This article from the Huffington Post indicates that financial reform is most likely on the right track. If a JP Morgan banker (James Glassman) is complaining about financial reform in such a childish manner, Congress must be on to something (even if the bill leaves much to be desired).
Notice that Glassman doesn't offer any substantive policy criticisms of the reform. Rather he speaks in expansive generalities and mocks Michigan's horrible economic plight. This is yet another example of the isolated bubble that such bankers operate within. Glassman claims that Goldman Sachs and other banks were no more responsible for this crisis than Congress. A fair point, if you assign Congress the blame for repealing important regulatory rules and failing to enforce ones that did exist. But we can also point to Goldman Sachs, JP Morgan, and the other banks that ferociously lobbied for years to deregulate the industry. And we can also point to a private sector that does everything it can to avoid regulation.
Essentially Glassman blames the police for allowing a crime, without placing any of the blame on those who actually committed the crime. This is beyond despicable, and Glassman has not a leg to stand on. I would be interested in hearing actual suggestions on how reform can be improved, as opposed to sweeping statements about the "fundamental principles of market economics."
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