Instead of real financial reform, Obama capitulates to WAll St The story is worse than just “Pres. Obama labored, and brought forth a mouse.” He is morphing into Joe Lieberman in reaching across the aisle for Republican support – and no doubt future campaign contributions from the financial sector. There also is a touch of Boris Yeltsin in sponsoring a financial “reform” disturbingly similar to what advisor Larry Summers backed in Russia – relinquishing government power to a banking elite (the notorious “Seven Bankers” in post-Soviet Russia). The Financial Regulatory Reform proposal promotes Wall Street’s “product,” debt creation, at the expense of the economy at large, and lets financial chieftains continue to self-regulate the debt industry – and by the way, to keep all their gains from the past decade’s worth of fraudulent lending, scot-free.