If you live in the Washington-Wall Street power corridor, what do you think is the essential first task to reviving the economy? Repealing some of the very few protections against fraud in the market that were put in place after the multiple crises of the past decade. Only in the Washington, D.C. echo chamber — the same one that brought you the deregulatory spasm that led to the bubbles and inevitable crises in the first place — could repealing these protections be seen as a step to reviving a moribund economy. Even as the Volcker Rule — the single most important element of the minimalist reform agenda that was approved — is being killed through death by a thousand cuts, the voices of entrenched Wall Street have succeeded in turning back the clock.

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