Loren Steffy of the Houston Chronicle writes, “Most of the provisions that would have forced Wall Street to change its ways were compromised out of this law weeks ago.”

John Talton of the Seattle Times chooses this title: Financial ‘reform’: Big bankers cry all the way to the…

David Moon writing from the Knoxville Biz entitled his blog entry – Financial reform is a political charade. The rest of the article is even tougher.

I was looking at this newspaper’s web site and discovered they had no new column on the financial reform disaster but they did make an excellent prediction and for that I must honor them. Read below.

In its June 23rd editorial, the St. Petersburg Times said, “Congressional negotiators have a choice as they hammer out the final details on much-needed financial reform. They can stand for financial reform with real teeth and stand up to the pressure of the banking lobbyists. Or they can bow to those deep-pocket financial interests that have sponsored more than 800 fundraisers over the past year for members of the congressional banking committees. A weak reform bill that offers too little oversight and too many loopholes would not be in the nation’s best interest.”

I will follow up with more newspaper comments. I have looked at a dozen newspaper business pages after checking the ones above. It appears that the editorial pages have not caught up with the news. So, I will return to the subject probably on Monday.

James Pilant