The Financial reform

As I write, the US senate is about to complete the first draft of it's version of the much awaited and much promised financial reform by the Obama administration.
Not long ago, approximately one year now, when the Wall Street was set ablaze, by the greedy bankers and it's accomplices. this fire and its' consequences were brought on by greed, near absence of regulations, predatory lending and huge unmitigated risk taking by the financial institutions. The entire country was shaken by the events as it unfolded, politicians all screamed, everyone of them pointed accusing fingers at the other. The republicans, fingered Obama and his party for demanding the sort of regulations that according to them" would stifle competition and slow growth", the democrats countered, that it was the sort of loose or absence of common sense regulations that got Americans were they found themselves. Eventually, change was promised.

This bill, the way it stands does not amount to regulations, but a deal worked out by the same industry that legislators are supposed to regulate. It does not prevent economic and financial mismanagement, it does not reduce the chances of "too big to fail", it puts the tax payers money and effort at risk once again. It is a bill of exclusions rather than inclusions.

In my published book Barack Obama First African American President( available in a few days online-Amazon.com), I argued that the effects of lobby would make true change very difficult to attain.