Brain
Posts: 3792
Joined: 2/14/2007 Status: offline
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Here’s a good example, this guy works for Obama and here he is writing this opinion, which I agree with, in the NYT. I want them to do financial reform not just write about it in the newspaper. Everybody Republicans/Democrats likes Volcker so you’d think he could get it done. How to Reform Our Financial System By PAUL VOLCKER Published: January 30, 2010 It's more than a year after Americans learned the definition of "too big to fail," and it's time to push through the reform that will save having to re-learn that painful lesson, writes Paul Volcker in the New York Times. "As things stand," writes the chair of the president’s Economic Recovery Advisory Board, big banks now know that the taxpayers will bail them out, resulting in enhanced "incentives to risk-taking and leverage, with the implication of an even more fragile financial system." Even though many "long to return to 'business as usual,' " there "is no substitute for structural change," Volcker contends, and the government must write a "living will" for the very banks labeled too big to fail. Under the regulatory agency President Obama is seeking, "these capital market institutions would be free to innovate, to trade, to speculate—and as ordinary businesses in a capitalist economy, to fail." http://www.nytimes.com/2010/01/31/opinion/31volcker.html?pagewanted=1 quote:
ORIGINAL: Thadius See that is where it becomes confusing to me. If I remember correctly, the Dems took control of the House in the 2006 mid-term elections, with Pelosi becoming Speaker in Jan '07. I think they got control of the Senate right around that time as well. So we are looking at 4 years of a Dem controlled congress (both houses), they had a super-majority for the last year, with a Dem president, and they couldn't accomplish their goals? If their promises were even close to what most folks wanted, it would have been done in the first 6 months of President Obama's term. Something is going on other than the Repubs trying to roadblock every bill. Know what I mean?
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