He will probably be more on target than our federal government but has the luxury of not having the responsibility to do something about it.

Which makes Michael Moore's latest film all the more credible and engaging.

Having just read how the Fed's fledgling attempts to control Utah's state-chartered industrial banks is being opposed by such a "liberal" stalwart as Massachusetts congressman Barney Frank, and even by Obama's FDIC head Sheila Bair, it appears that risky financiers still have a disproportionate amount of influence on federal regulation of their industry.

Frank and Bair are exceptionally intelligent and business-savvy people. Why they oppose Treasury regulation of these ticking time bombs may have more to do with the subtle internecine warfare within the Obama administration and within the ranks of liberal-minded elected officials than with seeing to the welfare of the national and international economy. Herein lies the true danger to financial reform. Risk-taking financial institutions can easily spare the coin to "buy" the affections of the powerful in a single state. But they depend on divide and conquer at the national level. If those who have the most influence over federal regulation are busy fighting over territory then it only makes financiers self-preserving collusion much easier.