Financial markets reform themselves! Not.

Am I surprised? Evidently, with the mortgage market failing, billions of dollars being written off, government bailouts - you'd think the financial market would at least try to have some guide rails on their road so they don't go flaming off the track and smash into a tree.

Figuratively speaking.

Evidently - not so much. Once again we hear the clarion call "No, really - we can police ourselves - we promise this time! And if we can't - well, the taxpayers can bail us out again!"