The Obama administration's plan is to have the Federal Reserve regulate banks that might pose a 'systemic risk' if they were to fail.

We have become a society that can't self-correct, that can't address its obvious problems, that can't pull out of its nosedive. And so to our list of disasters let us add this fourth entry: we have entered an age of folly that - for all our Facebooking and the twittling tweedle-dee-tweets of the twitterati - we can't wake up from.

Financial regulation is the next item on the political horizon, and it doesn't have to be the deathly dull wonk-battle that it sounds like. In fact, if the Democrats do their job, it can just as easily become a platform for addressing the greatest issues of them all.

Money never seems to be interested in strengthening regulatory agencies, for example, but always in subverting them, in making them miss the danger signs in coal mines and in derivatives trading and in deep-sea oil wells.

The revival of the Right is as extraordinary as it would be if the public had demanded dozens of new nuclear plants in the days after the Three Mile Island disaster; if we had reacted to Watergate by making Richard Nixon a national hero.

Thanks to a deal finalized in 2008, Chicago’s parking meters will be operated for the next 75 years by a group of investors put together by Morgan Stanley, including the sovereign wealth fund of Abu Dhabi.

Most of Roosevelt's innovations have been the law of the land for 70 years now, and yet we are still a free society free enough, that is, to allow tens of thousands of protesters to gather on the National Mall and to broadcast their slogans and speeches to the world via C-SPAN.