THE TRAP – AT 11:05 A.M. ET:  Republicans must be careful not to fall into a classic Democratic trap, in which the GOP is linked with big business, and against the "little guy."  That may be happening right now:

President Barack Obama took a swipe Saturday at top Senate Republicans for opposing a financial regulatory reform bill, accusing them of taking their cues from Wall Street special interests.

Obama suggested that Senate Minority Leader Mitch McConnell came out against the overhaul bill after meeting with two dozen top Wall Street executives – a charge that Republicans have denied.

“Just the other day, in fact, the Leader of the Senate Republicans and the Chair of the Republican Senate campaign committee met with two dozen top Wall Street executives to talk about how to block progress on this issue,” Obama said in his weekly radio and Internet address. “Lo and behold, when he returned to Washington, the Senate Republican Leader came out against the common-sense reforms we’ve proposed. In doing so, he made the cynical and deceptive assertion that reform would somehow enable future bailouts – when he knows that it would do just the opposite.”

The meeting took place two weeks ago, and has become a Democratic talking point as the White House argues that lobbyists are mobilizing against the measure. Republicans have responded to the charge by pointing out numerous Democratic fundraisers hosted by Wall Street executives.

COMMENT:  Michael Barone and other conservatives have correctly urged the Republican Party to get on board with financial reform.  That doesn't mean endorsing the administration's bill, of course.  But it does mean being pro-active and coming up with a convincing series of measures to prevent what happened in September of 2008.

Too often the Republicans have been seen as automatic allies of the fat cats.  In fact, Wall Street gave more money to Democrats in 2008 than to Republicans, but the image persists.  Financial reform is needed, just as health care reform is needed.  Here's an opportunity for the GOP to show that it can come up with effective, imaginative solutions, rather than just being the "party of no."

The shenanigans on Wall Street often have nothing to do with the "free enterprise system," but are merely gimmicks designed to extract bonuses from the nation's economy.  The nation has paid a heavy price. 

Democrats will lay many traps for Republicans between now and election day.  Republicans have a history of falling into them.

April 17, 2010