As bad as it's going to be for the compromising Democrats in this election, it will be a bloodbath if the economic scene comes unglued -- because then, the racist nonsense in Arizona will look like a picnic.
As Obama today returns to Cooper Union to reprise his arguments for financial regulatory reform, we know this: whatever the ultimate legal merits of the SEC's case against Goldman Sachs, the political impact now will be a game changer.
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."
With the bankers all over Capitol Hill advocating for these reforms, it is entirely unnecessary that anyone else do so. There is no need to find out more about the bill, or to contact your congressman.
We're not likely to get sufficient reform this year. But, if a few legislators pay the penalty for taking the bank lobby money and voting the bank lobby program -- things may get a lot simpler next year.
Teddy never did endorse Senator Dodd for president, and I can't imagine how that may have hurt him. If it did, he never showed it to his staff -- and so people like me who worked for Dodd briefly bore a grudge that our boss would not.