Let's hold the champagne and party favors!

As reported earlier, Obama has taken a new populist stance regarding Wall Street. However, as John Carney points out, Big Banks Have Already Figured Out The Loophole In Obama’s New Rules.

Big banks have already begun poking the holes in Obama’s new rules—holes they expect their banks to pass through basically unchanged.

The president promised this morning to work with Congress to ensure that no bank or financial institution that contains a bank will own, invest in or sponsor a hedge fund or a private equity fund, or proprietary trading operations unrelated to serving customers for its own profit.

Action Alert - House Considering Reinstating Glass-Steagall

Most of us have been calling for a reinstatement of Glass-Steagall as part of financial reform for some time, supposedly the calls falling on deaf ears.

Now the House of Representatives is discussing Glass-Steagall.

Glass-Steagall is the 1933 legislation which put a firewall between commercial and investment banking. It was repealed by the notorious Gramm-Leach-Bliley Act of 1999 and has been pinpointed as a major source of economic woe ever since including this recent financial crisis.

Please call your House Representatives and ask them to reinstate Glass-Steagall. To find your Representative, click here. Please call or fax them to demand Glass-Steagall be reinstated.