Instead, the bogeyman of financial globalization is used as an excuse for continuing to coddle inefficient and monopolistic domestic financial systems.

But, as Representative Paul Kanjorski, the main force behind the provision, recently put it, The key lesson of the last decade is that financial regulators must use their powers, rather than coddle industry interests.

But Barack Obama s administration apparently has concluded that Arab monarchs are likely to survive, whereas Arab presidents are more likely to fall, and that it is acceptable for the United States to continue to coddle tyrannical kings.