Obama Takes on Wall Street (Update)
by: Lauren Reichelt on January 21st, 2010 | 4 Comments »
In a stunning announcement this morning, President Obama unveiled a detailed proposal to heavily regulate big banks (which he called “fat cats”), forcing savings and loans to divest themselves of the investment banks that gambled away taxpayers’ savings, and forcing the largest banks to be broken up. The most heavily impacted financial institutions will be Citibank, Goldman Sachs, JP Morgan and the like. It is probably not coincidental that these are the same banks that caused the near collapse of our financial institutions, sucked up billions in tax funds and then planned to hand the same amount out to top execs as bonuses.
Congressional Republicans obstruct this bill at their own peril. It is believed that Senate Minority Leader, Mitch McConnell, will make bank regulation an exception to his obstructionist strategy.
It is probably very significant that Obama made this announced flanked by Paul Volcker. Neither Geithner nor Summers were present, nor were they mentioned by name in the press release. Some of you may recall that Volcker, who advocated for increased regulation of banks and a large jobs bill, was frozen out of the administration at the outset by Geithner and Summers.
We lost a seat in MA, but we may have won the war. Certainly, we have won the right to engage in battle.
In other disturbing news, the Supreme Court ruled this morning that campaign finance restrictions are illegal, at least in the existing regulations. Congress is gearing up to pass new legislation.
It is unclear where health care reform stands. I am of the opinion that Obama’s very tough stance on banks will win him the cred he needs to finally pass a meaningful health care reform package, even if it means passing it in bits and pieces.
We moved him to the left guys! He’s very, very moved.
At least in words. Been there done that already. Let’s see the action.
I cannot make a call based merely on what a player says (well, outside foul and abusive language which is a send off offense), I have to see his actions to respond accordingly.
The the play is made well, it would be fantastic to see banking regulation return. After all the other “commitments” ended up in bailouts, giveaways, mandates on the backs of those who have the least, I’m keeping my whistle in my hand ready to go.
This is a great opportunity for Tikkun to join the radical middle. While the Tea Partiers are advocating “End the Fed” and the worshippers of the State are calling for putting top-down control of the Fed by the U.S. Treasury Department, why not support the Coalition for Capital Homesteading in “Own the Fed” rally to put money power in the hands of the citizens of each of the 12 Fed Reserve districts? See http://www.cesj.org/fedrally/index.html. Plan to join us on Thursday, April 15th at the Fed to neutralize the poison that of the million or so angry people coming in that day to protest at the White House. For our long-term plan for democratizing the economy by 2012, the 150th anniversary of Lincoln’e Homestead Act, see http://www.cesj.org/homestead/summary-cha.htm. Anyone interested can call me at 703-243-5155.
Own or Be Owned,
Norm
That’s an interesting thought. I will look at your links. I’ve never heard of this.
Bush turned a surplus into more debt than all other Presidents combined. Bush signed a ton of bailouts and then left. Obama started office in a sea of red ink and in the midst of the worst economic crisis in 2 generations. All Obama did wa end the economic crash, take on the biggest issues of the day, and try to make good on the intractable wars that were started nearly a decade ago. Obama is doing a stellar job of cleaning up the mess, and all the GOP has done in the meantime is cry and obstruct. Brown is going to lose because Massachusetts isn’t a stupid state. Brown is a blow-up-doll who thinks drunk sports fans can overcome his party’s insane economic policies and out-of-step social policies. The GOP is the party of FAIL, and this election will prove that. Brown will lose by about 10 points.