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|After years of bipartisan policymaking, veteran lawmaker Senator Richard Lugar (R-IN) is expected to go down in defeat in his primary election today. With the likely defeat of Lugar, political observers are sure to start speculating over the meaning of the election. Is it a rebound for the Tea Party? Is bipartisanship dead? Was Richard Mourdock, Lugar's opponent, unpatriotic for deceitfully smearing Lugar for working with Obama to secure loose nuclear weapons? These are legitimate questions. But it's worth noting that a primary factor in Lugar's desperate fight for reelection stems from the power of banking lobbyists. The Indiana Republican can be viewed as a demonstration of Wall Street's political muscle. In the words of Politico, 'The banking industry is making an example of Sen. Dick Lugar.'
In a rare loss for Wall Street, the Senate last year rejected legislation to delay...