At Pershing Conference, Insight on Politics From Gergen

He said that Republicans had been most hopeful of taking control in the Senate, but Blanche Lincoln’s victory in the Arkansas primary and the win in Nevada by what the party considered to be its weakest general election candidate against Senate Majority Leader Harry Reid (D-Nevada) both argued against that remote possibility.

Interestingly, Gergen said that Senator Chuck Schumer (D-New York), who had long been a backer of Wall Street, had kept a low profile during the financial services reform fight, hoping that would make him a more viable candidate for the majority leader’s post should Reid lose his seat in November, but that scenario wouldn’t occur now.

As for energy legislation, Gergen said there seemed to be a window of opportunity for the Obama Administration to promote an energy bill in the wake of the public anger over the BP oil spill, but what he characterized as the “nearly universal negative reaction” to cap-and-trade had led the Administration to decide that this was not the time for that type of initiative.

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