The image of the Republicans, the same Republicans who are so fond of characterizing Democrats as elitist, blocking financial reform was fascinating but hardly surprising. It amazes that they tried to get away with claiming to be for reform while simultaneously voting against any debate in the Senate. I wonder if there is going to be a political price to pay for obstructionism this time. Probably not. But at least the debate will finally happen.

I'm not particularly optimistic that the scope of the financial reform we may finally get will be sufficient or that Goldman Sachs will actually be held accountable. Real reform would require changing the culture of Wall St., and I don't see that happening anytime soon.

Everybody seems to agree that some sort of reform is needed, and there appears to be political capital to be gained by appearing to be tough on Wall St. At least that is encouraging.

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