Another Big F#*&King Deal

After a twenty-hour marathon session, where members fell asleep and the staff ran out of paper, the Dodd/Frank Act finally reached its final language. Last night's session, which broke around 5 a.m. saw slight changes to the so-called "Volcker Rule", which would have banned federally insured frims from trading on their own accounts, and a fierce war over Blanche Lincoln's strict derivatives regulation. After New York Democrats threatened to walk unless there was a compromise, there was some modification of the derivatives' language. But at the end of the day, the Wall Street Reform bill was tougher than President Obama wanted or needed.

Final votes are expected next week in both the House and the Senate and the bill should make it to the President's desk by the July 4th deadline. I have no idea if Republicans can filibuster it in the Senate. The problem they would have is that, unlike healthcare, this bill has widespread popular support and openly siding with the banks would not look good even to their base.

President Obama hailed the bill as giving him "90%" of what he wanted. If the bill passes, the 111th Congress will be able to boast one of the most prolific records in domestic reform. The stimulus, the healthcare bill, the reform of student loans, and now Wall Street reform make it one of the most productive congresses in recent memory.

I wrote before that 2,500 lobbyists were working to kill the regulations on derivative trading. NPR reported for the last negotiating sessions there were 5,000 lobbyists employed. I am amazed that the congresspeople managed to withstand the onslaught and produce anything meaningful.

If Elizabeth Warren supports the new Consumer Agency, even if it is in the FED, then I'm for it.

Whether in fact this is the most meaningful financial reform since the Great Depression, I have no idea but it is alot more useful than some of the blogs such as Huffington Post claim.

Bravo to Rep. Barney Frank and Senator Chris Dodd for a real legislative accomplishment.

And now while the country moves ahead on this issue, the Party of No managed to kill through filibuster extending unemployment insurance to about 1 million people, tax breaks for small businesses and funding to states to save the jobs of thousands of schoolteachers, firemen and police. Mitch McConnell claimed this altruistic action was because of the deficit. Republicans warmed the hearts of everyone by referring to the unemployed as hobos,lazy and drug abusers.

Are we really going to return nasty, mean-spirited people to power? I find it difficult to believe that this type of narrow-minded thinking really will be a winning formula. Maybe I just get a blast at seeing my government accomplish something.