Obama’s financial reform bill: Wall Street breathes a “sigh of relief”

Only a very naïve individual, a political idiot, or an editor of the Nation magazine could imagine that, under these conditions, the American ruling elite would turn on its friends on Wall Street and do anything to impede their money-making, or their capacity to precipitate further and greater financial disasters.

If the big banks and financial institutions are on the verge of being “reined in,” no one is telling them about it. Naturally, Wall Street would prefer to have no regulations imposed on it at all. A close second best, however, is a set of toothless measures such as Obama’s, essentially amounting to more paperwork. Ingenious lawyers and financial experts are already figuring out the best means of navigating through and around the “tough” new regulations. We predict they will find the work relatively unchallenging.