Slap on the Wrist, Pat on the Head!

President Obama has released his grossly inadequate plan to improve regulation of large financial institutions. I am deeply disappointed. It is tinkering around the edges without addressing the rot that greed has planted in our banks, investment firms, insurance companies and mortgage brokers. They will evade its provisions with ease.
Obama was elected with a substantial mandate to fix the corrupt system which arose from the De-regulatory zeal of Congress in the 1990's. The traditional business models for commercial banks, savings banks, and insurance companies, which established
separate and distinct functions for each, carefully regulated, and which had served the nation and its economy well, was suddenly abolished. In its place we got an "anything goes" model. When anything goes, GREED goes fastest.
In his campaign Obama promised to overhaul the system to re-establish accountability
for the financial institutions, and to put in place a traffic cop to keep them in their traditional roles.
I am aware that his governing technique is to build concensus for change, and he is
by nature a cautious man. But with his broad public support he could ram through major reform. If he rallied the public for that, even the powerful financial lobbies
and their purchased congressmen would be overcome. After all it is the public which lost jobs, homes, retirement portfolios and savings. If they are informed of what is at stake, they will choose to do the whole job, not a band-aid. There may not be another opportunity when the public pain is fresh and the causes of our problems are so obvious, to pass the reform legislation which is so necessary to prevent another financial meltdown.
Mr. President, this is no time for timidity.