NEW YORK ( TheStreet) -- Has the financial system been reformed yet?
Reading the news, you'd think something momentous had happened.
The New York Times calls it "the biggest overhaul of financial regulations since the Great Depression." Bloomberg goes out on a limb and calls it "the most sweeping overhaul of U.S. financial regulation since the Great Depression." The Wall Street Journal showed more restraint, but still stated that the legislation coming out of Congress will "transform financial regulation." Reuters couldn't find a way to avoid using the word "overhaul" in its lede, but, to its credit, got in a subtle dig in the second paragraph, saying it "may crimp the industry's profits."
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