It is time to regulate Wall Street! Let's hope the best would prevail...

This week, Nancy Pelosi, US House Speaker, is reviving the famous "Pecora Commission" of 1933, whereby the misdeeds of Wall Street during the 1920s were subjected to Congressional investigations. Out of that commission, we got Glass-Steagall Act, Securities Exchange Act, and the SEC.

She is reviving a second Pecora-style investigation to clean-up the corrupt Wall Street practices of the past 10-20 years. This would restore public confidence in the US financial markets. She vows to bring accountability and transparency to Wall Street, and punish the wrongdoers whom had almost destroyed the US financial system.

However, all this talk is easier said than done. WHY? First, the so-called regulators were asleep at the switch while crimes were perpetrated on a constant basis. Chris Cox is the perfect regulator who exemplified the failure of regulating Wall Street. There are others as well who are just as culpable as him.

The repeal of Glass-Steagall Act sealed the fate for the current crisis that we are experiencing now. It was repealed by former President Clinton, whom might have believed that it will do more good than harm to the economy. Now, we know the opposite is probably true. The point is that the government was too cozy to Wall Street, serving up to their whims and demands.

I hope for the best to come out of this crisis. It is time a new set of regulation to come out from Congress. Let's rebuild our trust and confidence in Wall Street. Right now, the trust is gone