The "sheriff of Wall Street," the former attorney general of New York, Eliot Spitzer, doesn't seem to be convinced that the barrage of new laws and agencies proposed by President Obama will solve all that much. Here's the gist of an interview with him:
The reality is they had all the power they needed to stop the crisis, they just didn't use the power. ...the Fed, the SEC, the OCC had all the power they needed to look at these entities and to set credit ratios, capital ratios, liquidity requirements. They just didn't do it.
