Senator Arlen Specter’s surprise party switch may open the door to all kinds of previously stalled legislation. But what can Congress actually do, if anything, to bring the financial crisis under control or prevent new disasters on Wall Street?

That was one of the questions on the table as the Deal Professor — more formally known as Steven M. Davidoff, a professor at the University of Connecticut and blogger for DealBook — held a recent “diavlog” with Eric Posner of the University of Chicago on Bloggingheads.tv.

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