Absolutely, positively disgusting.

The Obama administration and the Democratic majority in Congress are doing what they do best....busy getting dizzy putting lipstick on a pig and calling it reform.

The most recent example was the health care fiasco.

A health care bill that fattens the profits of the gigantic health insurance industry but did nothing to effectively change a broken system in this country that continues to miserably trail other industrialized countries' universal health care.

This time it's financial industry regulation.

Zach Carter writes at Our Future : "President Barack Obama identified five major problems on Wall Street in his speech at Cooper Union today. Unfortunately, the solutions he has proposed to these problems either will not work, or are not included in the legislation that passed the Senate Banking Committee under the stewardship of Chris Dodd (D-CT)." [Bold added.]

To applaud President Obama for "identifying the problems in no uncertain terms." is a bit much.  Many progressives had already identified the problems long before and offered effective solutions so Obama deserves no kudos for stating the obvious.

What the paragraph actually reveals is President Obama and Senator Christopher Dodd's unacceptable, seemingly deliberate, incompetence or, despite the rhetoric for the masses, a placatory stance towards the financial industry.

Ben Franklin once said: "Well done is better than well said."   So far, the Obama administration has shown just the opposite.

For a long time and as recently as last week I have written about the necessity of, at minimum, reinstating Glass-Steagall which is nowhere included in the Dodd legislation or in Obama's demands.  Dodd's bill is not strong or tough enough and there are at least ten major problems it does not fix.

This bill will be another polishing the turd legislation filled with loopholes allowing the financial industry to continue gaming the system, but about which President Obama and his Democratic cohorts in Congress will declare a victory for "reform."

Absolutely, positively not a New Deal for the 21st century.