Volcker is no radical. He is the former Fed chairman. He has a tightwad's view of monetary policy, even in a severe recession. But he has been around long enough to know that Wall Street speculators are capable of terrible mischief when regulations are dismantled. If Obama is serious about financial reform, he needs to fight for it -- against corporate Democrats as well as Republicans, and against his chums on Wall Street. Paul Volcker deserves better than intermittent gestures. So do the American people.