What A Revolting Development

Earlier today I speculated that the GOP is bailing on blocking Wall Street reform because of the optics.  Indeed, one of the most interesting finding in this week's Gallup poll on banking regulation is depending on what you call it, support for it varies:

If you call it Wall Street reform, the favorability margin goes up significantly. That mean perception is playing a big role in whether or not a bill gets passed.  The TPMDC crew looked into the sudden switch in the last 24 hours and came away with this confirmation of that theory (emphasis mine):

Within 48 hours, the Republican line on financial regulatory reform went from "filibuster" to "we're very close to a deal." Why the shift? Republicans and Democrats will offer up spin all day, chalking up the progress to their own doggedness, but in the end it comes down to a simple reality. Key Republicans, sincere about passing new rules for Wall Street, but intimidated by the notion of blocking financial regulatory reform, let it be known to their leadership that, at some point, they would side with Democrats to break a filibuster. Maybe not on round one, or even round two. But eventually.

"Folks on our side of the aisle want a bill," Sen. Bob Corker (R-TN) told me and a few other reporters Monday night. "I know that. I just [had a] discussion with some of our leadership on the floor. You know, we want a bill."

Sen. Olympia Snowe (R-ME) made it equally clear: if top-level negotiations broke down, she and other members would find a solution. "I think it's important to continue between the two principals on the committee, because that's where it's likely to happen," Snowe told reporters yesterday afternoon. "But if not then we'll take things as they come. We'll take the next step."

This afternoon, entering a Republican caucus meeting, the Republican Deputy Whip John Thune candidly acknowledged that the politics just aren't playing out for the GOP, and that members don't want to take a tough vote against regulating Wall Street.

"I think it's a difference between perception and fact, because the facts are very different than the perception," Thune told TPMDC and two other reporters. "I think the Democrats believe that they can get political advantage by painting the Republicans as protecting Wall Street.... The perception right now is what's driving this."

And again, the optics have to be incredibly dismal for the GOP on this for them to so openly admit it, to the point of throwing Mitch McConnell under the bus so completely.  They've all but signaled fold on this one.  Not even the Republicans want to block Wall Street reform with Goldman Sachs in the news time and time again.

Can you blame them?  The Democrats are looking like they've won yet another round.