Wall Street Reform: Progressive Dems Glimpse Victory


Wall Street Reform: Progressive Dems Glimpse Victory

Huffington Post – For the first time since the Great Depression, Congress has Wall Street on the defensive. One setback after another has beset the financial titans accustomed to having their way when it comes to writing rules and regulations that govern their industry, and Senate Majority Leader Harry Reid (D-Nev.) promised to push forward on reform Thursday.

"We're going to work into the night," Reid said on the Senate floor Thursday.

Wall Street's traditional defenders in both parties are generally members of leadership, working to hold the center against populist attacks from both the left and right. But with Reid trailing in his bid for reelection, he has little to gain by defending the financial industry against the tide of public opinion. His number two, Sen. Dick Durbin (D-Ill.), came out Tuesday in favor of a far-reaching amendment that would break up big banks and cap their size. And his number three, Sen. Chuck Schumer (D-N.Y.), has infuriated Wall Street by largely remaining silent as his traditional backers are slain day after day.

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