Sponsored Content
« So You Want A Better Party? [someone] | Main | Air America Off The Air - Actually Almost Nobody Hardest Hit »
January 21, 2010

Obama - "Here's an idea. Since Brown won in Mass. let's destroy Wall Street" (chad)

(I believe open blog was declared and I am a man sitting in a dark apartment wiyh with nothing to do so...)

The actual story is that today’s proposal is totally new, far more radical than anything Obama and his top officials, mainly chief economic adviser Larry Summers and Treasury Secretary Tim Geithner, have proposed in the past. Indeed, they’ve been actively avoiding it for the better part of their first year in office. The president was gracious enough today to credit the man responsible for it—“we’re calling it the Volcker rule after the tall guy behind me,” he said—but what Obama didn’t say was that, until now, former Federal Reserve Chairman Paul Volcker has been virtually ignored by his administration.

...

If adopted, along with another proposal to limit the consolidation of the financial sector into giant firms—essentially what’s happened over the past two decades—Obama’s new plan would dramatically change Wall Street as we know it. It would have an effect not unlike that of the Glass-Steagall law of 1933, which forced big banks like J.P. Morgan to spin off their investment-banking sides into new firms (in that case, Morgan Stanley).

Why did Obama decide to pursue this break-up-the-bank plan? According to the senior administration officials, he grew increasingly outraged by Wall Street’s brazenness in going back to business as usual in the year since the crisis. “As we have come out of the crisis and seen major financial institutions make significant profits on their proprietary trading and using the [federal] safety net to do that,” said one official, “it persuaded the president it was worth looking into this.”

What he didn’t say was that Obama’s been losing altitude in the polls fast, and one of his problems is a perceived softness on Wall Street in the face of public outrage.

source

I would guess that the other thing that wasn't said was a great big F**k You to the GOP for having the temerity to contest a safe Dem seat and win. Even though it's false (look at contribution records) the perception is that Wall Street is in bed with the GOP, so here's a little bit of payback. I wouldn't be surprised if today's decision by the Supreme Court didn't figure into this a bit also. In any case it's a temper tantrum that is going to hurt us all.

Originally posted at Doubleplusundead


digg this
posted by xgenghisx at 04:23 PM

| Access Comments




Recent Comments
Says noone ever, anywhere, event those paid to enthuse for him: "WE ARE SAVED!!! MIKE PENCE IS RUNNING FOR PRESIDE ..."

Anonosaurus Wrecks, Is this the real life? Is this just fantasy? [/s] [/b] [/i]: "In other justice news, Manson slasher chick Leslie ..."

mikethemoose: "Smithsonian is in DC, so unless the supposed meeti ..."

Aetius451AD Work Laptop: "The US at such a young age is now the oldest livin ..."

Thesokorus: "Posted by: Red Turban Someguy - The Republic is al ..."

Now that would be something: "If congress doesn't pass appropriations bills in t ..."

Archimedes: "[i]I've said it before. Trump broke the leftist in ..."

Christopher Taylor [/i][/i][/s][/s][/b][/b][/u][/u]: "[i]I love my electric car but I didn't realize my ..."

Bulgaroctonus : "434 Did she shiv it first? ..."

Spock, Under Duress [/i] [/b] : "[i]Scarlet Red? Posted by: Hester Prynne at May 3 ..."

Blonde Morticia: " Richard Hanania @RichardHanania · 3h Calif ..."

Turn 2: ">>>Trump has now decided to attack Kayleigh McEnan ..."

Recent Entries
Search


Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64