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Obama tries bank reform to stem voter anger

By
January 21, 2010

President Barack Obama

Barack Obama is moving fast to re-invent himself with voters who wonder is the President they have is the President they thought they elected.

He’s moving clamp down on big risks by big banks.

But some wonder is the President is trying to do too little too late.

Time will tell.

President Barack Obama, reeling from an election defeat in the Senate, will propose stricter limits on financial risk-taking on
Thursday in a move that may recall Depression-era curbs on banks.

The president will announce a series of measures to cut down on
excessive risk-taking as part of a revamp of the country’s financial
regulatory system, a senior Obama official said on Wednesday.

The move could also help the White House tap into public rage over Wall Street excess after Obama’s Democratic Party was rebuffed by voters in Massachusetts, who elected Republican Scott Brown to the U.S. senate.

“The proposal will include size and complexity limits specifically on proprietary trading and the White House will work closely with the
House and Senate to work this into legislation,” the official said.

13 Responses to Obama tries bank reform to stem voter anger

  1. almandine

    January 21, 2010 at 9:04 am

    Try resigning! THAT would do the trick.

  2. griff

    January 21, 2010 at 9:32 am

    Yeah great, that’s all we need is another round of banking reform. The last one did wonders. I can’t wait to see what kind of new and improved rape techniques they dream up for Wall Street.

    Risk-taking is part of the game, only the People are punished for the risks that others willingly take, knowing full well that Washington will come to the rescue with bucketloads of cash.

  3. Kent.Shaw

    January 21, 2010 at 1:05 pm

    It is called privatizing profits and socializing costs. Socialism works wonderfully well in the US. Just ask Lloyd Blankfein.

  4. Kent.Shaw

    January 21, 2010 at 1:03 pm

    “President Barack Obama, reeling from an election defeat in the
    Senate, will propose stricter limits on financial risk-taking on
    Thursday in a move that may recall Depression-era curbs on banks.”

    Bullshit. Reinstate Glass-Steagall. Eliminate derivatives of all types. Problem fixed.

  5. griff

    January 21, 2010 at 9:13 pm

    Ha. Just wait until they push through the carbon credit game. Oh they will, it’s already been set up. And they’ve called upon the inventor of the derivative scheme, Blythe Masters, to design the cap-and-trade scheme.

    http://www.bloomberg.com/apps/news?pid=20601086&sid=aXRBOxU5KT5M

  6. doggie daddy

    January 21, 2010 at 8:59 pm

    BLAH BLAH BLAH BLAH BLAH BLAH

    BLAH BLAH BLAH BLAH BLAH BLAH

    BLAH BLAH BLAH BLAH BLAH BLAH

    BLAH BLAH BLAH BLAH BLAH BLAH

    More hot air anyone?

  7. griff

    January 21, 2010 at 9:01 pm

    I keep getting his voice mail…

  8. woody188

    January 22, 2010 at 1:17 am

    That isn’t socialism. Ask Mussolini or perhaps Schindler.

  9. Kent.Shaw

    January 22, 2010 at 12:28 pm

    Of course it’s fascism.

    Distributing the tax dollars of all to finance projects to the benefit of all the taxpayers is my conception of socialism. The interstate highway system would be a perfect example. So would medicare if properly run to avoid fraud, waste and abuse.

    But most these days tend to think of socialism as “giving my hard earned dollars to some welfare queen”.

    In my opinion, in today’s vernacular, if the Goldmans and the BOA’s and the Citi’s aren’t welfare queens, I don’t know who would be. They dine on caviar we paid for while we dine on Alpo.

    It is in these terms that “socialism” is working quite well for the fascists!! 

  10. sherry

    January 21, 2010 at 9:43 pm

    • Griff, cap and trade along with healthcare reform is dead.

    It took long enough, but the natives are pissed. Seriously pissed.

     

  11. griff

    January 21, 2010 at 10:45 pm

    I’d like to think so.

    Indeed it did, and indeed we are.

    Good to see you active again.

  12. woody188

    January 22, 2010 at 1:22 am

    Just watch sherry.  They will return.  They are necessary for our enslavement.

  13. Kent.Shaw

    January 22, 2010 at 12:43 pm

    I’ll take a look at your link in a minute. Previously I’ve read that there will be hundreds of billions in profits to be made by brokering cap-and-trade “financial instruments”. You can bet that DERIVATIVES based on cap and trade contracts will not be far behind. The Goldman-BOA-Citi-Etc crowd stand to profit handsomely from an implemented cap-and-trade program. Pollution will not decrease. CO2 output will not decrease. Costs to consumers will rise in order to finance the profits of the paper contract/contract derivative pushers. The fraudulent schemes designed by today’s special interests and politicians to fleece the taxpayers make the Cosa Nostra look like unimaginative amateurs. I guess the cream of organized crime finally has risen to the top.

    OK, looked at your link — precisely what I rambled on about above in my less than articulate fashion. Hey, folks, if you have not done so, please take a look:

    http://www.bloomberg.com/apps/news?pid=20601086&sid=aXRBOxU5KT5M

    Same as provided by Griff, above.