Financial reform on Wall Street after the bailouts: the wrong focus

A push in Congress to prevent another financial meltdown is itself at risk of a political meltdown.
Democrats and Republicans are at odds over how much to rein in Wall Street’s unregulated practices and avoid more federal bailouts of “too big to fail” financial firms. And President Obama, the self-proclaimed bridge-builder, is trying to intervene.
But this debate would be less polarized – as during the health-care debate – if lawmakers didn’t simply try to pit “Main Street” against “Wall Street.” This distinction ignores just how much those two realms of commerce depend on each other to bring security and wealth to America. And by setting up such simplistic stereotypes, lawmakers ignore how much each “street” is in need of similar and overlapping reforms.

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