Fixing Wall Street will be a steep uphill climb...

Fixing Wall Street will be a steep uphill climb, but I applaud all those who are trying.

Obama's single biggest contributor to his campaign was Goldman-Sachs--sometimes called Government-Sachs for its ability to run our country. Potential saviors like Barney Frank and Christopher Dodd also receive piles of money from the banks.

More woe--Geithner and Bernanke represent the banking industry. The problem with Wall Street is an intrinsic one--what's good for them is bad for the rest of us. To wit: the banks make gobs of money quickly through investing in speculative activities--oil prices, housing market prices (ups and down), Greece, etc. This is the leading/bleeding edge in banking circles. Lending to businesses is so yesterday; derivatives and credit default swaps so today.

Regulations of any sort will rain on Wall Street’s parade--whether it be transparency in derivatives sales, stopping the ratings fraudulence in securitization, lowering bank leverage or stopping banks from trading/gambling with taxpayer money.

So Obama, Geithner and Bernanke and Dodd and Frank et al. will go through the motions of banking reform but at the end of the day will have the same old financial system--that is to say, primed for disaster. (Something tells me that the bankers see this as a thrilling rush....) I’d say that after the next disaster we will be quite ready to dump Wall Street.