Last week, I wrote a piece in this space lamenting the fact that so many Democrats had voted for a budget package that gutted a key provision of the Dodd-Frank Act. The so called swaps push-out provision, now repealed, required banks to separate their speculative business in derivatives from depository banking covered by government insurance and further protected by the Federal Reserve. The broader budget deal, technically a continuing resolution to keep the government funded through next September, also cut a lot of needed public spending and added several odious riders, including one that raises the ceiling on individual campaign contributions to party committees about tenfold. Had Democrats resolutely opposed the deal, I argued, it would have revealed Republicans as friends of Wall Street and enemies of Main Street -- a useful party differentiation between now and 2016.
Every single time Republicans threaten to shut down the government when they don't get what they want, we should let them, because every time they will end up forced to back down. The one thing that their ongoing extremism has done is cement in the mind of the American people that they are the crazy ones.