Wall Street Reform

Obama has recently released a proposal for a Wall Street Reform. While like every proposal there are areas in which are good and areas in which can be improved, it seems as if the majority thinks this proposal is benificial just because of the issues it draws attention to as well as the general ideas it proposes. This proposal revolves around 5 key ideas:

(1) Promote robust supervision and regulation of financial firms.
(2) Establish comprehensive supervision of financial markets.
(3) Protect consumers and investors from financial abuse.
(4) Provide the government with the tools it needs to manage financial crises.
(5) Raise international regulatory standards and improve international cooperation.

We are in the middle of a financial crisis. Are these 5 ideas enough and if they are established and enforced how much improvement will there actually be? Is this just the beggining of some sort of draft, because these ideas are too general and not enough to save us or is this the beginning of a brighter future under Obama's presidency? These are questions that will hopefully be answered soon.