this is embarrassing, i'm degrading myself by further arguing with this idiot
you still having a difficult time grasping the nuances? figures.
The Congress is regulated by elections. The Congress is not all powerful. They have to play by rules they cannot change.
SO why the Slaughter Rule?
Fail.
Anyway, back to topic. Wall St meaning the financial services sector, is among the most regulated enterprises in the country. It is folly to think that some government bureaucrat "recognizes reality" more than the people in the business. This is Big Government think: We're smarter than the people who came up with this.
You cannot stamp out excess because by definition it does nto become excess until it has failed. And you cannot regulate away failure without also regulating away success.
The market is self regulating. Do something really stupid and your firm goes out of business. Look at Barings Bank.
But the Obama Administration wants to take that away, guaranteeing a too big to fail mentality. This will only encourage worse behavior in the future.