The Senate financial regulatory reform bill has only a nod in the direction of a return to the Glass-Steagall Act's separation of investment and banking firms, a regulation that Dodd helped kill a decade ago.
If, a year after Obama's victory, the Senatorial race to replace Ted Kennedy is close, it can largely be attributed to public disillusionment that Obama and the Democrats have given away too much taxpayer money to Wall Street banks.
Having government forbid everyday commercial banks to take gambles on high-risk schemes, why, that just didn't make sense to the enlightened minds of 1999. We had learned by then to trust the market. Besides, what could go wrong?
Populism is not so much a political stance (as "conservatism" is, for instance) as it is a political tactic. Meaning it can be used equally well by either side of our current American political divide.
It's easy to rail at Congress and the Fed and the President and all the bozos past, present and future who don't foresee the bubbles or simply drink too much of them. But what would you do? I'm seriously asking.
The financial system in this country has been rigged and my new bill to re-establish Glass-Steagall will help undo the circumstances that led to this most recent collapse while helping to prevent future ones.