Bailout with no Reform

As I was reading an article this morning, a couple of things that I was thinking about on the financial crisis were verified. The first is that the banks who were begging for bailouts are now opposing regulation as they always do. The president was on wall street to speak about the financial meltdown and how it could be allowed to happen again, but how can it not happen again if we the people do not regulate the industry that has the potential to devastate every aspect of American life, and destroy markets all over the world. It is obvious from their behavior previous, during, and after that these financial institutions cannot be trusted to regulate themselves as they are so vehemently arguing for. The argument that I hear is regulation will stall financial innovation, which laughable because sub-prime mortgages, were one of banking's finest innovations, taking that example one can argue that they need to stick to fundamentals and leave innovation alone for a while. Hopefully the president and congress can step up on this issue and create a plan and regulations so these banks will be held accountable for their practices, especially since the American people have to be there when they take the country down. The second thing that has fallen out of view, is that nothing has changed. As it currently stand the banks are still free to do as they please, of course everything has tightened up so they are not making the risky moves that they once were, but that's not due to regulation that's do to losing money for the stockholders, should another opportunity arise, a boom for example in some industry, the banks will create yet another bubble that will most certainly burst in everyone's face except those at the top. I do not want to see this happen, and I don't think America can handle any more recklessness from the banking industry, something must be done and our elected officials are the ones who need to do it, regulation should not take a backseat because of health care debates. I cannot agree that government would be given too much power, We elected these people to hold the power of deicison making, anything or anyone that has the power to change the entire outlook of our country should have oversight by the citizens, this is provided by our government.