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The Obama administration has attempted to curtail the more restrictive measures in both the House and Senate versions of the bill, clearly adopting the most pro-Wall Street position in the ongoing negotiations in Washington.
No sooner was the Senate vote conducted, than a media barrage was unleashed, hailing the legislation as an epic achievement. The language used by the television networks, news services and major daily newspapers was so uniform that it suggests prearrangement.
The legislation was “a sweeping Wall Street reform bill” (Reuters), “the most sweeping overhaul of financial regulations since the Great Depression” (ABC), “the most sweeping changes in government regulation of the nation’s financial institutions since the Great Depression” (McClatchy), “the most sweeping rewrite of financial rules since the Great Depression” (Los Angeles Times), “the most extensive overhaul of financial-sector regulation since the 1930s” (Wall Street Journal), “the most sweeping regulatory overhaul since the aftermath of the Great Depression” (New York Times) and “the most profound remaking of financial regulations since the Great Depression” (Washington Post).
None of these corporate news outlets have bothered to explain why Wall Street reacted to the passage of this supposed landmark legislation with comparative indifference.
http://www.wsws.org/articles/2010/may2010/bank-m22.shtml