Times biz columnist Joe Nocera weighs in on the Obama administration's financial system regulatory plans: "Everywhere you look in the plan, you see the same thing: additional regulation on the margin, but nothing that amounts to a true overhaul." The FT editorializes, in their fey way: "The administration's proposals will disappoint those hoping for a tidier US regulatory system." (Pass the crumpets much?) And at The Baseline Scenario, the most damning point of all.

There is no greater transparency or public accountability in the regulatory process... There appears to be no mention that corporate governance within these large banks failed totally. How on earth can you expect these banks to operate in a responsible manner unless and until you address the reckless manner in which they (a) compensate themselves, (b) destroy shareholder value, (c) treat boards of directors as toothless wonders? The profound silence on this point from the administration – including some of our finest economic, financial, and legal thinkers – is breathtaking.