Whoops, Turns Out Wall Street Reform Is A Dud Politically

Here’s something interesting to note about the language of politics, courtesy of a POLITICO feature on Nancy Pelosi’s attempt to save the Democratic majority:

The massive health care overhaul has morphed into a “patients’ bill of rights;” Wall Street reform is “consumer protection.”

“Nobody wants you to go out there and talk about legislation; they want to talk about the impact it has on them,” Pelosi said. “As Tip O’Neill says, ‘All politics is local.’ I always say, ‘All politics is personal.'”

In other words, the whole cracking down on Wall Street — an issue that you would have guessed to be a winner a year ago — now doesn’t resonate. Or at least you can’t campaign on it.

This helps explain why the (potential) nomination of Elizabeth Warren has become the hot-button post Dodd-Frank topic. The establishment of the Consumer Financial Protection Agency is the key slice of the bill that might actually affect the day-to-day lives of voters (at least voters who aren’t prop traders are too big to fail banks).

Of course, Pelosi has her work cut out for her.

The latest InTrade odds give the GOP a clear edge on taking over the house.


Photo: InTrade

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