The people of Texas have sent their very own Cruz missile to the Senate, set to destroy any remaining vestiges of moderate Republicanism and just about certain to alienate Republican-leaning independents everywhere.
Think of it as the story of two antagonists. One of them was an honest senator who came to Washington to fight corruption. The other is an arrogant banker who's so sure of his untouchability that he wore "FBI" cufflinks when he made a public appearance last month.
I have voted in 14 presidential elections since my first, in 1960. Each time the candidates or their surrogates have told me "this is the most important election of your lifetime." Well, this week we will finally have the election that actually fits that description.
There is finally, finally, finally some momentum starting to build toward accountability for the biggest banks. The results of the election will determine whether it continues to build or completely fades away.
As a former lobbyist, I almost had to admire the way they unswervingly stayed on message. And the message was that the status quo was good for everyone and that Ted and I were wasting our time exploring whether market changes might call for statutory and regulatory changes.
How do we persuade teenagers that academic, rather than athletic, excellence is a lot more likely to result in a successful life and, yes, financial rewards? The people who run college sports are not helping.
Almost everyone I talk to privately in the financial industry says there are six mega-banks that should be broken up or subjected to greater regulatory constraints -- and that doing so wouldn't hurt the economy one bit. But they're all too scared to break ranks publicly.
Wall Street bankers, with help from key Republicans in the House and Senate, have begun a major campaign across the country to kill the regulations currently being developed to enforce Dodd-Frank Wall Street Reform.
While most incoming members of Congress will get sworn in on the traditional timeline, there are a handful who will be sworn in immediately. This could alter the balance of power between the parties for the "lame duck" session.
I will say now that I'm frustrated. We have seen very little in the way of senior officer or boardroom-level prosecutions of the people on Wall Street who brought this country to the brink of financial ruin. Why is that?
The financial reform bill places enormous responsibilities and discretion into the hands of the regulators. Its ultimate success or failure will depend on the actions and follow-through of these regulators for many years to come.