Obama may compromise on consumer agency to pass financial regulation – WaPo (2/25/10):

The Obama administration is no longer insisting on the creation of a stand-alone consumer protection agency as a central element of the plan to remake regulation of the financial system.

In hopes of quick congressional approval of a reform bill, White House officials are opening the door to compromise with lawmakers concerned about creating a new bureaucracy, according to congressional and some administration sources.
[...]
The administration may also have to compromise on Obama’s recent proposal for a rule to limit risky activities at banks by prohibiting them from engaging in many kinds of speculative investments.

So after standing at the podium and sitting for interview after interview, wagging his finger at Wall Street, and promising to protect consumers, and get tough on reckless behavior by banks, President Summer’s Eve delivers … nothing much. As has become a well-defined pattern, Obama eschews building support for no-brainer policies in favor of a ham-handed “inside game” approach that thus far has amounted to “uh, it doesn’t look like we have the votes.” And this pattern will continue because he doesn’t have the balls to take a stand or activate MoveOn, or whatever’s left of the DNC, to generate pressure on those who stand in the way, and get something worthwhile done.