When some weakened bill is passed as, no doubt, one will, prepare for the TV spin by the punditocracy shilling for the status quo. And then watch as the Obama Administration hails it as the second coming.
The banking wars are in full scale battle mode. We are going to see a lot more of this faux populism paid for by bailed out bankers before the year is through, and progressives have to be quick to expose it.
The SEC's suit against Goldman Sachs has finally prompted the media to turn its attention to financial reform. The waters have been chummed -- there hasn't been a story this tasty since Monica Lewinsky.
When it comes to the fight over financial reform, Democrats are making the same mistake they did with health care: failing to put the effect reform would have on the lives of real Americans front and center.
Senator Chris Dodd has good political antennae. He knows that his financial reform bill will come under severe pressure because it has a weak heart -- the provisions that deal with "too big to fail" are simply "too weak to make any sense."