Republicans pick Wall Street over free markets

I've spent plenty of time calling out the Democrats as faux-populists who will help Wall Street's biggest banks. In my new column, I levy the same charge against the GOP:

Republican leaders have proven the Democrats right: The GOP's teeth gnashing about "permanent bailouts" was cynical populist showmanship -- and Republicans can't pull off that act as well as President Obama.

By proposing a financial reform bill that is mostly identical to the one proposed by Sen. Chris Dodd, D-Conn., Republicans have passed up an opportunity to simultaneously appeal to their base, by returning to their alleged principles of limited government, and appeal to much of the middle, by waging a populist battle against Wall Street's corporate-welfare queens who panhandle on Capitol Hill.