Chris Dodd vs. the Volcker Rule

Flickr/<a href="http://www.flickr.com/photos/americanprogressaction/452420108/">CAP Action Fund</a> (<a href="http://www.creativecommons.org">Creative Commons</a>).

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Chris Dodd (D-Conn.), who has apparently been possessed by the spirit of his colleague Max Baucus (of “gang of six” fame), is desperate to get bipartisan financial regulatory reform. Unfortunately, that probably means not actually reforming the financial sector. Here’s the Times:

Mr. Dodd, Democrat of Connecticut, added that the administration was “getting precariously close” to excessive ambition for the legislation. “I don’t want to be in a position where we end up doing nothing because we tried to do too much,” he said.

It’s hard to see how anything that the administration has proposed to rein in the financial sector amounts to “excessive ambition,” if by “excessive ambition” you mean something like “overregulation.” But if “excessive ambition” means “too hard on the banks to actually pass,” well, that’s just sad. Digby says “One hates to be cynical about this, but Dodd is leaving.  And he’s going to need a job.” That could be right. But the other prospect, just as frightening, is that Dodd has accurately assessed the situation and realized that real financial reform can’t get through Congress because the banks own the place. (That is basically what Kevin thinks, after all.) Either way, the Volcker rule is looking increasingly like a good proposal that will remain just that—a proposal.

Kevin is traveling today and tomorrow.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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