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Please don't wreck the economy again

   All aboard for financial reform:

- Obama challenges Wall Street on reform - Los Angeles Times/Buffalo News
   Obama struck a conciliatory tone in a Manhattan speech given in the shadows of Wall Street, praising Obamawallstreet the importance of financial firms and free markets to the U.S. economy as he tried to close the sale on a nearly yearlong push for the most sweeping overhaul of financial rules since the 1930s.
   But even as Obama held out an olive branch, he insisted that tighter regulations were needed to rein in risky practices that led to the financial crisis and the recession.
[Video below]

- Credit raters abetted meltdown - AP/Buffalo News
   Credit rating agencies helped banks disguise the risks of investments they marketed before the financial crisis erupted, a Senate panel has concluded. [Live coverage of hearing Friday morning] 

   New York Sen. Charles E. Schumer is the focus of two big takeouts today:
- Friend to Wall Street, Schumer Is Suddenly Quiet - Carl Hulse/The New York Times
   Mr. Schumer acknowledges that his evolution on the issue has not been without some anguish as he navigates gingerly between the financial patrons he has mined for millions in campaign donations for himself and his party, and constituents who were hurt by the economic collapse.
- A Wall Street Ally Balances Loyalties - Devlin Barrett and Monica Langley/The Wall Street Journal
   Democratic Sen. Charles Schumer, one of Wall Street's closest friends in Congress, has a message for his longtime supporters who fear the financial-sector regulation bill: Get over it. It's going to pass

- Goldman’s rendezvous with reality - Robert Samuelson/Washington Post/Buffalo News
   Once upon a time, Wall Street’s leaders saw themselves as arbiters of capital, helping allocate society’s savings to productive uses. By contrast, Wall Street’s major firms now see themselves as captains of “the market,” navigating it — for themselves and sometimes their clients — for maximum gain. This is a distinction with a difference.

- Don’t Cry for Wall Street - Paul Krugman/New York Times
   [R]eform actually should hurt the bankers. A growing body of analysis suggests that an oversized financial industry is hurting the broader economy. Shrinking that oversized industry won’t make Wall Street happy, but what’s bad for Wall Street would be good for America.

- Wall Street's know-it-alls can't tell right from wrong - Steven Pearlstein/Washington Post
   Goldman Sachs is now relying on the character reference of a Wall Street sharpie who notoriously snookered investors into buying non-controlling shares of a private equity firm at the very moment when a credit-induced takeover bubble was about to burst.  

- Why Barack Obama wasn't that tough on Wall Street - John Dickerson/Slate 

   And, in the You Cannot Make This Stuff Up Department:
- SEC and Pornography: Workers Spent Hours on Porn Sites Instead of Stopping Fraud - Jonathan Karl/ABC News 

   This isn't it: 

-- George Pyle/The Buffalo News

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Current Affairs | The Economy
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