“This summer, President Obama’s new Treasury secretary, Jacob J. Lew, offered a financial reform litmus test: By the end of 2013, could we say with a straight face that we have solved the “too big to fail” problem?

“Last week, Mr. Lew gave a sweeping overview of the efforts to overhaul financial regulation. It was the talk of a man who has been practicing his straight face in the mirror.

“To judge by his performance, one technique for remaining stone-faced is to recite platitudes. Mr. Lew told the attendees: ‘Going forward, we cannot be afraid to ask tough questions, with an open mind and without preconceived judgments’ That requires that “we must remain vigilant as emerging threats appear on the horizon.’ He reassured us that “we have made tough choices, and very significant progress toward reforming our financial system.”

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