Amazing how long it lasted

I wrote last week about Credit Default Swaps and how they caused great damage to the economy yet regulation for them was excluded from the recent financial reform law.

My friend and debate partner responded that he appreciated the explanation, but…

I am under the impression that the financial reform bill, which Obama will sign into law this week, does regulate credit default swaps. Have you looked at that?

In the same Washington Spectator issue there is a lengthy discussion about how Blanche Lincoln, Democrat from Arkansas, made sure such reforms got into the bill. It boosted her "for the people" cred enough that she won her primary. But with the Wall Street firepower against her the amazing part of the story is how long that part of the bill lasted. Only after Lincoln's primary was in the bag did the New Democrat Coalition (who held a NYC fundraiser during a trip to allow NDC members to meet with the big bank execs) demand the CDS provisions be taken out. And yes, it was Dems that did it in. The GOP only obstructed.