If the legislation currently being debated by the legislature is not real financial reform (and it is not, according to Fisher), then our current policy trajectory amounts to facilitating further rounds of financial dementia.
The coming legislative debate will clearly divide people into "for" and "against" our massive global banks that have so manifestly gone bad. For the last time: Which side does the president really want to be on?
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.
The most important fight from here on out is protecting the surviving elements of the derivatives bill crafted by Sen. Blanche Lincoln. Lincoln's bill would force big banks who deal derivatives to spin off those operations into separate companies.