The White House has jettisoned all measures in the finance bill that would change the industry's structure -- opting instead for more regulations. But regulations don't work if it's the underlying structure that got us into trouble in the first place.
Thursday night's passage of Wall Street reform is an event to be celebrated, but several key issues remain in play as the House and Senate iron out differences between their respective versions of the legislation.
For four decades Wall Street had its way with American government. The big Wall Street banks and their economic apologists dominated the main stream of economic thought. Last night their domination came to a screeching halt.
Inside this closed culture, the ideals of the free market are repeatedly espoused, but not upheld. Derivatives, the exotic contraptions that enrich the banking business, have flourished in the shadows, not in the open marketplace.
What Republicans should really be crying about is Sestak's stunning victory over Specter in PA. The Dems now have a 3-star Admiral running against a guy who spent 4 years running a PAC, and earlier traded credit default swaps.