The good news is that supposedly the well is completely sealed off, with no oil leaking. It remains to be seen whether the pressure inside the well will remain steady; a steady pressure would indicate that oil is not leaking around the cap. Meanwhile, one of the relief wells is 150 feet away from intersecting the leaking well; after the test is complete, drilling will resume so the leaky well can be finally killed.
The other major piece of good news is that the financial reform bill finally passed the Senate, as three republicans - Susan Collins and Olympia Snowe of Maine and Scott Brown of Massachusetts – joined with democrats to break the GOP filibuster. (Democrat Russ Feingold voted against the bill on the grounds that it isn’t strong enough). The republican leadership, of course, immediately called for repeal.
Public interest groups praised the legislation, which has been languishing in the Senate since the House passed it in June. The law attempts to avoid the need for another wall street bailout by setting up an advance warning system for banks that are deemed too big to fail, setting new limits on speculation by banks, and regulating the derivatives market. It also launches a new customer protection agency.
Many regulations called for by the law still need to be drafted over the next two years; it is expected that those opposed to reform will be donating heavily to republicans in order to water them down as much as possible.