WallStreetReform.gov - One of the changes we've been hoping for?

[nc4bo]

I took liberty to post the numbered paragraphs that generalize actions to be taken. More detailed information is available at the link:
http://www.whitehouse.gov/wallstreetreform

1. Holding Wall Street Accountable

The financial crisis was the result of a fundamental failure from Wall Street to Washington. Wall Street took irresponsible risks that they didn’t fully understand and Washington did not have the authority to properly monitor or constrain risk-taking at the largest firms. When the crisis hit, they did not have the tools to break apart or wind down a failing financial firm without putting the American taxpayer and the entire financial system at risk.

2. Protecting American Families From Unfair, Abusive Financial Practices

Too many responsible American families have paid the price for an outdated regulatory system that left our financial system vulnerable to collapse and left families without adequate protections. We must protect and empower families with the strongest consumer protections ever.

3. Closing The Gaps In Our Financial System

We depserately needed to modernize our financial system and take the necessary steps to close the gaps in our system and eliminate regulatory arbitrage.

4. Reform is Critical to Market Certainty and Stable Growth

Reform is central to providing a foundation for stable growth. Our financial system is most competitive when our system is stable, resilient and transparent.

(typo is not mine. Whitehouse.gov editors forgot to use spellcheck)

It certainly sounds like it but I'm no economic guru. I just know the American people got clobbered over the head, taken for a ride and left to starve in the streets due to Wall Street's greed and irresponsibility and for the most part, the bad guys got away with it.

I'm hoping someone who's familiar with the Glass–Steagall Act can chime in on whether this version of Wall Street reform is comparable to Glass-Steagall. Help a fellow non-educated DUer understand.

If it does everything it says it will do, isn't this some good news?

[midnight]

1. After years of No Wall street accountability, I wonder what

they plan to do? Will the panel the is set to move aside the work of Elizabeth Warren really do what has to be done? I don't think this change will even come close to regulations that could confuse us with the Glass-Stegall Act...

[nc4bo]

2. Thanks for responding midnight.

If that's the case than here we are again settling for something is better than nothing.

I was hoping for better.

[FreakinDJ]

3. ANY Regulation is better then No Regulation at this point

Lets face it Wall St ran rampant with no one minding the store.

Some of the same Fucks that managed the Enron debacle were at the helm of the ship that ran aground. And those same Captains of Industry that bankrupted the Wall St Banks are right back in power in behind the scenes rolls making obscene 8 and 9 figure incomes today.

No we need legislation that makes returning to Wall St Illegal after they run the ship aground

[nc4bo]

4. Oh I agree

And the rats just jump from one ship to the other like it was no big deal. I guess in their circles, it really isn't a big deal.

Sad.