The President went to Wall Street today and said … well, nothing new, really. The substance of his speech was that Congress ought to pass all those financial reforms the Treasury Department proposed a few months back. Actually he said near the end of the speech that the reforms “will pass.” Want to put some money on that?

The Big Three Obama Administration financial reforms outlined by Obama today are (1) creating a Consumer Financial Protection Agency, (2) giving the Federal Reserve the job of systemic risk regulator, and (3) establishing a “resolution regime” (which I really think we should start calling “death panels”) for non-bank financial institutions and complex bank holding companies that run into trouble.