CHRIS STIREWALT on the pending financial reform bill [third item].

Democrats defeated a financial reform amendment that would have put $145 billion bailout recipients Fannie Mae and Freddie Mac off the dole within five years, arguing that it was too risky to do anything to create uncertainty in the housing market until later on.

But government reform is like having kids. It’s never the right time, so you might as well get on with it.

Senators can call their pending bill many things, but as Mr. McCain said yesterday, they should not dare call it reform of the financial system.”

Corruption Business as usual.