With President-elect Barack Obama vowing to reshape the United States financial regulatory system, something that should have been done some time ago, it is worth looking to see what lies ahead for the US financial services sectors, particularly mortgage brokers, private equity firms and hedge funds.

Economist james K Galbraith has produced his list which makes a lot of sense. There is a need for an infrastructure fund, revenue-sharing with the states, building and rebuilding infrastructure, reinventing the Reconstruction Finance Corporation to keep firms alive by lending them money to roll out their operations and fund their growth and raising the basic Social Security benefit by 30% to stimulate spending, particularly important for seniors who have lost 40% of the value of their equities.

The one certain bet is that we are in for more regulation. Academics from Emory University's Goizueta Business School have forecast the Obama administration will revisit the Glass-Steagall Act and rework the Community Reinvestment Act, brought down in 1977 which was intended to facilitate home ownership by the not so well off, and which helped create some of the problems we face now.

But that's just the beginning.