http://krugman.blogs.nytimes.com/2010/05/16/an-upward-trend/A funny thing has been happening on Capitol Hill: lately, the Democrats have started exceeding expectations. Health reform, pronounced dead by all the usual suspects, happened (all hail Nancy Pelosi, arguably the greatest Speaker ever.) Now financial reform seems set to pass, in a stronger version than almost anyone expected:
But the big picture is that a strong new consumer protection regulator and a move to force over-the-counter derivatives through clearing houses and onto electronic exchanges are set to be included in law in the face of a multi-million dollar lobbying effort from banks and the US Chamber of Commerce.
Neither seemed likely at the end of last year when the received wisdom was that the Senate would eventually pass a watered down version of the House bill to placate moderate Democrats and draw the support of Republicans.
(snip)
If Democrats hold the House, which is still a big if but is starting to look possible, the 111th Congress — and, yes, Obama’s first two years — will go down in history as an epic success.
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