Later this week, members of both houses of Congress will meet in the final legislative push for financial reform. Much of the conference will be in public session but backroom deals are likely to determine the final outcome.
The Toyota imbroglio further underlines the need for reform, and the road to reform is effective regulation. The rush to de-regulate has been costly; consumers have suffered, and the passion for "small government" has resulted in huge deficits.
Today, the House will begin marking up the first legislation to try to reform Wall Street. If you think the health insurance companies are packing heat, wait till you see the firepower the banks will unleash to frustrate reform.