Congress will eventually pass financial reform legislation. But long after the nuances are better understood and loopholes closed, diligent enforcement and ethical business practices will ultimately foretell if it is successful.
With two-thirds of the nation supporting reform, any political party that throws in its lot with Wall Street will pay a major price come November. No amount of Wall Street campaign cash can counter voter outrage.
Senate Republicans say they're against both the bailouts and the Democrats' proposed legislation to end them. They say the Dodd bill would "actually guarantees future bailouts." It's time for the them to put up or shut up.
The GOP has now gone on record officially as saying it wants to block the Senate from even discussing a financial reform bill. When it comes to reform, they don't want the democratic process to take place at all.
Senator Chris Dodd is a tactical legislative genius - keep this clearly in your mind during the days ahead. In terms of maneuvering for the outcomes he seeks, managing the votes, and controlling the floor, you have rarely seen his equal.