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Another thing to keep in mind. Wall Street has had its wish list for a while. Wall Street wishes for less regulation, fewer clear rules, lower fines. Wall Street does not want any overlapping regulators or "competition" in regulation. Eliot Spitzer was Wall Street's biggest fear--someone who actually cared about investors and would not tolerate the corrupt longtime practices ingrained in the brokerage firms. With him out of the way, Wall Street has its captain as head of the Treasury Department. As Paul Krugman of the New York Times suggests, the recently proposed plan doesn't really address the corrupt problems now--the lack of regulation and limits. The Treasury plan is really a version of the Wall Street wish list, which they will try to ram through in this time of crisis. It doesn't addree the actual problems and causes. We hope for better, soon!
