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The stars, in other words, were not exactly aligned for a backroom bipartisan deal. Dodd tried anyway - first with Richard Shelby, the ranking Republican on his committee, and after that crashed and burned, with Corker, a junior member of the committee who seemed more open to a compromise. Over the...

Author: /time Magazine | Title: Why the Dems Need to Hang Tough on Financial Reform | 3/13/2010 | See Source »

Even if Dodd had agreed to water down reform enough to cut a deal with Corker, that wouldn't have guaranteed success; it was not clear if any other Republicans would have supported it, if Democrats on his committee would have agreed to pass it, if it could have survived...

Author: /time Magazine | Title: Why the Dems Need to Hang Tough on Financial Reform | 3/13/2010 | See Source »

Dodd is not naï ve; he knew that ostensibly softer-edged Republicans like Senator Charles Grassley had drawn out health care negotiations for months before scuttling the talks with tea-party rhetoric about grannycide. But Dodd is retiring after 36 years in the Senate, and he was eager to...

Author: /time Magazine | Title: Why the Dems Need to Hang Tough on Financial Reform | 3/13/2010 | See Source »

The only hope for consensus is a bill that takes an unmistakably tough line on Wall Street, which could end up striking a political chord and persuading recalcitrant Republicans and unenthusiastic Democrats that they have to support it if they don't want to look like Wall Street apologists. Again...

Author: /time Magazine | Title: Why the Dems Need to Hang Tough on Financial Reform | 3/13/2010 | See Source »

In the end, of course, a tough bill would face long odds. The money and power of the financial industry would be arrayed against it. There would be so many arcane moving parts - How much authority for the Fed? Should end users be exempt from derivatives regulation? Should something be...

Author: /time Magazine | Title: Why the Dems Need to Hang Tough on Financial Reform | 3/13/2010 | See Source »

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