Classic Chris Dodd. Obvious outcomes -- like the 2008 financial crisis, which occurred on his watch as Chairman of the Senate Finance Committee-- are "watershed" and heretofore "never seen before." This way, he can escape responsibility for the role his own actions played in creating the mess.
In fact, the public rejection (if final) of SOPA/PIPA are not watershed events, but evidence of Dodd's absolute failure to execute the job he was hired for.
