I eavesdropped on a committee meeting at Occupy LA last night. One guy announced to the group, "Okay, homework tonight is to find out about Glass-Steagall." It's important to the conversation to know what it is.

Glass-Steagall for those who may not know, is essentially the bank regulations signed by FDR in 1933 in the wake of the crash of 1929. In 1999 the Republican-controlled Congress repealed most of the law and let banksters do what should be considered legal crimes against their country. Anyway, Rep. Barney Frank voted against Gramm-Leach-Bliley Act also called Financial Services Modernization Act, the law that deregulated everything. He's been one of its most vocal critics. Also he's a Congressman.

Look what the Glass-Steagall Wikipedia page said before I fixed it yesterday:

We should probably be reading Wikipedia for these type of errors. "Those who control the past, control the future."

I don't think regulation alone is going to be enough to really make the American people happy. I know I won't be satisfied until we see bankers in pain - serious pain. (Or jail.) Because after all, how else will they learn?

Now let's see if the Republicans walk away from this popular support, just like they did with health care:

About two-thirds of Americans support stricter regulations on the way banks and other financial institutions conduct their business, according to a new Washington Post-ABC News poll.

Majorities also back two main components of legislation congressional Democrats plan to bring to a vote in the Senate this week: greater federal oversight of consumer loans and a company-paid fund that would cover the costs of dismantling failed firms that put the broader economy at risk.

A third pillar of the reform effort draws a more even split: 43 percent support federal regulation of the derivatives market; 41 percent are opposed. Nearly one in five - 17 percent - express no opinion on this complicated topic.

President Obama, who traveled to New York last week to deliver his case for sweeping changes to the financial system gets an even-up review of his performance on the issue, with 48 percent of those polled approving of his handling of financial regulation and 48 percent disapproving.

But compared with congressional Republicans, Obama has a clear advantage. A slim majority - 52 percent - of all Americans says they trust Obama over the GOP on the issue, while 35 percent favor the Republicans in Congress. Independents prefer Obama 47 to 35 percent, with 16 percent trusting neither side on the issue.In the poll, most Democrats back each of the three major elements of the reform legislation and most Republicans oppose them, echoing the congressional showdown expected this week.