Edited by Don

Their world is heads

They win.

Tails

Taxpayers lose.

The test for reform is whether it reduces bankers’ incentives to concentrate risk going forward.

Transparency is a part of the answer.

Hardly anyone realized how much risk the banks were taking on.

Regarding the financial reform bill the House just passed. Its limits on leverage look O.K. Not great, but O.K. However, a few fine print tweaks would free banks to play the same game again.

The main reason for reform is to serve the nation.

If we don’t get major reform, we’re laying the foundations for more crises.

There's a populist rage building in this country, and President Obama’s kid-gloves treatment of bankers has put Democrats on the wrong side.

If Democrats don’t take a tough line with banks, they will pay a big price in November.