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Ufo Believer

Obama Administration "refuses" to fix banks

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Ufo Believer

From Raw Story.

The Obama administration "refused" to take meaningful steps to reform the banking system in the wake of last year's financial crisis, and the opportunity to do so has now been missed, says a former chief economist for the International Monetary Fund.

Simon Johnson told PBS's Bill Moyers that he expects an even larger financial crisis to hit the United States in the coming years because the system was not fixed through reform, but rather through a massive injection of taxpayers' money into the failing banks.

"The short term opportunity was missed," Johnson said on Bill Moyers Journal Friday night. "There was an opportunity the Obama administration had. President Obama campaigned on a message of change. ... The time for change for the financial sector was absolutely upon us, this was abundantly apparent in January of this year."

More here: http://rawstory.com/2009/10/top-economist-obama-missed-opportunity-to-reform-financial-system/

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Heh, I am seeing already the squeals of the reactionaries if he would place the necessary restrictions on banks. It would have to be started by capping the bonuses (oops...would that not be socialism?), forbidding papers that are like playing lottery (or at least have them be supervised by the gambling commission instead of the SEC --- oops, would that not be limiting free enterprise?)

I feel that it is pretty ironic that this criticism comes from the free market quarters. Somebody else would be slightly more believable.

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Lt_Ripley

as did bush.

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AROCES

I agree with Obama on this one, it will do more harm than good when Washinton over regulate or control the banking system. Bush knew it as well.

Campaign promise is basically a campaign promise, when will some ever learn.

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stevewinn

I agree with Obama on this one, it will do more harm than good when Washinton over regulate or control the banking system. Bush knew it as well.

Campaign promise is basically a campaign promise, when will some ever learn.

you can say that again.

Be nice though, if the government did stop bonuses, took the bonus money and take high percentage of profits off the banks to repay some the debt they landed us in.

because the way its turning out its us gobshites who are paying for their mistakes.

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The Silver Thong

I agree with Obama on this one, it will do more harm than good when Washinton over regulate or control the banking system. Bush knew it as well.

Campaign promise is basically a campaign promise, when will some ever learn.

Your founding fathers said this along long time ago, it's nothing new. 2 main reasons for America. To get out of the then banking system and to avoid religious persuasion. Both have failed.

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Your founding fathers said this along long time ago, it's nothing new. 2 main reasons for America. To get out of the then banking system and to avoid religious persuasion. Both have failed.

Ah, speaking of founding fathers...Banking establishments are more dangerous than standing armies comes to mind. No, not Marx, Jefferson.

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ninjadude

it's posts like this why alex jones has gone out to lunch. the reality

Obama presents detailed plan on financial regulation

Updated: Thursday, June 18th, 2009 | By Angie Drobnic Holan

President Barack Obama unveiled a detailed plan to overhaul regulations for the financial industry — including a new Consumer Financial Protection Agency — on June 17, 2009.

His plan also gives the government the power to regulate derivatives and intervene in large, interconnected financial institutions (not just banks). The Federal Reserve would receive new powers to police systemic risk.

The administration released an 88-page position paper outlining the proposal, and Obama delivered formal remarks before members of Congress, regulators and Cabinet secretaries to kick off the plan.

link

Edited by ninjadude

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danielost

I agree with Obama on this one, it will do more harm than good when Washinton over regulate or control the banking system. Bush knew it as well.

Campaign promise is basically a campaign promise, when will some ever learn.

true but the so called bail out was wrong too. it did nothing but cost taxpayers and give the government more control over these companies. yes i know that bush started the bailouts.

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