Last night, at a swanky $30,400-a-couple DNC fund-raiser at the Mandarin Oriental hotel, President Obama had a little talk with the financial types assembled in the audience about an unpleasant subject: regulation. Like a mother convincing her child to eat gross vegetables because they'll make him grow up healthy and strong, Obama explained why, despite their presumed opposition, increased regulation and enforcement is something they shouldn't resist. "This is important for our country," he said, "and in the long run it will be good for the financial industry to have a level playing field in which everybody knows the rules and everybody knows the rules will be enforced." That sounds reasonable enough, and, like the vegetables, deep down, they know Mother Obama is right. But we know what Wall Street wants. Wall Streets wants ice cream.
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