(I’ll be on the Dylan Ratigan Show today at 4pm ET talking about Wall Street reform.)

This is an amazing ad by Blanche Lincoln. Amazing in that she’s almost entirely clueless about what’s really going on with her own bill:

“It’s why I’m taking on Wall Street, with the toughest reform bill of anyone in either party, and it’s gonna pass.”

This is an absurd statement. I mean totally absurd. Let me go back to my earlier post on this today. Maria Cantwell noticed a huge loophole in Lincoln’s “tough” reform bill, and vowed to oppose cloture until it was fixed. Lincoln did not. Everyone and their brother knows that the provision spinning off the swaps trading desks from the big banks is going to get cut. Heck, Mark Warner told Andrea Mitchell today that the derivatives language “will be out” of the final bill. But to Blanche, “it’s gonna pass.”

Why, it’s almost as if she doesn’t care at all about the substance of the legislation, and just wants something to brag about to the folks back home so she can save her bacon in a primary!

I hope the Halter campaign has a response to this.

UPDATE: Apparently this ad came out on May 3, but the sentiment remains the same in her comments after passage. She’s talking about a “tough bill” that “will pass” when everyone is saying it won’t.

UPDATE II: Wow, I just actually saw the full context of this, and it’s even worse. Not only because Warner uses the ever-present “unforeseen consequences” excuse, and whines that the spin-off would make it impossible for banks to “hedge risk” (no, it wouldn’t, they’d just have to maintain enough capital). But listen to the question:

Mitchell: Well the White House said some of the rest of you don’t want this derivatives provision, that Blanche Lincoln put in it. No one has stripped it out. We were told that Chairman Dodd was going to strip it out this week, on Tuesday, that didn’t happen. Who’s going to be man or woman enough to stand up to populist sentiment, if you will, and take this part of the bill out, or is it going to end up in the final bill, despite the White House’s preferences?

Wow, slip showing much, Mrs. Greenspan? Why isn’t she recusing herself from this discussion entirely, being married to the man who destroyed the economy and all of his credibility?