January 21, 2010

Ezra Klien Finds the Dark Cloud

Well, he finds a silver lining:

Scott Brown: Inadvertent hero of banking reform?

If Scott Brown's election was very bad for health-care reform, it looks like it was very good for financial reform. Desperate to add a new issue into the news cycle and give Democrats something they can actually fight for, the White House is set to propose a raft of regulatory reforms that go far beyond anything that Congress has suggested so far, or that the White House has hinted might be in the offing.

The dark cloud was spotted by political meteorologist James Pethokoukis a few days ago.
Brown win could spark Obama war on Wall Street

Scott Brown’s stunning capture of the Massachusetts Senate seat held for decades by Ted Kennedy was a political black swan, a near-unpredictable event.

The result ends the Democratic supermajority in the Senate and leaves key parts of the Obama agenda in deep trouble. But the biggest loser just might be Wall Street. Desperate Democrats may see anti-bank populism as a way of holding power as the November midterm elections approach.

The last days of the heated Senate race saw the first attempts at that political gambit. Democratic candidate Martha Coakley’s allies in Washington, both the White House and national Democratic officials, used President Barack Obama’s proposed bank tax as a cudgel to bash Brown via emailings and telephone calls.

Now that he doesn't have health care to worry about, he can really go after those fat cat bankers (boo, hiss!)

111th Congress Posted by John Kranz at January 21, 2010 2:21 PM
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