President Obama wants more regulatory eyeballs on the increasingly precarious financial marketplace, but he is unwilling to take up the challenge of actually making the markets any less precarious. To be sure, Mr. Obama has made absolutely no effort to breakup the banks, to curtail the Fed’s unmitigated powers, or to sort out the ongoing and growing mess that is Freddie and Fannie. Moreover, Obama’s jab against the rating agencies – one of the major contributors to the crisis - is not even tantamount to a slap on the wrist. Instead Obama seems content to leave the systemically breakable financial marketplace alone so long as more police officers start walking the streets.
It's almost like the Obamacrats stay up late at night thinking of ways to bring on more financial disasters - debt, bubbles, and raids on the treasury.
Why didn't anyone go to jail for the collapse last year? This IS Obama's watch. Where did all those banks lose the money?
Wasn't anyone watching the financial reports?
Just add more police - kinda like how drug fueled violence is on the rise...
But all may not be lost. Along with Ron Paul’s noteworthy Fed audit plan, two bills are now in the works to reinstate the Glass–Steagall Act. The restoration of Glass-Steagall or any regulation that breaks up the banks would be a game changing issue that makes anything Obama is proposing almost inconsequential by comparison. Ironically, the threat of breaking up the banks (something Obama has been unwilling to support) may be what gives some much needed leverage back to the ‘fat girl’...
Why isn't Obama 'unwinding' all the bad legislation? Why isn't he ending the programs that don't work?
With current Treasury Secretary Geithner adamant that repealing Glass-Steagall did not cause the crisis and former Treasury Secretary Lawrence Summers one of the architects behind repealing the act, it will be interesting to see how Obama proceeds going forward. At risk irritating the already irritated bank executives, will Mr. Obama finally start to follow the advice of Paul Volcker and throw his hat into the ‘break them up!’ ring? Or will he hold more meetings with bank executives and remind them that others wish to do them harm but that he can help so long as they support his plans? Whatever the outcome, it is clear that a major “fight” is brewing: The lobbyists are coming to town, they are checking their hit-list twice, and President Obama must soon decide whether to play it naughty or nice.
http://news.goldseek.com/FallStreet/1261061503.phpWould Glass-Steagall mean breaking up the Federal Reserve? The monstrosities on Wall Street?