Maybe when you spend your vacation golfing with bank CEOs or hand out the best foreign ambassador positions to bankers who are of course, your largest campaign contributors you hear a different side to the Wall Street collapse story. Maybe Obama ought to open up his Blackberry and take calls and emails from the rest of the country who were screwed by these people. While they're quite popular amongst themselves few others see any value. If they weren't so obsessed with getting their own pay back on track years (a decade, maybe) before consumers recovered from their losses, they wouldn't be disliked so much. Time for being the nice guy is long past.
Without a blistering flurry of new regulations to control this shady bunch, we might as well move out political leaders in Washington and just let Wall Street run the show. Well, run the show more than they're doing already. Congress is clearly at fault for failing to progress with reform but it's not as though the White House has been forceful either. Obama has been MIA for far too long as the issue drifted away and now he's hoping to restart after all momentum has disappeared. Underwhelming and disappointing, again. Do we really have to wait for every issue to collapse before Obama decides it's time to take action?
"President Obama will discuss the administration's plan to wind down government involvement in the financial sector, lay out a strong case for immediate action on regulatory reform and reiterate the importance of global coordination in preventing future crises," the official said.They must be shaking in their boots.
"He will also urge the financial community to take responsibility, not only to support reforming the regulatory system but also to avoid a return to the practices on Wall Street that led us to the financial crisis, and to recognize their obligation to help produce a wider recovery on behalf of the American people," the official said.
