alternative reality - let's say an end to bailouts is another bailout! - Palinesque in its post-modern reality. It's also bad politics, of course. Continetti warns:
Memo to Republicans: you are about to step into a political trap! The GOP has focused so much on the downsides of the Dodd proposal, it hasn't made it clear that it supports sensible reforms to correct the imbalances that led to the 2008 financial crisis ... Now, maybe the Senate Republicans don't support reform at all. Maybe they just want to deny Obama a victory and wait until they have more power in the next Congress. That would be a shame, because tacitly backing Wall Street on this issue erodes the GOP brand as the People's Party.