by Max Brantley
Today it's the New York Times examining Sen. Blanche Lincoln's fight to regulate derivative investments. Just about the entirety of establishment financial types, from administration figures to Wall Streeters, don't like her legislation. Those financial types have been right about everything else, haven't they?
Lincoln's simple explanation of her belief that banks shouldn't be in the business of risky wagering really struck a chord with me during Friday's debate. My late father, a stockbroker in his working days, and the great economic sage, Leland Duvall, always said the end of Glass-Stegall would bring market ruination. My sympathy is with Lincoln on this one, whatever political undercurrents may mark her effort.