Today's idocy in the Senate: Let's replace the children with adults!

San Francisco Chronicle: Senate Republicans united Monday to block debate on legislation that would make the most far-reaching changes in financial industry regulation since the Great Depression - slowing but probably not stopping a bill that has been propelled by angry voters who want a crackdown on Wall Street.

The 57-41 vote marked the first Senate showdown over the issue. Sixty votes were needed to end GOP delaying tactics. But no Republicans voted to debate the bill, and they were joined by Democratic Sen. Ben Nelson of Nebraska.

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Their principal aims are to close loopholes they believe will allow government bailouts of failing firms, add restrictions on the mortgage giants Fannie Mae and Freddie Mac, limit the power of the consumer agency and ease proposed regulations on derivatives - complex financial instruments that contributed to the 2008 financial collapse.

So the republican notion seems to be that the existing proposed bill isn't strict enough, at least, that's what they say.  Their fix for this lack of control is to limit the power of government and to ease restrictions on derivatives!  Common sense has clearly left the Senate, if it was ever there.  As I have noted previously lack of regulation as a result of repeal of existing regulations in the name of financial reform was at the heart of the recent banking failure.  Derivatives, which many have regarded as the toxic nuclear bombs of finance, were a major factor in the collapse.

Common sense also suggests that it's time for the existing Senate to be replaced.  We have an election coming up so how about if it's an incumbent voting for the other candidate?

Common sense suggests that serious regulation is long overdue and that derivatives should be closely regulated.  But, hey, that's just common sense and the Senators we employ don't seem to feel the need for common sense.